# EDGAR Filing Document

**Accession Number:** 0001282693
**File Stem:** 0001133228-26-002879
**Filing Date:** 2026-3
**Character Count:** 2240423
**Document Hash:** c159941e0730e5d8e64caae34fee70fe
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-002879.hdr.sgml**: 20260304

**ACCESSION NUMBER**: 0001133228-26-002879

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 143

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260304

**DATE AS OF CHANGE**: 20260304

**EFFECTIVENESS DATE**: 20260304

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09997
- **FILM NUMBER:** 26719603

**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           |

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

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

### Baird 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           |

?xml version='1.0' encoding='ASCII'? 2025-10-06190592_BairdUltraShortBondFund_InvestorClassShares_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

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

**<u>Baird Funds, Inc.</u>**

(Exact name of registrant as specified in charter)

**<u>777 East Wisconsin Avenue</u>**

**<u>Milwaukee, WI 53202</u>**

(Address of principal executive offices) (Zip code)

**<u>Andrew D. Ketter</u>**

**<u>Robert W. Baird & Co. Incorporated</u>**

**<u>777 East Wisconsin Avenue</u>**

**<u>Milwaukee, WI 53202</u>**

(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, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | |
|:---|:---|
| **Baird Ultra Short Bond Fund**  | ![image](img293562_202506121726861.jpg) |
| Investor Class Shares \| BUBSX  | ![image](img293562_202506121726861.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img293562_202506121726861.jpg) |

---

This annual shareholder report contains important information about the Baird Ultra Short Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bairdassetmanagement.com/funddocuments. You can also request this information by contacting us at 1-866-442-2473.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Share Class** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Class Shares \| BUBSX | $41 | 0.40% |

---

**WHAT IMPACTED FUND PERFORMANCE IN 2025?**

Treasury yields declined across most maturities in 2025, led by sharp drops in short-term rates. Early in the year, markets were influenced by the Trump administration's tariff actions and fiscal policy proposals. The second half was shaped by a record 43-day federal government shutdown, heightened focus on the rapid growth in artificial intelligence (AI)-related infrastructure spending, diplomatic efforts toward peace in Ukraine and Gaza, and easing tariff concerns. As inflation and labor market pressures softened, the Federal Reserve resumed rate cuts in the fourth quarter. Credit markets performed well throughout the year. Strong demand for higher all-in yields helped keep investment-grade corporate spreads tight despite elevated supply. Agency residential mortgage-backed securities (RMBS) and commercial mortgage-backed securities (CMBS) spreads also tightened, with most of the improvement occurring late in the year.

The Investor Class Shares of the Baird Ultra Short Bond Fund (BUBSX) posted a net total return of 4.53% in 2025, and the Fund's benchmark, the Bloomberg Short-Term U.S. Government/Corporate Index, had a total return of 4.46%. Drivers of Fund performance described below are relative to the Fund's benchmark.

---

| | |
|:---|:---|
| **Contributors to Performance** | **Contributors to Performance** |
| •  | Credit - Overweight investment-grade credit and active positioning within investment-grade credit, particularly subsector and security selection decisions within financials and industrials (spread across many subsectors) and overweight BBB credit |
| •  | Securitized - Overweight non-agency CMBS and asset-backed securities |

---

---

| | |
|:---|:---|
| **Detractors from Performance** | **Detractors from Performance** |
| •  | No meaningful detractors |

---

**HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?** (as of December 31, 2025)

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6457img002.jpg)

Baird Ultra Short Bond Fund PAGE 1 TSR-AR-057071714

------

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS (%)** | **1 Year** | **5 Years** | **10 Years** |
| **Investor Class Shares \| BUBSX**  | 4.53 | 3.19 | 2.44 |
| **Bloomberg Short-Term U.S. Government/Corporate** **Index**  | 4.46 | 3.12 | 2.34 |
| **Bloomberg U.S. Aggregate Index**  | 7.30 | -0.36 | 2.01 |

---

Visit www.bairdassetmanagement.com/baird-funds for more recent performance information.

**The Fund's past performance is not** **a** **good predictor of how the Fund will perform in the future** **.** *The graph and table do not reflect th e deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $9306772035 | **Average Effective Duration** | 0.50 years |
| **Number of Holdings** | 362 | **Average Effective Maturity** | 0.52 years |
| **Net Advisory Fee Paid** | $8808986 | **SEC 30-Day Yield** | 3.72% |
| **Portfolio Turnover Rate** | 88% | **SEC 30-Day Unsubsidized Yield** | 3.57% |
| **Average Credit Quality** | A+ |  |  |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type Breakdown** |  |
|  Corporate Bonds  | 51.4% |
|  U.S. Treasury Securities  | 27.4% |
|  Asset-Backed Securities  | 10.6% |
|  Non-Agency CMBS  | 7.0% |
|  Money Market Funds  | 2.1% |
|  Commercial Paper  | 0.7% |
|  Non-Agency RMBS  | 0.4% |
|  Municipal Bonds  | 0.4% |

---

---

| | |
|:---|:---|
| **Credit Rating Breakdown** **\*** |  |
|  U.S. Treasury  | 27.5% |
|  U.S. Agency  | 0.0% |
|  AAA  | 19.1% |
|  AA  | 1.4% |
|  A  | 15.6% |
|  BBB  | 36.2% |
|  Below BBB  | 0.0% |
|  Not Rated  | 0.2% |

---

\* The credit rating quality profile is calculated on a market value-weighted basis and includes accrued interest as of the end of the period using the highest credit quality rating for each security held by the Fund given by a Nationally Recognized Statistical Rating Organization (NRSRO). NRSROs rate the credit quality of securities using a scale that generally ranges from AAA (highest) to D (lowest).

---

| | |
|:---|:---|
| ![image](img293561_202502242230727.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit www.bairdassetmanagement.com/funddocuments.  |

---

**HOUSEHOLDING** - To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-866-442-2473, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Baird Ultra Short Bond Fund PAGE 2 TSR-AR-057071714

------

---

| | |
|:---|:---|
| **Baird Ultra Short Bond Fund**  | ![image](img293562_202506121726861.jpg) |
| Institutional Class Shares \| BUBIX  | ![image](img293562_202506121726861.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img293562_202506121726861.jpg) |

---

This annual shareholder report contains important information about the Baird Ultra Short Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bairdassetmanagement.com/funddocuments. You can also request this information by contacting us at 1-866-442-2473.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Share Class** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Class Shares \| BUBIX | $15 | 0.15% |

---

**WHAT IMPACTED FUND PERFORMANCE IN 2025?**

Treasury yields declined across most maturities in 2025, led by sharp drops in short-term rates. Early in the year, markets were influenced by the Trump administration's tariff actions and fiscal policy proposals. The second half was shaped by a record 43-day federal government shutdown, heightened focus on the rapid growth in artificial intelligence (AI)-related infrastructure spending, diplomatic efforts toward peace in Ukraine and Gaza, and easing tariff concerns. As inflation and labor market pressures softened, the Federal Reserve resumed rate cuts in the fourth quarter. Credit markets performed well throughout the year. Strong demand for higher all-in yields helped keep investment-grade corporate spreads tight despite elevated supply. Agency residential mortgage-backed securities (RMBS) and commercial mortgage-backed securities (CMBS) spreads also tightened, with most of the improvement occurring late in the year.

The Institutional Class Shares of the Baird Ultra Short Bond Fund (BUBIX) posted a net total return of 4.81% in 2025, and the Fund's benchmark, the Bloomberg Short-Term U.S. Government/Corporate Index, had a total return of 4.46%. Drivers of Fund performance described below are relative to the Fund's benchmark.

---

| | |
|:---|:---|
| **Contributors to Performance** | **Contributors to Performance** |
| •  | Credit - Overweight investment-grade credit and active positioning within investment-grade credit, particularly subsector and security selection decisions within financials and industrials (spread across many subsectors) and overweight BBB credit |
| •  | Securitized - Overweight non-agency CMBS and asset-backed securities |

---

---

| | |
|:---|:---|
| **Detractors from Performance** | **Detractors from Performance** |
| •  | No meaningful detractors |

---

**HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?** (as of December 31, 2025)

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6456img002.jpg)

Baird Ultra Short Bond Fund PAGE 1 TSR-AR-057071722

------

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS (%)** | **1 Year** | **5 Years** | **10 Years** |
| **Institutional Class Shares \| BUBIX**  | 4.81 | 3.44 | 2.67 |
| **Bloomberg Short-Term U.S. Government/Corporate** **Index**  | 4.46 | 3.12 | 2.34 |
| **Bloomberg U.S. Aggregate Index**  | 7.30 | -0.36 | 2.01 |

---

Visit www.bairdassetmanagement.com/baird-funds for more recent performance information.

**The Fund's past performance is not** **a** **good predictor of how the Fund will perform in the future** **.** *The graph and table do not reflect th e deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $9306772035 | **Average Effective Duration** | 0.50 years |
| **Number of Holdings** | 362 | **Average Effective Maturity** | 0.52 years |
| **Net Advisory Fee Paid** | $8808986 | **SEC 30-Day Yield** | 3.97% |
| **Portfolio Turnover Rate** | 88% | **SEC 30-Day Unsubsidized Yield** | 3.82% |
| **Average Credit Quality** | A+ |  |  |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type Breakdown** |  |
|  Corporate Bonds  | 51.4% |
|  U.S. Treasury Securities  | 27.4% |
|  Asset-Backed Securities  | 10.6% |
|  Non-Agency CMBS  | 7.0% |
|  Money Market Funds  | 2.1% |
|  Commercial Paper  | 0.7% |
|  Non-Agency RMBS  | 0.4% |
|  Municipal Bonds  | 0.4% |

---

---

| | |
|:---|:---|
| **Credit Rating Breakdown** **\*** |  |
|  U.S. Treasury  | 27.5% |
|  U.S. Agency  | 0.0% |
|  AAA  | 19.1% |
|  AA  | 1.4% |
|  A  | 15.6% |
|  BBB  | 36.2% |
|  Below BBB  | 0.0% |
|  Not Rated  | 0.2% |

---

\* The credit rating quality profile is calculated on a market value-weighted basis and includes accrued interest as of the end of the period using the highest credit quality rating for each security held by the Fund given by a Nationally Recognized Statistical Rating Organization (NRSRO). NRSROs rate the credit quality of securities using a scale that generally ranges from AAA (highest) to D (lowest).

---

| | |
|:---|:---|
| ![image](img293561_202502242230727.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit www.bairdassetmanagement.com/funddocuments.  |

---

**HOUSEHOLDING** - To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-866-442-2473, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Baird Ultra Short Bond Fund PAGE 2 TSR-AR-057071722

------

---

| | |
|:---|:---|
| **Baird Short-Term Bond Fund**  | ![image](img293562_202506121726861.jpg) |
| Investor Class Shares \| BSBSX  | ![image](img293562_202506121726861.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img293562_202506121726861.jpg) |

---

This annual shareholder report contains important information about the Baird Short-Term Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bairdassetmanagement.com/funddocuments. You can also request this information by contacting us at 1-866-442-2473.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Share Class** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Class Shares \| BSBSX | $56 | 0.55% |

---

**WHAT IMPACTED FUND PERFORMANCE IN 2025?**

Treasury yields declined across most maturities in 2025, led by sharp drops in short-term rates. Early in the year, markets were influenced by the Trump administration's tariff actions and fiscal policy proposals. The second half was shaped by a record 43-day federal government shutdown, heightened focus on the rapid growth in artificial intelligence (AI)-related infrastructure spending, diplomatic efforts toward peace in Ukraine and Gaza, and easing tariff concerns. As inflation and labor market pressures softened, the Federal Reserve resumed rate cuts in the fourth quarter. Credit markets performed well throughout the year. Strong demand for higher all-in yields helped keep investment-grade corporate spreads tight despite elevated supply. Agency residential mortgage-backed securities (RMBS) and commercial mortgage-backed securities (CMBS) spreads also tightened, with most of the improvement occurring late in the year.

The Investor Class Shares of the Baird Short-Term Bond Fund (BSBSX) posted a net total return of 5.41% in 2025, and the Fund's benchmark, the Bloomberg 1-3 Year U.S. Government/Credit Index, had a total return of 5.35%. Drivers of Fund performance described below are relative to the Fund's benchmark.

---

| | |
|:---|:---|
| **Contributors to Performance** | **Contributors to Performance** |
| •  | Credit - Overweight investment-grade credit and active positioning within investment-grade credit, particularly subsector and security selection decisions within financials and industrials (spread across many subsectors) and overweight BBB credit |
| •  | Securitized - Overweight non-agency CMBS, asset-backed securities, and non-agency RMBS |

---

---

| | |
|:---|:---|
| **Detractors from Performance** | **Detractors from Performance** |
| •  | No meaningful detractors |

---

**HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?** (as of December 31, 2025)

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6455img002.jpg)

Baird Short-Term Bond Fund PAGE 1 TSR-AR-057071730

------

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS (%)** | **1 Year** | **5 Years** | **10 Years** |
| **Investor Class Shares \| BSBSX**  | 5.41 | 2.14 | 2.35 |
| **Bloomberg 1-3 Year U.S. Government/Credit Index**  | 5.35 | 1.97 | 2.09 |
| **Bloomberg U.S. Aggregate Index**  | 7.30 | -0.36 | 2.01 |

---

Visit www.bairdassetmanagement.com/baird-funds for more recent performance information.

**The Fund's past performance is not** **a** **good predictor of how the Fund will perform in the future** **.** *The graph and table do not reflect th e deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $11695079495 | **Average Credit Quality** | A+ |
| **Number of Holdings** | 472 | **Average Effective Duration** | 1.85 years |
| **Net Advisory Fee Paid** | $28095925 | **Average Effective Maturity** | 1.99 years |
| **Portfolio Turnover Rate** | 119% | **SEC 30-Day Yield** | 3.51% |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type Breakdown** |  |
|  Corporate Bonds  | 50.0% |
|  U.S. Treasury Securities  | 34.5% |
|  Non-Agency CMBS  | 4.4% |
|  Money Market Funds  | 3.7% |
|  Asset-Backed Securities  | 3.4% |
|  Non-Agency RMBS  | 2.9% |
|  Municipal Bonds  | 0.7% |
|  Other Government Related Securities  | 0.4% |

---

---

| | |
|:---|:---|
| **Credit Rating Breakdown** **\*** |  |
|  U.S. Treasury  | 35.7% |
|  U.S. Agency  | 0.0% |
|  AAA  | 11.4% |
|  AA  | 3.7% |
|  A  | 16.6% |
|  BBB  | 32.0% |
|  Below BBB  | 0.5% |
|  Not Rated  | 0.1% |

---

\* The credit rating quality profile is calculated on a market value-weighted basis and includes accrued interest as of the end of the period using the highest credit quality rating for each security held by the Fund given by a Nationally Recognized Statistical Rating Organization (NRSRO). NRSROs rate the credit quality of securities using a scale that generally ranges from AAA (highest) to D (lowest).

---

| | |
|:---|:---|
| ![image](img293561_202502242230727.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit www.bairdassetmanagement.com/funddocuments.  |

---

**HOUSEHOLDING** - To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-866-442-2473, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Baird Short-Term Bond Fund PAGE 2 TSR-AR-057071730

------

---

| | |
|:---|:---|
| **Baird Short-Term Bond Fund**  | ![image](img293562_202506121726861.jpg) |
| Institutional Class Shares \| BSBIX  | ![image](img293562_202506121726861.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img293562_202506121726861.jpg) |

---

This annual shareholder report contains important information about the Baird Short-Term Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bairdassetmanagement.com/funddocuments. You can also request this information by contacting us at 1-866-442-2473.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Share Class** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Class Shares \| BSBIX | $31 | 0.30% |

---

**WHAT IMPACTED FUND PERFORMANCE IN 2025?**

Treasury yields declined across most maturities in 2025, led by sharp drops in short-term rates. Early in the year, markets were influenced by the Trump administration's tariff actions and fiscal policy proposals. The second half was shaped by a record 43-day federal government shutdown, heightened focus on the rapid growth in artificial intelligence (AI)-related infrastructure spending, diplomatic efforts toward peace in Ukraine and Gaza, and easing tariff concerns. As inflation and labor market pressures softened, the Federal Reserve resumed rate cuts in the fourth quarter. Credit markets performed well throughout the year. Strong demand for higher all-in yields helped keep investment-grade corporate spreads tight despite elevated supply. Agency residential mortgage-backed securities (RMBS) and commercial mortgage-backed securities (CMBS) spreads also tightened, with most of the improvement occurring late in the year.

The Institutional Class Shares of the Baird Short-Term Bond Fund (BSBIX) posted a net total return of 5.67% in 2025, and the Fund's benchmark, the Bloomberg 1-3 Year U.S. Government/Credit Index, had a total return of 5.35%. Drivers of Fund performance described below are relative to the Fund's benchmark.

---

| | |
|:---|:---|
| **Contributors to Performance** | **Contributors to Performance** |
| •  | Credit - Overweight investment-grade credit and active positioning within investment-grade credit, particularly subsector and security selection decisions within financials and industrials (spread across many subsectors) and overweight BBB credit |
| •  | Securitized - Overweight non-agency CMBS, asset-backed securities, and non-agency RMBS |

---

---

| | |
|:---|:---|
| **Detractors from Performance** | **Detractors from Performance** |
| •  | No meaningful detractors |

---

**HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?** (as of December 31, 2025)

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6454img002.jpg)

Baird Short-Term Bond Fund PAGE 1 TSR-AR-057071409

------

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS (%)** | **1 Year** | **5 Years** | **10 Years** |
| **Institutional Class Shares \| BSBIX**  | 5.67 | 2.38 | 2.60 |
| **Bloomberg 1-3 Year U.S. Government/Credit Index**  | 5.35 | 1.97 | 2.09 |
| **Bloomberg U.S. Aggregate Index**  | 7.30 | -0.36 | 2.01 |

---

Visit www.bairdassetmanagement.com/baird-funds for more recent performance information.

**The Fund's past performance is not** **a** **good predictor of how the Fund will perform in the future** **.** *The graph and table do not reflect th e deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $11695079495 | **Average Credit Quality** | A+ |
| **Number of Holdings** | 472 | **Average Effective Duration** | 1.85 years |
| **Net Advisory Fee Paid** | $28095925 | **Average Effective Maturity** | 1.99 years |
| **Portfolio Turnover Rate** | 119% | **SEC 30-Day Yield** | 3.76% |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type Breakdown** |  |
|  Corporate Bonds  | 50.0% |
|  U.S. Treasury Securities  | 34.5% |
|  Non-Agency CMBS  | 4.4% |
|  Money Market Funds  | 3.7% |
|  Asset-Backed Securities  | 3.4% |
|  Non-Agency RMBS  | 2.9% |
|  Municipal Bonds  | 0.7% |
|  Other Government Related Securities  | 0.4% |

---

---

| | |
|:---|:---|
| **Credit Rating Breakdown** **\*** |  |
|  U.S. Treasury  | 35.7% |
|  U.S. Agency  | 0.0% |
|  AAA  | 11.4% |
|  AA  | 3.7% |
|  A  | 16.6% |
|  BBB  | 32.0% |
|  Below BBB  | 0.5% |
|  Not Rated  | 0.1% |

---

\* The credit rating quality profile is calculated on a market value-weighted basis and includes accrued interest as of the end of the period using the highest credit quality rating for each security held by the Fund given by a Nationally Recognized Statistical Rating Organization (NRSRO). NRSROs rate the credit quality of securities using a scale that generally ranges from AAA (highest) to D (lowest).

---

| | |
|:---|:---|
| ![image](img293561_202502242230727.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit www.bairdassetmanagement.com/funddocuments.  |

---

**HOUSEHOLDING** - To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-866-442-2473, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Baird Short-Term Bond Fund PAGE 2 TSR-AR-057071409

------

---

| | |
|:---|:---|
| **Baird Intermediate Bond Fund**  | ![image](img293562_202506121726861.jpg) |
| Investor Class Shares \| BIMSX  | ![image](img293562_202506121726861.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img293562_202506121726861.jpg) |

---

This annual shareholder report contains important information about the Baird Intermediate Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bairdassetmanagement.com/funddocuments. You can also request this information by contacting us at 1-866-442-2473.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Share Class** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Class Shares \| BIMSX | $57 | 0.55% |

---

**WHAT IMPACTED FUND PERFORMANCE IN 2025?**

Treasury yields declined across most maturities in 2025, led by sharp drops in short-term rates. Early in the year, markets were influenced by the Trump administration's tariff actions and fiscal policy proposals. The second half was shaped by a record 43-day federal government shutdown, heightened focus on the rapid growth in artificial intelligence (AI)-related infrastructure spending, diplomatic efforts toward peace in Ukraine and Gaza, and easing tariff concerns. As inflation and labor market pressures softened, the Federal Reserve resumed rate cuts in the fourth quarter. Credit markets performed well throughout the year. Strong demand for higher all-in yields helped keep investment-grade corporate spreads tight despite elevated supply. Agency residential mortgage-backed securities (RMBS) and commercial mortgage-backed securities (CMBS) spreads also tightened, with most of the improvement occurring late in the year.

The Investor Class Shares of the Baird Intermediate Bond Fund (BIMSX) posted a net total return of 6.76% in 2025, and the Fund's benchmark, the Bloomberg Intermediate U.S. Government/Credit Index, had a total return of 6.97%. Drivers of Fund performance described below are relative to the Fund's benchmark.

---

| | |
|:---|:---|
| **Contributors to Performance** | **Contributors to Performance** |
| •  | Credit - Overweight investment-grade credit and active positioning within investment-grade credit, particularly subsector and security selection decisions within financials and industrials (spread across many subsectors) and overweight BBB credit |
| •  | Securitized - Overweight non-agency CMBS, non-agency RMBS, and asset-backed securities |

---

---

| | |
|:---|:---|
| **Detractors from Performance** | **Detractors from Performance** |
| •  | Credit - Underweight sovereign within non-corporate credit |

---

**HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?** (as of December 31, 2025)

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6443img002.jpg)

Baird Intermediate Bond Fund PAGE 1 TSR-AR-057071706

------

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS (%)** | **1 Year** | **5 Years** | **10 Years** |
| **Investor Class Shares \| BIMSX**  | 6.76 | 0.82 | 2.32 |
| **Bloomberg Intermediate U.S. Government/Credit Index**  | 6.97 | 0.96 | 2.29 |
| **Bloomberg U.S. Aggregate Index**  | 7.30 | -0.36 | 2.01 |

---

Visit www.bairdassetmanagement.com/baird-funds for more recent performance information.

**The Fund's past performance is not** **a** **good predictor of how the Fund will perform in the future** **.** *The graph and table do not reflect th e deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $12652095326 | **Average Credit Quality** | AA- |
| **Number of Holdings** | 817 | **Average Effective Duration** | 3.74 years |
| **Net Advisory Fee Paid** | $28638642 | **Average Effective Maturity** | 4.30 years |
| **Portfolio Turnover Rate** | 39% | **SEC 30-Day Yield** | 3.59% |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type Breakdown** |  |
|  U.S. Treasury Securities  | 46.7% |
|  Corporate Bonds  | 39.3% |
|  Non-Agency RMBS  | 3.9% |
|  Non-Agency CMBS  | 3.1% |
|  Money Market Funds  | 3.0% |
|  Asset-Backed Securities  | 2.1% |
|  Municipal Bonds  | 1.5% |
|  Other Government Related Securities  | 0.3% |
|  Agency CMBS  | 0.1% |
|  Agency RMBS  | 0.0% |

---

---

| | |
|:---|:---|
| **Credit Rating Breakdown** **\*** |  |
|  U.S. Treasury  | 47.5% |
|  U.S. Agency  | 0.2% |
|  AAA  | 10.8% |
|  AA  | 3.9% |
|  A  | 15.4% |
|  BBB  | 22.1% |
|  Below BBB  | 0.1% |
|  Not Rated  | 0.0% |

---

\* The credit rating quality profile is calculated on a market value-weighted basis and includes accrued interest as of the end of the period using the highest credit quality rating for each security held by the Fund given by a Nationally Recognized Statistical Rating Organization (NRSRO). NRSROs rate the credit quality of securities using a scale that generally ranges from AAA (highest) to D (lowest).

---

| | |
|:---|:---|
| ![image](img293561_202502242230727.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit www.bairdassetmanagement.com/funddocuments.  |

---

**HOUSEHOLDING** - To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-866-442-2473, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Baird Intermediate Bond Fund PAGE 2 TSR-AR-057071706

------

---

| | |
|:---|:---|
| **Baird Intermediate Bond Fund**  | ![image](img293562_202506121726861.jpg) |
| Institutional Class Shares \| BIMIX  | ![image](img293562_202506121726861.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img293562_202506121726861.jpg) |

---

This annual shareholder report contains important information about the Baird Intermediate Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bairdassetmanagement.com/funddocuments. You can also request this information by contacting us at 1-866-442-2473.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Share Class** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Class Shares \| BIMIX | $31 | 0.30% |

---

**WHAT IMPACTED FUND PERFORMANCE IN 2025?**

Treasury yields declined across most maturities in 2025, led by sharp drops in short-term rates. Early in the year, markets were influenced by the Trump administration's tariff actions and fiscal policy proposals. The second half was shaped by a record 43-day federal government shutdown, heightened focus on the rapid growth in artificial intelligence (AI)-related infrastructure spending, diplomatic efforts toward peace in Ukraine and Gaza, and easing tariff concerns. As inflation and labor market pressures softened, the Federal Reserve resumed rate cuts in the fourth quarter. Credit markets performed well throughout the year. Strong demand for higher all-in yields helped keep investment-grade corporate spreads tight despite elevated supply. Agency residential mortgage-backed securities (RMBS) and commercial mortgage-backed securities (CMBS) spreads also tightened, with most of the improvement occurring late in the year.

The Institutional Class Shares of the Baird Intermediate Bond Fund (BIMIX) posted a net total return of 7.01% in 2025, and the Fund's benchmark, the Bloomberg Intermediate U.S. Government/Credit Index, had a total return of 6.97%. Drivers of Fund performance described below are relative to the Fund's benchmark.

---

| | |
|:---|:---|
| **Contributors to Performance** | **Contributors to Performance** |
| •  | Credit - Overweight investment-grade credit and active positioning within investment-grade credit, particularly subsector and security selection decisions within financials and industrials (spread across many subsectors) and overweight BBB credit |
| •  | Securitized - Overweight non-agency CMBS, non-agency RMBS, and asset-backed securities |

---

---

| | |
|:---|:---|
| **Detractors from Performance** | **Detractors from Performance** |
| •  | Credit - Underweight sovereign within non-corporate credit |

---

**HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?** (as of December 31, 2025)

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6442img002.jpg)

Baird Intermediate Bond Fund PAGE 1 TSR-AR-057071805

------

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS (%)** | **1 Year** | **5 Years** | **10 Years** |
| **Institutional Class Shares \| BIMIX**  | 7.01 | 1.07 | 2.57 |
| **Bloomberg Intermediate U.S. Government/Credit Index**  | 6.97 | 0.96 | 2.29 |
| **Bloomberg U.S. Aggregate Index**  | 7.30 | -0.36 | 2.01 |

---

Visit www.bairdassetmanagement.com/baird-funds for more recent performance information.

**The Fund's past performance is not** **a** **good predictor of how the Fund will perform in the future** **.** *The graph and table do not reflect th e deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $12652095326 | **Average Credit Quality** | AA- |
| **Number of Holdings** | 817 | **Average Effective Duration** | 3.74 years |
| **Net Advisory Fee Paid** | $28638642 | **Average Effective Maturity** | 4.30 years |
| **Portfolio Turnover Rate** | 39% | **SEC 30-Day Yield** | 3.84% |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type Breakdown** |  |
|  U.S. Treasury Securities  | 46.7% |
|  Corporate Bonds  | 39.3% |
|  Non-Agency RMBS  | 3.9% |
|  Non-Agency CMBS  | 3.1% |
|  Money Market Funds  | 3.0% |
|  Asset-Backed Securities  | 2.1% |
|  Municipal Bonds  | 1.5% |
|  Other Government Related Securities  | 0.3% |
|  Agency CMBS  | 0.1% |
|  Agency RMBS  | 0.0% |

---

---

| | |
|:---|:---|
| **Credit Rating Breakdown** **\*** |  |
|  U.S. Treasury  | 47.5% |
|  U.S. Agency  | 0.2% |
|  AAA  | 10.8% |
|  AA  | 3.9% |
|  A  | 15.4% |
|  BBB  | 22.1% |
|  Below BBB  | 0.1% |
|  Not Rated  | 0.0% |

---

\* The credit rating quality profile is calculated on a market value-weighted basis and includes accrued interest as of the end of the period using the highest credit quality rating for each security held by the Fund given by a Nationally Recognized Statistical Rating Organization (NRSRO). NRSROs rate the credit quality of securities using a scale that generally ranges from AAA (highest) to D (lowest).

---

| | |
|:---|:---|
| ![image](img293561_202502242230727.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit www.bairdassetmanagement.com/funddocuments.  |

---

**HOUSEHOLDING** - To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-866-442-2473, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Baird Intermediate Bond Fund PAGE 2 TSR-AR-057071805

------

---

| | |
|:---|:---|
| **Baird Aggregate Bond Fund**  | ![image](img293562_202506121726861.jpg) |
| Investor Class Shares \| BAGSX  | ![image](img293562_202506121726861.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img293562_202506121726861.jpg) |

---

This annual shareholder report contains important information about the Baird Aggregate Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bairdassetmanagement.com/funddocuments. You can also request this information by contacting us at 1-866-442-2473.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Share Class** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Class Shares \| BAGSX | $57 | 0.55% |

---

**WHAT IMPACTED FUND PERFORMANCE IN 2025?**

Treasury yields declined across most maturities in 2025, led by sharp drops in short-term rates. Early in the year, markets were influenced by the Trump administration's tariff actions and fiscal policy proposals. The second half was shaped by a record 43-day federal government shutdown, heightened focus on the rapid growth in artificial intelligence (AI)-related infrastructure spending, diplomatic efforts toward peace in Ukraine and Gaza, and easing tariff concerns. As inflation and labor market pressures softened, the Federal Reserve resumed rate cuts in the fourth quarter. Credit markets performed well throughout the year. Strong demand for higher all-in yields helped keep investment-grade corporate spreads tight despite elevated supply. Agency residential mortgage-backed securities (RMBS) and commercial mortgage-backed securities (CMBS) spreads also tightened, with most of the improvement occurring late in the year.

The Investor Class Shares of the Baird Aggregate Bond Fund (BAGSX) posted a net total return of 7.10% in 2025, and the Fund's benchmark, the Bloomberg U.S. Aggregate Index, had a total return of 7.30%. Drivers of Fund performance described below are relative to the Fund's benchmark.

---

| | |
|:---|:---|
| **Contributors to Performance** | **Contributors to Performance** |
| •  | Credit - Overweight investment-grade credit and active positioning within investment-grade credit, particularly subsector and security selection decisions within financials and industrials (spread across many subsectors), favoring credit shorter on the curve, and overweight BBB credit |
| •  | Securitized - Overweight non-agency CMBS, non-agency RMBS, and asset-backed securities and subsector and security selection decisions within agency RMBS (spread across many subsectors) |
| •  | Yield Curve and Convexity - Modest overweight 5-10 year maturities and underweight longer maturities as 5s/30s yield curve steepened and positive convexity tilt of portfolio driven by agency RMBS positioning |

---

---

| | |
|:---|:---|
| **Detractors from Performance** | **Detractors from Performance** |
| •  | Credit - Underweight sovereign within non-corporate credit |
| •  | Securitized - Underweight agency RMBS |

---

Baird Aggregate Bond Fund PAGE 1 TSR-AR-057071862

------

**HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?** (as of December 31, 2025)

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6430img002.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS (%)** | **1 Year** | **5 Years** | **10 Years** |
| **Investor Class Shares \| BAGSX**  | 7.10 | -0.37 | 2.18 |
| **Bloomberg U.S. Aggregate Index**  | 7.30 | -0.36 | 2.01 |

---

Visit www.bairdassetmanagement.com/baird-funds for more recent performance information.

**The Fund's past performance is not** **a** **good predictor of how the Fund will perform in the future** **.** *The graph and table do not reflect th e deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $55741724249 | **Average Credit Quality** | AA- |
| **Number of Holdings** | 1966 | **Average Effective Duration** | 5.98 years |
| **Net Advisory Fee Paid** | $134389982 | **Average Effective Maturity** | 7.88 years |
| **Portfolio Turnover Rate** | 34% | **SEC 30-Day Yield** | 3.86% |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type Breakdown** |  |
|  Corporate Bonds  | 36.7% |
|  U.S. Treasury Securities  | 30.2% |
|  Agency RMBS  | 18.7% |
|  Non-Agency RMBS  | 4.9% |
|  Non-Agency CMBS  | 4.0% |
|  Asset-Backed Securities  | 2.1% |
|  Money Market Funds  | 1.8% |
|  Agency CMBS  | 0.9% |
|  Municipal Bonds  | 0.5% |
|  Other Government Related Securities  | 0.2% |

---

---

| | |
|:---|:---|
| **Credit Rating Breakdown** **\*** |  |
|  U.S. Treasury  | 30.6% |
|  U.S. Agency  | 19.7% |
|  AAA  | 11.8% |
|  AA  | 3.0% |
|  A  | 13.7% |
|  BBB  | 20.9% |
|  Below BBB  | 0.3% |
|  Not Rated  | 0.0% |

---

\* The credit rating quality profile is calculated on a market value-weighted basis and includes accrued interest as of the end of the period using the highest credit quality rating for each security held by the Fund given by a Nationally Recognized Statistical Rating Organization (NRSRO). NRSROs rate the credit quality of securities using a scale that generally ranges from AAA (highest) to D (lowest).

---

| | |
|:---|:---|
| ![image](img293561_202502242230727.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit www.bairdassetmanagement.com/funddocuments.  |

---

**HOUSEHOLDING** - To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-866-442-2473, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Baird Aggregate Bond Fund PAGE 2 TSR-AR-057071862

------

---

| | |
|:---|:---|
| **Baird Aggregate Bond Fund**  | ![image](img293562_202506121726861.jpg) |
| Institutional Class Shares \| BAGIX  | ![image](img293562_202506121726861.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img293562_202506121726861.jpg) |

---

This annual shareholder report contains important information about the Baird Aggregate Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bairdassetmanagement.com/funddocuments. You can also request this information by contacting us at 1-866-442-2473.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Share Class** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Class Shares \| BAGIX | $31 | 0.30% |

---

**WHAT IMPACTED FUND PERFORMANCE IN 2025?**

Treasury yields declined across most maturities in 2025, led by sharp drops in short-term rates. Early in the year, markets were influenced by the Trump administration's tariff actions and fiscal policy proposals. The second half was shaped by a record 43-day federal government shutdown, heightened focus on the rapid growth in artificial intelligence (AI)-related infrastructure spending, diplomatic efforts toward peace in Ukraine and Gaza, and easing tariff concerns. As inflation and labor market pressures softened, the Federal Reserve resumed rate cuts in the fourth quarter. Credit markets performed well throughout the year. Strong demand for higher all-in yields helped keep investment-grade corporate spreads tight despite elevated supply. Agency residential mortgage-backed securities (RMBS) and commercial mortgage-backed securities (CMBS) spreads also tightened, with most of the improvement occurring late in the year.

The Institutional Class Shares of the Baird Aggregate Bond Fund (BAGIX) posted a net total return of 7.36% in 2025, and the Fund's benchmark, the Bloomberg U.S. Aggregate Index, had a total return of 7.30%. Drivers of Fund performance described below are relative to the Fund's benchmark.

---

| | |
|:---|:---|
| **Contributors to Performance** | **Contributors to Performance** |
| •  | Credit - Overweight investment-grade credit and active positioning within investment-grade credit, particularly subsector and security selection decisions within financials and industrials (spread across many subsectors), favoring credit shorter on the curve, and overweight BBB credit |
| •  | Securitized - Overweight non-agency CMBS, non-agency RMBS, and asset-backed securities and subsector and security selection decisions within agency RMBS (spread across many subsectors) |
| •  | Yield Curve and Convexity - Modest overweight 5-10 year maturities and underweight longer maturities as 5s/30s yield curve steepened and positive convexity tilt of portfolio driven by agency RMBS positioning |

---

---

| | |
|:---|:---|
| **Detractors from Performance** | **Detractors from Performance** |
| •  | Credit - Underweight sovereign within non-corporate credit |
| •  | Securitized - Underweight agency RMBS |

---

Baird Aggregate Bond Fund PAGE 1 TSR-AR-057071854

------

**HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?** (as of December 31, 2025)

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6431img002.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS (%)** | **1 Year** | **5 Years** | **10 Years** |
| **Institutional Class Shares \| BAGIX**  | 7.36 | -0.13 | 2.43 |
| **Bloomberg U.S. Aggregate Index**  | 7.30 | -0.36 | 2.01 |

---

Visit www.bairdassetmanagement.com/baird-funds for more recent performance information.

**The Fund's past performance is not** **a** **good predictor of how the Fund will perform in the future** **.** *The graph and table do not reflect th e deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $55741724249 | **Average Credit Quality** | AA- |
| **Number of Holdings** | 1966 | **Average Effective Duration** | 5.98 years |
| **Net Advisory Fee Paid** | $134389982 | **Average Effective Maturity** | 7.88 years |
| **Portfolio Turnover Rate** | 34% | **SEC 30-Day Yield** | 4.11% |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type Breakdown** |  |
|  Corporate Bonds  | 36.7% |
|  U.S. Treasury Securities  | 30.2% |
|  Agency RMBS  | 18.7% |
|  Non-Agency RMBS  | 4.9% |
|  Non-Agency CMBS  | 4.0% |
|  Asset-Backed Securities  | 2.1% |
|  Money Market Funds  | 1.8% |
|  Agency CMBS  | 0.9% |
|  Municipal Bonds  | 0.5% |
|  Other Government Related Securities  | 0.2% |

---

---

| | |
|:---|:---|
| **Credit Rating Breakdown** **\*** |  |
|  U.S. Treasury  | 30.6% |
|  U.S. Agency  | 19.7% |
|  AAA  | 11.8% |
|  AA  | 3.0% |
|  A  | 13.7% |
|  BBB  | 20.9% |
|  Below BBB  | 0.3% |
|  Not Rated  | 0.0% |

---

\* The credit rating quality profile is calculated on a market value-weighted basis and includes accrued interest as of the end of the period using the highest credit quality rating for each security held by the Fund given by a Nationally Recognized Statistical Rating Organization (NRSRO). NRSROs rate the credit quality of securities using a scale that generally ranges from AAA (highest) to D (lowest).

---

| | |
|:---|:---|
| ![image](img293561_202502242230727.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit www.bairdassetmanagement.com/funddocuments.  |

---

**HOUSEHOLDING** - To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-866-442-2473, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Baird Aggregate Bond Fund PAGE 2 TSR-AR-057071854

------

---

| | |
|:---|:---|
| **Baird Core Plus Bond Fund**  | ![image](img293562_202506121726861.jpg) |
| Investor Class Shares \| BCOSX  | ![image](img293562_202506121726861.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img293562_202506121726861.jpg) |

---

This annual shareholder report contains important information about the Baird Core Plus Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bairdassetmanagement.com/funddocuments. You can also request this information by contacting us at 1-866-442-2473.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Share Class** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Class Shares \| BCOSX | $57 | 0.55% |

---

**WHAT IMPACTED FUND PERFORMANCE IN 2025?**

Treasury yields declined across most maturities in 2025, led by sharp drops in short-term rates. Early in the year, markets were influenced by the Trump administration's tariff actions and fiscal policy proposals. The second half was shaped by a record 43-day federal government shutdown, heightened focus on the rapid growth in artificial intelligence (AI)-related infrastructure spending, diplomatic efforts toward peace in Ukraine and Gaza, and easing tariff concerns. As inflation and labor market pressures softened, the Federal Reserve resumed rate cuts in the fourth quarter. Credit markets performed well throughout the year. Strong demand for higher all-in yields helped keep investment-grade corporate spreads tight despite elevated supply. Agency residential mortgage-backed securities (RMBS) and commercial mortgage-backed securities (CMBS) spreads also tightened, with most of the improvement occurring late in the year.

The Investor Class Shares of the Baird Core Plus Bond Fund (BCOSX) posted a net total return of 7.22% in 2025, and the Fund's benchmark, the Bloomberg U.S. Universal Index, had a total return of 7.58%. Drivers of Fund performance described below are relative to the Fund's benchmark.

---

| | |
|:---|:---|
| **Contributors to Performance** | **Contributors to Performance** |
| •  | Credit - Overweight investment-grade credit and active positioning within investment-grade credit, particularly subsector and security selection decisions within financials and industrials (spread across many subsectors), favoring credit shorter on the curve, and overweight BBB credit |
| •  | Securitized - Overweight non-agency CMBS, non-agency RMBS, and asset-backed securities and subsector and security selection decisions within agency RMBS (spread across many subsectors) |
| •  | Yield Curve and Convexity - Modest overweight 5-10-year maturities and underweight longer maturities as 5s/30s yield curve steepened and positive convexity tilt of portfolio driven by agency RMBS positioning |

---

---

| | |
|:---|:---|
| **Detractors from Performance** | **Detractors from Performance** |
| •  | Credit - Underweight sovereign within non-corporate credit and underweight high yield (corporate credit and emerging markets) |
| •  | Securitized - Underweight agency RMBS |

---

Baird Core Plus Bond Fund PAGE 1 TSR-AR-057071888

------

**HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?** (as of December 31, 2025)

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6439img002.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS (%)** | **1 Year** | **5 Years** | **10 Years** |
| **Investor Class Shares \| BCOSX**  | 7.22 | 0.06 | 2.61 |
| **Bloomberg U.S. Universal Index**  | 7.58 | 0.06 | 2.44 |

---

Visit www.bairdassetmanagement.com/baird-funds for more recent performance information.

**The Fund's past performance is not** **a** **good predictor of how the Fund will perform in the future** **.** *The graph and table do not reflect th e deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $43628422302 | **Average Credit Quality** | A+ |
| **Number of Holdings** | 2027 | **Average Effective Duration** | 5.76 years |
| **Net Advisory Fee Paid** | $98032250 | **Average Effective Maturity** | 7.60 years |
| **Portfolio Turnover Rate** | 32% | **SEC 30-Day Yield** | 3.98% |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type Breakdown** |  |
|  Corporate Bonds  | 44.2% |
|  U.S. Treasury Securities  | 25.4% |
|  Agency RMBS  | 15.1% |
|  Non-Agency RMBS  | 5.2% |
|  Non-Agency CMBS  | 4.0% |
|  Money Market Funds  | 2.3% |
|  Asset-Backed Securities  | 2.2% |
|  Agency CMBS  | 0.8% |
|  Municipal Bonds  | 0.6% |
|  Other Government Related Securities  | 0.2% |

---

---

| | |
|:---|:---|
| **Credit Rating Breakdown** **\*** |  |
|  U.S. Treasury  | 25.6% |
|  U.S. Agency  | 16.0% |
|  AAA  | 12.4% |
|  AA  | 2.6% |
|  A  | 14.7% |
|  BBB  | 26.0% |
|  Below BBB  | 2.6% |
|  Not Rated  | 0.1% |

---

\* The credit rating quality profile is calculated on a market value-weighted basis and includes accrued interest as of the end of the period using the highest credit quality rating for each security held by the Fund given by a Nationally Recognized Statistical Rating Organization (NRSRO). NRSROs rate the credit quality of securities using a scale that generally ranges from AAA (highest) to D (lowest).

---

| | |
|:---|:---|
| ![image](img293561_202502242230727.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit www.bairdassetmanagement.com/funddocuments.  |

---

**HOUSEHOLDING** - To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-866-442-2473, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Baird Core Plus Bond Fund PAGE 2 TSR-AR-057071888

------

---

| | |
|:---|:---|
| **Baird Core Plus Bond Fund**  | ![image](img293562_202506121726861.jpg) |
| Institutional Class Shares \| BCOIX  | ![image](img293562_202506121726861.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img293562_202506121726861.jpg) |

---

This annual shareholder report contains important information about the Baird Core Plus Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bairdassetmanagement.com/funddocuments. You can also request this information by contacting us at 1-866-442-2473.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Share Class** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Class Shares \| BCOIX | $31 | 0.30% |

---

**WHAT IMPACTED FUND PERFORMANCE IN 2025?**

Treasury yields declined across most maturities in 2025, led by sharp drops in short-term rates. Early in the year, markets were influenced by the Trump administration's tariff actions and fiscal policy proposals. The second half was shaped by a record 43-day federal government shutdown, heightened focus on the rapid growth in artificial intelligence (AI)-related infrastructure spending, diplomatic efforts toward peace in Ukraine and Gaza, and easing tariff concerns. As inflation and labor market pressures softened, the Federal Reserve resumed rate cuts in the fourth quarter. Credit markets performed well throughout the year. Strong demand for higher all-in yields helped keep investment-grade corporate spreads tight despite elevated supply. Agency residential mortgage-backed securities (RMBS) and commercial mortgage-backed securities (CMBS) spreads also tightened, with most of the improvement occurring late in the year.

The Institutional Class Shares of the Baird Core Plus Bond Fund (BCOIX) posted a net total return of 7.47% in 2025, and the Fund's benchmark, the Bloomberg U.S. Universal Index, had a total return of 7.58%. Drivers of Fund performance described below are relative to the Fund's benchmark.

---

| | |
|:---|:---|
| **Contributors to Performance** | **Contributors to Performance** |
| •  | Credit - Overweight investment-grade credit and active positioning within investment-grade credit, particularly subsector and security selection decisions within financials and industrials (spread across many subsectors), favoring credit shorter on the curve, and overweight BBB credit |
| •  | Securitized - Overweight non-agency CMBS, non-agency RMBS, and asset-backed securities and subsector and security selection decisions within agency RMBS (spread across many subsectors) |
| •  | Yield Curve and Convexity - Modest overweight 5-10-year maturities and underweight longer maturities as 5s/30s yield curve steepened and positive convexity tilt of portfolio driven by agency RMBS positioning |

---

---

| | |
|:---|:---|
| **Detractors from Performance** | **Detractors from Performance** |
| •  | Credit - Underweight sovereign within non-corporate credit and underweight high yield (corporate credit and emerging markets) |
| •  | Securitized - Underweight agency RMBS |

---

Baird Core Plus Bond Fund PAGE 1 TSR-AR-057071870

------

**HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?** (as of December 31, 2025)

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6438img002.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS (%)** | **1 Year** | **5 Years** | **10 Years** |
| **Institutional Class Shares \| BCOIX**  | 7.47 | 0.32 | 2.87 |
| **Bloomberg U.S. Universal Index**  | 7.58 | 0.06 | 2.44 |

---

Visit www.bairdassetmanagement.com/baird-funds for more recent performance information.

**The Fund's past performance is not** **a** **good predictor of how the Fund will perform in the future** **.** *The graph and table do not reflect th e deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $43628422302 | **Average Credit Quality** | A+ |
| **Number of Holdings** | 2027 | **Average Effective Duration** | 5.76 years |
| **Net Advisory Fee Paid** | $98032250 | **Average Effective Maturity** | 7.60 years |
| **Portfolio Turnover Rate** | 32% | **SEC 30-Day Yield** | 4.23% |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type Breakdown** |  |
|  Corporate Bonds  | 44.2% |
|  U.S. Treasury Securities  | 25.4% |
|  Agency RMBS  | 15.1% |
|  Non-Agency RMBS  | 5.2% |
|  Non-Agency CMBS  | 4.0% |
|  Money Market Funds  | 2.3% |
|  Asset-Backed Securities  | 2.2% |
|  Agency CMBS  | 0.8% |
|  Municipal Bonds  | 0.6% |
|  Other Government Related Securities  | 0.2% |

---

---

| | |
|:---|:---|
| **Credit Rating Breakdown** **\*** |  |
|  U.S. Treasury  | 25.6% |
|  U.S. Agency  | 16.0% |
|  AAA  | 12.4% |
|  AA  | 2.6% |
|  A  | 14.7% |
|  BBB  | 26.0% |
|  Below BBB  | 2.6% |
|  Not Rated  | 0.1% |

---

\* The credit rating quality profile is calculated on a market value-weighted basis and includes accrued interest as of the end of the period using the highest credit quality rating for each security held by the Fund given by a Nationally Recognized Statistical Rating Organization (NRSRO). NRSROs rate the credit quality of securities using a scale that generally ranges from AAA (highest) to D (lowest).

---

| | |
|:---|:---|
| ![image](img293561_202502242230727.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit www.bairdassetmanagement.com/funddocuments.  |

---

**HOUSEHOLDING** - To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-866-442-2473, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Baird Core Plus Bond Fund PAGE 2 TSR-AR-057071870

------

---

| | |
|:---|:---|
| **Baird Short-Term Municipal Bond Fund**  | ![image](img293562_202506121726861.jpg) |
| Investor Class Shares \| BTMSX  | ![image](img293562_202506121726861.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img293562_202506121726861.jpg) |

---

This annual shareholder report contains important information about the Baird Short-Term Municipal Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bairdassetmanagement.com/funddocuments. You can also request this information by contacting us at 1-866-442-2473.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Share Class** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Class Shares \| BTMSX | $56 | 0.55% |

---

**WHAT IMPACTED FUND PERFORMANCE IN 2025?**

The tax-exempt municipal bond market generated positive returns in a year marked by a steepening yield curve, record issuance, and modest spread widening. Policy uncertainty early in the year weighed on municipal bond returns relative to Treasuries, but this underperformance enhanced municipal valuations and strengthened investor demand. Municipal bonds finished the year strongly, aided by a supportive monetary policy as the Federal Reserve lowered interest rates, easily absorbing the steady stream of new supply.

The Investor Class Shares of the Baird Short-Term Municipal Bond Fund (BTMSX) posted a net total return of 4.46% in 2025, and the Fund's benchmark, the Bloomberg 1-5 Year Short Municipal Index, had a total return of 4.11%. Drivers of Fund performance described below are relative to the Fund's benchmark.

---

| | |
|:---|:---|
| **Contributors to Performance** | **Contributors to Performance** |
| •  | Credit - Exposure to BBB and non-rated issues |
| •  | Security Selection - Market volatility created actionable municipal price dislocations |
| •  | Sector - Overweight to housing and underweight to state general obligation bonds |
| •  | Pricing services - Valuation differences between pricing services used by the Fund and the Fund's benchmark |

---

---

| | |
|:---|:---|
| **Detractors from Performance** | **Detractors from Performance** |
| •  | Credit - Underweight to A-rated issues which outperformed all other rating categories |

---

**HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?** (as of December 31, 2025)

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6449img002.jpg)

Baird Short-Term Municipal Bond Fund PAGE 1 TSR-AR-057071623

------

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS (%)** | **1 Year** | **5 Years** | **10 Years** |
| **Investor Class Shares \| BTMSX**  | 4.46 | 1.54 | 1.87 |
| **Bloomberg 1-5 Year Short Municipal Index**  | 4.11 | 1.36 | 1.67 |
| **Bloomberg Municipal Index**  | 4.25 | 0.80 | 2.34 |

---

Visit www.bairdassetmanagement.com/baird-funds for more recent performance information.

**The Fund's past performance is not** **a** **good predictor of how the Fund will perform in the future** **.** *The graph and table do not reflect th e deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $2070514608 | **Average Credit Quality** | A+ |
| **Number of Holdings** | 1531 | **Average Effective Duration** | 2.26 years |
| **Net Advisory Fee Paid** | $4327028 | **Average Effective Maturity** | 2.51 years |
| **Portfolio Turnover Rate** | 27% | **SEC 30-Day Yield** | 2.88% |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type Breakdown** |  |
|  Revenue  | 64.0% |
|  General Obligation  | 26.1% |
|  Pre-Refunded ETM  | 8.9% |
|  Money Market Funds  | 1.0% |

---

---

| | |
|:---|:---|
| **Credit Rating Breakdown** **\*** |  |
|  U.S. Treasury  | 0.0% |
|  U.S. Agency  | 0.0% |
|  AAA  | 13.6% |
|  AA  | 54.2% |
|  A  | 16.4% |
|  BBB  | 9.6% |
|  Below BBB  | 0.8% |
|  Not Rated  | 5.4% |

---

\* The credit rating quality profile is calculated on a market value-weighted basis and includes accrued interest as of the end of the period using the highest credit quality rating for each security held by the Fund given by a Nationally Recognized Statistical Rating Organization (NRSRO). NRSROs rate the credit quality of securities using a scale that generally ranges from AAA (highest) to D (lowest). For pre-refunded securities, the reported credit quality reflects the highest reported rating from a NRSRO for the underlying collateral.

---

| | |
|:---|:---|
| ![image](img293561_202502242230727.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit www.bairdassetmanagement.com/funddocuments.  |

---

**HOUSEHOLDING** - To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-866-442-2473, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Baird Short-Term Municipal Bond Fund PAGE 2 TSR-AR-057071623

------

---

| | |
|:---|:---|
| **Baird Short-Term Municipal Bond Fund**  | ![image](img293562_202506121726861.jpg) |
| Institutional Class Shares \| BTMIX  | ![image](img293562_202506121726861.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img293562_202506121726861.jpg) |

---

This annual shareholder report contains important information about the Baird Short-Term Municipal Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bairdassetmanagement.com/funddocuments. You can also request this information by contacting us at 1-866-442-2473.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Share Class** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Class Shares \| BTMIX | $31 | 0.30% |

---

**WHAT IMPACTED FUND PERFORMANCE IN 2025?**

The tax-exempt municipal bond market generated positive returns in a year marked by a steepening yield curve, record issuance, and modest spread widening. Policy uncertainty early in the year weighed on municipal bond returns relative to Treasuries, but this underperformance enhanced municipal valuations and strengthened investor demand. Municipal bonds finished the year strongly, aided by a supportive monetary policy as the Federal Reserve lowered interest rates, easily absorbing the steady stream of new supply.

The Institutional Class Shares of the Baird Short-Term Municipal Bond Fund (BTMIX) posted a net total return of 4.71% in 2025, and the Fund's benchmark, the Bloomberg 1-5 Year Short Municipal Index, had a total return of 4.11%. Drivers of Fund performance described below are relative to the Fund's benchmark.

---

| | |
|:---|:---|
| **Contributors to Performance** | **Contributors to Performance** |
| •  | Credit - Exposure to BBB and non-rated issues |
| •  | Security Selection - Market volatility created actionable municipal price dislocations |
| •  | Sector - Overweight to housing and underweight to state general obligation bonds |
| •  | Pricing services - Valuation differences between pricing services used by the Fund and the Fund's benchmark |

---

---

| | |
|:---|:---|
| **Detractors from Performance** | **Detractors from Performance** |
| •  | Credit - Underweight to A-rated issues which outperformed all other rating categories |

---

**HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?** (as of December 31, 2025)

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6448img002.jpg)

Baird Short-Term Municipal Bond Fund PAGE 1 TSR-AR-057071631

------

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS (%)** | **1 Year** | **5 Years** | **10 Years** |
| **Institutional Class Shares \| BTMIX**  | 4.71 | 1.79 | 2.14 |
| **Bloomberg 1-5 Year Short Municipal Index**  | 4.11 | 1.36 | 1.67 |
| **Bloomberg Municipal Index**  | 4.25 | 0.80 | 2.34 |

---

Visit www.bairdassetmanagement.com/baird-funds for more recent performance information.

**The Fund's past performance is not** **a** **good predictor of how the Fund will perform in the future** **.** *The graph and table do not reflect th e deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $2070514608 | **Average Credit Quality** | A+ |
| **Number of Holdings** | 1531 | **Average Effective Duration** | 2.26 years |
| **Net Advisory Fee Paid** | $4327028 | **Average Effective Maturity** | 2.51 years |
| **Portfolio Turnover Rate** | 27% | **SEC 30-Day Yield** | 3.13% |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type Breakdown** |  |
|  Revenue  | 64.0% |
|  General Obligation  | 26.1% |
|  Pre-Refunded ETM  | 8.9% |
|  Money Market Funds  | 1.0% |

---

---

| | |
|:---|:---|
| **Credit Rating Breakdown** **\*** |  |
|  U.S. Treasury  | 0.0% |
|  U.S. Agency  | 0.0% |
|  AAA  | 13.6% |
|  AA  | 54.2% |
|  A  | 16.4% |
|  BBB  | 9.6% |
|  Below BBB  | 0.8% |
|  Not Rated  | 5.4% |

---

\* The credit rating quality profile is calculated on a market value-weighted basis and includes accrued interest as of the end of the period using the highest credit quality rating for each security held by the Fund given by a Nationally Recognized Statistical Rating Organization (NRSRO). NRSROs rate the credit quality of securities using a scale that generally ranges from AAA (highest) to D (lowest). For pre-refunded securities, the reported credit quality reflects the highest reported rating from a NRSRO for the underlying collateral.

---

| | |
|:---|:---|
| ![image](img293561_202502242230727.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit www.bairdassetmanagement.com/funddocuments.  |

---

**HOUSEHOLDING** - To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-866-442-2473, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Baird Short-Term Municipal Bond Fund PAGE 2 TSR-AR-057071631

------

---

| | |
|:---|:---|
| **Baird Strategic Municipal Bond Fund**  | ![image](img293562_202506121726861.jpg) |
| Investor Class Shares \| BSNSX  | ![image](img293562_202506121726861.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img293562_202506121726861.jpg) |

---

This annual shareholder report contains important information about the Baird Strategic Municipal Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bairdassetmanagement.com/funddocuments. You can also request this information by contacting us at 1-866-442-2473.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Share Class** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Class Shares \| BSNSX | $56 | 0.55% |

---

**WHAT IMPACTED FUND PERFORMANCE IN 2025?**

The tax-exempt municipal bond market generated positive returns in a year marked by a steepening yield curve, record issuance, and modest spread widening. Policy uncertainty early in the year weighed on municipal bond returns relative to Treasuries, but this underperformance enhanced municipal valuations and strengthened investor demand. Municipal bonds finished the year strongly, aided by a supportive monetary policy as the Federal Reserve lowered interest rates, easily absorbing the steady stream of new supply.

The Investor Class Shares of the Baird Strategic Municipal Bond Fund (BSNSX) posted a net total return of 4.83% in 2025, and the Fund's benchmark, the Bloomberg 1-10 Year Municipal Blend Index, had a total return of 5.14%. Drivers of Fund performance described below are relative to the Fund's benchmark.

---

| | |
|:---|:---|
| **Contributors to Performance** | **Contributors to Performance** |
| •  | Credit - Exposure to BBB and non-rated issues |
| •  | Sector - Overweight to housing |
| •  | Curve/Duration - Overweight duration and longer maturities during the late-year rally and curve flattening |

---

---

| | |
|:---|:---|
| **Detractors from Performance** | **Detractors from Performance** |
| •  | Sector - Relative exposure in hospitals, water/sewer and transportation |
| •  | Pricing services - Valuation differences between pricing services used by the Fund and the Fund's benchmark |

---

**HOW HAS THE FUND PERFORMED SINCE INCEPTION?** (as of December 31, 2025)

**CUMULATIVE PERFORMANCE** (based on a hypothetical initial investment of $10,000 on 11/15/2019)

![image](ts6450img002.jpg)

Baird Strategic Municipal Bond Fund PAGE 1 TSR-AR-057071524

------

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS (%)** | **1 Year** | **5 Years** | **Since Inception**<br>**(11/15/2019)** |
| **Investor Class Shares \| BSNSX**  | 4.83 | 2.06 | 3.13 |
| **Bloomberg 1-10 Year Municipal Blend Index**  | 5.14 | 1.21 | 1.78 |
| **Bloomberg Municipal Index**  | 4.25 | 0.80 | 1.63 |

---

Visit www.bairdassetmanagement.com/baird-funds for more recent performance information.

**The Fund's past performance is not** **a** **good predictor of how the Fund will perform in the future** **.** *The graph and table do not reflect th e deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $3099399651 | **Average Credit Quality** | AA- |
| **Number of Holdings** | 1954 | **Average Effective Duration** | 4.95 years |
| **Net Advisory Fee Paid** | $5627438 | **Average Effective Maturity** | 4.69 years |
| **Portfolio Turnover Rate** | 21% | **SEC 30-Day Yield** | 3.17% |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type Breakdown** |  |
|  Revenue  | 73.6% |
|  General Obligation  | 21.2% |
|  Pre-Refunded ETM  | 4.1% |
|  Money Market Funds  | 1.1% |

---

---

| | |
|:---|:---|
| **Credit Rating Breakdown** **\*** |  |
|  U.S. Treasury  | 0.0% |
|  U.S. Agency  | 0.0% |
|  AAA  | 13.8% |
|  AA  | 52.4% |
|  A  | 21.9% |
|  BBB  | 7.5% |
|  Below BBB  | 1.1% |
|  Not Rated  | 3.3% |

---

\* The credit rating quality profile is calculated on a market value-weighted basis and includes accrued interest as of the end of the period using the highest credit quality rating for each security held by the Fund given by a Nationally Recognized Statistical Rating Organization (NRSRO). NRSROs rate the credit quality of securities using a scale that generally ranges from AAA (highest) to D (lowest). For pre-refunded securities, the reported credit quality reflects the highest reported rating from a NRSRO for the underlying collateral.

---

| | |
|:---|:---|
| ![image](img293561_202502242230727.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit www.bairdassetmanagement.com/funddocuments.  |

---

**HOUSEHOLDING** - To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-866-442-2473, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Baird Strategic Municipal Bond Fund PAGE 2 TSR-AR-057071524

------

---

| | |
|:---|:---|
| **Baird Strategic Municipal Bond Fund**  | ![image](img293562_202506121726861.jpg) |
| Institutional Class Shares \| BSNIX  | ![image](img293562_202506121726861.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img293562_202506121726861.jpg) |

---

This annual shareholder report contains important information about the Baird Strategic Municipal Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bairdassetmanagement.com/funddocuments. You can also request this information by contacting us at 1-866-442-2473.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Share Class** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Class Shares \| BSNIX | $31 | 0.30% |

---

**WHAT IMPACTED FUND PERFORMANCE IN 2025?**

The tax-exempt municipal bond market generated positive returns in a year marked by a steepening yield curve, record issuance, and modest spread widening. Policy uncertainty early in the year weighed on municipal bond returns relative to Treasuries, but this underperformance enhanced municipal valuations and strengthened investor demand. Municipal bonds finished the year strongly, aided by a supportive monetary policy as the Federal Reserve lowered interest rates, easily absorbing the steady stream of new supply.

The Institutional Class Shares of the Baird Strategic Municipal Bond Fund (BSNIX) posted a net total return of 5.18% in 2025, and the Fund's benchmark, the Bloomberg 1-10 Year Municipal Blend Index, had a total return of 5.14%. Drivers of Fund performance described below are relative to the Fund's benchmark.

---

| | |
|:---|:---|
| **Contributors to Performance** | **Contributors to Performance** |
| •  | Credit - Exposure to BBB and non-rated issues |
| •  | Sector - Overweight to housing |
| •  | Curve/Duration - Overweight duration and longer maturities during the late-year rally and curve flattening |

---

---

| | |
|:---|:---|
| **Detractors from Performance** | **Detractors from Performance** |
| •  | Sector - Relative exposure in hospitals, water/sewer and transportation |
| •  | Pricing services - Valuation differences between pricing services used by the Fund and the Fund's benchmark |

---

**HOW HAS THE FUND PERFORMED SINCE INCEPTION?** (as of December 31, 2025)

**CUMULATIVE PERFORMANCE** (based on a hypothetical initial investment of $10,000 on 11/15/2019)

![image](ts6451img002.jpg)

Baird Strategic Municipal Bond Fund PAGE 1 TSR-AR-057071516

------

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS (%)** | **1 Year** | **5 Years** | **Since Inception**<br>**(11/15/2019)** |
| **Institutional Class Shares \| BSNIX**  | 5.18 | 2.33 | 3.39 |
| **Bloomberg 1-10 Year Municipal Blend Index**  | 5.14 | 1.21 | 1.78 |
| **Bloomberg Municipal Index**  | 4.25 | 0.80 | 1.63 |

---

Visit www.bairdassetmanagement.com/baird-funds for more recent performance information.

**The Fund's past performance is not** **a** **good predictor of how the Fund will perform in the future** **.** *The graph and table do not reflect th e deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $3099399651 | **Average Credit Quality** | AA- |
| **Number of Holdings** | 1954 | **Average Effective Duration** | 4.95 years |
| **Net Advisory Fee Paid** | $5627438 | **Average Effective Maturity** | 4.69 years |
| **Portfolio Turnover Rate** | 21% | **SEC 30-Day Yield** | 3.42% |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type Breakdown** |  |
|  Revenue  | 73.6% |
|  General Obligation  | 21.2% |
|  Pre-Refunded ETM  | 4.1% |
|  Money Market Funds  | 1.1% |

---

---

| | |
|:---|:---|
| **Credit Rating Breakdown** **\*** |  |
|  U.S. Treasury  | 0.0% |
|  U.S. Agency  | 0.0% |
|  AAA  | 13.8% |
|  AA  | 52.4% |
|  A  | 21.9% |
|  BBB  | 7.5% |
|  Below BBB  | 1.1% |
|  Not Rated  | 3.3% |

---

\* The credit rating quality profile is calculated on a market value-weighted basis and includes accrued interest as of the end of the period using the highest credit quality rating for each security held by the Fund given by a Nationally Recognized Statistical Rating Organization (NRSRO). NRSROs rate the credit quality of securities using a scale that generally ranges from AAA (highest) to D (lowest). For pre-refunded securities, the reported credit quality reflects the highest reported rating from a NRSRO for the underlying collateral.

---

| | |
|:---|:---|
| ![image](img293561_202502242230727.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit www.bairdassetmanagement.com/funddocuments.  |

---

**HOUSEHOLDING** - To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-866-442-2473, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Baird Strategic Municipal Bond Fund PAGE 2 TSR-AR-057071516

------

---

| | |
|:---|:---|
| **Baird Quality Intermediate Municipal Bond Fund**  | ![image](img293562_202506121726861.jpg) |
| Investor Class Shares \| BMBSX  | ![image](img293562_202506121726861.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img293562_202506121726861.jpg) |

---

This annual shareholder report contains important information about the Baird Quality Intermediate Municipal Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bairdassetmanagement.com/funddocuments. You can also request this information by contacting us at 1-866-442-2473.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Share Class** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Class Shares \| BMBSX | $56 | 0.55% |

---

**WHAT IMPACTED FUND PERFORMANCE IN 2025?**

The tax-exempt municipal bond market generated positive returns in a year marked by a steepening yield curve, record issuance, and modest spread widening. Policy uncertainty early in the year weighed on municipal bond returns relative to Treasuries, but this underperformance enhanced municipal valuations and strengthened investor demand. Municipal bonds finished the year strongly, aided by a supportive monetary policy as the Federal Reserve lowered interest rates, easily absorbing the steady stream of new supply.

The Investor Class Shares of the Baird Quality Intermediate Municipal Bond Fund (BMBSX) posted a net total return of 4.32% in 2025, and the Fund's benchmark, the Bloomberg Quality Intermediate Municipal Index, had a total return of 5.27%. Drivers of Fund performance described below are relative to the Fund's benchmark.

---

| | |
|:---|:---|
| **Contributors to Performance** | **Contributors to Performance** |
| •  | Sector - Overweight to pre-refunded and housing issues |

---

---

| | |
|:---|:---|
| **Detractors from Performance** | **Detractors from Performance** |
| •  | Credit - Overweight to higher-quality issues |
| •  | Security Selection - Exposure to lower-coupon housing issues |
| •  | Pricing services - Valuation differences between pricing services used by the Fund and the Fund's benchmark |

---

**HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?** (as of December 31, 2025)

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6447img002.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS (%)** | **1 Year** | **5 Years** | **10 Years** |
| **Investor Class Shares \| BMBSX**  | 4.32 | 0.67 | 1.59 |
| **Bloomberg Quality Intermediate Municipal Index**  | 5.27 | 1.07 | 2.07 |
| **Bloomberg Municipal Index**  | 4.25 | 0.80 | 2.34 |

---

Baird Quality Intermediate Municipal Bond Fund PAGE 1 TSR-AR-057071508

------

Visit www.bairdassetmanagement.com/baird-funds for more recent performance information.

**The Fund's past performance is not** **a** **good predictor of how the Fund will perform in the future** **.** *The graph and table do not reflect th e deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $1097949308 | **Average Credit Quality** | AA+ |
| **Number of Holdings** | 682 | **Average Effective Duration** | 4.45 years |
| **Net Advisory Fee Paid** | $2652531 | **Average Effective Maturity** | 4.45 years |
| **Portfolio Turnover Rate** | 27% | **SEC 30-Day Yield** | 2.81% |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type Breakdown** |  |
|  Pre-Refunded ETM  | 40.1% |
|  Revenue  | 35.8% |
|  General Obligation  | 22.6% |
|  U.S. Treasury Securities  | 1.4% |
|  Money Market Funds  | 0.1% |

---

---

| | |
|:---|:---|
| **Credit Rating Breakdown** **\*** |  |
|  U.S. Treasury  | 1.4% |
|  U.S. Agency  | 0.0% |
|  AAA  | 19.7% |
|  AA  | 78.4% |
|  A  | 0.3% |
|  BBB  | 0.0% |
|  Below BBB  | 0.0% |
|  Not Rated  | 0.2% |

---

\* The credit rating quality profile is calculated on a market value-weighted basis and includes accrued interest as of the end of the period using the highest credit quality rating for each security held by the Fund given by a Nationally Recognized Statistical Rating Organization (NRSRO). NRSROs rate the credit quality of securities using a scale that generally ranges from AAA (highest) to D (lowest). For pre-refunded securities, the reported credit quality reflects the highest reported rating from a NRSRO for the underlying collateral.

---

| | |
|:---|:---|
| ![image](img293561_202502242230727.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit www.bairdassetmanagement.com/funddocuments.  |

---

**HOUSEHOLDING** - To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-866-442-2473, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Baird Quality Intermediate Municipal Bond Fund PAGE 2 TSR-AR-057071508

------

---

| | |
|:---|:---|
| **Baird Quality Intermediate Municipal Bond Fund**  | ![image](img293562_202506121726861.jpg) |
| Institutional Class Shares \| BMBIX  | ![image](img293562_202506121726861.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img293562_202506121726861.jpg) |

---

This annual shareholder report contains important information about the Baird Quality Intermediate Municipal Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bairdassetmanagement.com/funddocuments. You can also request this information by contacting us at 1-866-442-2473.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Share Class** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Class Shares \| BMBIX | $31 | 0.30% |

---

**WHAT IMPACTED FUND PERFORMANCE IN 2025?**

The tax-exempt municipal bond market generated positive returns in a year marked by a steepening yield curve, record issuance, and modest spread widening. Policy uncertainty early in the year weighed on municipal bond returns relative to Treasuries, but this underperformance enhanced municipal valuations and strengthened investor demand. Municipal bonds finished the year strongly, aided by a supportive monetary policy as the Federal Reserve lowered interest rates, easily absorbing the steady stream of new supply.

The Institutional Class Shares of the Baird Quality Intermediate Municipal Bond Fund (BMBIX) posted a net total return of 4.71% in 2025, and the Fund's benchmark, the Bloomberg Quality Intermediate Municipal Index, had a total return of 5.27%. Drivers of Fund performance described below are relative to the Fund's benchmark.

---

| | |
|:---|:---|
| **Contributors to Performance** | **Contributors to Performance** |
| •  | Sector - Overweight to pre-refunded and housing issues |

---

---

| | |
|:---|:---|
| **Detractors from Performance** | **Detractors from Performance** |
| •  | Credit - Overweight to higher-quality issues |
| •  | Security Selection - Exposure to lower-coupon housing issues |
| •  | Pricing services - Valuation differences between pricing services used by the Fund and the Fund's benchmark |

---

**HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?** (as of December 31, 2025)

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6446img002.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS (%)** | **1 Year** | **5 Years** | **10 Years** |
| **Institutional Class Shares \| BMBIX**  | 4.71 | 0.95 | 1.85 |
| **Bloomberg Quality Intermediate Municipal Index**  | 5.27 | 1.07 | 2.07 |
| **Bloomberg Municipal Index**  | 4.25 | 0.80 | 2.34 |

---

Baird Quality Intermediate Municipal Bond Fund PAGE 1 TSR-AR-057071607

------

Visit www.bairdassetmanagement.com/baird-funds for more recent performance information.

**The Fund's past performance is not** **a** **good predictor of how the Fund will perform in the future** **.** *The graph and table do not reflect th e deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $1097949308 | **Average Credit Quality** | AA+ |
| **Number of Holdings** | 682 | **Average Effective Duration** | 4.45 years |
| **Net Advisory Fee Paid** | $2652531 | **Average Effective Maturity** | 4.45 years |
| **Portfolio Turnover Rate** | 27% | **SEC 30-Day Yield** | 3.06% |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type Breakdown** |  |
|  Pre-Refunded ETM  | 40.1% |
|  Revenue  | 35.8% |
|  General Obligation  | 22.6% |
|  U.S. Treasury Securities  | 1.4% |
|  Money Market Funds  | 0.1% |

---

---

| | |
|:---|:---|
| **Credit Rating Breakdown** **\*** |  |
|  U.S. Treasury  | 1.4% |
|  U.S. Agency  | 0.0% |
|  AAA  | 19.7% |
|  AA  | 78.4% |
|  A  | 0.3% |
|  BBB  | 0.0% |
|  Below BBB  | 0.0% |
|  Not Rated  | 0.2% |

---

\* The credit rating quality profile is calculated on a market value-weighted basis and includes accrued interest as of the end of the period using the highest credit quality rating for each security held by the Fund given by a Nationally Recognized Statistical Rating Organization (NRSRO). NRSROs rate the credit quality of securities using a scale that generally ranges from AAA (highest) to D (lowest). For pre-refunded securities, the reported credit quality reflects the highest reported rating from a NRSRO for the underlying collateral.

---

| | |
|:---|:---|
| ![image](img293561_202502242230727.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit www.bairdassetmanagement.com/funddocuments.  |

---

**HOUSEHOLDING** - To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-866-442-2473, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Baird Quality Intermediate Municipal Bond Fund PAGE 2 TSR-AR-057071607

------

---

| | |
|:---|:---|
| **Baird Core Intermediate Municipal Bond Fund**  | ![image](img293562_202506121726861.jpg) |
| Investor Class Shares \| BMNSX  | ![image](img293562_202506121726861.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img293562_202506121726861.jpg) |

---

This annual shareholder report contains important information about the Baird Core Intermediate Municipal Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bairdassetmanagement.com/funddocuments. You can also request this information by contacting us at 1-866-442-2473.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Share Class** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Class Shares \| BMNSX | $56 | 0.55% |

---

**WHAT IMPACTED FUND PERFORMANCE IN 2025?**

The tax-exempt municipal bond market generated positive returns in a year marked by a steepening yield curve, record issuance, and modest spread widening. Policy uncertainty early in the year weighed on municipal bond returns relative to Treasuries, but this underperformance enhanced municipal valuations and strengthened investor demand. Municipal bonds finished the year strongly, aided by a supportive monetary policy as the Federal Reserve lowered interest rates, easily absorbing the steady stream of new supply.

The Investor Class Shares of the Baird Core Intermediate Municipal Bond Fund (BMNSX) posted a net total return of 4.63% in 2025, and the Fund's benchmark, the Bloomberg 1-15 Year Municipal Index, had a total return of 5.18%. Drivers of Fund performance described below are relative to the Fund's benchmark.

---

| | |
|:---|:---|
| **Contributors to Performance** | **Contributors to Performance** |
| •  | Credit - Exposure to BBB and non-rated issues |
| •  | Sector - Overweight to housing |
| •  | Security Selection - Market volatility created actionable municipal price dislocations |

---

---

| | |
|:---|:---|
| **Detractors from Performance** | **Detractors from Performance** |
| •  | Curve - Overweight to maturities outside benchmark range as the curve steepened |
| •  | Credit - Underweight to A-rated securities which outperformed all other rating categories |
| •  | Pricing services - Valuation differences between pricing services used by the Fund and the Fund's benchmark |

---

**HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?** (as of December 31, 2025)

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6437img002.jpg)

Baird Core Intermediate Municipal Bond Fund PAGE 1 TSR-AR-057071649

------

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS (%)** | **1 Year** | **5 Years** | **10 Years** |
| **Investor Class Shares \| BMNSX**  | 4.63 | 1.35 | 2.49 |
| **Bloomberg 1-15 Year Municipal Index**  | 5.18 | 1.16 | 2.27 |
| **Bloomberg Municipal Index**  | 4.25 | 0.80 | 2.34 |

---

Visit www.bairdassetmanagement.com/baird-funds for more recent performance information.

**The Fund's past performance is not** **a** **good predictor of how the Fund will perform in the future** **.** *The graph and table do not reflect th e deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $5672389237 | **Average Credit Quality** | AA- |
| **Number of Holdings** | 3573 | **Average Effective Duration** | 4.89 years |
| **Net Advisory Fee Paid** | $11773912 | **Average Effective Maturity** | 4.74 years |
| **Portfolio Turnover Rate** | 22% | **SEC 30-Day Yield** | 3.16% |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type Breakdown** |  |
|  Revenue  | 66.2% |
|  General Obligation  | 27.1% |
|  Pre-Refunded ETM  | 5.3% |
|  U.S. Treasury Securities  | 1.3% |
|  Money Market Funds  | 0.1% |

---

---

| | |
|:---|:---|
| **Credit Rating Breakdown** **\*** |  |
|  U.S. Treasury  | 1.3% |
|  U.S. Agency  | 0.0% |
|  AAA  | 11.0% |
|  AA  | 60.0% |
|  A  | 17.4% |
|  BBB  | 7.2% |
|  Below BBB  | 0.6% |
|  Not Rated  | 2.5% |

---

\* The credit rating quality profile is calculated on a market value-weighted basis and includes accrued interest as of the end of the period using the highest credit quality rating for each security held by the Fund given by a Nationally Recognized Statistical Rating Organization (NRSRO). NRSROs rate the credit quality of securities using a scale that generally ranges from AAA (highest) to D (lowest). For pre-refunded securities, the reported credit quality reflects the highest reported rating from a NRSRO for the underlying collateral.

---

| | |
|:---|:---|
| ![image](img293561_202502242230727.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit www.bairdassetmanagement.com/funddocuments.  |

---

**HOUSEHOLDING** - To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-866-442-2473, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Baird Core Intermediate Municipal Bond Fund PAGE 2 TSR-AR-057071649

------

---

| | |
|:---|:---|
| **Baird Core Intermediate Municipal Bond Fund**  | ![image](img293562_202506121726861.jpg) |
| Institutional Class Shares \| BMNIX  | ![image](img293562_202506121726861.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img293562_202506121726861.jpg) |

---

This annual shareholder report contains important information about the Baird Core Intermediate Municipal Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bairdassetmanagement.com/funddocuments. You can also request this information by contacting us at 1-866-442-2473.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Share Class** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Class Shares \| BMNIX | $31 | 0.30% |

---

**WHAT IMPACTED FUND PERFORMANCE IN 2025?**

The tax-exempt municipal bond market generated positive returns in a year marked by a steepening yield curve, record issuance, and modest spread widening. Policy uncertainty early in the year weighed on municipal bond returns relative to Treasuries, but this underperformance enhanced municipal valuations and strengthened investor demand. Municipal bonds finished the year strongly, aided by a supportive monetary policy as the Federal Reserve lowered interest rates, easily absorbing the steady stream of new supply.

The Institutional Class Shares of the Baird Core Intermediate Municipal Bond Fund (BMNIX) posted a net total return of 4.88% in 2025, and the Fund's benchmark, the Bloomberg 1-15 Year Municipal Index, had a total return of 5.18%. Drivers of Fund performance described below are relative to the Fund's benchmark.

---

| | |
|:---|:---|
| **Contributors to Performance** | **Contributors to Performance** |
| •  | Credit - Exposure to BBB and non-rated issues |
| •  | Sector - Overweight to housing |
| •  | Security Selection - Market volatility created actionable municipal price dislocations |

---

---

| | |
|:---|:---|
| **Detractors from Performance** | **Detractors from Performance** |
| •  | Curve - Overweight to maturities outside benchmark range as the curve steepened |
| •  | Credit - Underweight to A-rated securities which outperformed all other rating categories |
| •  | Pricing services - Valuation differences between pricing services used by the Fund and the Fund's benchmark |

---

**HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?** (as of December 31, 2025)

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6436img002.jpg)

Baird Core Intermediate Municipal Bond Fund PAGE 1 TSR-AR-057071656

------

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS (%)** | **1 Year** | **5 Years** | **10 Years** |
| **Institutional Class Shares \| BMNIX**  | 4.88 | 1.59 | 2.74 |
| **Bloomberg 1-15 Year Municipal Index**  | 5.18 | 1.16 | 2.27 |
| **Bloomberg Municipal Index**  | 4.25 | 0.80 | 2.34 |

---

Visit www.bairdassetmanagement.com/baird-funds for more recent performance information.

**The Fund's past performance is not** **a** **good predictor of how the Fund will perform in the future** **.** *The graph and table do not reflect th e deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $5672389237 | **Average Credit Quality** | AA- |
| **Number of Holdings** | 3573 | **Average Effective Duration** | 4.89 years |
| **Net Advisory Fee Paid** | $11773912 | **Average Effective Maturity** | 4.74 years |
| **Portfolio Turnover Rate** | 22% | **SEC 30-Day Yield** | 3.41% |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type Breakdown** |  |
|  Revenue  | 66.2% |
|  General Obligation  | 27.1% |
|  Pre-Refunded ETM  | 5.3% |
|  U.S. Treasury Securities  | 1.3% |
|  Money Market Funds  | 0.1% |

---

---

| | |
|:---|:---|
| **Credit Rating Breakdown** **\*** |  |
|  U.S. Treasury  | 1.3% |
|  U.S. Agency  | 0.0% |
|  AAA  | 11.0% |
|  AA  | 60.0% |
|  A  | 17.4% |
|  BBB  | 7.2% |
|  Below BBB  | 0.6% |
|  Not Rated  | 2.5% |

---

\* The credit rating quality profile is calculated on a market value-weighted basis and includes accrued interest as of the end of the period using the highest credit quality rating for each security held by the Fund given by a Nationally Recognized Statistical Rating Organization (NRSRO). NRSROs rate the credit quality of securities using a scale that generally ranges from AAA (highest) to D (lowest). For pre-refunded securities, the reported credit quality reflects the highest reported rating from a NRSRO for the underlying collateral.

---

| | |
|:---|:---|
| ![image](img293561_202502242230727.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit www.bairdassetmanagement.com/funddocuments.  |

---

**HOUSEHOLDING** - To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-866-442-2473, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Baird Core Intermediate Municipal Bond Fund PAGE 2 TSR-AR-057071656

------

---

| | |
|:---|:---|
| **Baird Municipal Bond Fund**  | ![image](img293562_202506121726861.jpg) |
| Investor Class Shares \| BMQSX  | ![image](img293562_202506121726861.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img293562_202506121726861.jpg) |

---

This annual shareholder report contains important information about the Baird Municipal Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bairdassetmanagement.com/funddocuments. You can also request this information by contacting us at 1-866-442-2473.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Share Class** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Class Shares \| BMQSX | $56 | 0.55% |

---

**WHAT IMPACTED FUND PERFORMANCE IN 2025?**

The tax-exempt municipal bond market generated positive returns in a year marked by a steepening yield curve, record issuance, and modest spread widening. Policy uncertainty early in the year weighed on municipal bond returns relative to Treasuries, but this underperformance enhanced municipal valuations and strengthened investor demand. Municipal bonds finished the year strongly, aided by a supportive monetary policy as the Federal Reserve lowered interest rates, easily absorbing the steady stream of new supply.

The Investor Class Shares of the Baird Municipal Bond Fund (BMQSX) posted a net total return of 4.72% in 2025, and the Fund's benchmark, the Bloomberg Municipal Index, had a total return of 4.25%. Drivers of Fund performance described below are relative to the Fund's benchmark.

---

| | |
|:---|:---|
| **Contributors to Performance** | **Contributors to Performance** |
| •  | Security Selection - Market volatility created actionable municipal price dislocations |
| •  | Credit - Exposure to BBB and non-rated issues |
| •  | Sector - Overweight to housing |

---

---

| | |
|:---|:---|
| **Detractors from Performance** | **Detractors from Performance** |
| •  | Curve - Overweight to longer-duration issues as the curve steepened |
| •  | Pricing services - Valuation differences between pricing services used by the Fund and the Fund's benchmark |

---

**HOW HAS THE FUND PERFORMED SINCE INCEPTION?** (as of December 31, 2025)

**CUMULATIVE PERFORMANCE** (based on a hypothetical initial investment of $10,000 on 11/15/2019)

![image](ts6453img002.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS (%)** | **1 Year** | **5 Years** | **Since Inception**<br>**(11/15/2019)** |
| **Investor Class Shares \| BMQSX**  | 4.72 | 1.75 | 3.15 |
| **Bloomberg Municipal Index**  | 4.25 | 0.80 | 1.63 |

---

Baird Municipal Bond Fund PAGE 1 TSR-AR-057071490

------

Visit www.bairdassetmanagement.com/baird-funds for more recent performance information.

**The Fund's past performance is not** **a** **good predictor of how the Fund will perform in the future** **.** *The graph and table do not reflect th e deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $715102019 | **Average Credit Quality** | AA- |
| **Number of Holdings** | 809 | **Average Effective Duration** | 6.76 years |
| **Net Advisory Fee Paid** | $1222086 | **Average Effective Maturity** | 6.77 years |
| **Portfolio Turnover Rate** | 16% | **SEC 30-Day Yield** | 3.47% |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type Breakdown** |  |
|  Revenue  | 71.4% |
|  General Obligation  | 25.3% |
|  Pre-Refunded ETM  | 2.2% |
|  Money Market Funds  | 1.1% |

---

---

| | |
|:---|:---|
| **Credit Rating Breakdown** **\*** |  |
|  U.S. Treasury  | 0.0% |
|  U.S. Agency  | 0.0% |
|  AAA  | 11.3% |
|  AA  | 58.2% |
|  A  | 18.4% |
|  BBB  | 7.1% |
|  Below BBB  | 1.2% |
|  Not Rated  | 3.8% |

---

\* The credit rating quality profile is calculated on a market value-weighted basis and includes accrued interest as of the end of the period using the highest credit quality rating for each security held by the Fund given by a Nationally Recognized Statistical Rating Organization (NRSRO). NRSROs rate the credit quality of securities using a scale that generally ranges from AAA (highest) to D (lowest). For pre-refunded securities, the reported credit quality reflects the highest reported rating from a NRSRO for the underlying collateral.

---

| | |
|:---|:---|
| ![image](img293561_202502242230727.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit www.bairdassetmanagement.com/funddocuments.  |

---

**HOUSEHOLDING** - To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-866-442-2473, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Baird Municipal Bond Fund PAGE 2 TSR-AR-057071490

------

---

| | |
|:---|:---|
| **Baird Municipal Bond Fund**  | ![image](img293562_202506121726861.jpg) |
| Institutional Class Shares \| BMQIX  | ![image](img293562_202506121726861.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img293562_202506121726861.jpg) |

---

This annual shareholder report contains important information about the Baird Municipal Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bairdassetmanagement.com/funddocuments. You can also request this information by contacting us at 1-866-442-2473.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Share Class** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Class Shares \| BMQIX | $31 | 0.30% |

---

**WHAT IMPACTED FUND PERFORMANCE IN 2025?**

The tax-exempt municipal bond market generated positive returns in a year marked by a steepening yield curve, record issuance, and modest spread widening. Policy uncertainty early in the year weighed on municipal bond returns relative to Treasuries, but this underperformance enhanced municipal valuations and strengthened investor demand. Municipal bonds finished the year strongly, aided by a supportive monetary policy as the Federal Reserve lowered interest rates, easily absorbing the steady stream of new supply.

The Institutional Class Shares of the Baird Municipal Bond Fund (BMQIX) posted a net total return of 4.96% in 2025, and the Fund's benchmark, the Bloomberg Municipal Index, had a total return of 4.25%. Drivers of Fund performance described below are relative to the Fund's benchmark.

---

| | |
|:---|:---|
| **Contributors to Performance** | **Contributors to Performance** |
| •  | Security Selection - Market volatility created actionable municipal price dislocations |
| •  | Credit - Exposure to BBB and non-rated issues |
| •  | Sector - Overweight to housing |

---

---

| | |
|:---|:---|
| **Detractors from Performance** | **Detractors from Performance** |
| •  | Curve - Overweight to longer-duration issues as the curve steepened |
| •  | Pricing services - Valuation differences between pricing services used by the Fund and the Fund's benchmark |

---

**HOW HAS THE FUND PERFORMED SINCE INCEPTION?** (as of December 31, 2025)

**CUMULATIVE PERFORMANCE** (based on a hypothetical initial investment of $10,000 on 11/15/2019)

![image](ts6452img002.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS (%)** | **1 Year** | **5 Years** | **Since Inception**<br>**(11/15/2019)** |
| **Institutional Class Shares \| BMQIX**  | 4.96 | 1.98 | 3.40 |
| **Bloomberg Municipal Index**  | 4.25 | 0.80 | 1.63 |

---

Baird Municipal Bond Fund PAGE 1 TSR-AR-057071482

------

Visit www.bairdassetmanagement.com/baird-funds for more recent performance information.

**The Fund's past performance is not** **a** **good predictor of how the Fund will perform in the future** **.** *The graph and table do not reflect th e deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $715102019 | **Average Credit Quality** | AA- |
| **Number of Holdings** | 809 | **Average Effective Duration** | 6.76 years |
| **Net Advisory Fee Paid** | $1222086 | **Average Effective Maturity** | 6.77 years |
| **Portfolio Turnover Rate** | 16% | **SEC 30-Day Yield** | 3.72% |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type Breakdown** |  |
|  Revenue  | 71.4% |
|  General Obligation  | 25.3% |
|  Pre-Refunded ETM  | 2.2% |
|  Money Market Funds  | 1.1% |

---

---

| | |
|:---|:---|
| **Credit Rating Breakdown** **\*** |  |
|  U.S. Treasury  | 0.0% |
|  U.S. Agency  | 0.0% |
|  AAA  | 11.3% |
|  AA  | 58.2% |
|  A  | 18.4% |
|  BBB  | 7.1% |
|  Below BBB  | 1.2% |
|  Not Rated  | 3.8% |

---

\* The credit rating quality profile is calculated on a market value-weighted basis and includes accrued interest as of the end of the period using the highest credit quality rating for each security held by the Fund given by a Nationally Recognized Statistical Rating Organization (NRSRO). NRSROs rate the credit quality of securities using a scale that generally ranges from AAA (highest) to D (lowest). For pre-refunded securities, the reported credit quality reflects the highest reported rating from a NRSRO for the underlying collateral.

---

| | |
|:---|:---|
| ![image](img293561_202502242230727.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit www.bairdassetmanagement.com/funddocuments.  |

---

**HOUSEHOLDING** - To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-866-442-2473, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Baird Municipal Bond Fund PAGE 2 TSR-AR-057071482

------

---

| | |
|:---|:---|
| **Baird Mid Cap Growth Fund**  | ![image](img293562_202506121726861.jpg) |
| Investor Class Shares \| BMDSX  | ![image](img293562_202506121726861.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img293562_202506121726861.jpg) |

---

This annual shareholder report contains important information about the Baird Mid Cap Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bairdassetmanagement.com/funddocuments. You can also request this information by contacting us at 1-866-442-2473.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Share Class** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Class Shares \| BMDSX | $102 | 1.07% |

---

**WHAT IMPACTED FUND PERFORMANCE IN 2025?**

For the 12-month period ended December 31, 2025, the Investor Class Shares of the Baird Mid Cap Growth Fund delivered a net return of -9.53%, trailing the gain of 8.66% for the Russell Midcap® Growth Index, the Fund's benchmark. Drivers of the Fund's relative performance described below are compared to the Fund's benchmark.

Despite softening in the labor market and a meaningful bout of volatility tied to global trade policy, Federal Reserve rate cuts and improved spending, supported by technological developments and investment plans related to artificial intelligence (AI), provided a favorable backdrop for U.S. equity market performance. However, the Fund lagged the benchmark as stock selection and sector positioning more than offset the Fund's strongest performers. Performance headwinds were most notable in technology. The Fund's mix of technology holdings, which weighed more toward services and software versus hardware, generated weaker returns than the benchmark. In addition, the Fund did not own several of the benchmark's largest technology constituents, which delivered significant gains during the period. Industrials holdings also weighed on results, particularly positions with exposure to housing-related spending, an area that continued to face pressure from higher mortgage rates. Consumer-related holdings struggled as spending remained uneven across categories. Overall, these factors contributed to slower growth in the Fund's holdings at a time when the broader equity market favored faster-growing companies, with little concern over high valuation levels.

---

| | |
|:---|:---|
| **Contributors to Performance** | **Contributors to Performance** |
| •  | Sectors: Basic Materials, Energy |
| •  | Positions: BWX Technologies, Inc., West Pharmaceutical Services, Inc., Casey's General Stores, Inc. |

---

---

| | |
|:---|:---|
| **Detractors from Performance** | **Detractors from Performance** |
| •  | Sectors: Technology, Industrials, Consumer Discretionary |
| •  | Positions: Globant SA, BellRing Brands, Inc., Lamb Weston Holdings, Inc. |

---

**HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?** (as of December 31, 2025)

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6445img002.jpg)

Baird Mid Cap Growth Fund PAGE 1 TSR-AR-057071821

------

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS (%)** | **1 Year** | **5 Years** | **10 Years** |
| **Investor Class Shares \| BMDSX**  | -9.53 | -1.11 | 8.47 |
| **Russell Midcap® Growth Index**  | 8.66 | 6.65 | 12.49 |
| **Russell 3000® Index**  | 17.15 | 13.15 | 14.29 |

---

Visit www.bairdassetmanagement.com/baird-funds for more recent performance information.

**The Fund's past performance is not** **a** **good predictor of how the Fund will perform in the future** **.** *The graph and table do not reflect th e deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $909784322 | **Net Advisory Fee Paid** | $10616661 |
| **Number of Holdings** | 49 | **Portfolio Turnover Rate** | 63% |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of December 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** |  |
|  Monolithic Power Systems, Inc.  | 3.1% |
|  First American Government Obligations Fund - Class U  | 3.1% |
|  Penumbra, Inc.  | 3.1% |
|  West Pharmaceutical Services, Inc.  | 3.1% |
|  Hilton Worldwide Holdings, Inc.  | 3.0% |
|  Twilio, Inc. - Class A  | 2.6% |
|  Casey's General Stores, Inc.  | 2.6% |
|  MSCI, Inc.  | 2.5% |
|  Curtiss-Wright Corp.  | 2.5% |
|  Rollins, Inc.  | 2.4% |

---

---

| | |
|:---|:---|
| **Sector Breakdown** **\*** |  |
|  Industrials  | 28.7% |
|  Health Care  | 18.9% |
|  Information Technology  | 17.1% |
|  Consumer Discretionary  | 14.0% |
|  Consumer Staples  | 6.7% |
|  Financials  | 5.9% |
|  Communication Services  | 3.9% |
|  Energy  | 1.7% |
|  Money Market Funds  | 3.1% |

---

\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

---

| | |
|:---|:---|
| ![image](img293561_202502242230727.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit www.bairdassetmanagement.com/funddocuments.  |

---

**HOUSEHOLDING** - To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-866-442-2473, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Baird Mid Cap Growth Fund PAGE 2 TSR-AR-057071821

------

---

| | |
|:---|:---|
| **Baird Mid Cap Growth Fund**  | ![image](img293562_202506121726861.jpg) |
| Institutional Class Shares \| BMDIX  | ![image](img293562_202506121726861.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img293562_202506121726861.jpg) |

---

This annual shareholder report contains important information about the Baird Mid Cap Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bairdassetmanagement.com/funddocuments. You can also request this information by contacting us at 1-866-442-2473.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Share Class** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Class Shares \| BMDIX | $78 | 0.82% |

---

**WHAT IMPACTED FUND PERFORMANCE IN 2025?**

For the 12-month period ended December 31, 2025, the Institutional Class Shares of the Baird Mid Cap Growth Fund delivered a net return of -9.36%, trailing the gain of 8.66% for the Russell Midcap® Growth Index, the Fund's benchmark. Drivers of the Fund's relative performance described below are compared to the Fund's benchmark.

Despite softening in the labor market and a meaningful bout of volatility tied to global trade policy, Federal Reserve rate cuts and improved spending, supported by technological developments and investment plans related to artificial intelligence (AI), provided a favorable backdrop for U.S. equity market performance. However, the Fund lagged the benchmark as stock selection and sector positioning more than offset the Fund's strongest performers. Performance headwinds were most notable in technology. The Fund's mix of technology holdings, which weighed more toward services and software versus hardware, generated weaker returns than the benchmark. In addition, the Fund did not own several of the benchmark's largest technology constituents, which delivered significant gains during the period. Industrials holdings also weighed on results, particularly positions with exposure to housing-related spending, an area that continued to face pressure from higher mortgage rates. Consumer-related holdings struggled as spending remained uneven across categories. Overall, these factors contributed to slower growth in the Fund's holdings at a time when the broader equity market favored faster-growing companies, with little concern over high valuation levels.

---

| | |
|:---|:---|
| **Contributors to Performance** | **Contributors to Performance** |
| •  | Sectors: Basic Materials, Energy |
| •  | Positions: BWX Technologies, Inc., West Pharmaceutical Services, Inc., Casey's General Stores, Inc. |

---

---

| | |
|:---|:---|
| **Detractors from Performance** | **Detractors from Performance** |
| •  | Sectors: Technology, Industrials, Consumer Discretionary |
| •  | Positions: Globant SA, BellRing Brands, Inc., Lamb Weston Holdings, Inc. |

---

**HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?** (as of December 31, 2025)

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6444img002.jpg)

Baird Mid Cap Growth Fund PAGE 1 TSR-AR-057071813

------

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS (%)** | **1 Year** | **5 Years** | **10 Years** |
| **Institutional Class Shares \| BMDIX**  | -9.36 | -0.88 | 8.75 |
| **Russell Midcap® Growth Index**  | 8.66 | 6.65 | 12.49 |
| **Russell 3000® Index**  | 17.15 | 13.15 | 14.29 |

---

Visit www.bairdassetmanagement.com/baird-funds for more recent performance information.

**The Fund's past performance is not** **a** **good predictor of how the Fund will perform in the future** **.** *The graph and table do not reflect th e deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $909784322 | **Net Advisory Fee Paid** | $10616661 |
| **Number of Holdings** | 49 | **Portfolio Turnover Rate** | 63% |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of December 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** |  |
|  Monolithic Power Systems, Inc.  | 3.1% |
|  First American Government Obligations Fund - Class U  | 3.1% |
|  Penumbra, Inc.  | 3.1% |
|  West Pharmaceutical Services, Inc.  | 3.1% |
|  Hilton Worldwide Holdings, Inc.  | 3.0% |
|  Twilio, Inc. - Class A  | 2.6% |
|  Casey's General Stores, Inc.  | 2.6% |
|  MSCI, Inc.  | 2.5% |
|  Curtiss-Wright Corp.  | 2.5% |
|  Rollins, Inc.  | 2.4% |

---

---

| | |
|:---|:---|
| **Sector Breakdown** **\*** |  |
|  Industrials  | 28.7% |
|  Health Care  | 18.9% |
|  Information Technology  | 17.1% |
|  Consumer Discretionary  | 14.0% |
|  Consumer Staples  | 6.7% |
|  Financials  | 5.9% |
|  Communication Services  | 3.9% |
|  Energy  | 1.7% |
|  Money Market Funds  | 3.1% |

---

\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

---

| | |
|:---|:---|
| ![image](img293561_202502242230727.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit www.bairdassetmanagement.com/funddocuments.  |

---

**HOUSEHOLDING** - To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-866-442-2473, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Baird Mid Cap Growth Fund PAGE 2 TSR-AR-057071813

------

---

| | |
|:---|:---|
| **Baird Small/Mid Cap Growth Fund**  | ![image](img293562_202506121726861.jpg) |
| Investor Class Shares \| BSGSX  | ![image](img293562_202506121726861.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img293562_202506121726861.jpg) |

---

This annual shareholder report contains important information about the Baird Small/Mid Cap Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bairdassetmanagement.com/funddocuments. You can also request this information by contacting us at 1-866-442-2473.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Share Class** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Class Shares \| BSGSX | $105 | 1.10% |

---

**WHAT IMPACTED FUND PERFORMANCE IN 2025?**

For the 12-month period ended December 31, 2025, the Investor Class Shares of the Baird Small/Mid Cap Growth Fund delivered a net return of -8.97%, trailing the gain of 10.31% for the Russell 2500® Growth Index, the Fund's benchmark. Drivers of the Fund's relative performance described below are compared to the Fund's benchmark.

Despite softening in the labor market and a meaningful bout of volatility tied to global trade policy, Federal Reserve rate cuts and improved spending, supported by technological developments and investment plans related to artificial intelligence (AI), provided a favorable backdrop for U.S. equity market performance. However, the Fund lagged the benchmark as stock selection and sector positioning more than offset the Fund's strongest performers. Performance headwinds were most notable in Industrials. The Fund's mix of holdings were weighted more toward traditional, profitable compounding businesses and lacked exposure to businesses benefiting from AI datacenter construction, or increased spending on aerospace and defense. Technology holdings also detracted from the Fund's performance, particularly the Fund's positions in Software, which was under pressure due to competitive fears tied to AI. While the Fund's semiconductor holdings appreciated in excess of benchmark returns, it did not own enough of them relative to Software which negatively affected relative performance. Overall, these factors contributed to slower growth in the Fund's holdings at a time when the broader equity market favored faster-growing companies, with little concern over high valuation levels.

---

| | |
|:---|:---|
| **Contributors to Performance** | **Contributors to Performance** |
| •  | Sector: Consumer Staples |
| •  | Positions: Exact Sciences Corp., BWX Technologies Inc., Intra-Cellular Therapies, Inc., Vita Coco Co., Inc., UL Solutions, Inc. |

---

---

| | |
|:---|:---|
| **Detractors from Performance** | **Detractors from Performance** |
| •  | Sectors: Industrials, Technology, Financials, Consumer Discretionary, Health Care |
| •  | Positions: Vertex, Inc. - Class A, Shift4 Payments, Inc. - Class A, Inspire Medical Systems, Inc., Monday.com Ltd., Watsco, Inc., Globant SA, elf Beauty, Inc. |

---

Baird Small/Mid Cap Growth Fund PAGE 1 TSR-AR-057071532

------

**HOW HAS THE FUND PERFORMED SINCE INCEPTION?** (as of December 31, 2025)

**CUMULATIVE PERFORMANCE** (based on a hypothetical initial investment of $10,000 on 10/31/2018)

![image](ts6458img002.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS (%)** | **1 Year** | **5 Years** | **Since Inception**<br>**(10/31/2018)** |
| **Investor Class Shares \| BSGSX**  | -8.97 | -1.44 | 7.10 |
| **Russell 2500® Growth Index**  | 10.31 | 2.98 | 9.85 |
| **Russell 3000® Index**  | 17.15 | 13.15 | 14.97 |

---

Visit www.bairdassetmanagement.com/baird-funds for more recent performance information.

**The Fund's past performance is not** **a** **good predictor of how the Fund will perform in the future** **.** *The graph and table do not reflect th e deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $99162704 | **Net Advisory Fee Paid** | $1001554 |
| **Number of Holdings** | 59 | **Portfolio Turnover Rate** | 58% |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of December 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** |  |
|  Exact Sciences Corp.  | 3.3% |
|  Penumbra, Inc.  | 3.2% |
|  Neurocrine Biosciences, Inc.  | 3.0% |
|  Vita Coco Co., Inc.  | 2.9% |
|  Curtiss-Wright Corp.  | 2.6% |
|  Dutch Bros, Inc. - Class A  | 2.5% |
|  First American Government Obligations Fund - Class U  | 2.4% |
|  Churchill Downs, Inc.  | 2.3% |
|  Tarsus Pharmaceuticals, Inc.  | 2.1% |
|  Boot Barn Holdings, Inc.  | 2.1% |

---

---

| | |
|:---|:---|
| **Sector Breakdown** **\*** |  |
|  Health Care  | 28.2% |
|  Information Technology  | 17.3% |
|  Industrials  | 17.2% |
|  Consumer Discretionary  | 13.8% |
|  Financials  | 10.1% |
|  Consumer Staples  | 7.4% |
|  Energy  | 2.4% |
|  Real Estate  | 1.2% |
|  Money Market Funds  | 2.4% |

---

\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

---

| | |
|:---|:---|
| ![image](img293561_202502242230727.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit www.bairdassetmanagement.com/funddocuments.  |

---

**HOUSEHOLDING** - To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-866-442-2473, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Baird Small/Mid Cap Growth Fund PAGE 2 TSR-AR-057071532

------

---

| | |
|:---|:---|
| **Baird Small/Mid Cap Growth Fund**  | ![image](img293562_202506121726861.jpg) |
| Institutional Class Shares \| BSGIX  | ![image](img293562_202506121726861.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img293562_202506121726861.jpg) |

---

This annual shareholder report contains important information about the Baird Small/Mid Cap Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bairdassetmanagement.com/funddocuments. You can also request this information by contacting us at 1-866-442-2473.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Share Class** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Class Shares \| BSGIX | $81 | 0.85% |

---

**WHAT IMPACTED FUND PERFORMANCE IN 2025?**

For the 12-month period ended December 31, 2025, the Institutional Class Shares of the Baird Small/Mid Cap Growth Fund delivered a net return of -8.75%, trailing the gain of 10.31% for the Russell 2500® Growth Index, the Fund's benchmark. Drivers of the Fund's relative performance described below are compared to the Fund's benchmark.

Despite softening in the labor market and a meaningful bout of volatility tied to global trade policy, Federal Reserve rate cuts and improved spending, supported by technological developments and investment plans related to artificial intelligence (AI), provided a favorable backdrop for U.S. equity market performance. However, the Fund lagged the benchmark as stock selection and sector positioning more than offset the Fund's strongest performers. Performance headwinds were most notable in Industrials. The Fund's mix of holdings were weighted more toward traditional, profitable compounding businesses and lacked exposure to businesses benefiting from AI datacenter construction, or increased spending on aerospace and defense. Technology holdings also detracted from the Fund's performance, particularly the Fund's positions in Software, which was under pressure due to competitive fears tied to AI. While the Fund's semiconductor holdings appreciated in excess of benchmark returns, it did not own enough of them relative to Software which negatively affected relative performance. Overall, these factors contributed to slower growth in the Fund's holdings at a time when the broader equity market favored faster-growing companies, with little concern over high valuation levels.

---

| | |
|:---|:---|
| **Contributors to Performance** | **Contributors to Performance** |
| •  | Sector: Consumer Staples |
| •  | Positions: Exact Sciences Corp., BWX Technologies Inc., Intra-Cellular Therapies, Inc., Vita Coco Co., Inc., UL Solutions, Inc. |

---

---

| | |
|:---|:---|
| **Detractors from Performance** | **Detractors from Performance** |
| •  | Sectors: Industrials, Technology, Financials, Consumer Discretionary, Health Care |
| •  | Positions: Vertex, Inc. - Class A, Shift4 Payments, Inc. - Class A, Inspire Medical Systems, Inc., Monday.com Ltd., Watsco, Inc., Globant SA, elf Beauty, Inc. |

---

Baird Small/Mid Cap Growth Fund PAGE 1 TSR-AR-057071540

------

**HOW HAS THE FUND PERFORMED SINCE INCEPTION?** (as of December 31, 2025)

**CUMULATIVE PERFORMANCE** (based on a hypothetical initial investment of $10,000 on 10/31/2018)

![image](ts6459img002.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS (%)** | **1 Year** | **5 Years** | **Since Inception**<br>**(10/31/2018)** |
| **Institutional Class Shares \| BSGIX**  | -8.75 | -1.19 | 7.41 |
| **Russell 2500® Growth Index**  | 10.31 | 2.98 | 9.85 |
| **Russell 3000® Index**  | 17.15 | 13.15 | 14.97 |

---

Visit www.bairdassetmanagement.com/baird-funds for more recent performance information.

**The Fund's past performance is not** **a** **good predictor of how the Fund will perform in the future** **.** *The graph and table do not reflect th e deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $99162704 | **Net Advisory Fee Paid** | $1001554 |
| **Number of Holdings** | 59 | **Portfolio Turnover Rate** | 58% |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of December 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** |  |
|  Exact Sciences Corp.  | 3.3% |
|  Penumbra, Inc.  | 3.2% |
|  Neurocrine Biosciences, Inc.  | 3.0% |
|  Vita Coco Co., Inc.  | 2.9% |
|  Curtiss-Wright Corp.  | 2.6% |
|  Dutch Bros, Inc. - Class A  | 2.5% |
|  First American Government Obligations Fund - Class U  | 2.4% |
|  Churchill Downs, Inc.  | 2.3% |
|  Tarsus Pharmaceuticals, Inc.  | 2.1% |
|  Boot Barn Holdings, Inc.  | 2.1% |

---

---

| | |
|:---|:---|
| **Sector Breakdown** **\*** |  |
|  Health Care  | 28.2% |
|  Information Technology  | 17.3% |
|  Industrials  | 17.2% |
|  Consumer Discretionary  | 13.8% |
|  Financials  | 10.1% |
|  Consumer Staples  | 7.4% |
|  Energy  | 2.4% |
|  Real Estate  | 1.2% |
|  Money Market Funds  | 2.4% |

---

\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

---

| | |
|:---|:---|
| ![image](img293561_202502242230727.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit www.bairdassetmanagement.com/funddocuments.  |

---

**HOUSEHOLDING** - To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-866-442-2473, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Baird Small/Mid Cap Growth Fund PAGE 2 TSR-AR-057071540

------

---

| | |
|:---|:---|
| **Baird Equity Opportunity Fund**  | ![image](img293562_202506121726861.jpg) |
| Investor Class Shares \| BSVSX  | ![image](img293562_202506121726861.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img293562_202506121726861.jpg) |

---

This annual shareholder report contains important information about the Baird Equity Opportunity Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bairdassetmanagement.com/funddocuments. You can also request this information by contacting us at 1-866-442-2473.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Share Class** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Class Shares \| BSVSX | $152 | 1.50% |

---

**WHAT IMPACTED FUND PERFORMANCE IN 2025?**

For the 12-month period ended December 31, 2025, the Baird Equity Opportunity Fund Investor Class Shares delivered a net return of 2.69%, trailing the Russell 2000® Index, the Fund's benchmark, which posted a 12.81% total return for the same period. Drivers of the Fund's relative performance described below are compared to the Fund's benchmark.

Market conditions in 2025 were marked by heightened macroeconomic and geopolitical uncertainty, including trade policy developments, monetary policy concerns, and global conflicts. Despite this backdrop, equity markets advanced broadly, with both growth and value stocks posting gains. Large cap stocks again outpaced small cap stocks, continuing a long-standing trend. Within small caps, the consumer-oriented sectors were the only areas that posted negative returns, while all other sectors delivered positive performance.

The Fund's results reflected a combination of positive stock selection in certain individual positions and weakness in others. The Fund remained positioned across both growth and value stocks. While short-term market dynamics and changing market structure created headwinds in 2025, the Fund continued to focus on companies where fundamentals improved even as valuations compressed, particularly within the small-cap universe.

---

| | |
|:---|:---|
| **Contributors to Performance** | **Contributors to Performance** |
| •  | Sectors: Consumer Staples, Telecommunications, Real Estate |
| •  | Positions: Sportradar Group AG – Class A, Globalstar, Inc., Astera Labs, Inc. |

---

---

| | |
|:---|:---|
| **Detractors from Performance** | **Detractors from Performance** |
| •  | Sectors: Healthcare, Industrials, Consumer Discretionary |
| •  | Positions: BILL Holdings, Inc., Mister Car Wash, Inc., NCR Voyix Corp. |

---

**HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?** (as of December 31, 2025)

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6441img002.jpg)

Baird Equity Opportunity Fund PAGE 1 TSR-AR-057071755

------

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS (%)** | **1 Year** | **5 Years** | **10 Years** |
| **Investor Class Shares \| BSVSX**  | 2.69 | 8.69 | 7.55 |
| **Russell 2000® Index**  | 12.81 | 6.09 | 9.62 |
| **Russell 3000® Index**  | 17.15 | 13.15 | 14.29 |

---

Visit www.bairdassetmanagement.com/baird-funds for more recent performance information.

**The Fund's past performance is not** **a** **good predictor of how the Fund will perform in the future** **.** *The graph and table do not reflect th e deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $75551702 | **Net Advisory Fee Paid** | $663515 |
| **Number of Holdings** | 52 | **Portfolio Turnover Rate** | 69% |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of December 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** |  |
|  NCR Voyix Corp.  | 7.2% |
|  BILL Holdings, Inc.  | 6.2% |
|  Sportradar Group AG - Class A  | 5.8% |
|  Globalstar, Inc.  | 5.1% |
|  Norwegian Cruise Line Holdings Ltd.  | 4.5% |
|  Cadre Holdings, Inc.  | 4.3% |
|  ZoomInfo Technologies, Inc.  | 4.1% |
|  Mister Car Wash, Inc.  | 4.0% |
|  RBC Bearings, Inc.  | 4.0% |
|  NeoGenomics, Inc.  | 3.8% |

---

---

| | |
|:---|:---|
| **Sector Breakdown** **\*** |  |
|  Information Technology  | 26.2% |
|  Consumer Discretionary  | 18.2% |
|  Industrials  | 16.9% |
|  Health Care  | 15.6% |
|  Communication Services  | 13.1% |
|  Financials  | 6.0% |
|  Energy  | 2.3% |
|  Materials  | 0.8% |
|  Consumer Staples  | 0.4% |
|  Money Market Funds  | 0.5% |

---

\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

---

| | |
|:---|:---|
| ![image](img293561_202502242230727.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit www.bairdassetmanagement.com/funddocuments.  |

---

**HOUSEHOLDING** - To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-866-442-2473, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Baird Equity Opportunity Fund PAGE 2 TSR-AR-057071755

------

---

| | |
|:---|:---|
| **Baird Equity Opportunity Fund**  | ![image](img293562_202506121726861.jpg) |
| Institutional Class Shares \| BSVIX  | ![image](img293562_202506121726861.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img293562_202506121726861.jpg) |

---

This annual shareholder report contains important information about the Baird Equity Opportunity Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bairdassetmanagement.com/funddocuments. You can also request this information by contacting us at 1-866-442-2473.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Share Class** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Class Shares \| BSVIX | $127 | 1.25% |

---

**WHAT IMPACTED FUND PERFORMANCE IN 2025?**

For the 12-month period ended December 31, 2025, the Baird Equity Opportunity Fund Institutional Class Shares delivered a net return of 2.79%, trailing the Russell 2000® Index, the Fund's benchmark, which posted a 12.81% total return for the same period. Drivers of the Fund's relative performance described below are compared to the Fund's benchmark.

Market conditions in 2025 were marked by heightened macroeconomic and geopolitical uncertainty, including trade policy developments, monetary policy concerns, and global conflicts. Despite this backdrop, equity markets advanced broadly, with both growth and value stocks posting gains. Large cap stocks again outpaced small cap stocks, continuing a long-standing trend. Within small caps, the consumer-oriented sectors were the only areas that posted negative returns, while all other sectors delivered positive performance.

The Fund's results reflected a combination of positive stock selection in certain individual positions and weakness in others. The Fund remained positioned across both growth and value stocks. While short-term market dynamics and changing market structure created headwinds in 2025, the Fund continued to focus on companies where fundamentals improved even as valuations compressed, particularly within the small-cap universe.

---

| | |
|:---|:---|
| **Contributors to Performance** | **Contributors to Performance** |
| •  | Sectors: Consumer Staples, Telecommunications, Real Estate |
| •  | Positions: Sportradar Group AG – Class A, Globalstar, Inc., Astera Labs, Inc. |

---

---

| | |
|:---|:---|
| **Detractors from Performance** | **Detractors from Performance** |
| •  | Sectors: Healthcare, Industrials, Consumer Discretionary |
| •  | Positions: BILL Holdings, Inc., Mister Car Wash, Inc., NCR Voyix Corp. |

---

**HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?** (as of December 31, 2025)

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6440img002.jpg)

Baird Equity Opportunity Fund PAGE 1 TSR-AR-057071748

------

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS (%)** | **1 Year** | **5 Years** | **10 Years** |
| **Institutional Class Shares \| BSVIX**  | 2.79 | 8.89 | 7.79 |
| **Russell 2000® Index**  | 12.81 | 6.09 | 9.62 |
| **Russell 3000® Index**  | 17.15 | 13.15 | 14.29 |

---

Visit www.bairdassetmanagement.com/baird-funds for more recent performance information.

**The Fund's past performance is not** **a** **good predictor of how the Fund will perform in the future** **.** *The graph and table do not reflect th e deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $75551702 | **Net Advisory Fee Paid** | $663515 |
| **Number of Holdings** | 52 | **Portfolio Turnover Rate** | 69% |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of December 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** |  |
|  NCR Voyix Corp.  | 7.2% |
|  BILL Holdings, Inc.  | 6.2% |
|  Sportradar Group AG - Class A  | 5.8% |
|  Globalstar, Inc.  | 5.1% |
|  Norwegian Cruise Line Holdings Ltd.  | 4.5% |
|  Cadre Holdings, Inc.  | 4.3% |
|  ZoomInfo Technologies, Inc.  | 4.1% |
|  Mister Car Wash, Inc.  | 4.0% |
|  RBC Bearings, Inc.  | 4.0% |
|  NeoGenomics, Inc.  | 3.8% |

---

---

| | |
|:---|:---|
| **Sector Breakdown** **\*** |  |
|  Information Technology  | 26.2% |
|  Consumer Discretionary  | 18.2% |
|  Industrials  | 16.9% |
|  Health Care  | 15.6% |
|  Communication Services  | 13.1% |
|  Financials  | 6.0% |
|  Energy  | 2.3% |
|  Materials  | 0.8% |
|  Consumer Staples  | 0.4% |
|  Money Market Funds  | 0.5% |

---

\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

---

| | |
|:---|:---|
| ![image](img293561_202502242230727.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit www.bairdassetmanagement.com/funddocuments.  |

---

**HOUSEHOLDING** - To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-866-442-2473, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Baird Equity Opportunity Fund PAGE 2 TSR-AR-057071748

------

---

| | |
|:---|:---|
| **Baird Chautauqua International Growth Fund**  | ![image](img293562_202506121726861.jpg) |
| Investor Class Shares \| CCWSX  | ![image](img293562_202506121726861.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img293562_202506121726861.jpg) |

---

This annual shareholder report contains important information about the Baird Chautauqua International Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bairdassetmanagement.com/funddocuments. You can also request this information by contacting us at 1-866-442-2473.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Share Class** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Class Shares \| CCWSX | $115 | 1.05% |

---

**WHAT IMPACTED FUND PERFORMANCE IN 2025?**

For the 12-month period ended December 31, 2025, the Baird Chautauqua International Growth Fund Investor Class Shares returned 19.17%, compared with the MSCI ACWI ex USA Index return of 32.39%, the Fund's benchmark. Drivers of the Fund's relative performance described below are compared to the Fund's benchmark.

The Fund delivered positive returns, but underperformed its benchmark for the year as several themes that had contributed positively earlier in the year reversed sharply. Holdings in Greater China gave back a portion of their gains amid profit-taking, though they remained additive to full-year performance. Value and cyclical sectors, including banks and materials, led during the period. The Fund had no exposure to European or Japanese banks, which were among the strongest-performing areas within financials, and it also had no exposure to materials, which benefited from a commodities rally tied to Artificial Intelligence (AI)-related infrastructure demand and higher precious metals prices. Within information technology, enthusiasm for AI-related hardware contrasted with weakness in application software and IT services, where concerns about potential disruption weighed on valuations. In this environment, stock selection, specifically in information technology and financials, and, regionally, North America, detracted most from performance. Holdings in consumer discretionary contributed most to the Fund's relative performance during the full period.

---

| | |
|:---|:---|
| **Contributors to Performance** | **Contributors to Performance** |
| •  | Sectors: Holdings in consumer discretionary |
| •  | Regions: Lack of exposure to Africa & Middle East |
| •  | Positions: BeOne Medicines Ltd., Alibaba Group Holding Ltd., Ryanair Holdings PLC |

---

---

| | |
|:---|:---|
| **Detractors from Performance** | **Detractors from Performance** |
| •  | Sectors: Holdings in information technology and holdings and relative underweight in financials |
| •  | Regions: Holdings in North America (Canada) and Asia and the Pacific Basin (India and Japan) |
| •  | Positions: Tata Consultancy Services Ltd., Novo Nordisk AS, Constellation Software, Inc. |

---

**HOW HAS THE FUND PERFORMED SINCE INCEPTION?** (as of December 31, 2025)

**CUMULATIVE PERFORMANCE** (based on a hypothetical initial investment of $10,000 on 4/15/2016)

![image](ts6433img002.jpg)

Baird Chautauqua International Growth Fund PAGE 1 TSR-AR-057071565

------

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS (%)** | **1 Year** | **5 Years** | **Since Inception**<br>**(4/15/2016)** |
| **Investor Class Shares \| CCWSX**  | 19.17 | 5.39 | 9.73 |
| **MSCI ACWI ex USA Index**  | 32.39 | 7.91 | 8.52 |

---

Visit www.bairdassetmanagement.com/baird-funds for more recent performance information.

**The Fund's past performance is not** **a** **good predictor of how the Fund will perform in the future** **.** *The graph and table do not reflect th e deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $1555811582 | **Net Advisory Fee Paid** | $9758082 |
| **Number of Holdings** | 33 | **Portfolio Turnover Rate** | 17% |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of December 31, 2025)

---

| | |
|:---|:---|
| **Geographic Breakdown** |  |
|  United States  | 15.1% |
|  Japan  | 13.7% |
|  China  | 11.8% |
|  Canada  | 10.6% |
|  Denmark  | 9.1% |
|  Singapore  | 7.2% |
|  Netherlands  | 7.2% |
|  India  | 6.8% |
|  Taiwan, Province Of China  | 5.1% |
|  Other Countries  | 13.4% |

---

---

| | |
|:---|:---|
| **Top 10 Holdings** |  |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 5.1% |
|  Safran SA  | 4.2% |
|  DBS Group Holdings Ltd.  | 4.2% |
|  Waste Connections, Inc.  | 4.1% |
|  Suzuki Motor Corp.  | 4.0% |
|  Prosus NV  | 3.9% |
|  Adyen NV  | 3.7% |
|  Genmab AS  | 3.6% |
|  HDFC Bank Ltd.  | 3.6% |
|  Recruit Holdings Co. Ltd.  | 3.5% |

---

---

| | |
|:---|:---|
| **Sector Breakdown** **\*** |  |
|  Information Technology  | 23.7% |
|  Industrials  | 20.8% |
|  Consumer Discretionary  | 16.2% |
|  Health Care  | 15.6% |
|  Financials  | 15.1% |
|  Utilities  | 3.1% |
|  Real Estate  | 2.6% |
|  Money Market Funds  | 2.9% |

---

\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

---

| | |
|:---|:---|
| ![image](img293561_202502242230727.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit www.bairdassetmanagement.com/funddocuments.  |

---

**HOUSEHOLDING** - To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-866-442-2473, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Baird Chautauqua International Growth Fund PAGE 2 TSR-AR-057071565

------

---

| | |
|:---|:---|
| **Baird Chautauqua International Growth Fund**  | ![image](img293562_202506121726861.jpg) |
| Institutional Class Shares \| CCWIX  | ![image](img293562_202506121726861.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img293562_202506121726861.jpg) |

---

This annual shareholder report contains important information about the Baird Chautauqua International Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bairdassetmanagement.com/funddocuments. You can also request this information by contacting us at 1-866-442-2473.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Share Class** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Class Shares \| CCWIX | $88 | 0.80% |

---

**WHAT IMPACTED FUND PERFORMANCE IN 2025?**

For the 12-month period ended December 31, 2025, the Baird Chautauqua International Growth Fund Institutional Class Shares returned 19.47%, compared with the MSCI ACWI ex USA Index return of 32.39%, the Fund's benchmark. Drivers of the Fund's relative performance described below are compared to the Fund's benchmark.

The Fund delivered positive returns, but underperformed its benchmark for the year as several themes that had contributed positively earlier in the year reversed sharply. Holdings in Greater China gave back a portion of their gains amid profit-taking, though they remained additive to full-year performance. Value and cyclical sectors, including banks and materials, led during the period. The Fund had no exposure to European or Japanese banks, which were among the strongest-performing areas within financials, and it also had no exposure to materials, which benefited from a commodities rally tied to Artificial Intelligence (AI)-related infrastructure demand and higher precious metals prices. Within information technology, enthusiasm for AI-related hardware contrasted with weakness in application software and IT services, where concerns about potential disruption weighed on valuations. In this environment, stock selection, specifically in information technology and financials, and, regionally, North America, detracted most from performance. Holdings in consumer discretionary contributed most to the Fund's relative performance during the full period.

---

| | |
|:---|:---|
| **Contributors to Performance** | **Contributors to Performance** |
| •  | Sectors: Holdings in consumer discretionary |
| •  | Regions: Lack of exposure to Africa & Middle East |
| •  | Positions: BeOne Medicines Ltd., Alibaba Group Holding Ltd., Ryanair Holdings PLC |

---

---

| | |
|:---|:---|
| **Detractors from Performance** | **Detractors from Performance** |
| •  | Sectors: Holdings in information technology and holdings and relative underweight in financials |
| •  | Regions: Holdings in North America (Canada) and Asia and the Pacific Basin (India and Japan) |
| •  | Positions: Tata Consultancy Services Ltd., Novo Nordisk AS, Constellation Software, Inc. |

---

**HOW HAS THE FUND PERFORMED SINCE INCEPTION?** (as of December 31, 2025)

**CUMULATIVE PERFORMANCE** (based on a hypothetical initial investment of $10,000 on 4/15/2016)

![image](ts6432img002.jpg)

Baird Chautauqua International Growth Fund PAGE 1 TSR-AR-057071557

------

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS (%)** | **1 Year** | **5 Years** | **Since Inception**<br>**(4/15/2016)** |
| **Institutional Class Shares \| CCWIX**  | 19.47 | 5.65 | 10.00 |
| **MSCI ACWI ex USA Index**  | 32.39 | 7.91 | 8.52 |

---

Visit www.bairdassetmanagement.com/baird-funds for more recent performance information.

**The Fund's past performance is not** **a** **good predictor of how the Fund will perform in the future** **.** *The graph and table do not reflect th e deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $1555811582 | **Net Advisory Fee Paid** | $9758082 |
| **Number of Holdings** | 33 | **Portfolio Turnover Rate** | 17% |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of December 31, 2025)

---

| | |
|:---|:---|
| **Geographic Breakdown** |  |
|  United States  | 15.1% |
|  Japan  | 13.7% |
|  China  | 11.8% |
|  Canada  | 10.6% |
|  Denmark  | 9.1% |
|  Singapore  | 7.2% |
|  Netherlands  | 7.2% |
|  India  | 6.8% |
|  Taiwan, Province Of China  | 5.1% |
|  Other Countries  | 13.4% |

---

---

| | |
|:---|:---|
| **Top 10 Holdings** |  |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 5.1% |
|  Safran SA  | 4.2% |
|  DBS Group Holdings Ltd.  | 4.2% |
|  Waste Connections, Inc.  | 4.1% |
|  Suzuki Motor Corp.  | 4.0% |
|  Prosus NV  | 3.9% |
|  Adyen NV  | 3.7% |
|  Genmab AS  | 3.6% |
|  HDFC Bank Ltd.  | 3.6% |
|  Recruit Holdings Co. Ltd.  | 3.5% |

---

---

| | |
|:---|:---|
| **Sector Breakdown** **\*** |  |
|  Information Technology  | 23.7% |
|  Industrials  | 20.8% |
|  Consumer Discretionary  | 16.2% |
|  Health Care  | 15.6% |
|  Financials  | 15.1% |
|  Utilities  | 3.1% |
|  Real Estate  | 2.6% |
|  Money Market Funds  | 2.9% |

---

\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

---

| | |
|:---|:---|
| ![image](img293561_202502242230727.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit www.bairdassetmanagement.com/funddocuments.  |

---

**HOUSEHOLDING** - To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-866-442-2473, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Baird Chautauqua International Growth Fund PAGE 2 TSR-AR-057071557

------

---

| | |
|:---|:---|
| **Baird Chautauqua Global Growth Fund**  | ![image](img293562_202506121726861.jpg) |
| Investor Class Shares \| CCGSX  | ![image](img293562_202506121726861.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img293562_202506121726861.jpg) |

---

This annual shareholder report contains important information about the Baird Chautauqua Global Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bairdassetmanagement.com/funddocuments. You can also request this information by contacting us at 1-866-442-2473.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Share Class** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Class Shares \| CCGSX | $117 | 1.05% |

---

**WHAT IMPACTED FUND PERFORMANCE IN 2025?**

For the 12-month period ended December 31, 2025, the Baird Chautauqua Global Growth Fund Investor Class Shares returned 22.12%, compared with the MSCI ACWI Index return of 22.34%, the Fund's benchmark. Drivers of the Fund's relative performance described below are compared to the Fund's benchmark.

The Fund delivered strong positive returns during the year, performing in line with its benchmark. Performance reflected a mix of offsetting factors as market leadership shifted over the course of the year. Several themes that had contributed positively earlier in the year moderated, while other areas of the portfolio contributed to relative stability. Holdings in Greater China gave back a portion of their gains amid profit-taking, though they remained additive to full-year performance. Value and cyclical sectors, including banks and materials, led during the period. The Fund had no exposure to European or Japanese banks, which were among the strongest-performing areas within financials, and it also had no exposure to materials, which benefited from a commodities rally tied to Artificial Intelligence (AI)-related infrastructure demand and higher precious metals prices. Within information technology, enthusiasm for AI-related hardware contrasted with weakness in application software and IT services, where concerns about potential disruption weighed on valuations. In this environment, the Fund's performance was primarily driven by stock selection in the consumer discretionary sector and North America, while holdings in financials and Asia and the Pacific Basin detracted most from relative returns.

---

| | |
|:---|:---|
| **Contributors to Performance** | **Contributors to Performance** |
| •  | Sectors: Holdings in consumer discretionary |
| •  | Regions: Holdings in North America (United States) |
| •  | Positions: Micron Technology, Inc., BeOne Medicines Ltd., Ryanair Holdings PLC |

---

---

| | |
|:---|:---|
| **Detractors from Performance** | **Detractors from Performance** |
| •  | Sectors: Holdings in financials |
| •  | Regions: Holdings in Asia and the Pacific Basin (particularly India, Australia, and Japan) |
| •  | Positions: Constellation Software, Inc., Novo Nordisk AS, Atlassian Corp. - Class A |

---

Baird Chautauqua Global Growth Fund PAGE 1 TSR-AR-057071573

------

**HOW HAS THE FUND PERFORMED SINCE INCEPTION?** (as of December 31, 2025)

**CUMULATIVE PERFORMANCE** (based on a hypothetical initial investment of $10,000 on 4/15/2016)

![image](ts6435img002.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS (%)** | **1 Year** | **5 Years** | **Since Inception**<br>**(4/15/2016)** |
| **Investor Class Shares \| CCGSX**  | 22.12 | 8.10 | 12.40 |
| **MSCI ACWI Index**  | 22.34 | 11.19 | 11.90 |

---

Visit www.bairdassetmanagement.com/baird-funds for more recent performance information.

**The Fund's past performance is not** **a** **good predictor of how the Fund will perform in the future** **.** *The graph and table do not reflect th e deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $452710853 | **Net Advisory Fee Paid** | $2901213 |
| **Number of Holdings** | 43 | **Portfolio Turnover Rate** | 16% |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of December 31, 2025)

---

| | |
|:---|:---|
| **Geographic Breakdown** |  |
|  United States  | 41.7% |
|  Japan  | 9.0% |
|  Canada  | 8.0% |
|  China  | 8.0% |
|  Denmark  | 6.3% |
|  Netherlands  | 5.5% |
|  Singapore  | 4.9% |
|  India  | 4.5% |
|  France  | 3.2% |
|  Other Countries  | 8.9% |

---

---

| | |
|:---|:---|
| **Top 10 Holdings** |  |
|  Micron Technology, Inc.  | 4.8% |
|  Alphabet, Inc. - Class A  | 4.4% |
|  Mastercard, Inc. - Class A  | 3.5% |
|  Amazon.com, Inc.  | 3.3% |
|  Waste Connections, Inc.  | 3.3% |
|  Safran SA  | 3.2% |
|  Incyte Corp.  | 3.0% |
|  Charles Schwab Corp.  | 2.9% |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 2.8% |
|  ASML Holding NV  | 2.8% |

---

---

| | |
|:---|:---|
| **Sector Breakdown** **\*** |  |
|  Information Technology  | 23.1% |
|  Consumer Discretionary  | 17.4% |
|  Financials  | 17.2% |
|  Health Care  | 16.7% |
|  Industrials  | 15.1% |
|  Communication Services  | 4.4% |
|  Utilities  | 2.1% |
|  Real Estate  | 1.8% |
|  Money Market Funds  | 2.2% |

---

\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

---

| | |
|:---|:---|
| ![image](img293561_202502242230727.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit www.bairdassetmanagement.com/funddocuments.  |

---

**HOUSEHOLDING** - To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-866-442-2473, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Baird Chautauqua Global Growth Fund PAGE 2 TSR-AR-057071573

------

---

| | |
|:---|:---|
| **Baird Chautauqua Global Growth Fund**  | ![image](img293562_202506121726861.jpg) |
| Institutional Class Shares \| CCGIX  | ![image](img293562_202506121726861.jpg) |
| Annual Shareholder Report \| December 31, 2025  | ![image](img293562_202506121726861.jpg) |

---

This annual shareholder report contains important information about the Baird Chautauqua Global Growth Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.bairdassetmanagement.com/funddocuments. You can also request this information by contacting us at 1-866-442-2473.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Share Class** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Class Shares \| CCGIX | $89 | 0.80% |

---

**WHAT IMPACTED FUND PERFORMANCE IN 2025?**

For the 12-month period ended December 31, 2025, the Baird Chautauqua Global Growth Fund Institutional Class Shares returned 22.40%, compared with the MSCI ACWI Index return of 22.34%, the Fund's benchmark. Drivers of the Fund's relative performance described below are compared to the Fund's benchmark.

The Fund delivered strong positive returns during the year, performing in line with its benchmark. Performance reflected a mix of offsetting factors as market leadership shifted over the course of the year. Several themes that had contributed positively earlier in the year moderated, while other areas of the portfolio contributed to relative stability. Holdings in Greater China gave back a portion of their gains amid profit-taking, though they remained additive to full-year performance. Value and cyclical sectors, including banks and materials, led during the period. The Fund had no exposure to European or Japanese banks, which were among the strongest-performing areas within financials, and it also had no exposure to materials, which benefited from a commodities rally tied to Artificial Intelligence (AI)-related infrastructure demand and higher precious metals prices. Within information technology, enthusiasm for AI-related hardware contrasted with weakness in application software and IT services, where concerns about potential disruption weighed on valuations. In this environment, the Fund's performance was primarily driven by stock selection in the consumer discretionary sector and North America, while holdings in financials and Asia and the Pacific Basin detracted most from relative returns.

---

| | |
|:---|:---|
| **Contributors to Performance** | **Contributors to Performance** |
| •  | Sectors: Holdings in consumer discretionary |
| •  | Regions: Holdings in North America (United States) |
| •  | Positions: Micron Technology, Inc., BeOne Medicines Ltd., Ryanair Holdings PLC |

---

---

| | |
|:---|:---|
| **Detractors from Performance** | **Detractors from Performance** |
| •  | Sectors: Holdings in financials |
| •  | Regions: Holdings in Asia and the Pacific Basin (particularly India, Australia, and Japan) |
| •  | Positions: Constellation Software, Inc., Novo Nordisk AS, Atlassian Corp. - Class A |

---

Baird Chautauqua Global Growth Fund PAGE 1 TSR-AR-057071581

------

**HOW HAS THE FUND PERFORMED SINCE INCEPTION?** (as of December 31, 2025)

**CUMULATIVE PERFORMANCE** (based on a hypothetical initial investment of $10,000 on 4/15/2016)

![image](ts6434img002.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS (%)** | **1 Year** | **5 Years** | **Since Inception**<br>**(4/15/2016)** |
| **Institutional Class Shares \| CCGIX**  | 22.40 | 8.37 | 12.66 |
| **MSCI ACWI Index**  | 22.34 | 11.19 | 11.90 |

---

Visit www.bairdassetmanagement.com/baird-funds for more recent performance information.

**The Fund's past performance is not** **a** **good predictor of how the Fund will perform in the future** **.** *The graph and table do not reflect th e deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $452710853 | **Net Advisory Fee Paid** | $2901213 |
| **Number of Holdings** | 43 | **Portfolio Turnover Rate** | 16% |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of December 31, 2025)

---

| | |
|:---|:---|
| **Geographic Breakdown** |  |
|  United States  | 41.7% |
|  Japan  | 9.0% |
|  Canada  | 8.0% |
|  China  | 8.0% |
|  Denmark  | 6.3% |
|  Netherlands  | 5.5% |
|  Singapore  | 4.9% |
|  India  | 4.5% |
|  France  | 3.2% |
|  Other Countries  | 8.9% |

---

---

| | |
|:---|:---|
| **Top 10 Holdings** |  |
|  Micron Technology, Inc.  | 4.8% |
|  Alphabet, Inc. - Class A  | 4.4% |
|  Mastercard, Inc. - Class A  | 3.5% |
|  Amazon.com, Inc.  | 3.3% |
|  Waste Connections, Inc.  | 3.3% |
|  Safran SA  | 3.2% |
|  Incyte Corp.  | 3.0% |
|  Charles Schwab Corp.  | 2.9% |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 2.8% |
|  ASML Holding NV  | 2.8% |

---

---

| | |
|:---|:---|
| **Sector Breakdown** **\*** |  |
|  Information Technology  | 23.1% |
|  Consumer Discretionary  | 17.4% |
|  Financials  | 17.2% |
|  Health Care  | 16.7% |
|  Industrials  | 15.1% |
|  Communication Services  | 4.4% |
|  Utilities  | 2.1% |
|  Real Estate  | 1.8% |
|  Money Market Funds  | 2.2% |

---

\* The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

---

| | |
|:---|:---|
| ![image](img293561_202502242230727.jpg) | For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit www.bairdassetmanagement.com/funddocuments.  |

---

**HOUSEHOLDING** - To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-866-442-2473, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Baird Chautauqua Global Growth Fund PAGE 2 TSR-AR-057071581

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

As of the end of the period covered by this report, the Registrant has adopted a code of ethics that applies to the principal executive officer and principal financial officer. 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 19(a)(1).

**<u>Item 3. Audit Committee Financial Expert.</u>**

The Registrant's board of directors has determined that Marlyn J. Spear, Darren R. Jackson, Leonard R. (Randy) Johnson, 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. Ms. Spear, Mr. Jackson, Mr. Johnson, and Mr. Lubar are each "independent" as such term is defined in paragraph (a)(2) of Item 3 of Form N CSR.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

Aggregate fees billed by Cohen & Company, Ltd. ("Cohen"), the Registrant's principal accountant, during the last two fiscal years were as follows:

---

| | | |
|:---|:---|:---|
| | FYE 12/31/2025 | FYE 12/31/2024 |
| (a) Audit Fees | &nbsp;&nbsp;&nbsp;&nbsp; $254450 | &nbsp;&nbsp;&nbsp;&nbsp; $250700 |
| (b) Audit-Related Fees | &nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp; $0 |
| (c) Tax Fees | &nbsp;&nbsp;&nbsp;&nbsp; $75000 | &nbsp;&nbsp;&nbsp;&nbsp; $67500 |
| (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 2025. 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 the pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| | FYE 12/31/2025 | FYE 12/31/2024 |
| Audit-Related Fees | Not applicable | Not applicable |
| Tax Fees | 0% | 0% |
| All Other Fees | Not applicable | Not applicable |

---

(f) Not applicable.

(g) The following table indicates the non-audit fees billed by Cohen for services to the Registrant and to the Registrant's investment adviser (and any entity controlling, controlled by, or under common control with the Registrant's investment adviser) for the last two fiscal years.

---

| | | |
|:---|:---|:---|
| | FYE 12/31/2025 | FYE 12/31/2024 |
| Non-Audit Related Fees |  |  |
| Registrant | $75000 | $67500 |
| Registrant's investment adviser | Not applicable | Not applicable |

---

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable because the Registrant is not a "listed issuer" within the meaning of Rule 10A-3 under the Securities Exchange Act of 1934.

**<u>Item 6. Investments.</u>**

&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, Baird Chautauqua International Growth Fund, Baird Chautauqua
 Global Growth Fund (collectively, the "Equity Funds"), Baird Ultra Short Bond Fund, Baird Short-Term Bond Fund, Baird Intermediate
 Bond Fund, Baird Aggregate Bond Fund, Baird Core Plus Bond Fund, Baird Short-Term Municipal Bond Fund, Baird Strategic Municipal Bond
 Fund, Baird Quality Intermediate Municipal Bond Fund, Baird Core Intermediate Municipal Bond Fund, and Baird Municipal Bond Fund (collectively,
 the "Bond Funds") are included within the financial statements filed under Item 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

![](a22201-bond_frontcover.jpg)

------

**Table of Contents** 

---

| | |
|:---|:---|
| **Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies**<br>|  |
| [Baird Ultra Short Bond Fund Schedule of Investments](#soi1) | [1](#soi1) |
| [Baird Short-Term Bond Fund Schedule of Investments](#soi2) | [13](#soi2) |
| [Baird Intermediate Bond Fund Schedule of Investments](#soi3) | [28](#soi3) |
| [Baird Aggregate Bond Fund Schedule of Investments](#soi4) | [50](#soi4) |
| [Baird Core Plus Bond Fund Schedule of Investments](#soi5) | [97](#soi5) |
| [Baird Short-Term Municipal Bond Fund Schedule of Investments](#soi6) | [145](#soi6) |
| [Baird Strategic Municipal Bond Fund Schedule of Investments](#soi77) | [178](#soi77) |
| [Baird Quality Intermediate Municipal Bond Fund Schedule of Investments](#soi8) | [222](#soi8) |
| [Baird Core Intermediate Municipal Bond Fund Schedule of Investments](#soi9) | [240](#soi9) |
| [Baird Municipal Bond Fund Schedule of Investments](#soi10) | [318](#soi10) |
| [Statements of Assets and Liabilities](#tsal) | [340](#tsal) |
| [Statements of Operations](#tsop) | [342](#tsop) |
| [Statements of Changes in Net Assets](#tscna) | [344](#tscna) |
| [Financial Highlights](#tfihi) | [349](#tfihi) |
| [Notes to the Financial Statements](#tnotes) | [369](#tnotes) |
| [Report of Independent Registered Public Accounting Firm](#rep) | [387](#rep) |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies](#it8)** | [388](#it8) |
| **[Item 9. Proxy Disclosures for Open-End Investment Companies](#it9)** | [388](#it9) |
| **[Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies](#it10)** | [388](#it10) |
| **[Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract](#it11)** | [389](#it11) |

---

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

------

**[**TABLE OF CONTENTS**](#TOC)**

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>** 

**Baird Ultra Short Bond Fund** 

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - 51.3%**<br>|  |  |
| **Financials - 19.3%**<br>|  |  |
| ABN AMRO Bank NV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 04/18/2026<sup>(a)</sup> | $1000000 | $1001357  |
| &nbsp;&nbsp;&nbsp; 6.34% to 09/18/2026 then 1 yr. CMT Rate + 1.65%, 09/18/2027 (Callable 09/18/2026)<sup>(a)</sup> | 17625000 | 17896582  |
|  AerCap Ireland Capital DAC / AerCap Global Aviation Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.75%, 01/30/2026 | 17139000 | 17109373  |
| &nbsp;&nbsp;&nbsp; 4.45%, 04/03/2026 (Callable 02/03/2026) | 38481000 | 38484049  |
| &nbsp;&nbsp;&nbsp; 2.45%, 10/29/2026 (Callable 09/29/2026) | 8650000 | 8533038  |
| Air Lease Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.88%, 01/15/2026 | 26875000 | 26860522  |
| &nbsp;&nbsp;&nbsp; 3.75%, 06/01/2026 (Callable 04/01/2026) | 22162000 | 22119911  |
| &nbsp;&nbsp;&nbsp; 1.88%, 08/15/2026 (Callable 07/15/2026) | 11523000 | 11352681  |
|  Aircastle Ltd., 4.25%, 06/15/2026 (Callable 04/15/2026) | 20740000 | 20739298  |
| &nbsp;&nbsp;&nbsp; Athene Global Funding, <br>5.52%, 03/25/2027<sup>(a)</sup> | 21488000 | 21822490  |
|  Aviation Capital Group LLC, 1.95%, 09/20/2026 (Callable 08/20/2026)<sup>(a)</sup> | 22123000 | 21762575  |
| Avolon Holdings Funding Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.13%, 02/21/2026 (Callable 01/21/2026)<sup>(a)</sup> | 5842000 | 5822702  |
| &nbsp;&nbsp;&nbsp; 4.38%, 05/01/2026 (Callable 03/01/2026)<sup>(a)</sup> | 2700000 | 2700812  |
| &nbsp;&nbsp;&nbsp; 3.25%, 02/15/2027 (Callable 12/15/2026)<sup>(a)</sup> | 6251000 | 6182146  |
| &nbsp;&nbsp;&nbsp; Bank of America Corp., <br>1.73% to 07/22/2026 then SOFR + 0.96%, 07/22/2027 (Callable 07/22/2026) | 94625000 | 93423673  |
| &nbsp;&nbsp;&nbsp; Bank of Ireland Group PLC, <br>2.03% to 09/30/2026 then 1 yr. CMT Rate + 1.10%, 09/30/2027 (Callable 09/30/2026)<sup>(a)</sup> | 63663000 | 62661256  |
| Barclays PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.83% to 05/09/2026 then SOFR + 2.21%, 05/09/2027 (Callable 05/09/2026) | 45425000 | 45681845  |
| &nbsp;&nbsp;&nbsp; 6.50% to 09/13/2026 then SOFR + 1.88%, 09/13/2027 (Callable 09/13/2026) | 20853000 | 21178680  |
| BNP Paribas SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.32% to 01/13/2026 then SOFR + 1.00%, 01/13/2027 (Callable 01/13/2026)<sup>(a)</sup> | 31422000 | 31392252  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 4.63%, 03/13/2027<sup>(a)</sup> | $4800000 | $4818499  |
| &nbsp;&nbsp;&nbsp; 2.59% to 01/20/2027 then SOFR + 1.23%, 01/20/2028 (Callable 01/20/2027)<sup>(a)</sup> | 27100000 | 26683474  |
| &nbsp;&nbsp;&nbsp; Boston Properties LP, <br>3.65%, 02/01/2026 (Callable 01/17/2026) | 21164000 | 21148433  |
| BPCE SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.98% to 01/18/2026 then SOFR + 2.10%, 01/18/2027 (Callable 01/18/2026)<sup>(a)</sup> | 15335000 | 15344305  |
| &nbsp;&nbsp;&nbsp; 2.05% to 10/19/2026 then SOFR + 1.09%, 10/19/2027 (Callable 10/19/2026)<sup>(a)</sup> | 6590000 | 6482997  |
| &nbsp;&nbsp;&nbsp; 6.61% to 10/19/2026 then SOFR + 1.98%, 10/19/2027 (Callable 10/19/2026)<sup>(a)</sup> | 10615000 | 10814879  |
| Capital One Financial Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.15% to 10/29/2026 then SOFR + 2.44%, 10/29/2027 (Callable 10/29/2026) | 36745000 | 37623554  |
| &nbsp;&nbsp;&nbsp; 1.88% to 11/02/2026 then SOFR + 0.86%, 11/02/2027 (Callable 11/02/2026) | 20896000 | 20504202  |
| Capital One NA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 03/13/2026 | 6888000 | 6889980  |
| &nbsp;&nbsp;&nbsp; 3.45%, 07/27/2026 (Callable 04/27/2026) | 9832000 | 9802462  |
| &nbsp;&nbsp;&nbsp; CIG CS2 LLC <br>4.90%, 10/01/2026 | 17275000 | 17296679 |
| &nbsp;&nbsp;&nbsp; 4.90%, 10/01/2026  | 8125000  | 8135247  |
| &nbsp;&nbsp;&nbsp; CIG DS2 LLC, <br>4.60%, 10/01/2026 | 42650000 | 42689639  |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc., <br>3.89% to 01/10/2027 then 3 mo. Term SOFR + 1.82%, 01/10/2028 (Callable 01/10/2027) | 4792000 | 4783525  |
|  Cooperatieve Rabobank UA, 3.75%, 07/21/2026 | 69656000 | 69498112  |
| Deutsche Bank AG/New York NY<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.15% to 07/13/2026 then SOFR + 2.52%, 07/13/2027 (Callable 07/13/2026) | 4677000 | 4748663  |
| &nbsp;&nbsp;&nbsp; 2.31% to 11/16/2026 then SOFR + 1.22%, 11/16/2027 (Callable 11/16/2026) | 18526000 | 18227117  |
| &nbsp;&nbsp;&nbsp; 2.55% to 01/07/2027 then SOFR + 1.32%, 01/07/2028 (Callable 01/07/2027) | 39983000 | 39324616  |
| &nbsp;&nbsp;&nbsp; Extra Space Storage LP, <br>3.50%, 07/01/2026 (Callable 04/01/2026) | 41832000 | 41703780  |
| &nbsp;&nbsp;&nbsp; Fifth Third Bank NA, <br>3.85%, 03/15/2026 (Callable 02/15/2026) | 21226000 | 21209389  |

---

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

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Ultra Short Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - (Continued)**  | **Financials - (Continued)**  | **Financials - (Continued)**  |
|  GATX Corp., 3.25%, 09/15/2026 (Callable 06/15/2026) | $5795000 | $5764914  |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc., <br>4.39% to 06/15/2026 then SOFR + 1.51%, 06/15/2027 (Callable 06/15/2026) | 49240000 | 49319261  |
|  Hanover Insurance Group, Inc., 4.50%, 04/15/2026 (Callable 01/15/2026) | 38450000 | 38457752  |
|  Healthcare Realty Holdings LP, 3.50%, 08/01/2026 (Callable 05/01/2026) | 12183000 | 12117835  |
| &nbsp;&nbsp;&nbsp; HSBC Holdings PLC, <br>5.89% to 08/14/2026 then SOFR + 1.57%, 08/14/2027 (Callable 08/14/2026) | 36883000 | 37272551  |
|  Humana, Inc., 3.95%, 03/15/2027 (Callable 12/15/2026) | 6463000 | 6449220  |
| &nbsp;&nbsp;&nbsp; ING Groep NV, <br>1.73% to 04/01/2026 then SOFR + 1.01%, 04/01/2027 (Callable 04/01/2026) | 16300000 | 16198447  |
|  Jackson National Life Global Funding, 5.60%, 04/10/2026<sup>(a)</sup> | 8105000 | 8137801  |
| Jefferies Financial Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 08/11/2026 (Callable 02/11/2026) | 46850000 | 46892763  |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/15/2026 (Callable 03/16/2026) | 19700000 | 19701765  |
| &nbsp;&nbsp;&nbsp; Kite Realty Group LP, <br>4.00%, 10/01/2026 (Callable 07/01/2026) | 29983000 | 29935141  |
|  Liberty Mutual Insurance Co., 7.88%, 10/15/2026<sup>(a)</sup> | 1020000 | 1045425  |
|  Lloyds Banking Group PLC, 5.99% to 08/07/2026 then 1 yr. CMT Rate + 1.48%, 08/07/2027 (Callable 08/07/2026) | 30776000 | 31116542  |
| Macquarie Group Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.34% to 01/12/2026 then SOFR + 1.07%, 01/12/2027 (Callable 02/01/2026)<sup>(a)</sup> | 32034000 | 32007880  |
| &nbsp;&nbsp;&nbsp; 1.63% to 09/23/2026 then SOFR + 0.91%, 09/23/2027 (Callable 09/23/2026)<sup>(a)</sup> | 18401000 | 18072785  |
| Nationwide Building Society<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/14/2026<sup>(a)</sup> | 46248000 | 46166430  |
| &nbsp;&nbsp;&nbsp; 6.56% to 10/18/2026 then SOFR + 1.91%, 10/18/2027 (Callable 10/18/2026)<sup>(a)</sup> | 9225000 | 9399378  |
| NatWest Group PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.85% to 03/02/2026 then 1 yr. CMT Rate + 1.35%, 03/02/2027 (Callable 03/02/2026) | 17400000 | 17446788  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 1.64% to 06/14/2026 then 1 yr. CMT Rate + 0.90%, 06/14/2027 (Callable 06/14/2026) | $8475000 | $8383114  |
|  Old Republic International Corp., 3.88%, 08/26/2026 (Callable 07/26/2026) | 43316000 | 43265856  |
| &nbsp;&nbsp;&nbsp; Reliance Standard Life Global Funding II, <br>2.75%, 01/21/2027<sup>(a)</sup> | 5540000 | 5456972  |
|  Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc., 2.88%, 10/15/2026 (Callable 02/01/2026)<sup>(a)</sup> | 24998000 | 24633367  |
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada, <br>4.65%, 01/27/2026 | 40357000 | 40371080  |
| Santander UK Group Holdings PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.67% to 06/14/2026 then SOFR + 0.99%, 06/14/2027 (Callable 06/14/2026) | 12722000 | 12580408  |
| &nbsp;&nbsp;&nbsp; 2.47% to 01/11/2027 then SOFR + 1.22%, 01/11/2028 (Callable 01/11/2027) | 8430000 | 8284763  |
|  SMBC Aviation Capital Finance DAC, 1.90%, 10/15/2026 (Callable 09/15/2026)<sup>(a)</sup> | 7296000 | 7171887  |
| Societe Generale SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.45% to 01/12/2026 then 1 yr. CMT Rate + 2.30%, 01/12/2027 (Callable 01/12/2026)<sup>(a)</sup> | 12800000 | 12807030  |
| &nbsp;&nbsp;&nbsp; 1.79% to 06/09/2026 then 1 yr. CMT Rate + 1.00%, 06/09/2027 (Callable 06/09/2026)<sup>(a)</sup> | 18925000 | 18720826  |
| &nbsp;&nbsp;&nbsp; 2.80% to 01/19/2027 then 1 yr. CMT Rate + 1.30%, 01/19/2028 (Callable 01/19/2027)<sup>(a)</sup> | 19633000 | 19335336  |
| &nbsp;&nbsp;&nbsp; 5.52% to 01/19/2027 then 1 yr. CMT Rate + 1.50%, 01/19/2028 (Callable 01/19/2027)<sup>(a)</sup> | 3100000 | 3139519  |
| Standard Chartered PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.17% to 01/09/2026 then 1 yr. CMT Rate + 2.05%, 01/09/2027 (Callable 01/09/2026)<sup>(a)</sup> | 2000000 | 2000618  |
| &nbsp;&nbsp;&nbsp; 1.46% to 01/14/2026 then 1 yr. CMT Rate + 1.00%, 01/14/2027 (Callable 01/14/2026)<sup>(a)</sup> | 22868000 | 22846177  |
| &nbsp;&nbsp;&nbsp; 6.19% to 07/06/2026 then 1 yr. CMT Rate + 1.85%, 07/06/2027 (Callable 07/06/2026)<sup>(a)</sup> | 37904000 | 38287432 |

---

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

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Ultra Short Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - (Continued)**  | **Financials - (Continued)**  | **Financials - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 2.61% to 01/12/2027 then 1 yr. CMT Rate + 1.18%, 01/12/2028 (Callable 01/12/2027)<sup>(a)</sup> | $5200000 | $5118426  |
| &nbsp;&nbsp;&nbsp; Synchrony Financial, <br>3.70%, 08/04/2026 (Callable 05/04/2026) | 19007000 | 18940457  |
| &nbsp;&nbsp;&nbsp; Tanger Properties LP, <br>3.13%, 09/01/2026 (Callable 06/01/2026) | 16812000 | 16687618  |
| &nbsp;&nbsp;&nbsp; Trinity Acquisition PLC, <br>4.40%, 03/15/2026 (Callable 02/01/2026) | 19825000 | 19828996  |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp., <br>6.05% (SOFR + 2.05%), 06/08/2027 (Callable 06/08/2026) | 28013000 | 28239860  |
| UBS Group AG<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.71% (1 yr. CMT Rate + 1.55%), 01/12/2027 (Callable 01/12/2026)<sup>(a)</sup> | 8265000 | 8268140  |
| &nbsp;&nbsp;&nbsp; 1.36% to 01/30/2026 then 1 yr. CMT Rate + 1.08%, 01/30/2027 (Callable 01/30/2026)<sup>(a)</sup> | 38030000 | 37944730  |
| &nbsp;&nbsp;&nbsp; 4.70% to 08/05/2026 then 1 yr. CMT Rate + 2.05%, 08/05/2027 (Callable 08/05/2026)<sup>(a)</sup> | 13989000 | 14038696  |
| &nbsp;&nbsp;&nbsp; Voya Financial, Inc., <br>3.65%, 06/15/2026 | 23391000 | 23340755  |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., <br>3.20% to 06/17/2026 then 3 mo. Term SOFR + 1.43%, 06/17/2027 (Callable 06/17/2026) | 6352000 | 6326799  |
| &nbsp;&nbsp;&nbsp; WP Carey, Inc., <br>4.25%, 10/01/2026 (Callable 07/01/2026) | 18333000 | 18355189  |
|  |  | 1794331523  |
| **Industrials - 29.4%<sup>(b)</sup>**<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7-Eleven, Inc., <br>0.95%, 02/10/2026 (Callable 02/01/2026)<sup>(a)</sup> | 69196000 | 68951495  |
| &nbsp;&nbsp;&nbsp; Allegiance Corp., <br>7.00%, 10/15/2026 | 4925000 | 5016664  |
| &nbsp;&nbsp;&nbsp; Amcor Finance USA, Inc., <br>3.63%, 04/28/2026 (Callable 02/01/2026) | 5085000 | 5075208  |
|  Amcor Flexibles North America, Inc., 3.10%, 09/15/2026 (Callable 06/15/2026) | 3645000 | 3612906  |
| &nbsp;&nbsp;&nbsp; Amrize Finance US LLC, <br>3.50%, 09/22/2026 (Callable 06/22/2026) | 6987000 | 6946960  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Apache Corp., <br>7.95%, 04/15/2026 | $2000000 | $2018405  |
| &nbsp;&nbsp;&nbsp; ArcelorMittal SA, <br>4.55%, 03/11/2026 | 4700000 | 4701626  |
| &nbsp;&nbsp;&nbsp; Ashtead Capital, Inc., <br>1.50%, 08/12/2026 (Callable 07/12/2026)<sup>(a)</sup> | 26464000 | 26013263  |
|  Avnet, Inc., 4.63%, 04/15/2026 (Callable 02/01/2026) | 39998000 | 39982911  |
| &nbsp;&nbsp;&nbsp; Baxter International, Inc., <br>1.92%, 02/01/2027 (Callable 01/01/2027) | 23318000 | 22755783  |
| &nbsp;&nbsp;&nbsp; Bayer US Finance LLC, <br>6.13%, 11/21/2026 (Callable 10/21/2026)<sup>(a)</sup> | 7345000 | 7450267  |
| Berry Global, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.57%, 01/15/2026 | 59899000 | 59839048  |
| &nbsp;&nbsp;&nbsp; 4.88%, 07/15/2026 (Callable 02/01/2026)<sup>(a)</sup> | 1142000 | 1142210  |
| &nbsp;&nbsp;&nbsp; Boardwalk Pipelines LP, <br>5.95%, 06/01/2026 (Callable 03/01/2026) | 5801000 | 5818767  |
| Boeing Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.75%, 02/01/2026 (Callable 01/12/2026) | 5545000 | 5538487  |
| &nbsp;&nbsp;&nbsp; 2.20%, 02/04/2026 (Callable 01/12/2026) | 48530000 | 48437720  |
| &nbsp;&nbsp;&nbsp; 2.25%, 06/15/2026 (Callable 03/15/2026) | 12825000 | 12711684  |
|  Boston Medical Center Corp., 4.52%, 07/01/2026 | 1365000 | 1364007  |
|  Broadridge Financial Solutions, Inc., 3.40%, 06/27/2026 (Callable 03/27/2026) | 35258000 | 35126959  |
| &nbsp;&nbsp;&nbsp; Bunge Ltd. Finance Corp., <br>2.00%, 04/21/2026 (Callable 03/21/2026) | 2500000 | 2484537  |
| &nbsp;&nbsp;&nbsp; CCL Industries, Inc., <br>3.25%, 10/01/2026 (Callable 07/01/2026)<sup>(a)</sup> | 7991000 | 7920658  |
|  CDW LLC / CDW Finance Corp., 2.67%, 12/01/2026 (Callable 11/01/2026) | 51256000 | 50579132  |
|  CNH Industrial Capital LLC, 1.45%, 07/15/2026 (Callable 06/15/2026) | 63399000 | 62461783  |
|  Colorado Interstate Gas Co. LLC / Colorado Interstate Issuing Corp., 4.15%, 08/15/2026 (Callable 05/15/2026)<sup>(a)</sup> | 25755000 | 25717145  |
|  Columbia Pipelines Holding Co. LLC, 6.06%, 08/15/2026 (Callable 07/15/2026)<sup>(a)</sup> | 19599000 | 19779997  |
| &nbsp;&nbsp;&nbsp; Conagra Brands, Inc., <br>5.30%, 10/01/2026 | 19603000 | 19768127  |
| &nbsp;&nbsp;&nbsp; Concentrix Corp., <br>6.65%, 08/02/2026 (Callable 07/02/2026) | 69466000 | 70141944 |

---

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

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Ultra Short Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Industrials - (Continued)**  | **Industrials - (Continued)**  | **Industrials - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Cox Communications, Inc., <br>3.35%, 09/15/2026 (Callable 06/15/2026)<sup>(a)</sup> | $13284000 | $13214411  |
| Crown Castle, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.45%, 02/15/2026 (Callable 02/01/2026) | 1688000 | 1687666  |
| &nbsp;&nbsp;&nbsp; 1.05%, 07/15/2026 (Callable 06/15/2026) | 41362000 | 40679606  |
| &nbsp;&nbsp;&nbsp; CVS Health Corp., <br>2.88%, 06/01/2026 (Callable 03/01/2026) | 18591000 | 18497130  |
| &nbsp;&nbsp;&nbsp; Daimler Truck Finance North America LLC, <br>5.15%, 01/16/2026<sup>(a)</sup> | 4850000 | 4851596  |
| &nbsp;&nbsp;&nbsp; DXC Technology Co., <br>1.80%, 09/15/2026 (Callable 08/15/2026) | 39317000 | 38655000  |
|  Element Fleet Management Corp., 6.27%, 06/26/2026 (Callable 05/26/2026)<sup>(a)</sup> | 6342000 | 6398269  |
|  Enbridge, Inc., 4.25%, 12/01/2026 (Callable 09/01/2026) | 22650000 | 22694526  |
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, <br>4.75%, 01/15/2026 | 3294000 | 3294582  |
|  EQT Corp., 3.13%, 05/15/2026 (Callable 02/01/2026)<sup>(a)</sup> | 21593000 | 21469019  |
|  Equinix, Inc., 2.90%, 11/18/2026 (Callable 09/18/2026) | 23012000 | 22784747  |
| Fiserv, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.20%, 07/01/2026 (Callable 05/01/2026) | 2375000 | 2364780  |
| &nbsp;&nbsp;&nbsp; 5.15%, 03/15/2027 (Callable 02/15/2027) | 18540000 | 18737103  |
|  Flex Ltd., 3.75%, 02/01/2026 (Callable 01/01/2026) | 46622000 | 46581452  |
| &nbsp;&nbsp;&nbsp; Flowers Foods, Inc., <br>3.50%, 10/01/2026 (Callable 07/01/2026) | 4925000 | 4899406  |
| Ford Motor Credit Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.39%, 01/08/2026 | 20174000 | 20175259  |
| &nbsp;&nbsp;&nbsp; 6.95%, 03/06/2026 (Callable 02/06/2026) | 9125000 | 9145593  |
| &nbsp;&nbsp;&nbsp; 6.95%, 06/10/2026 (Callable 05/10/2026) | 21897000 | 22087406  |
| &nbsp;&nbsp;&nbsp; 4.54%, 08/01/2026 (Callable 06/01/2026) | 14173000 | 14154484  |
| &nbsp;&nbsp;&nbsp; 5.13%, 11/05/2026 | 4500000 | 4524777  |
| &nbsp;&nbsp;&nbsp; Fresenius Medical Care US Finance III, Inc., <br>1.88%, 12/01/2026 (Callable 11/01/2026)<sup>(a)</sup> | 7120000 | 6959554  |
| General Motors Financial Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.25%, 01/08/2026 | 5000000 | 4997548  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/01/2026 (Callable 02/01/2026) | 4250000 | 4253312  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.40%, 04/06/2026 | $14675000 | $14726114  |
| &nbsp;&nbsp;&nbsp; 1.50%, 06/10/2026 (Callable 05/10/2026) | 26261000 | 25964347  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/06/2026 (Callable 07/06/2026) | 2277000 | 2276109  |
| &nbsp;&nbsp;&nbsp; 4.35%, 01/17/2027 (Callable 10/17/2026) | 10450000 | 10472428  |
| &nbsp;&nbsp;&nbsp; 2.35%, 02/26/2027 (Callable 01/26/2027) | 7175000 | 7031435  |
|  Genpact Luxembourg SARL/Genpact USA, Inc., 1.75%, 04/10/2026 (Callable 03/10/2026) | 37669000 | 37421161  |
| &nbsp;&nbsp;&nbsp; Glencore Funding LLC, <br>1.63%, 04/27/2026 (Callable 03/27/2026)<sup>(a)</sup> | 43450000 | 43091838  |
| Global Payments, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.20%, 03/01/2026 (Callable 02/01/2026) | 10385000 | 10336551  |
| &nbsp;&nbsp;&nbsp; 4.80%, 04/01/2026 (Callable 02/01/2026) | 16511000 | 16514365  |
| &nbsp;&nbsp;&nbsp; 2.15%, 01/15/2027 (Callable 12/15/2026) | 14463000 | 14160033  |
|  Graphic Packaging International LLC, 1.51%, 04/15/2026 (Callable 03/15/2026)<sup>(a)</sup> | 23336000 | 23123013  |
| &nbsp;&nbsp;&nbsp; GXO Logistics, Inc., <br>1.65%, 07/15/2026 (Callable 06/15/2026) | 72258000 | 71226962  |
|  HCA, Inc., 5.25%, 06/15/2026 (Callable 02/01/2026) | 44076000 | 44110430  |
|  Hewlett Packard Enterprise Co., 1.75%, 04/01/2026 (Callable 03/01/2026) | 20339000 | 20205558  |
| &nbsp;&nbsp;&nbsp; Hexcel Corp., <br>4.20%, 02/15/2027 (Callable 11/15/2026)<sup>(c)</sup> | 2495000 | 2489722  |
| Hyundai Capital America<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.30%, 01/08/2026<sup>(a)</sup> | 9874000 | 9869331  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/30/2026<sup>(a)</sup> | 9154000 | 9183581  |
| &nbsp;&nbsp;&nbsp; 1.50%, 06/15/2026 (Callable 05/15/2026)<sup>(a)</sup> | 26887000 | 26574774  |
| &nbsp;&nbsp;&nbsp; 5.65%, 06/26/2026<sup>(a)</sup> | 4000000 | 4028845  |
| &nbsp;&nbsp;&nbsp; 1.65%, 09/17/2026 (Callable 08/17/2026)<sup>(a)</sup> | 1148000 | 1129256  |
| &nbsp;&nbsp;&nbsp; 5.95%, 09/21/2026<sup>(a)</sup> | 13060000 | 13228258  |
| &nbsp;&nbsp;&nbsp; 2.75%, 09/27/2026<sup>(a)</sup> | 2823000 | 2794649  |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/08/2027<sup>(a)</sup> | 4708000 | 4762074  |
| &nbsp;&nbsp;&nbsp; Illumina, Inc., <br>4.65%, 09/09/2026 | 2833000 | 2842190  |
|  Jabil, Inc., 1.70%, 04/15/2026 (Callable 03/15/2026) | 17507000 | 17385430  |
|  Johnson Controls International PLC, 3.90%, 02/14/2026 (Callable 02/01/2026) | 47593000 | 47579795 |

---

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

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Ultra Short Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Industrials - (Continued)**  | **Industrials - (Continued)**  | **Industrials - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Kyndryl Holdings, Inc., <br>2.05%, 10/15/2026 <br>(Callable 09/15/2026) | $53768000 | $52887683  |
| &nbsp;&nbsp;&nbsp; LYB Finance Co. BV, <br>8.10%, 03/15/2027<sup>(a)</sup> | 30280000 | 31582097  |
|  MPLX LP, 1.75%, 03/01/2026 (Callable 02/01/2026) | 28013000 | 27902618  |
|  Nissan Motor Acceptance Co. LLC, 2.00%, 03/09/2026 (Callable 02/09/2026)<sup>(a)</sup> | 1410000 | 1400885  |
|  NXP BV / NXP Funding LLC, 5.35%, 03/01/2026 (Callable 01/05/2026) | 5575000 | 5575398  |
|  ONEOK, Inc., 4.85%, 07/15/2026 (Callable 04/15/2026) | 50360000 | 50457662  |
|  Oracle Corp., 2.65%, 07/15/2026 (Callable 04/15/2026) | 70213000 | 69637553  |
|  Penske Truck Leasing Co. Lp / PTL Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.45%, 01/29/2026<sup>(a)</sup> | 2491000 | 2491831  |
| &nbsp;&nbsp;&nbsp; 5.75%, 05/24/2026 (Callable 04/24/2026)<sup>(a)</sup> | 8115000 | 8154250  |
| &nbsp;&nbsp;&nbsp; 1.70%, 06/15/2026 (Callable 05/15/2026)<sup>(a)</sup> | 8433000 | 8336229  |
| &nbsp;&nbsp;&nbsp; Plains All American Pipeline LP / PAA Finance Corp., <br>4.50%, 12/15/2026 (Callable 09/15/2026) | 3070000 | 3079242  |
| POSCO, 4.88%, 01/23/2027<sup>(a)</sup> | 28898000 | 29104268  |
| &nbsp;&nbsp;&nbsp; PRA Health Sciences, Inc., <br>2.88%, 07/15/2026 (Callable 02/01/2026)<sup>(a)</sup> | 38131000 | 37822593  |
| &nbsp;&nbsp;&nbsp; Regal Rexnord Corp., <br>6.05%, 02/15/2026 | 68574000 | 68686138  |
| &nbsp;&nbsp;&nbsp; Renesas Electronics Corp., <br>2.17%, 11/25/2026 (Callable 10/25/2026)<sup>(a)</sup> | 15655000 | 15369961  |
|  Rogers Communications, Inc., 3.20%, 03/15/2027 (Callable 02/15/2027) | 6850000 | 6782229  |
| Royal Caribbean Cruises Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 07/01/2026 (Callable 02/01/2026)<sup>(a)</sup> | 31306000 | 31302839  |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/31/2026 (Callable 02/28/2026)<sup>(a)</sup> | 34641000 | 34694417  |
|  SBA Communications Corp., 3.88%, 02/15/2027 (Callable 01/12/2026) | 14257000 | 14150115  |
| &nbsp;&nbsp;&nbsp; Sealed Air Corp., <br>1.57%, 10/15/2026 (Callable 09/15/2026)<sup>(a)</sup> | 9327000 | 9128250  |
| &nbsp;&nbsp;&nbsp; Silgan Holdings, Inc., <br>1.40%, 04/01/2026 (Callable 03/01/2026)<sup>(a)</sup> | 21516000 | 21333765  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| SK hynix, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/17/2026<sup>(a)</sup> | $15888000 | $15905731  |
| &nbsp;&nbsp;&nbsp; 1.50%, 01/19/2026<sup>(a)</sup> | 12316000 | 12299594  |
| &nbsp;&nbsp;&nbsp; Solventum Corp., <br>5.45%, 02/25/2027 (Callable 01/25/2027) | 23040000 | 23373357  |
| Sonoco Products Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.45%, 09/01/2026 | 41429000 | 41512813  |
| &nbsp;&nbsp;&nbsp; 2.25%, 02/01/2027 (Callable 01/01/2027) | 23477000 | 23027431  |
| &nbsp;&nbsp;&nbsp; Stellantis Finance US, Inc., <br>1.71%, 01/29/2027 (Callable 12/29/2026)<sup>(a)</sup> | 30168000 | 29323817  |
| &nbsp;&nbsp;&nbsp; TD SYNNEX Corp., <br>1.75%, 08/09/2026 (Callable 07/09/2026) | 72427000 | 71348757  |
|  Teledyne Technologies, Inc., 1.60%, 04/01/2026 (Callable 03/01/2026) | 6495000 | 6452963  |
| &nbsp;&nbsp;&nbsp; Telefonica Emisiones SA, <br>4.10%, 03/08/2027 | 11810000 | 11800625  |
| T-Mobile USA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.50%, 02/15/2026 (Callable 01/17/2026) | 6910000 | 6887412  |
| &nbsp;&nbsp;&nbsp; 2.25%, 02/15/2026 (Callable 01/12/2026) | 6370000 | 6355439  |
|  Triton Container International Ltd., 2.05%, 04/15/2026 (Callable 03/15/2026)<sup>(a)</sup> | 42140000 | 41809892  |
|  Universal Health Services, Inc., 1.65%, 09/01/2026 (Callable 08/01/2026) | 38379000 | 37732289  |
| &nbsp;&nbsp;&nbsp; Utah Acquisition Sub, Inc., <br>3.95%, 06/15/2026 (Callable 03/15/2026) | 70652000 | 70493364  |
|  VICI Properties LP / VICI Note Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/01/2026 (Callable 06/01/2026)<sup>(a)</sup> | 10263000 | 10273280  |
| &nbsp;&nbsp;&nbsp; 4.25%, 12/01/2026 (Callable 01/12/2026)<sup>(a)</sup> | 54227000 | 54222148  |
| &nbsp;&nbsp;&nbsp; 5.75%, 02/01/2027 (Callable 11/01/2026)<sup>(a)</sup> | 1000000 | 1011308  |
| &nbsp;&nbsp;&nbsp; 3.75%, 02/15/2027 (Callable 02/01/2026)<sup>(a)</sup> | 2075000 | 2061630  |
| &nbsp;&nbsp;&nbsp; VMware LLC, <br>1.40%, 08/15/2026 (Callable 07/15/2026) | 22311000 | 21982218  |
|  Volkswagen Group of America Finance LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 03/20/2026<sup>(a)</sup> | 1223000 | 1226173  |
| &nbsp;&nbsp;&nbsp; 4.90%, 08/14/2026<sup>(a)</sup> | 2655000 | 2665639  |
| &nbsp;&nbsp;&nbsp; 5.70%, 09/12/2026<sup>(a)</sup> | 38187000 | 38585705  |
| &nbsp;&nbsp;&nbsp; 3.20%, 09/26/2026<sup>(a)</sup> | 21516000 | 21363833  |
| &nbsp;&nbsp;&nbsp; 6.00%, 11/16/2026<sup>(a)</sup> | 6525000 | 6630742  |
|  Vontier Corp., 1.80%, 04/01/2026 (Callable 03/01/2026) | 68581000 | 68142370  |

---

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

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Ultra Short Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Industrials - (Continued)**  | **Industrials - (Continued)**  | **Industrials - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Weir Group PLC, <br>2.20%, 05/13/2026 (Callable 04/13/2026)<sup>(a)</sup> | $40324000 | $39958484  |
|  Western Midstream Operating LP, 4.65%, 07/01/2026 (Callable 04/01/2026) | 35399000 | 35405541  |
| &nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies Corp., <br>3.45%, 11/15/2026 (Callable 08/15/2026) | 19000000 | 18904470  |
| &nbsp;&nbsp;&nbsp; Williams Cos., Inc., <br>5.40%, 03/02/2026 | 4583000 | 4592998  |
| &nbsp;&nbsp;&nbsp; Wipro IT Services LLC, <br>1.50%, 06/23/2026 (Callable 05/23/2026)<sup>(a)</sup> | 2875000 | 2837921  |
| &nbsp;&nbsp;&nbsp; Woodside Finance Ltd., <br>3.70%, 09/15/2026 (Callable 06/15/2026)<sup>(a)</sup> | 18788000 | 18717355  |
|  |  | 2733778490  |
| **Utilities - 2.6%**<br>|  |  |
|  Algonquin Power & Utilities Corp., 5.37%, 06/15/2026<sup>(c)</sup> | 67045000 | 67362345  |
|  Alliant Energy Finance LLC, 1.40%, 03/15/2026 (Callable 02/15/2026)<sup>(a)</sup> | 6868000 | 6822264  |
|  Ameren Corp., 3.65%, 02/15/2026 (Callable 02/01/2026) | 3095000 | 3091674  |
| &nbsp;&nbsp;&nbsp; Black Hills Corp., <br>3.15%, 01/15/2027 (Callable 07/15/2026) | 5094000 | 5043964  |
| &nbsp;&nbsp;&nbsp; Brooklyn Union Gas Co., <br>3.41%, 03/10/2026 (Callable 02/01/2026)<sup>(a)</sup> | 1229000 | 1227427  |
| &nbsp;&nbsp;&nbsp; CMS Energy Corp., <br>3.00%, 05/15/2026 (Callable 02/15/2026) | 10092000 | 10056394  |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp., <br>2.65%, 09/01/2026 (Callable 06/01/2026) | 10897000 | 10803869  |
| &nbsp;&nbsp;&nbsp; Emera US Finance LP, <br>3.55%, 06/15/2026 (Callable 03/15/2026) | 15103000 | 15054427  |
| &nbsp;&nbsp;&nbsp; Eversource Energy, <br>4.75%, 05/15/2026 | 14239000 | 14275353  |
| &nbsp;&nbsp;&nbsp; Fells Point Funding Trust, <br>3.05%, 01/31/2027 (Callable 12/31/2026)<sup>(a)</sup> | 31104000 | 30730804  |
|  FirstEnergy Pennsylvania Electric Co., 5.15%, 03/30/2026<sup>(a)</sup> | 9720000 | 9743042  |
| &nbsp;&nbsp;&nbsp; Fortis, Inc./Canada, <br>3.06%, 10/04/2026 (Callable 07/04/2026) | 5186000 | 5143485  |
| &nbsp;&nbsp;&nbsp; ITC Holdings Corp., <br>3.25%, 06/30/2026 (Callable 03/30/2026) | 31904000 | 31752813  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; KeySpan Gas East Corp., <br>2.74%, 08/15/2026 (Callable 05/15/2026)<sup>(a)</sup> | $16182000 | $16014885  |
|  New York State Electric & Gas Corp., 3.25%, 12/01/2026 (Callable 09/01/2026)<sup>(a)</sup> | 2125000 | 2109607  |
| Spire, Inc., 5.30%, 03/01/2026 | 15173000 | 15194312  |
|  |  | 244426665  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $4,761,353,890)** |  | 4772536678  |
| **U.S. TREASURY SECURITIES - 27.3%**<br>|  |  |
| United States Treasury Note/Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/28/2026 | 323675000 | 324094764  |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/31/2026 | 325000000 | 325685549  |
| &nbsp;&nbsp;&nbsp; 4.88%, 04/30/2026 | 330000000 | 331340625  |
| &nbsp;&nbsp;&nbsp; 4.88%, 05/31/2026 | 365000000 | 366892488  |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/30/2026 | 150000000 | 150778125  |
| &nbsp;&nbsp;&nbsp; 3.75%, 08/31/2026 | 250000000 | 250269530  |
| &nbsp;&nbsp;&nbsp; 4.13%, 10/31/2026 | 365000000 | 366562656  |
| &nbsp;&nbsp;&nbsp; 4.25%, 11/30/2026 | 275000000 | 276688671  |
| &nbsp;&nbsp;&nbsp; 4.25%, 12/31/2026 | 145000000 | 146027992  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $2,535,414,570)** |  | 2538340400  |
| **ASSET-BACKED SECURITIES - 10.6%** | **ASSET-BACKED SECURITIES - 10.6%** | **ASSET-BACKED SECURITIES - 10.6%** |
| Ally Bank Auto Credit-Linked Notes<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-A, Class A2, 5.68%, 05/17/2032 (Callable 01/15/2028)<sup>(a)</sup> | 4192096 | 4265896  |
| &nbsp;&nbsp;&nbsp; Series 2024-B, Class A2, 4.97%, 09/15/2032 (Callable 06/15/2028)<sup>(a)</sup> | 16994497 | 17159777  |
| &nbsp;&nbsp;&nbsp; Series 2025-A, Class A2, 4.45%, 06/15/2033 (Callable 11/15/2028)<sup>(a)</sup> | 16606427 | 16688531  |
| &nbsp;&nbsp;&nbsp; Series 2025-B, Class A2, 4.31%, 09/15/2033 (Callable 04/15/2029)<sup>(a)</sup> | 6067632 | 6083094  |
|  ARI Fleet Lease Trust, Series 2023-A, Class A2, 5.41%, 02/17/2032 (Callable 08/15/2026)<sup>(a)</sup> | 893682 | 894115  |
| &nbsp;&nbsp;&nbsp; BA Credit Card Trust, <br>Series 2023-A1, Class A1, 4.79%, 05/15/2028 | 26593000 | 26681720  |
| &nbsp;&nbsp;&nbsp; Barclays Dryrock Funding LLC, Series 2023-1, Class A, <br>4.72%, 02/15/2029 | 36805000 | 36890612  |
|  Capital One Financial Corp., Series 2023-A1, Class A, 4.42%, 05/15/2028 | 26466000 | 26516764  |

---

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

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Ultra Short Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES - (Continued)**  | **ASSET-BACKED SECURITIES - (Continued)**  | **ASSET-BACKED SECURITIES - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Capital One Prime Auto Receivables Trust, <br>Series 2022-1, Class A3, <br>3.17%, 04/15/2027 (Callable 04/15/2026) | $1121188 | $1120415  |
| CarMax Auto Owner Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Class A3, <br>4.75%, 10/15/2027 (Callable 03/15/2027) | 12144900 | 12170866  |
| &nbsp;&nbsp;&nbsp; Series 2024-3, Class A2A, 5.21%, 09/15/2027 (Callable 09/15/2027) | 4888586 | 4898169  |
| Chase Auto Owner Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-AA, Class A3, 5.68%, 01/25/2029 (Callable 05/25/2028)<sup>(a)</sup> | 9415561 | 9514338  |
| &nbsp;&nbsp;&nbsp; Series 2024-3A, Class A2, 5.53%, 09/27/2027 (Callable 09/27/2027)<sup>(a)</sup> | 749037 | 749720  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2, 4.40%, 07/25/2028 (Callable 07/25/2028)<sup>(a)</sup> | 15419753 | 15460707  |
| &nbsp;&nbsp;&nbsp; Dell Equipment Finance Trust, Series 2024-2, Class A2, <br>4.69%, 08/22/2030 (Callable 05/22/2027)<sup>(a)</sup> | 4323998 | 4331789  |
|  Discover Card Execution Note Trust, Series 2023-A1, Class A, 4.31%, 03/15/2028 | 25004000 | 25029414  |
| DLLAD LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A2, 5.50%, 08/20/2027 (Callable 08/20/2027)<sup>(a)</sup> | 2919580 | 2932509  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2, 4.46%, 11/20/2028 (Callable 11/20/2028)<sup>(a)</sup> | 9575000 | 9624620  |
| Financial Holding Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class A, <br>5.80%, 03/15/2028<sup>(a)</sup> | 25306000 | 25392625  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B, Class A, <br>5.27%, 05/15/2028<sup>(a)</sup> | 5637000 | 5662551  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C, Class A, <br>5.52%, 10/15/2028<sup>(a)</sup> | 25741000 | 26032924  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A, <br>4.95%, 02/15/2029<sup>(a)</sup> | 31842000 | 32174520  |
| First National Master Note Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Class A, <br>5.13%, 04/15/2029 | 14009000 | 14054497  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2, Class A, <br>5.77%, 09/15/2029 | 43367000 | 43919027  |
| Ford Credit Auto Owner Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A, <br>1.37%, 10/17/2033 (Callable 04/15/2026)<sup>(a)</sup> | 64783000 | 64269206  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class A, <br>1.53%, 05/15/2034 (Callable 11/15/2026)<sup>(a)</sup> | 13738000 | 13458818  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Ford Credit Floorplan LLC, Series 2023-1, Class A1, <br>4.92%, 05/15/2028<sup>(a)</sup> | $71656000 | $71884489  |
| &nbsp;&nbsp;&nbsp; General Motors Co., <br>Series 2023-1, Class A1, <br>5.34%, 06/15/2028<sup>(a)</sup> | 56374000 | 56711511  |
| &nbsp;&nbsp;&nbsp; GM Financial Revolving Receivables Trust, <br>Series 2021-1, Class A, <br>1.17%, 06/12/2034 (Callable 09/11/2026)<sup>(a)</sup> | 8850000 | 8683186  |
|  GreatAmerica Leasing Receivables, Series 2024-2, Class A2, 5.28%, 03/15/2027 (Callable 03/15/2027)<sup>(a)</sup> | 6197670 | 6223074  |
|  Harley-Davidson Customer Funding Corp., Series 2024-B, Class A2, 4.62%, 08/16/2027 (Callable 08/16/2027) | 3120336 | 3122046  |
|  Honda Auto Receivables Owner Trust, Series 2023-4, Class A3, 5.67%, 06/21/2028 (Callable 03/21/2027) | 3259983 | 3295563  |
| &nbsp;&nbsp;&nbsp; Huntington Bank Auto Credit-Linked Notes Series 2024-1, Series 2024-1, Class B1, <br>6.15%, 05/20/2032 (Callable 11/20/2027)<sup>(a)</sup> | 3077770 | 3129345  |
|  Hyundai Auto Lease Securitization Trust, Series 2023-C, Class A3, 5.80%, 12/15/2026 (Callable 04/15/2026)<sup>(a)</sup> | 9212228 | 9220448  |
| Hyundai Auto Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C, Class A3, <br>5.54%, 10/16/2028 (Callable 02/15/2028) | 19319451 | 19514173  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A2A, <br>5.15%, 06/15/2027 (Callable 06/15/2027) | 6726607 | 6737013  |
|  Kubota Credit Owner Trust, Series 2024-1A, Class A2, 5.39%, 01/15/2027 (Callable 01/15/2027)<sup>(a)</sup> | 3125502 | 3128685  |
|  M&T Equipment Notes, Series 2024-1A, Class A2, 4.99%, 08/18/2031 (Callable 07/16/2028)<sup>(a)</sup> | 9410445 | 9439992  |
|  Mercedes-Benz Auto Receivables Trust, Series 2024-1, Class A3, 4.80%, 04/16/2029 (Callable 04/15/2028) | 35499935 | 35747667  |
|  Nissan Auto Receivables 2025-A Owner Trust, Series 2025-A, Class A2A, 4.50%, 02/15/2028 (Callable 02/15/2028) | 22275000 | 22346768  |
|  Nissan Master Owner Trust Receivables, Series 2024-B, Class A, 5.05%, 02/15/2029<sup>(a)</sup> | 40775000 | 41263085 |

---

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

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Ultra Short Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES - (Continued)**  | **ASSET-BACKED SECURITIES - (Continued)**  | **ASSET-BACKED SECURITIES - (Continued)**  |
|  PHH Arval, Series 2023-2A, Class A1, 6.16%, 10/15/2035 (Callable 10/15/2026)<sup>(a)</sup> | $6036719 | $6100523  |
|  SFS Auto Receivables Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class A2, <br>4.71%, 05/22/2028 (Callable 05/22/2028)<sup>(a)</sup> | 1061165 | 1062244  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A, Class A2, <br>4.11%, 03/20/2029 (Callable 03/20/2029)<sup>(a)</sup> | 44675000 | 44765990  |
| SoFi Consumer Loan Program Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A, <br>4.80%, 02/27/2034 (Callable 02/25/2028)<sup>(a)</sup> | 6427304 | 6450808  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class A, <br>4.82%, 06/25/2034 (Callable 08/25/2028)<sup>(a)</sup> | 7587084 | 7630894  |
|  Stellantis Financial Underwritten Enhanced Lease Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-AA, Class A2, <br>4.63%, 07/20/2027 (Callable 07/20/2027)<sup>(a)</sup> | 37710961 | 37835211  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BA, Class A2, <br>4.31%, 05/22/2028 (Callable 03/20/2028)<sup>(a)</sup> | 25025000 | 25104787  |
|  Synchrony Bank, Series 2023-A1, Class A, 5.54%, 07/15/2029 | 72424000 | 73033151  |
|  Towd Point Mortgage Trust, Series 2020-MH1, Class A1, 2.25%, 02/25/2060 (Callable 01/25/2026)<sup>(a)(d)</sup> | 4167280 | 4087115  |
|  Toyota Auto Loan Extended Note Trust, Series 2021-1A, Class A, 1.07%, 02/27/2034 (Callable 02/25/2026)<sup>(a)</sup> | 14758000 | 14693364  |
|  US Bancorp, Series 2023-1, Class B, 6.79%, 08/25/2032 (Callable 12/25/2026)<sup>(a)</sup> | 1668996 | 1686081  |
|  USAA Auto Owner Trust, Series 2025-A, Class A2, 3.98%, 03/15/2028 (Callable 03/15/2028)<sup>(a)</sup> | 17425000 | 17444328  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $982,470,527)** |  | 986318765  |
| &nbsp;&nbsp;&nbsp; **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br>**SECURITIES - 6.9%** | &nbsp;&nbsp;&nbsp; **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br>**SECURITIES - 6.9%** | &nbsp;&nbsp;&nbsp; **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br>**SECURITIES - 6.9%** |
|  Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2016-UB10, Class A4, 3.17%, 07/15/2049 (Callable 02/15/2031) | 14820233 | 14768811  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| BBCMS Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C1, Class A4, <br>3.67%, 02/15/2050 (Callable 02/15/2027) | $1750000 | $1732477  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C14, Class A1, <br>1.73%, 02/15/2055 (Callable 02/15/2032) | 3141973 | 3101708  |
|  Benchmark Mortgage Trust, Series 2020-B19, Class A3, 1.79%, 09/15/2053 (Callable 10/15/2030) | 1100000 | 1068557  |
| CFCRE Commercial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C4, Class A4, <br>3.28%, 05/10/2058 (Callable 11/10/2026) | 2913902 | 2909557  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C6, Class A3, <br>3.22%, 11/10/2049 (Callable 11/10/2026)<sup>(d)</sup> | 43820000 | 43481793  |
| Citigroup Commercial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2015-GC31, Class A4, 3.76%, 06/10/2048 (Callable 01/10/2026) | 5252675 | 5169174  |
| &nbsp;&nbsp;&nbsp; Series 2015-GC35, Class A4, 3.82%, 11/10/2048 (Callable 10/10/2027) | 7967497 | 7939148  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C2, Class A4, <br>2.83%, 08/10/2049 (Callable 08/10/2026) | 5714752 | 5665475  |
| &nbsp;&nbsp;&nbsp; Series 2016-GC36, Class A5, 3.62%, 02/10/2049 (Callable 11/10/2030) | 1302188 | 1296004  |
| &nbsp;&nbsp;&nbsp; Series 2016-GC37, Class A4, 3.31%, 04/10/2049 (Callable 03/10/2026) | 235152 | 234867  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P3, Class A4, <br>3.33%, 04/15/2049 (Callable 04/15/2026) | 28550478 | 28460790  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P4, Class A4, <br>2.90%, 07/10/2049 (Callable 07/10/2026) | 4300000 | 4266586  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P5, Class A4, <br>2.94%, 10/10/2049 (Callable 10/10/2026) | 27865000 | 27465421  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P6, Class A5, <br>3.72%, 12/10/2049 (Callable 01/10/2027)<sup>(d)</sup> | 736000 | 723363  |
|  Citigroup/Deutsche Bank Commercial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C1, Class A4, <br>3.28%, 05/10/2049 (Callable 04/10/2026) | 34592241 | 34491761  |
| &nbsp;&nbsp;&nbsp; Series 2016-CD1, Class A4, 2.72%, 08/10/2049 (Callable 08/10/2027) | 2700000 | 2658939 |

---

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

8<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Ultra Short Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - (Continued)**  | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - (Continued)**  | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - (Continued)**  |
|  Commercial Mortgage Pass Through Certificates<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2014-UBS5, Class AM, 4.19%, 09/10/2047 (Callable 09/10/2026)<sup>(d)</sup> | $13331339 | $13098174  |
| &nbsp;&nbsp;&nbsp; Series 2016-COR1, Class A4, 3.09%, 10/10/2049 (Callable 08/10/2027) | 20200300 | 19985375  |
| Computershare Corporate Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-BNK1, Class A3, 2.65%, 08/15/2049 (Callable 08/15/2026) | 2575000 | 2548046  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C34, Class A3, <br>2.83%, 06/15/2049 (Callable 05/15/2026) | 9704545 | 9685448  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C34, Class A4, <br>3.10%, 06/15/2049 (Callable 05/15/2026) | 21343000 | 21233794  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C35, Class A4, <br>2.93%, 07/15/2048 (Callable 07/15/2026) | 658300 | 652976  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C36, Class A4, <br>3.07%, 11/15/2059 (Callable 10/15/2026) | 2134000 | 2110872  |
| &nbsp;&nbsp;&nbsp; Series 2016-NXS6, Class A4, 2.92%, 11/15/2049 (Callable 10/15/2026) | 73298000 | 72660945  |
|  Credit Suisse Mortgage Capital Certificates, Series 2016-NXSR, Class A4, 3.79%, 12/15/2049 (Callable 12/15/2026)<sup>(d)</sup> | 2145000 | 2133140  |
| CSAIL Commercial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C7, Class A5, <br>3.50%, 11/15/2049 (Callable 11/15/2026) | 1068000 | 1060138  |
| &nbsp;&nbsp;&nbsp; Series 2017-C8, Class ASB, 3.19%, 06/15/2050 (Callable 06/15/2027) | 3536738 | 3511952  |
| &nbsp;&nbsp;&nbsp; Series 2018-CX11, Class A4, 3.77%, 04/15/2051 (Callable 04/15/2028) | 1312787 | 1303967  |
| GS Mortgage Securities Corp. II<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2014-GC22, Class A5, 3.86%, 06/10/2047 (Callable 04/10/2028) | 5318711 | 5143747  |
| &nbsp;&nbsp;&nbsp; Series 2015-GC34, Class A4, 3.51%, 10/10/2048 (Callable 01/10/2026) | 611746 | 604105  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS3, Class A4, <br>2.85%, 10/10/2049 (Callable 10/10/2026) | 17525000 | 17348415  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  JP Morgan Chase Commercial Mortgage Securities<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-JP1, Class A5, <br>3.91%, 01/15/2049 (Callable 11/15/2027) | $1852522 | $1845111  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP2, Class A4, <br>2.82%, 08/15/2049 (Callable 07/15/2026) | 1615650 | 1604344  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP3, Class A5, <br>2.87%, 08/15/2049 (Callable 09/15/2026) | 3291150 | 3259853  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP5, Class A5, <br>3.72%, 03/15/2050 (Callable 04/15/2027) | 37490000 | 37271433  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP6, Class A5, <br>3.49%, 07/15/2050 (Callable 04/15/2028) | 1120000 | 1098524  |
|  JPMBB Commercial Mortgage Securities Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C24, Class A5, <br>3.64%, 11/15/2047 (Callable 08/15/2027) | 1752713 | 1725908  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C25, Class A5, <br>3.67%, 11/15/2047 (Callable 12/15/2027) | 10082476 | 9969754  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C27, Class A4, <br>3.18%, 02/15/2048 (Callable 09/15/2026) | 113991 | 111146  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C32, Class A5, <br>3.60%, 11/15/2048 (Callable 01/15/2026) | 20225361 | 19820854  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C1, Class A5, <br>3.58%, 03/17/2049 (Callable 11/15/2027) | 4716089 | 4707437  |
|  JPMDB Commercial Mortgage Securities Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C2, Class A4, <br>3.14%, 06/15/2049 (Callable 05/15/2026) | 23885000 | 23734706  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C4, Class A3, <br>3.14%, 12/15/2049 (Callable 04/15/2027) | 6840176 | 6730375  |
|  Morgan Stanley Bank of America Merrill Lynch Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C22, Class A4, <br>3.31%, 04/15/2048 (Callable 11/15/2027) | 842758 | 830125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C28, Class A4, <br>3.54%, 01/15/2049 (Callable 02/15/2028) | 32907357 | 32844306  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C29, Class A4, <br>3.33%, 05/15/2049 (Callable 05/15/2026) | 5501050 | 5471823  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C30, Class A4, <br>2.60%, 09/15/2049 (Callable 10/15/2026) | 11782954 | 11751839 |

---

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

9<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Ultra Short Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - (Continued)**  | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - (Continued)**  | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - (Continued)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C30, Class A5, <br>2.86%, 09/15/2049 (Callable 10/15/2026) | $26374000 | $26108171  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C31, Class A5, <br>3.10%, 11/15/2049 (Callable 11/15/2026) | 4270000 | 4217801  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C32, Class A4, <br>3.72%, 12/15/2049 (Callable 01/15/2027) | 9967000 | 9887496  |
| Morgan Stanley Capital I, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-UB11, Class A3, 2.53%, 08/15/2049 (Callable 08/15/2026) | 1660032 | 1649163  |
| &nbsp;&nbsp;&nbsp; Series 2016-UB12, Class A4, 3.60%, 12/15/2049 (Callable 11/15/2026) | 37206000 | 36818726  |
| &nbsp;&nbsp;&nbsp; Series 2016-UBS9, Class A4, 3.59%, 03/15/2049 (Callable 02/15/2026) | 230440 | 229937  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H1, Class A4, <br>3.26%, 06/15/2050 (Callable 06/15/2027) | 22285000 | 22054894  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H1, Class A5, <br>3.53%, 06/15/2050 (Callable 06/15/2027) | 5000000 | 4954473  |
| &nbsp;&nbsp;&nbsp; SG Commercial Mortgage Securities LLC, <br>Series 2016-C5, Class A4, 3.06%, 10/10/2048 (Callable 07/10/2026) | 21518421 | 21306585  |
| &nbsp;&nbsp;&nbsp; **TOTAL NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $642,621,436)** |  | 648520309  |
| &nbsp;&nbsp;&nbsp; **NON-AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - 0.4%** | &nbsp;&nbsp;&nbsp; **NON-AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - 0.4%** | &nbsp;&nbsp;&nbsp; **NON-AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - 0.4%** |
| Arroyo Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class A1, <br>3.81%, 01/25/2049 (Callable 01/25/2026)<sup>(a)(d)</sup> | 2242271 | 2193752  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2, Class A1, <br>3.35%, 04/25/2049 (Callable 01/25/2026)<sup>(a)(d)</sup> | 3858238 | 3770407  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3, Class A1, <br>2.96%, 10/25/2048 (Callable 01/25/2026)<sup>(a)(d)</sup> | 7768754 | 7476463  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  FirstKey Homes Trust, Series 2021-SFR1, Class A, 1.54%, 08/17/2038<sup>(a)</sup> | $9673289 | $9511395  |
|  Starwood Mortgage Residential Trust, Series 2021-1, Class A1, 1.22%, 05/25/2065 (Callable 01/25/2026)<sup>(a)(d)</sup> | 4400063 | 4152336  |
| Towd Point Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-4, Class A1, <br>2.75%, 06/25/2057 (Callable 05/25/2030)<sup>(a)(d)</sup> | 2229040 | 2190960  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-6, Class A1, <br>2.75%, 10/25/2057 (Callable 03/25/2031)<sup>(a)(d)</sup> | 3560168 | 3513858  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-6, Class A1A, <br>3.75%, 03/25/2058 (Callable 01/25/2030)<sup>(a)(d)</sup> | 2176642 | 2166569  |
| &nbsp;&nbsp;&nbsp; **TOTAL NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $35,850,179)** |  | 34975740  |
| **MUNICIPAL BONDS - 0.4%**<br>|  |  |
|  Central Plains Energy Project, 5.45%, 08/01/2026 | 1150000 | 1158304  |
|  Cleburne Independent School District, 0.00%, 02/15/2026<sup>(e)</sup> | 7750000 | 7709160  |
| &nbsp;&nbsp;&nbsp; New York State Energy Research & Development Authority, <br>5.74%, 04/01/2026 | 1625000 | 1626725  |
| &nbsp;&nbsp;&nbsp; Port of Morrow OR, <br>5.15%, 10/01/2026 (Callable 01/23/2026)<sup>(a)</sup> | 15295000 | 15297331  |
|  Township of Weehawken NJ, 5.38%, 10/29/2026 | 9047000 | 9129945  |
| &nbsp;&nbsp;&nbsp; **TOTAL MUNICIPAL BONDS** <br>**(Cost $34,876,328)** |  | 34921465 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **Money Market Funds - 2.1%**<br>|  |  |
|  First American Government Obligations Fund - Class U, 3.69%<sup>(f)</sup> | 192543355 | 192543355  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $192,543,355)** |  | 192543355 |

---

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

10<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Ultra Short Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **COMMERCIAL PAPER - 0.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Baptist Memorial Health, <br>4.30%, 02/11/2026 | $28100000 | $28101090  |
|  Ovintiv, Inc., 4.26%, 01/16/2026<sup>(g)</sup> | 36325000 | 36257792  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMERCIAL PAPER** <br>**(Cost $64,360,675)** |  | 64358882  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.6%** <br>**(Cost $9,249,490,960)** |  | $9272515594  |
|  Other Assets in Excess of Liabilities - 0.4% |  | 34256441  |
| **TOTAL NET ASSETS - 100.0%** |  | $9306772035 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

CMT - Constant Maturity Treasury

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of December 31, 2025, the value of these securities total $2,195,415,321 or 23.6% of the Fund's net assets.

<sup>(b)</sup> To the extent that the Fund invests more heavily in particular industries or sectors of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(c)</sup> Step coupon bond. The rate disclosed is as of December 31, 2025.

<sup>(d)</sup> Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of December 31, 2025.

<sup>(e)</sup> Zero coupon bonds make no periodic interest payments.

<sup>(f)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

<sup>(g)</sup> The rate shown is the annualized yield as of December 31, 2025.

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

11<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Ultra Short Bond Fund** 

**Summary of Fair Value Disclosure** 

**as of December 31, 2025** 

Baird Ultra Short Bond Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the year, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

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

---

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

---

---

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

---

The following is a summary of the fair valuation hierarchy of the Fund's securities as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $4772536678 | $— | $4772536678  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 2538340400 |  | 2538340400  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 986318765 |  | 986318765  |
| &nbsp;&nbsp;&nbsp; Non-Agency Commercial Mortgage-Backed Securities |  | 648520309 |  | 648520309  |
| &nbsp;&nbsp;&nbsp; Non-Agency Residential Mortgage-Backed Securities |  | 34975740 |  | 34975740  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds |  | 34921465 |  | 34921465  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 192543355 |  |  | 192543355  |
| &nbsp;&nbsp;&nbsp; Commercial Paper |  | 64358882 |  | 64358882  |
| **Total Investments** | $192543355 | $9079972239 | $— | $9272515594 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting year, as compared to the security classifications from the prior year's core financial statements. See the Fund's Valuation Policy in Note 2a to the financial statements.

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

12<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Short-Term Bond Fund** 

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - 51.2%** | **CORPORATE BONDS - 51.2%** |  |
| **Financials - 20.4%**<br>|  |  |
| ABN AMRO Bank NV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 04/18/2026<sup>(a)</sup> | $12400000 | $12416826  |
| &nbsp;&nbsp;&nbsp; 4.99% to 12/03/2027 then 1 yr. CMT Rate + 0.78%, 12/03/2028 (Callable 12/03/2027)<sup>(a)</sup> | 3000000 | 3052448  |
| &nbsp;&nbsp;&nbsp; AEGON Funding Co. LLC, <br>5.50%, 04/16/2027 (Callable 03/16/2027)<sup>(a)</sup> | 50000000 | 50796245  |
|  AerCap Ireland Capital DAC / AerCap Global Aviation Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.45%, 04/15/2027 (Callable 03/15/2027) | 15773000 | 16204943  |
| &nbsp;&nbsp;&nbsp; 4.63%, 10/15/2027 (Callable 08/15/2027) | 7300000 | 7360839  |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/06/2028 (Callable 05/06/2028) | 23000000 | 23821072  |
| &nbsp;&nbsp;&nbsp; AIB Group PLC, <br>6.61% to 09/13/2028 then SOFR + 2.33%, 09/13/2029 (Callable 09/13/2028)<sup>(a)</sup> | 37724000 | 40072707  |
| Air Lease Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.20%, 01/15/2027 (Callable 12/15/2026) | 5817000 | 5698846  |
| &nbsp;&nbsp;&nbsp; 5.85%, 12/15/2027 (Callable 11/15/2027) | 2668000 | 2743369  |
|  Aircastle Ltd., 6.50%, 07/18/2028 (Callable 06/18/2028)<sup>(a)</sup> | 22700000 | 23873640  |
|  Ally Financial, Inc., 5.74% (SOFR + 1.96%), 05/15/2029 (Callable 05/15/2028) | 20000000 | 20514052  |
| &nbsp;&nbsp;&nbsp; American National Global Funding, <br>4.63%, 12/15/2028<sup>(a)</sup> | 34950000 | 35082398  |
| Aviation Capital Group LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 04/14/2027<sup>(a)</sup> | 20629000 | 20741152  |
| &nbsp;&nbsp;&nbsp; 3.50%, 11/01/2027 (Callable 07/01/2027)<sup>(a)</sup> | 20035000 | 19731719  |
| &nbsp;&nbsp;&nbsp; 6.25%, 04/15/2028 (Callable 03/15/2028)<sup>(a)</sup> | 5000000 | 5193790  |
| Banco Santander SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.18% to 03/24/2027 then 1 yr. CMT Rate + 2.00%, 03/24/2028 (Callable 03/24/2027) | 15000000 | 15006653  |
| &nbsp;&nbsp;&nbsp; 5.37% to 07/15/2027 then 1 yr. CMT Rate + 0.95%, 07/15/2028 (Callable 07/15/2027) | 5000000 | 5096884  |
| Bank of America Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38% to 04/27/2027 then SOFR + 1.58%, 04/27/2028 (Callable 04/27/2027) | 15069000 | 15130692  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 3.97% to 03/05/2028 then 3 mo. Term SOFR + 1.33%, 03/05/2029 (Callable 03/05/2028) | $25000000 | $24966601  |
| &nbsp;&nbsp;&nbsp; Bank of Ireland Group PLC, <br>5.60% (SOFR + 1.62%), 03/20/2030 (Callable 03/20/2029)<sup>(a)</sup> | 23400000 | 24312974  |
| &nbsp;&nbsp;&nbsp; Bank of Montreal, <br>5.37%, 06/04/2027 | 9375000 | 9571602  |
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon, <br>4.73% to 04/20/2028 then SOFR + 1.14%, 04/20/2029 (Callable 04/20/2028) | 21700000 | 22057237  |
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia, <br>4.40% to 09/08/2027 then SOFR + 1.00%, 09/08/2028 (Callable 09/08/2027) | 47225000 | 47473238  |
| &nbsp;&nbsp;&nbsp; Banque Federative du Credit Mutuel SA, <br>5.19%, 02/16/2028<sup>(a)</sup> | 28700000 | 29355467  |
| Barclays PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50% to 08/09/2027 then 1 yr. CMT Rate + 2.65%, 08/09/2028 (Callable 08/09/2027) | 30000000 | 30654753  |
| &nbsp;&nbsp;&nbsp; 5.09% to 02/25/2028 then SOFR + 0.96%, 02/25/2029 (Callable 02/25/2028) | 23750000 | 24210263  |
| BNP Paribas SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 03/13/2027<sup>(a)</sup> | 1300000 | 1305010  |
| &nbsp;&nbsp;&nbsp; 3.50%, 11/16/2027<sup>(a)</sup> | 5000000 | 4947664  |
| &nbsp;&nbsp;&nbsp; 2.59% to 01/20/2027 then SOFR + 1.23%, 01/20/2028 (Callable 01/20/2027)<sup>(a)</sup> | 10300000 | 10141690  |
| &nbsp;&nbsp;&nbsp; 4.79% to 05/09/2028 then SOFR + 1.45%, 05/09/2029 (Callable 05/09/2028)<sup>(a)</sup> | 42000000 | 42483020  |
| BPCE SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.05% to 10/19/2026 then SOFR + 1.09%, 10/19/2027 (Callable 10/19/2026)<sup>(a)</sup> | 2432000 | 2392511  |
| &nbsp;&nbsp;&nbsp; 6.61% to 10/19/2026 then SOFR + 1.98%, 10/19/2027 (Callable 10/19/2026)<sup>(a)</sup> | 15000000 | 15282447  |
| &nbsp;&nbsp;&nbsp; 3.50%, 10/23/2027<sup>(a)</sup> | 30602000 | 30268383  |
| &nbsp;&nbsp;&nbsp; 6.71% to 10/19/2028 then SOFR + 2.27%, 10/19/2029 (Callable 10/19/2028)<sup>(a)</sup> | 3125000 | 3316002  |
| &nbsp;&nbsp;&nbsp; Brighthouse Financial Global Funding, <br>5.55%, 04/09/2027<sup>(a)</sup> | 30000000 | 30423092  |
| &nbsp;&nbsp;&nbsp; Brown & Brown, Inc., <br>4.70%, 06/23/2028 (Callable 05/23/2028) | 13397000 | 13561700  |
| &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce, <br>5.24%, 06/28/2027 | 50000000 | 50953505  |

---

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

13<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Short-Term Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Financials - (Continued)** | **Financials - (Continued)** | **Financials - (Continued)** |
| &nbsp;&nbsp;&nbsp; Cantor Fitzgerald LP, <br>4.50%, 04/14/2027 (Callable 01/14/2027)<sup>(a)</sup> | $15000000 | $14978725  |
|  Capital One Financial Corp., 6.31% to 06/08/2028 then SOFR + 2.64%, 06/08/2029 (Callable 06/08/2028) | 31000000 | 32543273  |
| &nbsp;&nbsp;&nbsp; Capital One NA, <br>5.97% to 08/09/2028 then 5 yr. Mid Swap Rate USD + 1.73%, 08/09/2028 | 16000000 | 16623792  |
| Centene Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 12/15/2027 (Callable 01/17/2026) | 40757000 | 40516649  |
| &nbsp;&nbsp;&nbsp; 2.45%, 07/15/2028 (Callable 05/15/2028) | 15000000 | 14046938  |
| Citigroup, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.07% to 02/24/2027 then SOFR + 1.28%, 02/24/2028 (Callable 02/24/2027) | 15000000 | 14830701  |
| &nbsp;&nbsp;&nbsp; 4.79% to 03/04/2028 then SOFR + 0.87%, 03/04/2029 (Callable 03/04/2028) | 45000000 | 45657919  |
| CNO Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 06/04/2027<sup>(a)</sup> | 35000000 | 35778573  |
| &nbsp;&nbsp;&nbsp; 4.88%, 12/10/2027<sup>(a)</sup> | 8500000 | 8610376  |
| &nbsp;&nbsp;&nbsp; 4.38%, 09/08/2028<sup>(a)</sup> | 11000000 | 11018630  |
| Cooperatieve Rabobank UA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.65% to 04/06/2027 then 1 yr. CMT Rate + 1.22%, 04/06/2028 (Callable 04/06/2027)<sup>(a)</sup> | 48768000 | 48525250  |
| &nbsp;&nbsp;&nbsp; 4.66% to 08/22/2027 then 1 yr. CMT Rate + 1.75%, 08/22/2028 (Callable 08/22/2027)<sup>(a)</sup> | 2500000 | 2525505  |
|  Corebridge Global Funding, 4.65%, 08/20/2027<sup>(a)</sup> | 14500000 | 14636736  |
| Credit Agricole SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.23% to 01/09/2028 then SOFR + 1.13%, 01/09/2029 (Callable 01/09/2028)<sup>(a)</sup> | 8600000 | 8783797  |
| &nbsp;&nbsp;&nbsp; 6.32% to 10/03/2028 then SOFR + 1.86%, 10/03/2029 (Callable 10/03/2028)<sup>(a)</sup> | 1000000 | 1054319  |
| Danske Bank AS<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.43% to 03/01/2027 then 1 yr. CMT Rate + 0.95%, 03/01/2028 (Callable 03/01/2027)<sup>(a)</sup> | 5000000 | 5078077  |
| &nbsp;&nbsp;&nbsp; 4.30% to 04/01/2027 then 1 yr. CMT Rate + 1.75%, 04/01/2028 (Callable 04/01/2027)<sup>(a)</sup> | 1392000 | 1395215  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Deutsche Bank AG/New York NY<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.31% to 11/16/2026 then SOFR + 1.22%, 11/16/2027 (Callable 11/16/2026) | $20057000 | $19733417  |
| &nbsp;&nbsp;&nbsp; 5.37% to 01/10/2028 then SOFR + 1.21%, 01/10/2029 (Callable 01/10/2028) | 24000000 | 24500095  |
| &nbsp;&nbsp;&nbsp; 6.72% to 01/18/2028 then SOFR + 3.18%, 01/18/2029 (Callable 01/18/2028) | 11500000 | 12042782  |
| &nbsp;&nbsp;&nbsp; Digital Realty Trust LP, <br>5.55%, 01/15/2028 (Callable 12/15/2027) | 30129000 | 30955839  |
|  Equitable America Global Funding, 4.30%, 12/15/2028<sup>(a)</sup> | 24300000 | 24408520  |
| &nbsp;&nbsp;&nbsp; Extra Space Storage LP, <br>3.88%, 12/15/2027 (Callable 09/15/2027) | 34960000 | 34856357  |
|  Federation des Caisses Desjardins du Quebec<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.55%, 08/23/2027<sup>(a)</sup> | 12700000 | 12835269  |
| &nbsp;&nbsp;&nbsp; 5.70%, 03/14/2028<sup>(a)</sup> | 13000000 | 13464425  |
| Goldman Sachs Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.94% (SOFR + 1.32%), 04/23/2028 (Callable 04/23/2027) | 15000000 | 15173673  |
| &nbsp;&nbsp;&nbsp; 3.81% to 04/23/2028 then 3 mo. Term SOFR + 1.42%, 04/23/2029 (Callable 04/23/2028) | 35000000 | 34806158  |
| &nbsp;&nbsp;&nbsp; 4.22% to 05/01/2028 then 3 mo. Term SOFR + 1.56%, 05/01/2029 (Callable 05/01/2028) | 10000000 | 10023282  |
| &nbsp;&nbsp;&nbsp; Host Hotels & Resorts LP, <br>4.25%, 12/15/2028 (Callable 11/15/2028) | 13975000 | 13996072  |
| HSBC Holdings PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.04% to 03/13/2027 then 3 mo. Term SOFR + 1.81%, 03/13/2028 (Callable 03/13/2027) | 22494000 | 22465020  |
| &nbsp;&nbsp;&nbsp; 5.60% to 05/17/2027 then SOFR + 1.06%, 05/17/2028 (Callable 05/17/2027) | 7000000 | 7131580  |
| &nbsp;&nbsp;&nbsp; 5.13% to 11/19/2027 then SOFR + 1.04%, 11/19/2028 (Callable 11/19/2027) | 24300000 | 24755216  |
| ING Groep NV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.02% to 03/28/2027 then SOFR + 1.83%, 03/28/2028 (Callable 03/28/2027) | 4988000 | 4989533  |
| &nbsp;&nbsp;&nbsp; 4.86% to 03/25/2028 then SOFR + 1.01%, 03/25/2029 (Callable 03/25/2028) | 10312000 | 10468578  |
| &nbsp;&nbsp;&nbsp; Jackson National Life Global Funding, <br>4.90%, 01/13/2027<sup>(a)</sup> | 5000000 | 5040441  |

---

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

14<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Short-Term Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - (Continued)**  | **Financials - (Continued)**  | **Financials - (Continued)**  |
| Jefferies Financial Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.85%, 01/15/2027 | $23000000 | $23155046  |
| &nbsp;&nbsp;&nbsp; 6.45%, 06/08/2027 | 2380000 | 2455985  |
| JPMorgan Chase & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.57% to 04/22/2027 then SOFR + 0.93%, 04/22/2028 (Callable 04/22/2027) | 27200000 | 27743961  |
| &nbsp;&nbsp;&nbsp; 4.51% to 10/22/2027 then SOFR + 0.86%, 10/22/2028 (Callable 10/22/2027) | 10000000 | 10097926  |
|  KBC Group NV, 5.80% to 01/19/2028 then 1 yr. CMT Rate + 2.10%, 01/19/2029 (Callable 01/19/2028)<sup>(a)</sup> | 41951000 | 43334675  |
|  Liberty Mutual Insurance Co., 7.88%, 10/15/2026<sup>(a)</sup> | 14335000 | 14692318  |
| Lloyds Banking Group PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.09% to 11/26/2027 then 1 yr. CMT Rate + 0.85%, 11/26/2028 (Callable 11/26/2027) | 28000000 | 28536752  |
| &nbsp;&nbsp;&nbsp; 4.82% to 06/13/2028 then 1 yr. CMT Rate + 0.83%, 06/13/2029 (Callable 06/13/2028) | 9930000 | 10095641  |
| LPL Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.70%, 05/20/2027 (Callable 04/20/2027) | 30000000 | 30577951  |
| &nbsp;&nbsp;&nbsp; 4.63%, 11/15/2027 (Callable 01/12/2026)<sup>(a)</sup> | 20927000 | 20926954  |
| &nbsp;&nbsp;&nbsp; 4.90%, 04/03/2028 (Callable 03/03/2028) | 3000000 | 3045039  |
|  Macquarie Airfinance Holdings Ltd., 5.20%, 03/27/2028 (Callable 02/27/2028)<sup>(a)</sup> | 20000000 | 20309164  |
| &nbsp;&nbsp;&nbsp; Macquarie Group Ltd., <br>4.10% to 06/21/2027 then SOFR + 2.13%, 06/21/2028 (Callable 06/21/2027)<sup>(a)</sup> | 15318000 | 15320864  |
|  Manufacturers & Traders Trust Co., 4.76% to 07/06/2027 then SOFR + 0.95%, 07/06/2028 (Callable 07/06/2027) | 26500000 | 26744164  |
| &nbsp;&nbsp;&nbsp; Marex Group PLC, <br>5.83%, 05/08/2028 (Callable 04/08/2028) | 25000000 | 25411491  |
| Morgan Stanley<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.65% to 04/13/2027 then SOFR + 1.01%, 04/13/2028 (Callable 04/13/2027) | 25000000 | 25495456  |
| &nbsp;&nbsp;&nbsp; 5.16% to 04/20/2028 then SOFR + 1.59%, 04/20/2029 (Callable 04/20/2028) | 11000000 | 11251220  |
| &nbsp;&nbsp;&nbsp; 4.13% to 10/18/2028 then SOFR + 0.91%, 10/18/2029 (Callable 10/18/2028) | 14500000 | 14499746  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Bank NA, <br>5.50% to 05/26/2027 then SOFR + 0.87%, 05/26/2028 (Callable 05/26/2027) | $19800000 | $20196933  |
| &nbsp;&nbsp;&nbsp; Mutual of Omaha Cos. Global Funding, <br>5.35%, 04/09/2027<sup>(a)</sup> | 23450000 | 23802671  |
| Nationwide Building Society<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/14/2026<sup>(a)</sup> | 34021000 | 33960995  |
| &nbsp;&nbsp;&nbsp; 4.30% to 03/08/2028 then 3 mo. LIBOR USD + 1.45%, 03/08/2029 (Callable 03/08/2028)<sup>(a)(b)</sup> | 3000000 | 3004113  |
| &nbsp;&nbsp;&nbsp; 4.65% to 07/14/2028 then SOFR + 1.06%, 07/14/2029 (Callable 07/14/2028)<sup>(a)</sup> | 19000000 | 19185572  |
| NatWest Group PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.58% to 03/01/2027 then 1 yr. CMT Rate + 1.10%, 03/01/2028 (Callable 03/01/2027) | 10000000 | 10176540  |
| &nbsp;&nbsp;&nbsp; 4.89% to 05/18/2028 then 3 mo. LIBOR USD + 1.75%, 05/18/2029 (Callable 05/18/2028)<sup>(b)</sup> | 24000000 | 24410725  |
| &nbsp;&nbsp;&nbsp; 5.81% to 09/13/2028 then 1 yr. CMT Rate + 1.95%, 09/13/2029 (Callable 09/13/2028) | 5085000 | 5298266  |
| &nbsp;&nbsp;&nbsp; Nomura Holdings, Inc., <br>5.84%, 01/18/2028 | 31200000 | 32205194  |
|  Principal Financial Group, Inc., 4.11%, 02/15/2028 (Callable 11/15/2027)<sup>(a)</sup> | 4700000 | 4693987  |
|  Principal Life Global Funding II, 4.60%, 08/19/2027<sup>(a)</sup> | 17750000 | 17918902  |
| &nbsp;&nbsp;&nbsp; Sammons Financial Group Global Funding, <br>5.05%, 01/10/2028<sup>(a)</sup> | 40000000 | 40631208  |
|  Santander UK Group Holdings PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.47% to 01/11/2027 then SOFR + 1.22%, 01/11/2028 (Callable 01/11/2027) | 5000000 | 4913857  |
| &nbsp;&nbsp;&nbsp; 3.82% to 11/03/2027 then 3 mo. LIBOR USD + 1.40%, 11/03/2028 (Callable 11/03/2027)<sup>(b)</sup> | 2500000 | 2483613  |
| &nbsp;&nbsp;&nbsp; 4.32% to 09/22/2028 then SOFR + 1.07%, 09/22/2029 (Callable 09/22/2028) | 28000000 | 28038755  |
|  SMBC Aviation Capital Finance DAC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.30%, 06/15/2028 (Callable 04/15/2028)<sup>(a)</sup> | 27410000 | 26200662  |
| &nbsp;&nbsp;&nbsp; 5.30%, 04/03/2029 (Callable 03/03/2029)<sup>(a)</sup> | 12350000 | 12699336  |

---

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

15<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Short-Term Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - (Continued)** | **Financials - (Continued)** | **Financials - (Continued)** |
| Societe Generale SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/19/2027<sup>(a)</sup> | $5000000 | $5057273  |
| &nbsp;&nbsp;&nbsp; 1.79% to 06/09/2026 then 1 yr. CMT Rate + 1.00%, 06/09/2027 (Callable 06/09/2026)<sup>(a)</sup> | 10000000 | 9892114  |
| &nbsp;&nbsp;&nbsp; 5.52% to 01/19/2027 then 1 yr. CMT Rate + 1.50%, 01/19/2028 (Callable 01/19/2027)<sup>(a)</sup> | 25000000 | 25318705  |
| &nbsp;&nbsp;&nbsp; 6.45% to 01/10/2028 then 1 yr. CMT Rate + 2.55%, 01/10/2029 (Callable 01/10/2028)<sup>(a)</sup> | 2000000 | 2080663  |
| &nbsp;&nbsp;&nbsp; 5.50% to 04/13/2028 then 1 yr. CMT Rate + 1.20%, 04/13/2029 (Callable 04/13/2028)<sup>(a)</sup> | 5000000 | 5121998  |
| &nbsp;&nbsp;&nbsp; 5.25% to 05/22/2028 then SOFR + 1.42%, 05/22/2029 (Callable 05/22/2028)<sup>(a)</sup> | 10000000 | 10203847  |
| Standard Chartered PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.61% to 01/12/2027 then 1 yr. CMT Rate + 1.18%, 01/12/2028 (Callable 01/12/2027)<sup>(a)</sup> | 5000000 | 4921563  |
| &nbsp;&nbsp;&nbsp; 6.75% to 02/08/2027 then 1 yr. CMT Rate + 1.85%, 02/08/2028 (Callable 02/08/2027)<sup>(a)</sup> | 42675000 | 43851620  |
| &nbsp;&nbsp;&nbsp; 5.55% to 01/21/2028 then 1 yr. CMT Rate + 1.05%, 01/21/2029 (Callable 01/21/2028)<sup>(a)</sup> | 9585000 | 9837186  |
| Sumitomo Mitsui Trust Bank Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/07/2027<sup>(a)</sup> | 10000000 | 10143579  |
| &nbsp;&nbsp;&nbsp; 4.45%, 09/10/2027<sup>(a)</sup> | 18150000 | 18311993  |
|  Svenska Handelsbanken AB, 5.50%, 06/15/2028<sup>(a)</sup> | 3555000 | 3674250  |
| &nbsp;&nbsp;&nbsp; Synchrony Bank, <br>5.63%, 08/23/2027 (Callable 07/23/2027) | 10367000 | 10574286  |
| Synchrony Financial<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.70%, 08/04/2026 (Callable 05/04/2026) | 2266000 | 2258067  |
| &nbsp;&nbsp;&nbsp; 3.95%, 12/01/2027 (Callable 09/01/2027) | 42500000 | 42303168  |
| &nbsp;&nbsp;&nbsp; UBS Group AG, <br>3.87% to 01/12/2028 then 3 mo. LIBOR USD + 1.41%, 01/12/2029 (Callable 01/12/2028)<sup>(a)(b)</sup> | 10000000 | 9945665  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Wells Fargo & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.71% to 04/22/2027 then SOFR + 1.07%, 04/22/2028 (Callable 04/22/2027) | $31500000 | $32156955  |
| &nbsp;&nbsp;&nbsp; 3.58% to 05/22/2027 then 3 mo. Term SOFR + 1.57%, 05/22/2028 (Callable 05/22/2027) | 21182000 | 21045143  |
| &nbsp;&nbsp;&nbsp; 4.97% (SOFR + 1.37%), 04/23/2029 (Callable 04/23/2028) | 3000000 | 3056812  |
|  Western-Southern Global Funding, 4.50%, 07/16/2028<sup>(a)</sup> | 47323000 | 47689322  |
| &nbsp;&nbsp;&nbsp; Westpac New Zealand Ltd., <br>5.13%, 02/26/2027<sup>(a)</sup> | 25000000 | 25338803  |
|  |  | 2384764860  |
| **Industrials - 27.9%<sup>(c)</sup>**<br>|  |  |
| &nbsp;&nbsp;&nbsp; 180 Medical, Inc., <br>3.88%, 10/15/2029 (Callable 01/12/2026)<sup>(a)</sup> | 10000000 | 9739120  |
|  7-Eleven, Inc., 1.30%, 02/10/2028 (Callable 12/10/2027)<sup>(a)</sup> | 3000000 | 2831839  |
| &nbsp;&nbsp;&nbsp; Advance Auto Parts, Inc., <br>1.75%, 10/01/2027 (Callable 08/01/2027) | 5000000 | 4743029  |
|  Adventist Health System/West, 2.95%, 03/01/2029 (Callable 12/01/2028) | 19750000 | 18766552  |
|  AGCO Corp., 5.45%, 03/21/2027 (Callable 02/21/2027) | 12000000 | 12162860  |
|  Aker BP ASA, 5.60%, 06/13/2028 (Callable 05/13/2028)<sup>(a)</sup> | 32255000 | 33216828  |
|  Allegion US Holding Co., Inc., 3.55%, 10/01/2027 (Callable 07/01/2027) | 3914000 | 3879764  |
|  Amcor Flexibles North America, Inc., 4.80%, 03/17/2028 | 17400000 | 17646322  |
| &nbsp;&nbsp;&nbsp; Amrize Finance US LLC, <br>4.70%, 04/07/2028 (Callable 03/07/2028) | 20000000 | 20237490  |
| Anglo American Capital PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 04/10/2027<sup>(a)</sup> | 8390000 | 8455135  |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/15/2028 (Callable 12/15/2027)<sup>(a)</sup> | 42000000 | 42250932  |
|  APA Corp., 4.38%, 10/15/2028 (Callable 07/15/2028) | 9783000 | 9766637  |
| ArcelorMittal SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.55%, 03/11/2026 | 7500000 | 7502594  |
| &nbsp;&nbsp;&nbsp; 6.55%, 11/29/2027 (Callable 10/29/2027) | 46171000 | 48077760  |
| Ashtead Capital, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.50%, 08/12/2026 (Callable 07/12/2026)<sup>(a)</sup> | 13759000 | 13524656  |
| &nbsp;&nbsp;&nbsp; 4.38%, 08/15/2027 (Callable 01/17/2026)<sup>(a)</sup> | 21744000 | 21725686  |

---

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

16<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Short-Term Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Industrials - (Continued)** | **Industrials - (Continued)** | **Industrials - (Continued)** |
| &nbsp;&nbsp;&nbsp; AutoNation, Inc., <br>4.45%, 01/15/2029 (Callable 12/15/2028) | $27000000 | $27090983  |
| Baxter International, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.27%, 12/01/2028 (Callable 10/01/2028) | 42425000 | 40084590  |
| &nbsp;&nbsp;&nbsp; 4.45%, 02/15/2029 (Callable 01/15/2029) | 13950000 | 13994434  |
| &nbsp;&nbsp;&nbsp; Bayer US Finance LLC, <br>6.13%, 11/21/2026 (Callable 10/21/2026)<sup>(a)</sup> | 10000000 | 10143317  |
| &nbsp;&nbsp;&nbsp; Bayport Polymers LLC, <br>4.74%, 04/14/2027 (Callable 03/14/2027)<sup>(a)</sup> | 2500000 | 2504287  |
|  Berry Global, Inc., 4.88%, 07/15/2026 (Callable 02/01/2026)<sup>(a)</sup> | 16369000 | 16372015  |
| &nbsp;&nbsp;&nbsp; BMW US Capital LLC, <br>4.60%, 08/13/2027<sup>(a)</sup> | 25000000 | 25261222  |
|  Boeing Co., 6.26%, 05/01/2027 (Callable 04/01/2027) | 7000000 | 7182852  |
|  Boston Medical Center Corp., 3.91%, 07/01/2028 | 20555000 | 20187455  |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc., <br>5.05%, 07/12/2027 (Callable 06/12/2027) | 45375000 | 46192481  |
| &nbsp;&nbsp;&nbsp; Bunge Ltd. Finance Corp., <br>4.90%, 04/21/2027 (Callable 03/21/2027) | 7625000 | 7711107  |
| &nbsp;&nbsp;&nbsp; Campbell's Co., <br>5.20%, 03/19/2027 | 7000000 | 7091759  |
|  Canadian Natural Resources Ltd., 3.85%, 06/01/2027 (Callable 03/01/2027) | 6092000 | 6076063  |
|  Carnival Corp., 4.00%, 08/01/2028 (Callable 05/01/2028)<sup>(a)</sup> | 28754000 | 28331066  |
| &nbsp;&nbsp;&nbsp; CCL Industries, Inc., <br>3.25%, 10/01/2026 (Callable 07/01/2026)<sup>(a)</sup> | 5780000 | 5729121  |
| &nbsp;&nbsp;&nbsp; Charles River Laboratories International, Inc., <br>4.25%, 05/01/2028 (Callable 01/17/2026)<sup>(a)</sup> | 9000000 | 8919039  |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC, <br>4.20%, 03/15/2028 (Callable 12/15/2027) | 18375000 | 18288219  |
|  Charter Communications Operating LLC / Charter Communications Operating Capital, 2.25%, 01/15/2029 (Callable 11/15/2028) | 1526000 | 1429670  |
| &nbsp;&nbsp;&nbsp; Cheniere Energy, Inc., <br>4.63%, 10/15/2028 (Callable 01/12/2026) | 46750000 | 46687764  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Columbia Pipelines Holding Co. LLC, 6.04%, 08/15/2028 (Callable 07/15/2028)<sup>(a)</sup> | $35761000 | $37176104  |
| &nbsp;&nbsp;&nbsp; Conagra Brands, Inc., <br>7.00%, 10/01/2028 | 21120000 | 22523057  |
| Concentrix Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.65%, 08/02/2026 (Callable 07/02/2026) | 45900000 | 46346634  |
| &nbsp;&nbsp;&nbsp; 6.60%, 08/02/2028 (Callable 07/02/2028) | 7500000 | 7738407  |
| &nbsp;&nbsp;&nbsp; ConocoPhillips Co., <br>4.40%, 07/15/2027 (Callable 04/15/2027) | 4700000 | 4736826  |
| &nbsp;&nbsp;&nbsp; CVS Health Corp., <br>4.30%, 03/25/2028 (Callable 12/25/2027) | 26434000 | 26528563  |
| CVS Pass-Through Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 01/10/2028 | 2242643 | 2261543  |
| &nbsp;&nbsp;&nbsp; 6.04%, 12/10/2028 | 17489902 | 17678805  |
| &nbsp;&nbsp;&nbsp; 6.94%, 01/10/2030 | 5180967 | 5377763  |
| &nbsp;&nbsp;&nbsp; CVS Pass-Through Trust Series 2009, <br>8.35%, 07/10/2031<sup>(a)</sup> | 2166811 | 2360237  |
|  Daimler Truck Finance North America LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.30%, 08/12/2027<sup>(a)</sup> | 22275000 | 22376025  |
| &nbsp;&nbsp;&nbsp; 5.13%, 09/25/2027 (Callable 08/25/2027)<sup>(a)</sup> | 20000000 | 20321358  |
| DCP Midstream Operating LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 07/15/2027 (Callable 04/15/2027) | 22291000 | 22715177  |
| &nbsp;&nbsp;&nbsp; 5.13%, 05/15/2029 (Callable 02/15/2029) | 9221000 | 9438150  |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc., <br>5.20%, 04/18/2027 (Callable 03/18/2027) | 7300000 | 7406218  |
| DXC Technology Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.80%, 09/15/2026 (Callable 08/15/2026) | 29654000 | 29154700  |
| &nbsp;&nbsp;&nbsp; 2.38%, 09/15/2028 (Callable 07/15/2028) | 5000000 | 4716051  |
|  Edwards Lifesciences Corp., 4.30%, 06/15/2028 (Callable 03/15/2028) | 15000000 | 15093062  |
| Element Fleet Management Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.64%, 03/13/2027 (Callable 02/13/2027)<sup>(a)</sup> | 20000000 | 20342365  |
| &nbsp;&nbsp;&nbsp; 6.32%, 12/04/2028 (Callable 11/04/2028)<sup>(a)</sup> | 16000000 | 16880779  |
|  Enbridge, Inc., 4.60%, 06/20/2028 (Callable 05/20/2028) | 4000000 | 4042650  |
| Energy Transfer LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.20%, 04/15/2027 (Callable 01/15/2027) | 5028000 | 5030573  |
| &nbsp;&nbsp;&nbsp; 5.63%, 05/01/2027 (Callable 01/17/2026)<sup>(a)</sup> | 14600000 | 14598808  |

---

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

17<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Short-Term Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Industrials - (Continued)**  | **Industrials - (Continued)**  | **Industrials - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/01/2027 (Callable 03/01/2027) | $14000000 | $14227800  |
|  EQT Corp., 5.70%, 04/01/2028 (Callable 03/01/2028) | 10184000 | 10511982  |
| &nbsp;&nbsp;&nbsp; Evernorth Health, Inc., <br>3.40%, 03/01/2027 (Callable 12/01/2026) | 5500000 | 5465814  |
| Ferguson Finance PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 04/20/2027 (Callable 03/20/2027)<sup>(a)</sup> | 3100000 | 3103585  |
| &nbsp;&nbsp;&nbsp; 4.50%, 10/24/2028 (Callable 07/24/2028)<sup>(a)</sup> | 39145000 | 39441423  |
|  Fiserv, Inc., 3.50%, 07/01/2029 (Callable 04/01/2029) | 5000000 | 4852037  |
|  Flex Ltd., 6.00%, 01/15/2028 (Callable 12/15/2027) | 19734000 | 20375285  |
|  FMC Corp., 3.20%, 10/01/2026 (Callable 08/01/2026) | 4550000 | 4503724  |
| Ford Motor Credit Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.54%, 08/01/2026 (Callable 06/01/2026) | 26417000 | 26382488  |
| &nbsp;&nbsp;&nbsp; 5.80%, 03/05/2027 (Callable 02/05/2027) | 21000000 | 21263849  |
| &nbsp;&nbsp;&nbsp; 7.35%, 11/04/2027 (Callable 10/04/2027) | 5000000 | 5219522  |
| &nbsp;&nbsp;&nbsp; 5.92%, 03/20/2028 (Callable 02/20/2028) | 3550000 | 3633290  |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc., <br>4.13%, 03/01/2028 (Callable 02/01/2026) | 11640000 | 11609023  |
|  Fresenius Medical Care US Finance III, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.88%, 12/01/2026 (Callable 11/01/2026)<sup>(a)</sup> | 25307000 | 24736717  |
| &nbsp;&nbsp;&nbsp; 3.75%, 06/15/2029 (Callable 03/15/2029)<sup>(a)</sup> | 11797000 | 11514260  |
|  Gartner, Inc., 3.63%, 06/15/2029 (Callable 02/01/2026)<sup>(a)</sup> | 23275000 | 22456457  |
|  GE HealthCare Technologies, Inc., 4.15%, 12/15/2028 (Callable 11/15/2028) | 18625000 | 18685107  |
| General Motors Financial Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.35%, 07/15/2027 | 30000000 | 30524968  |
| &nbsp;&nbsp;&nbsp; 5.05%, 04/04/2028 | 15000000 | 15281025  |
| &nbsp;&nbsp;&nbsp; GFL Environmental, Inc., <br>3.50%, 09/01/2028 (Callable 03/01/2028)<sup>(a)</sup> | 36715000 | 36103321  |
| Glencore Funding LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.34%, 04/04/2027<sup>(a)</sup> | 29875000 | 30341358  |
| &nbsp;&nbsp;&nbsp; 3.88%, 10/27/2027 (Callable 07/27/2027)<sup>(a)</sup> | 12381000 | 12338746  |
| &nbsp;&nbsp;&nbsp; 4.91%, 04/01/2028<sup>(a)</sup> | 10000000 | 10169696  |
| &nbsp;&nbsp;&nbsp; 5.37%, 04/04/2029 (Callable 03/04/2029)<sup>(a)</sup> | 3575000 | 3691368  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Global Payments, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.15%, 01/15/2027 (Callable 12/15/2026) | $10000000 | $9790523  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/2028 (Callable 10/15/2028) | 20000000 | 20045345  |
| &nbsp;&nbsp;&nbsp; Gray Oak Pipeline LLC, <br>3.45%, 10/15/2027 (Callable 08/15/2027)<sup>(a)</sup> | 17173000 | 16974746  |
| &nbsp;&nbsp;&nbsp; Helmerich & Payne, Inc., <br>4.65%, 12/01/2027 (Callable 11/01/2027) | 32200000 | 32454148  |
| Hess Midstream Operations LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 03/01/2028 (Callable 03/01/2026)<sup>(a)</sup> | 20465000 | 20826801  |
| &nbsp;&nbsp;&nbsp; 5.13%, 06/15/2028 (Callable 02/01/2026)<sup>(a)</sup> | 3192000 | 3205387  |
| Hewlett Packard Enterprise Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.40%, 09/25/2027 (Callable 08/25/2027) | 17625000 | 17713925  |
| &nbsp;&nbsp;&nbsp; 4.15%, 09/15/2028 (Callable 08/15/2028) | 15000000 | 15018405  |
|  Hexcel Corp., 4.20%, 02/15/2027 (Callable 11/15/2026)<sup>(d)</sup> | 40161000 | 40076043  |
|  Hubbell, Inc., 3.50%, 02/15/2028 (Callable 11/15/2027) | 17421000 | 17248801  |
| Hyatt Hotels Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.05%, 03/30/2028 (Callable 02/29/2028) | 15000000 | 15275923  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/30/2029 (Callable 05/30/2029) | 10000000 | 10297630  |
| Hyundai Capital America<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.85%, 03/25/2027<sup>(a)</sup> | 10000000 | 10089232  |
| &nbsp;&nbsp;&nbsp; 5.28%, 06/24/2027<sup>(a)</sup> | 5000000 | 5082753  |
| &nbsp;&nbsp;&nbsp; 4.90%, 06/23/2028<sup>(a)</sup> | 20000000 | 20319487  |
| &nbsp;&nbsp;&nbsp; 4.25%, 09/18/2028<sup>(a)</sup> | 15000000 | 15010510  |
| Icon Investments Six DAC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.81%, 05/08/2027 (Callable 04/08/2027) | 20000000 | 20407599  |
| &nbsp;&nbsp;&nbsp; 5.85%, 05/08/2029 (Callable 04/08/2029) | 4644000 | 4849795  |
| &nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc., <br>1.83%, 10/15/2027 (Callable 08/15/2027)<sup>(a)</sup> | 61480000 | 58992956  |
|  IQVIA, Inc., 5.70%, 05/15/2028 (Callable 04/15/2028) | 32000000 | 33017601  |
|  Jabil, Inc., 4.25%, 05/15/2027 (Callable 04/15/2027) | 8345000 | 8357659  |
|  Jacobs Engineering Group, Inc., 6.35%, 08/18/2028 (Callable 07/18/2028) | 11762000 | 12377912  |
| Keurig Dr Pepper, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.35%, 05/15/2028 (Callable 04/15/2028) | 14000000 | 14050199  |
| &nbsp;&nbsp;&nbsp; 4.60%, 05/25/2028 (Callable 02/25/2028) | 5000000 | 5041744  |

---

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

18<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Short-Term Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Industrials - (Continued)**  | **Industrials - (Continued)**  | **Industrials - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 5.05%, 03/15/2029 (Callable 02/15/2029) | $14758000 | $15069325  |
| &nbsp;&nbsp;&nbsp; Kyndryl Holdings, Inc., <br>2.05%, 10/15/2026 (Callable 09/15/2026) | 55000000 | 54099513  |
| LG Energy Solution Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 07/02/2027<sup>(a)</sup> | 30000000 | 30432352  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/02/2028<sup>(a)</sup> | 15000000 | 15284277  |
|  LKQ Corp., 5.75%, 06/15/2028 (Callable 05/15/2028) | 54425000 | 56231214  |
| &nbsp;&nbsp;&nbsp; Louisiana-Pacific Corp., <br>3.63%, 03/15/2029 (Callable 02/01/2026)<sup>(a)</sup> | 16514000 | 16009746  |
|  LYB Finance Co. BV, 8.10%, 03/15/2027<sup>(a)</sup> | 4747000 | 4951130  |
|  Mars, Inc., 4.60%, 03/01/2028 (Callable 02/01/2028)<sup>(a)</sup> | 34850000 | 35336715  |
|  MasTec, Inc., 4.50%, 08/15/2028 (Callable 02/01/2026)<sup>(a)</sup> | 16311000 | 16215906  |
| &nbsp;&nbsp;&nbsp; Metropolitan Detroit Area Hospital Services, Inc., <br>4.48%, 12/01/2029<sup>(a)</sup> | 3495000 | 3454789  |
|  Microchip Technology, Inc., 4.90%, 03/15/2028 | 29796000 | 30212948  |
|  Molex Electronic Technologies LLC, 4.75%, 04/30/2028 (Callable 03/30/2028)<sup>(a)</sup> | 32740000 | 33102958  |
|  Mosaic Co., 4.35%, 01/15/2029 (Callable 12/15/2028) | 18325000 | 18380867  |
|  Mylan, Inc., 4.55%, 04/15/2028 (Callable 01/15/2028) | 4200000 | 4205607  |
| &nbsp;&nbsp;&nbsp; NGPL PipeCo LLC, <br>4.88%, 08/15/2027 (Callable 02/15/2027)<sup>(a)</sup> | 6460000 | 6486126  |
| Nissan Motor Acceptance Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.95%, 09/15/2026<sup>(a)</sup> | 5000000 | 5055028  |
| &nbsp;&nbsp;&nbsp; 5.30%, 09/13/2027<sup>(a)</sup> | 27225000 | 27308974  |
| &nbsp;&nbsp;&nbsp; NTT Finance Corp., <br>4.62%, 07/16/2028<sup>(a)</sup> | 17950000 | 18194820  |
| &nbsp;&nbsp;&nbsp; nVent Finance Sarl, <br>4.55%, 04/15/2028 (Callable 01/15/2028) | 12092000 | 12162443  |
|  NXP BV / NXP Funding LLC / NXP USA, Inc., 4.30%, 08/19/2028 (Callable 07/19/2028) | 5000000 | 5020025  |
| Occidental Petroleum Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/15/2027 (Callable 11/15/2026) | 5920000 | 5849667  |
| &nbsp;&nbsp;&nbsp; 8.50%, 07/15/2027 (Callable 01/15/2027) | 25440000 | 26599046  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2027 (Callable 07/01/2027) | 7000000 | 7128016  |
|  Oracle Corp., 2.30%, 03/25/2028 (Callable 01/25/2028) | 10000000 | 9538813  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Owens Corning, <br>5.50%, 06/15/2027 (Callable 05/15/2027) | $15000000 | $15309178  |
|  PeaceHealth Obligated Group, 4.34%, 11/15/2028 (Callable 08/15/2028) | 15000000 | 15075057  |
| &nbsp;&nbsp;&nbsp; Penske Truck Leasing Co. Lp/ PTL Finance Corp., <br>4.20%, 04/01/2027 (Callable 01/01/2027)<sup>(a)</sup> | 1825000 | 1825337  |
| POSCO, 4.50%, 08/04/2027<sup>(a)</sup> | 9000000 | 9045482  |
| &nbsp;&nbsp;&nbsp; PRA Health Sciences, Inc., <br>2.88%, 07/15/2026 (Callable 02/01/2026)<sup>(a)</sup> | 18956000 | 18802682  |
| &nbsp;&nbsp;&nbsp; Premier Health Partners, <br>2.91%, 11/15/2026 (Callable 05/15/2026) | 1954000 | 1930275  |
| &nbsp;&nbsp;&nbsp; Quanta Services, Inc., <br>4.75%, 08/09/2027 (Callable 07/09/2027) | 30400000 | 30773831  |
| &nbsp;&nbsp;&nbsp; Reckitt Benckiser Treasury Services PLC, <br>3.00%, 06/26/2027 (Callable 03/26/2027)<sup>(a)</sup> | 38750000 | 38214035  |
| Regal Rexnord Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.05%, 02/15/2026 | 30375000 | 30424672  |
| &nbsp;&nbsp;&nbsp; 6.05%, 04/15/2028 (Callable 03/15/2028) | 25450000 | 26334686  |
| &nbsp;&nbsp;&nbsp; Renesas Electronics Corp., <br>2.17%, 11/25/2026 (Callable 10/25/2026)<sup>(a)</sup> | 5919000 | 5811230  |
|  Repsol E&P Capital Markets US LLC, 4.81%, 09/16/2028 (Callable 08/16/2028)<sup>(a)</sup> | 23725000 | 23955690  |
|  Rolls-Royce PLC, 5.75%, 10/15/2027 (Callable 07/15/2027)<sup>(a)</sup> | 28020000 | 28729554  |
|  Royal Caribbean Cruises Ltd., 5.50%, 04/01/2028 (Callable 10/01/2027)<sup>(a)</sup> | 23000000 | 23419139  |
| &nbsp;&nbsp;&nbsp; Ryder System, Inc., <br>5.30%, 03/15/2027 (Callable 02/15/2027) | 12350000 | 12528039  |
|  Sabal Trail Transmission LLC, 4.25%, 05/01/2028 (Callable 02/01/2028)<sup>(a)</sup> | 9041000 | 8995399  |
|  Schlumberger Holdings Corp., 5.00%, 05/29/2027 (Callable 04/29/2027)<sup>(a)</sup> | 27775000 | 28142841  |
| &nbsp;&nbsp;&nbsp; Sealed Air Corp., <br>1.57%, 10/15/2026 (Callable 09/15/2026)<sup>(a)</sup> | 23240000 | 22744776  |
| &nbsp;&nbsp;&nbsp; Silgan Holdings, Inc., <br>1.40%, 04/01/2026 (Callable 03/01/2026)<sup>(a)</sup> | 7000000 | 6940712  |
| SK hynix, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/16/2027<sup>(a)</sup> | 15000000 | 15205620  |
| &nbsp;&nbsp;&nbsp; 6.38%, 01/17/2028<sup>(a)</sup> | 16288000 | 17006526  |
| &nbsp;&nbsp;&nbsp; 4.25%, 09/11/2028<sup>(a)</sup> | 22775000 | 22854797  |

---

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

19<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Short-Term Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Industrials - (Continued)**  | **Industrials - (Continued)**  | **Industrials - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Smith & Nephew PLC, <br>5.15%, 03/20/2027 (Callable 02/20/2027) | $10000000 | $10114964  |
|  Sonoco Products Co., 2.25%, 02/01/2027 (Callable 01/01/2027) | 4211000 | 4130362  |
|  South Bow USA Infrastructure Holdings LLC, 4.91%, 09/01/2027 (Callable 08/01/2027) | 37280000 | 37626806  |
| &nbsp;&nbsp;&nbsp; Sprint Capital Corp., <br>6.88%, 11/15/2028 | 35118000 | 37697003  |
| &nbsp;&nbsp;&nbsp; Steel Dynamics, Inc., <br>4.00%, 12/15/2028 (Callable 11/15/2028) | 41900000 | 41871989  |
| Stellantis Finance US, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.71%, 01/29/2027 (Callable 12/29/2026)<sup>(a)</sup> | 21379000 | 20780757  |
| &nbsp;&nbsp;&nbsp; 5.35%, 03/17/2028 (Callable 02/17/2028)<sup>(a)</sup> | 10000000 | 10192791  |
|  Stellantis Financial Services US Corp., 4.95%, 09/15/2028 (Callable 08/15/2028)<sup>(a)</sup> | 14750000 | 14957725  |
|  Syensqo Finance America LLC, 5.65%, 06/04/2029 (Callable 05/04/2029)<sup>(a)</sup> | 10000000 | 10356943  |
|  Synopsys, Inc., 4.65%, 04/01/2028 (Callable 03/01/2028) | 13000000 | 13177707  |
| &nbsp;&nbsp;&nbsp; Targa Resources Corp., <br>4.35%, 01/15/2029 (Callable 12/15/2028) | 23200000 | 23262993  |
|  TD SYNNEX Corp., 4.30%, 01/17/2029 (Callable 12/17/2028) | 34100000 | 34056417  |
|  Texas Gas Transmission LLC, 7.25%, 07/15/2027 | 5100000 | 5299791  |
|  Triton Container International Ltd., 2.05%, 04/15/2026 (Callable 03/15/2026)<sup>(a)</sup> | 20788000 | 20625155  |
|  Tyson Foods, Inc., 4.35%, 03/01/2029 (Callable 12/01/2028) | 23895000 | 23968869  |
|  United Rentals North America, Inc., 3.88%, 11/15/2027 (Callable 01/12/2026) | 24150000 | 23986054  |
| &nbsp;&nbsp;&nbsp; Utah Acquisition Sub, Inc., <br>3.95%, 06/15/2026 (Callable 03/15/2026) | 27613000 | 27551000  |
| Var Energi ASA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/18/2027 (Callable 04/18/2027)<sup>(a)</sup> | 6575000 | 6628490  |
| &nbsp;&nbsp;&nbsp; 7.50%, 01/15/2028 (Callable 12/15/2027)<sup>(a)</sup> | 12395000 | 13128319  |
| &nbsp;&nbsp;&nbsp; VICI Properties LP, <br>4.75%, 02/15/2028 (Callable 01/15/2028) | 16819000 | 16988231  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  VICI Properties LP / VICI Note Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 02/01/2027 (Callable 11/01/2026)<sup>(a)</sup> | $25144000 | $25428333  |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/15/2028 (Callable 10/15/2027)<sup>(a)</sup> | 14575000 | 14607760  |
|  Volkswagen Group of America Finance LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.85%, 08/15/2027<sup>(a)</sup> | 12000000 | 12116056  |
| &nbsp;&nbsp;&nbsp; 5.05%, 03/27/2028 (Callable 02/27/2028)<sup>(a)</sup> | 8775000 | 8910823  |
|  Vontier Corp., 2.40%, 04/01/2028 (Callable 02/01/2028) | 6631000 | 6354450  |
|  Warnermedia Holdings, Inc., 3.76%, 03/15/2027 (Callable 02/15/2027) | 14911000 | 14810679  |
| Western Digital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/2026 (Callable 01/17/2026) | 11176000 | 11184550  |
| &nbsp;&nbsp;&nbsp; 2.85%, 02/01/2029 (Callable 12/01/2028) | 5000000 | 4785412  |
| &nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies Corp., <br>4.70%, 09/15/2028 (Callable 06/15/2028)<sup>(d)</sup> | 53035000 | 53695777  |
| &nbsp;&nbsp;&nbsp; Whistler Pipeline LLC, <br>5.40%, 09/30/2029 (Callable 08/30/2029)<sup>(a)</sup> | 11475000 | 11833706  |
| &nbsp;&nbsp;&nbsp; Woodside Finance Ltd., <br>4.90%, 05/19/2028 (Callable 04/19/2028) | 38515000 | 39068973  |
|  XPO, Inc., 6.25%, 06/01/2028 (Callable 01/12/2026)<sup>(a)</sup> | 6490000 | 6617055  |
| &nbsp;&nbsp;&nbsp; Yara International ASA, <br>4.75%, 06/01/2028 (Callable 03/01/2028)<sup>(a)</sup> | 4848000 | 4888169  |
|  |  | 3262710444  |
| **Utilities - 2.9%**<br>|  |  |
| Alliant Energy Finance LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 06/06/2027 (Callable 05/06/2027)<sup>(a)</sup> | 25000000 | 25341467  |
| &nbsp;&nbsp;&nbsp; 4.25%, 06/15/2028 (Callable 03/15/2028)<sup>(a)</sup> | 5716000 | 5686497  |
| &nbsp;&nbsp;&nbsp; 5.95%, 03/30/2029 (Callable 02/28/2029)<sup>(a)</sup> | 15020000 | 15709436  |
| &nbsp;&nbsp;&nbsp; Ausgrid Finance Pty Ltd., <br>4.35%, 08/01/2028 (Callable 05/01/2028)<sup>(a)</sup> | 21876000 | 21950862  |
| &nbsp;&nbsp;&nbsp; Brooklyn Union Gas Co., <br>4.63%, 08/05/2027 (Callable 07/05/2027)<sup>(a)</sup> | 1000000 | 1006106  |
|  Capital Power US Holdings, Inc., 5.26%, 06/01/2028 (Callable 05/01/2028)<sup>(a)</sup> | 8650000 | 8821126  |
|  Cleveland Electric Illuminating Co., 3.50%, 04/01/2028 (Callable 01/01/2028)<sup>(a)</sup> | 14932000 | 14690089  |

---

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

20<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Short-Term Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Utilities - (Continued)** | **Utilities - (Continued)** | **Utilities - (Continued)** |
|  Constellation Energy Generation LLC, 5.60%, 03/01/2028 (Callable 02/01/2028) | $17324000 | $17877545  |
| DTE Energy Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 07/01/2027 (Callable 06/01/2027) | 23175000 | 23483460  |
| &nbsp;&nbsp;&nbsp; 4.88%, 06/01/2028 (Callable 05/01/2028) | 10367000 | 10549811  |
| &nbsp;&nbsp;&nbsp; 5.10%, 03/01/2029 (Callable 02/01/2029) | 10000000 | 10255459  |
|  Duquesne Light Holdings, Inc., 3.62%, 08/01/2027 (Callable 05/01/2027)<sup>(a)</sup> | 10100000 | 9960928  |
| Enel Finance International NV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 04/06/2028<sup>(a)</sup> | 24042000 | 23727984  |
| &nbsp;&nbsp;&nbsp; 4.13%, 09/30/2028<sup>(a)</sup> | 20000000 | 19971652  |
|  Essential Utilities, Inc., 4.80%, 08/15/2027 (Callable 07/15/2027) | 25400000 | 25706758  |
|  Evergy Kansas Central, Inc., 4.70%, 03/13/2028 | 9850000 | 10003395  |
|  Fells Point Funding Trust, 3.05%, 01/31/2027 (Callable 12/31/2026)<sup>(a)</sup> | 35209000 | 34786551  |
|  KeySpan Gas East Corp., 2.74%, 08/15/2026 (Callable 05/15/2026)<sup>(a)</sup> | 21525000 | 21302706  |
|  NextEra Energy Capital Holdings, Inc., 4.69%, 09/01/2027 | 17950000 | 18166802  |
|  Pennsylvania-American Water Co., 7.80%, 09/01/2026<sup>(a)</sup> | 8000000 | 8129835  |
|  Pinnacle West Capital Corp., 4.90%, 05/15/2028 (Callable 04/15/2028) | 16175000 | 16471765  |
|  |  | 343600234  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $5,913,417,847)** |  | 5991075538  |
| **U.S. TREASURY SECURITIES - 35.4%** | **U.S. TREASURY SECURITIES - 35.4%** | **U.S. TREASURY SECURITIES - 35.4%** |
| United States Treasury Note/Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 11/30/2027 | 564550000 | 568629754  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/15/2027 | 531725000 | 536959168  |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/15/2028 | 1290350000 | 1309554034  |
| &nbsp;&nbsp;&nbsp; 3.75%, 04/15/2028 | 458300000 | 460770521  |
| &nbsp;&nbsp;&nbsp; 3.63%, 08/15/2028 | 512475000 | 513916336  |
| &nbsp;&nbsp;&nbsp; 3.50%, 10/15/2028 | 745125000 | 744601088  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $4,119,010,244)** |  | 4134430901  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 4.5%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 4.5%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 4.5%** |
|  BANK-2017, Series 2017-BNK7, Class A5, 3.44%, 09/15/2060 (Callable 09/15/2027) | $18036000 | $17807482  |
| BBCMS Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-C1, Class A4, 3.67%, 02/15/2050 (Callable 02/15/2027) | 6699000 | 6631920  |
| &nbsp;&nbsp;&nbsp; Series 2021-C9, Class ASB, 1.96%, 02/15/2054 (Callable 02/15/2031) | 13500000 | 12935295  |
| Benchmark Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-B1, Class A5, 3.67%, 01/15/2051 (Callable 01/15/2028)<sup>(e)</sup> | 13730000 | 13584352  |
| &nbsp;&nbsp;&nbsp; Series 2018-B2, Class A5, 3.88%, 02/15/2051 (Callable 02/15/2028)<sup>(e)</sup> | 13175000 | 13073683  |
| &nbsp;&nbsp;&nbsp; Series 2018-B3, Class A5, 4.03%, 04/10/2051 (Callable 04/10/2028) | 11950000 | 11886856  |
| &nbsp;&nbsp;&nbsp; Series 2018-B5, Class A4, 4.21%, 07/15/2051 (Callable 08/15/2028) | 5319000 | 5310161  |
| CFCRE Commercial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-C7, Class A3, 3.84%, 12/10/2054 (Callable 12/10/2026) | 2750000 | 2732233  |
| &nbsp;&nbsp;&nbsp; Series 2017-C8, Class A4, 3.57%, 06/15/2050 (Callable 05/15/2027) | 40867000 | 40451934  |
| Citigroup Commercial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2015-GC31, Class A4, 3.76%, 06/10/2048 (Callable 01/10/2026) | 6912586 | 6802698  |
| &nbsp;&nbsp;&nbsp; Series 2016-C3, Class AAB, 2.98%, 11/15/2049 (Callable 11/15/2026) | 44260 | 44180  |
| &nbsp;&nbsp;&nbsp; Series 2016-P6, Class A5, 3.72%, 12/10/2049 (Callable 01/10/2027)<sup>(e)</sup> | 6467000 | 6355958  |
| &nbsp;&nbsp;&nbsp; Series 2017-P7, Class A3, 3.44%, 04/14/2050 (Callable 04/14/2027) | 8852062 | 8792321  |
| &nbsp;&nbsp;&nbsp; Series 2017-P8, Class A4, 3.47%, 09/15/2050 (Callable 09/15/2027) | 39700000 | 38919101  |
| &nbsp;&nbsp;&nbsp; Series 2018-C6, Class A4, 4.41%, 11/10/2051 (Callable 11/10/2028) | 3000000 | 2992852  |

---

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

21<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Short-Term Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - (Continued)** |
|  Commercial Mortgage Pass Through Certificates<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-COR2, Class A3, 3.51%, 09/10/2050 (Callable 09/10/2027) | $22289000 | $21997888  |
| &nbsp;&nbsp;&nbsp; Series 2018-COR3, Class A3, 4.23%, 05/10/2051 (Callable 05/10/2028) | 3050000 | 3004938  |
| Computershare Corporate Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-BNK1, Class A3, 2.65%, 08/15/2049 (Callable 08/15/2026) | 14925000 | 14768770  |
| &nbsp;&nbsp;&nbsp; Series 2016-C34, Class A4, 3.10%, 06/15/2049 (Callable 05/15/2026) | 5260000 | 5233086  |
| &nbsp;&nbsp;&nbsp; Series 2017-C38, Class A5, 3.45%, 07/15/2050 (Callable 06/15/2027) | 38228000 | 37827202  |
| &nbsp;&nbsp;&nbsp; Series 2017-C39, Class A5, 3.42%, 09/15/2050 (Callable 08/15/2027) | 2056000 | 2020381  |
| &nbsp;&nbsp;&nbsp; Series 2017-C40, Class A4, 3.58%, 10/15/2050 (Callable 10/15/2027) | 6600000 | 6538004  |
| &nbsp;&nbsp;&nbsp; Series 2017-C41, Class A4, 3.47%, 11/15/2050 (Callable 11/15/2027) | 2000000 | 1972489  |
| CSAIL Commercial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-C8, Class A4, 3.39%, 06/15/2050 (Callable 06/15/2027) | 5330000 | 5251342  |
| &nbsp;&nbsp;&nbsp; Series 2017-CX9, Class A5, 3.45%, 09/15/2050 (Callable 09/15/2027) | 1700000 | 1662119  |
| &nbsp;&nbsp;&nbsp; Series 2018-CX12, Class A4, 4.22%, 08/15/2051 (Callable 08/15/2028)<sup>(e)</sup> | 1000000 | 999293  |
| GS Mortgage Securities Corp. II<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2014-GC22, Class A5, 3.86%, 06/10/2047 (Callable 04/10/2028) | 3414028 | 3301720  |
| &nbsp;&nbsp;&nbsp; Series 2016-GS2, Class A4, 3.05%, 05/10/2049 (Callable 05/10/2026) | 5008000 | 4992158  |
| &nbsp;&nbsp;&nbsp; Series 2016-GS3, Class A4, 2.85%, 10/10/2049 (Callable 10/10/2026) | 3309000 | 3275658  |
| &nbsp;&nbsp;&nbsp; Series 2017-GS5, Class A4, 3.67%, 03/10/2050 (Callable 03/10/2027) | 24225000 | 23954029  |
| &nbsp;&nbsp;&nbsp; Series 2017-GS6, Class A3, 3.43%, 05/10/2050 (Callable 05/10/2027) | 16878197 | 16689872  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  JP Morgan Chase Commercial Mortgage Securities<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-JP2, Class A4, 2.82%, 08/15/2049 (Callable 07/15/2026) | $2065000 | $2050550  |
| &nbsp;&nbsp;&nbsp; Series 2016-JP4, Class A4, 3.65%, 12/15/2049 (Callable 04/15/2027)<sup>(e)</sup> | 8950000 | 8877133  |
| &nbsp;&nbsp;&nbsp; Series 2017-JP5, Class A5, 3.72%, 03/15/2050 (Callable 04/15/2027) | 11138000 | 11073066  |
| &nbsp;&nbsp;&nbsp; Series 2017-JP6, Class A5, 3.49%, 07/15/2050 (Callable 04/15/2028) | 3300000 | 3236723  |
| &nbsp;&nbsp;&nbsp; Series 2017-JP7, Class A5, 3.45%, 09/15/2050 (Callable 04/15/2028) | 22400000 | 22115504  |
|  JPMBB Commercial Mortgage Securities Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2014-C24, Class A5, 3.64%, 11/15/2047 (Callable 08/15/2027) | 740438 | 729114  |
| &nbsp;&nbsp;&nbsp; Series 2014-C25, Class A5, 3.67%, 11/15/2047 (Callable 12/15/2027) | 593511 | 586876  |
| &nbsp;&nbsp;&nbsp; Series 2015-C27, Class A4, 3.18%, 02/15/2048 (Callable 09/15/2026) | 377189 | 367774  |
|  JPMDB Commercial Mortgage Securities Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-C4, Class A3, 3.14%, 12/15/2049 (Callable 04/15/2027) | 15165000 | 14921565  |
| &nbsp;&nbsp;&nbsp; Series 2017-C5, Class A5, 3.69%, 03/15/2050 (Callable 08/15/2027) | 13410000 | 13262569  |
|  Ladder Capital Commercial Mortgage Securities LLC, Series 2017-LC26, Class A4, 3.55%, 07/12/2050 (Callable 07/10/2027)<sup>(a)</sup> | 46315000 | 45690651  |
|  Morgan Stanley Bank of America Merrill Lynch Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-C28, Class A4, 3.54%, 01/15/2049 (Callable 02/15/2028) | 13851763 | 13825223  |
| &nbsp;&nbsp;&nbsp; Series 2016-C31, Class A5, 3.10%, 11/15/2049 (Callable 11/15/2026) | 2800000 | 2765771  |
| &nbsp;&nbsp;&nbsp; Series 2017-C34, Class A4, 3.54%, 11/15/2052 (Callable 10/15/2027) | 8030000 | 7927144  |
| Morgan Stanley Capital I, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-UBS9, Class A4, 3.59%, 03/15/2049 (Callable 02/15/2026) | 547308 | 546115  |

---

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

22<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Short-Term Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - (Continued)**  | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - (Continued)**  | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Series 2017-H1, Class A5, 3.53%, 06/15/2050 (Callable 06/15/2027) | $7752450 | $7681862  |
| UBS Commercial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-C3, Class A4, 3.43%, 08/15/2050 (Callable 08/15/2027) | 6845000 | 6711805  |
| &nbsp;&nbsp;&nbsp; Series 2018-C11, Class A5, 4.24%, 06/15/2051 (Callable 07/15/2028)<sup>(e)</sup> | 12825000 | 12821486  |
| &nbsp;&nbsp;&nbsp; Series 2018-C8, Class A4, 3.98%, 02/15/2051 (Callable 02/15/2028) | 5000000 | 4971485  |
| &nbsp;&nbsp;&nbsp; Series 2018-C9, Class A4, 4.12%, 03/15/2051 (Callable 04/15/2028)<sup>(e)</sup> | 10000000 | 9896298  |
| &nbsp;&nbsp;&nbsp; **TOTAL NON-AGENCY** <br>**COMMERCIAL MORTGAGE-BACKED** <br>**SECURITIES** <br>**(Cost $531,749,728)** |  | 531868689  |
| **ASSET-BACKED SECURITIES - 3.5%** | **ASSET-BACKED SECURITIES - 3.5%** | **ASSET-BACKED SECURITIES - 3.5%** |
|  Ally Bank Auto Credit-Linked Notes, Series 2025-B, Class A2, 4.31%, 09/15/2033 (Callable 04/15/2029)<sup>(a)</sup> | 16017619 | 16058435  |
|  Chase Auto Credit Linked Notes, Series 2025-1, Class B, 4.75%, 02/25/2033 (Callable 07/25/2029)<sup>(a)</sup> | 12504933 | 12600744  |
| DLLAD LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class A3, 5.30%, 07/20/2029 (Callable 03/20/2029)<sup>(a)</sup> | 41447000 | 42314021  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A3, 4.42%, 09/20/2030 (Callable 06/20/2030)<sup>(a)</sup> | 8650000 | 8736747  |
| Ford Credit Auto Owner Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class A, 3.88%, 11/15/2034 (Callable 05/15/2027)<sup>(a)</sup> | 45175000 | 45182282  |
| &nbsp;&nbsp;&nbsp; Series 2023-1, Class A, 4.85%, 08/15/2035 (Callable 02/15/2028)<sup>(a)</sup> | 8670000 | 8844670  |
| Ford Credit Floorplan LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-1, Class A1, 5.29%, 04/15/2029<sup>(a)</sup> | 30860000 | 31407305  |
| &nbsp;&nbsp;&nbsp; Series 2024-3, Class A1, 4.30%, 09/15/2029<sup>(a)</sup> | 33350000 | 33622416  |
| &nbsp;&nbsp;&nbsp; General Motors Co., <br>Series 2024-4A, Class A1, 4.73%, 11/15/2029<sup>(a)</sup> | 8175000 | 8288194  |
|  GreatAmerica Leasing Receivables, Series 2024-2, Class A3, 5.00%, 09/15/2028 (Callable 09/15/2028)<sup>(a)</sup> | 10375000 | 10529554 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value** |
| Navient Student Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-BA, Class A2A, 3.39%, 12/15/2059 (Callable 12/15/2029)<sup>(a)</sup> | $1888041 | $1861634  |
| &nbsp;&nbsp;&nbsp; Series 2019-EA, Class A2A, 2.64%, 05/15/2068 (Callable 03/15/2027)<sup>(a)</sup> | 824323 | 813272  |
| &nbsp;&nbsp;&nbsp; Series 2019-FA, Class A2, 2.60%, 08/15/2068 (Callable 07/15/2027)<sup>(a)</sup> | 4606547 | 4458454  |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class A, 0.84%, 05/15/2069 (Callable 02/15/2029)<sup>(a)</sup> | 5395713 | 4958744  |
| &nbsp;&nbsp;&nbsp; Series 2021-GA, Class A, 1.58%, 04/15/2070 (Callable 07/15/2030)<sup>(a)</sup> | 16208932 | 14730904  |
| Nelnet Student Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class APT1, 1.36%, 04/20/2062 (Callable 01/20/2029)<sup>(a)</sup> | 4062325 | 3843766  |
| &nbsp;&nbsp;&nbsp; Series 2021-BA, Class AFX, 1.42%, 04/20/2062 (Callable 07/20/2029)<sup>(a)</sup> | 5588938 | 5299546  |
| &nbsp;&nbsp;&nbsp; Series 2021-DA, Class AFX, 1.63%, 04/20/2062 (Callable 04/20/2032)<sup>(a)</sup> | 5646650 | 5388996  |
|  Santander Holdings USA, Inc., Series 2023-B, Class B, 5.64%, 12/15/2033 (Callable 02/15/2028)<sup>(a)</sup> | 1596498 | 1619206  |
|  SFS Auto Receivables Securitization Trust, Series 2025-3A, Class A3, 4.12%, 04/21/2031 (Callable 05/20/2029)<sup>(a)</sup> | 43700000 | 43898354  |
|  Stellantis Financial Underwritten Enhanced Lease Trust, Series 2025-BA, Class A3, 4.27%, 01/22/2029 (Callable 03/20/2028)<sup>(a)</sup> | 25425000 | 25564510  |
| Towd Point Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-MH1, Class A1, 2.25%, 02/25/2060 (Callable 01/25/2026)<sup>(a)(e)</sup> | 3879915 | 3805278  |
| &nbsp;&nbsp;&nbsp; Series 2020-MH1, Class A1A, 2.18%, 02/25/2060 (Callable 01/25/2026)<sup>(a)(e)</sup> | 2494975 | 2446115  |
| Verizon Master Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-8, Class A1A, 4.62%, 11/20/2030 (Callable 11/20/2027) | 22000000 | 22325116  |
| &nbsp;&nbsp;&nbsp; Series 2025-5, Class A1A, 4.40%, 06/20/2031 (Callable 06/20/2028) | 21900000 | 22173400  |
|  Volkswagen Auto Lease Trust, Series 2025-B, Class A3, 4.01%, 01/22/2029 (Callable 01/20/2028) | 28300000 | 28413285  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $408,831,487)** |  | 409184948 |

---

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

23<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Short-Term Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
|  **NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 2.9%**<br>|  |  |
| Arroyo Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-2, Class A1, 3.35%, 04/25/2049 (Callable 01/25/2026)<sup>(a)(e)</sup> | $2288813 | $2236709  |
| &nbsp;&nbsp;&nbsp; Series 2019-3, Class A1, 2.96%, 10/25/2048 (Callable 01/25/2026)<sup>(a)(e)</sup> | 3227046 | 3105632  |
| &nbsp;&nbsp;&nbsp; Series 2020-1, Class A1A, 1.66%, 03/25/2055 (Callable 01/25/2026)<sup>(a)</sup> | 1555339 | 1510318  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class A1A, 2.50%, 12/25/2056 (Callable 01/25/2026)<sup>(a)(d)</sup> | 7673105 | 7500732  |
|  CIM Trust, Series 2023-R4, Class A1, 5.00%, 05/25/2062 (Callable 04/25/2028)<sup>(a)(e)</sup> | 21912410 | 21900976  |
|  Citigroup Mortgage Loan Trust, Inc., Series 2018-RP2, Class A1, 2.65%, 02/25/2058 (Callable 03/25/2045)<sup>(a)(e)</sup> | 1974987 | 1950088  |
|  COLT Funding LLC, Series 2020-RPL1, Class A1, 1.39%, 01/25/2065 (Callable 01/25/2026)<sup>(a)(e)</sup> | 14200644 | 12371276  |
|  Countrywide Alternative Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-J2, Class 3A3, 5.50%, 04/25/2034 (Callable 01/25/2026) | 14439 | 14718  |
| &nbsp;&nbsp;&nbsp; Series 2006-28CB, Class A17, 6.00%, 10/25/2036 (Callable 01/25/2026) | 386292 | 176163  |
|  Credit Suisse Mortgage Capital Certificates, Series 2019-RPL1, Class A1A, 3.65%, 07/25/2058 (Callable 12/25/2043)<sup>(a)(e)</sup> | 10771919 | 10627232  |
| FirstKey Homes Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-SFR1, Class A, 4.15%, 05/19/2039<sup>(a)</sup> | 3040528 | 3035026  |
| &nbsp;&nbsp;&nbsp; Series 2022-SFR2, Class A, 4.25%, 07/17/2039<sup>(a)</sup> | 23769091 | 23761673  |
| &nbsp;&nbsp;&nbsp; Series 2022-SFR3, Class A, 4.25%, 07/17/2038<sup>(a)</sup> | 6335275 | 6323689  |
| GCAT<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-HX1, Class A1, 2.89%, 12/27/2066 (Callable 03/25/2036)<sup>(a)(e)</sup> | 20155767 | 18962682  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM3, Class A1A, 5.55%, 05/25/2070 (Callable 06/25/2028)<sup>(a)(d)</sup> | 24835126 | 25064605  |
|  Home Partners of America Trust, Series 2019-2, Class A, 2.70%, 10/19/2039 (Callable 01/17/2026)<sup>(a)</sup> | 6790089 | 6740694  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| MASTR Alternative Loans Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2003-5, Class 4A1, 5.50%, 07/25/2033 (Callable 01/25/2026) | $796639 | $794114  |
| &nbsp;&nbsp;&nbsp; Series 2003-5, Class 7A1, 5.00%, 10/01/2031 | 2026 | 2161  |
|  MFRA Trust, Series 2022-NQM1, Class A1, 4.11%, 12/25/2066 (Callable 01/25/2026)<sup>(a)(e)</sup> | 14133471 | 14029880  |
|  New Residential Mortgage Loan Trust, Series 2019-RPL3, Class A1, 2.75%, 07/25/2059 (Callable 03/25/2044)<sup>(a)(e)</sup> | 23476036 | 22760890  |
| Onslow Bay Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-NQM9, Class A1, 7.16%, 10/25/2063 (Callable 10/25/2026)<sup>(a)(d)</sup> | 5581538 | 5649773  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM14, Class A1, 5.16%, 07/25/2065 (Callable 07/25/2028)<sup>(a)(d)</sup> | 30516326 | 30656545  |
|  Renaissance NIM Trust, Series 2007-2, Class AF2, Pool 2007-2, 5.68%, 06/25/2037 (Callable 08/25/2031)<sup>(d)</sup> | 1914212 | 451427  |
| Rithm Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-RPL1, Class A1, 2.75%, 11/25/2059 (Callable 04/25/2041)<sup>(a)(e)</sup> | 34509423 | 33329711  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM2, Class A1, 5.12%, 09/25/2064 (Callable 11/25/2028)<sup>(a)(e)</sup> | 22572236 | 22637615  |
|  Structured Asset Securities Corp., Series 2004-4XS, Class 1A6, 5.05%, 02/25/2034 (Callable 01/25/2026)<sup>(d)</sup> | 2627 | 2628  |
|  Thornburg Mortgage Securities Trust, Series 2003-5, Class 3A, 4.48%, 10/25/2043 (Callable 01/25/2026)<sup>(e)</sup> | 820732 | 774965  |
| Towd Point Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-4, Class A1, 2.75%, 06/25/2057 (Callable 05/25/2030)<sup>(a)(e)</sup> | 4749058 | 4667928  |
| &nbsp;&nbsp;&nbsp; Series 2017-6, Class A1, 2.75%, 10/25/2057 (Callable 03/25/2031)<sup>(a)(e)</sup> | 9922673 | 9793601  |
| &nbsp;&nbsp;&nbsp; Series 2018-3, Class A1, 3.75%, 05/25/2058 (Callable 07/25/2030)<sup>(a)(e)</sup> | 1920562 | 1892482  |
| &nbsp;&nbsp;&nbsp; Series 2018-6, Class A1A, 3.75%, 03/25/2058 (Callable 01/25/2030)<sup>(a)(e)</sup> | 478623 | 476408  |
| &nbsp;&nbsp;&nbsp; Series 2019-4, Class A1, 2.90%, 10/25/2059 (Callable 06/25/2034)<sup>(a)(e)</sup> | 4218225 | 4069914  |

---

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

24<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Short-Term Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
|  **NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-1, Class A1, 2.71%, 01/25/2060 (Callable 08/25/2029)<sup>(a)(e)</sup> | $2231592 | $2157333  |
| &nbsp;&nbsp;&nbsp; Series 2020-4, Class A1, 1.75%, 10/25/2060 (Callable 07/25/2032)<sup>(a)</sup> | 21774764 | 19959829  |
|  Verus Securitization Trust, Series 2025-6, Class A1, 5.42%, 07/25/2070 (Callable 07/25/2028)<sup>(a)(d)</sup> | 20578800 | 20753736  |
|  WaMu Mortgage Pass Through Certificates, Series 2004-AR3, Class A1, 5.37%, 06/25/2034 (Callable 01/25/2026)<sup>(e)</sup> | 941723 | 900005  |
| &nbsp;&nbsp;&nbsp; **TOTAL NON-AGENCY** <br>**RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES** <br>**(Cost $347,544,361)** |  | 341043158  |
| **MUNICIPAL BONDS - 0.7%**<br>|  |  |
|  Arlington Higher Education Finance Corp., 3.00%, 08/15/2044 (Callable 02/02/2026)<sup>(f)</sup> | 22010000 | 21837248  |
|  California Municipal Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/01/2029 (Callable 01/23/2026) | 10050000 | 10051942  |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/01/2030 (Callable 01/23/2026) | 5000000 | 5000971  |
|  Central Plains Energy Project, 5.72%, 08/01/2028 | 1320000 | 1358837  |
|  City of Brockton MA, 5.41%, 08/01/2027 | 8950000 | 9098484  |
|  General Authority of Southcentral Pennsylvania<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.10%, 05/01/2050<sup>(f)</sup> | 4750000 | 4756585  |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/01/2050<sup>(f)</sup> | 6855000 | 6846196  |
|  Homewood Educational Building Authority, 2.79%, 12/01/2027 | 2000000 | 1928102  |
|  Massachusetts Educational Financing Authority, 2.00%, 07/01/2037 (Callable 07/01/2031)<sup>(g)</sup> | 700000 | 582477  |
|  Minnesota Housing Finance Agency, 4.34%, 01/01/2047 (Callable 01/01/2032) | 1345000 | 1335119  |
|  Mississippi Hospital Equipment & Facilities Authority, 3.72%, 09/01/2026 | 8000000 | 7972849  |
|  New Jersey Economic Development Authority, 6.31%, 07/01/2026 | 560000 | 564235  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| Tennergy Corp./TN<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.97%, 06/01/2026 | $1150000 | $1158599  |
| &nbsp;&nbsp;&nbsp; 5.95%, 06/01/2027 | 800000 | 820128  |
|  Utah Housing Corp., 3.88%, 01/01/2050 (Callable 07/01/2029) | 2350000 | 2321178  |
|  Westvaco Corp., 7.67%, 01/15/2027<sup>(a)</sup> | 3900000 | 4022402  |
| &nbsp;&nbsp;&nbsp; **TOTAL MUNICIPAL BONDS** <br>**(Cost $79,751,626)** |  | 79655352  |
| &nbsp;&nbsp;&nbsp; **OTHER GOVERNMENT** <br>**RELATED SECURITIES - 0.4%** | &nbsp;&nbsp;&nbsp; **OTHER GOVERNMENT** <br>**RELATED SECURITIES - 0.4%** | &nbsp;&nbsp;&nbsp; **OTHER GOVERNMENT** <br>**RELATED SECURITIES - 0.4%** |
|  Electricite de France SA, 4.50%, 09/21/2028 (Callable 06/21/2028)<sup>(a)</sup> | 21750000 | 21921289  |
|  Korea National Oil Corp., 4.13%, 09/30/2027<sup>(a)</sup> | 20000000 | 20041567  |
| &nbsp;&nbsp;&nbsp; **TOTAL OTHER GOVERNMENT** <br>**RELATED SECURITIES** <br>**(Cost $41,713,918)** |  | 41962856  |
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS** <br>|  |  |
| **Money Market Funds - 3.8%** | **Money Market Funds - 3.8%** | **Money Market Funds - 3.8%** |
|  First American Government Obligations Fund - Class U, 3.69%<sup>(h)</sup> | 445826136 | 445826136  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $445,826,136)** |  | 445826136  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 102.4%** <br>**(Cost $11,887,845,347)** |  | $11975047578  |
|  Liabilities in Excess of Other Assets - (2.4)% |  | (279968083)  |
| **TOTAL NET ASSETS - 100.0%** |  | $11695079495 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

CMT - Constant Maturity Treasury

LIBOR - London Interbank Offered Rate

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of December 31, 2025, the value of these securities total $3,490,411,782 or 29.8% of the Fund's net assets.

<sup>(b)</sup> Securities referencing LIBOR are expected to transition to an alternative reference rate by the security's next scheduled coupon reset date.

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

25<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Short-Term Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

<sup>(c)</sup> To the extent that the Fund invests more heavily in particular industries or sectors of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(d)</sup> Step coupon bond. The rate disclosed is as of December 31, 2025.

<sup>(e)</sup> Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of December 31, 2025.

<sup>(f)</sup> Coupon rate may be variable or floating based on components other than reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of December 31, 2025.

<sup>(g)</sup> Security subject to the Alternative Minimum Tax ("AMT"). As of December 31, 2025, the total value of securities subject to the AMT was $582,477 or 0.0% of net assets.

<sup>(h)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

26<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD SHORT-TERM BOND FUND** 

**Summary of Fair Value Disclosure** 

**as of December 31, 2025** 

Baird Short-Term Bond Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the year, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

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

---

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

---

---

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

---

The following is a summary of the fair valuation hierarchy of the Fund's securities as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $5991075538 | $— | $5991075538  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 4134430901 |  | 4134430901  |
| &nbsp;&nbsp;&nbsp; Non-Agency Commercial Mortgage-Backed Securities |  | 531868689 |  | 531868689  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 409184948 |  | 409184948 |
| &nbsp;&nbsp;&nbsp; Non-Agency Residential Mortgage-Backed Securities |  | 341043158 |  | 341043158  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds |  | 79655352 |  | 79655352  |
| &nbsp;&nbsp;&nbsp; Other Government Related Securities |  | 41962856 |  | 41962856  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 445826136 |  |  | 445826136  |
| **Total Investments** | $445826136 | $11529221442 | $— | $11975047578 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting year, as compared to the security classifications from the prior year's core financial statements. See the Fund's Valuation Policy in Note 2a to the financial statements.

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

27<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD INTERMEDIATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 47.1%** | **U.S. TREASURY SECURITIES - 47.1%** |  |
| United States Treasury Note/Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.13%, 08/31/2027 | $191075000 | $189992740  |
| &nbsp;&nbsp;&nbsp; 3.88%, 11/30/2027 | 54350000 | 54742764  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/15/2027 | 140000000 | 141378125  |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/15/2028 | 192550000 | 195415685  |
| &nbsp;&nbsp;&nbsp; 3.75%, 04/15/2028 | 549725000 | 552688359  |
| &nbsp;&nbsp;&nbsp; 3.63%, 08/15/2028 | 152025000 | 152452570  |
| &nbsp;&nbsp;&nbsp; 1.13%, 08/31/2028 | 392925000 | 369226711  |
| &nbsp;&nbsp;&nbsp; 3.50%, 10/15/2028 | 108425000 | 108348764  |
| &nbsp;&nbsp;&nbsp; 2.38%, 03/31/2029 | 203800000 | 196436133  |
| &nbsp;&nbsp;&nbsp; 4.63%, 04/30/2029 | 293650000 | 303273921  |
| &nbsp;&nbsp;&nbsp; 2.75%, 05/31/2029 | 255900000 | 249162634  |
| &nbsp;&nbsp;&nbsp; 3.88%, 12/31/2029 | 483625000 | 488064528  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/31/2030 | 242700000 | 247184261  |
| &nbsp;&nbsp;&nbsp; 4.38%, 11/30/2030 | 129825000 | 133689322  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/31/2031 | 330300000 | 334441652  |
| &nbsp;&nbsp;&nbsp; 1.38%, 11/15/2031 | 170425000 | 148649211  |
| &nbsp;&nbsp;&nbsp; 1.88%, 02/15/2032 | 276075000 | 246558701  |
| &nbsp;&nbsp;&nbsp; 2.88%, 05/15/2032 | 263625000 | 248919668  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/30/2032 | 304550000 | 306738953  |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/15/2033 | 305650000 | 297519233  |
| &nbsp;&nbsp;&nbsp; 4.38%, 05/15/2034 | 335600000 | 343596717  |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/2035 | 621175000 | 646094795  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $5,875,460,867)** |  | 5954575447  |
| **CORPORATE BONDS - 39.6%**<br>|  |  |
| **Financials - 19.7%**<br>|  |  |
| ABN AMRO Bank NV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.54% to 06/16/2026 then 1 yr. CMT Rate + 0.80%, 06/16/2027 (Callable 06/16/2026)<sup>(a)</sup> | 12550000 | 12397906  |
| &nbsp;&nbsp;&nbsp; 6.34% to 09/18/2026 then 1 yr. CMT Rate + 1.65%, 09/18/2027 (Callable 09/18/2026)<sup>(a)</sup> | 5000000 | 5077045  |
| &nbsp;&nbsp;&nbsp; 4.99% to 12/03/2027 then 1 yr. CMT Rate + 0.78%, 12/03/2028 (Callable 12/03/2027)<sup>(a)</sup> | 8000000 | 8139862  |
| &nbsp;&nbsp;&nbsp; AEGON Funding Co. LLC, <br>5.50%, 04/16/2027 (Callable 03/16/2027)<sup>(a)</sup> | 10000000 | 10159249  |
|  AerCap Ireland Capital DAC / AerCap Global Aviation Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.45%, 04/15/2027 (Callable 03/15/2027) | 5399000 | 5546851  |
| &nbsp;&nbsp;&nbsp; 4.63%, 09/10/2029 (Callable 08/10/2029) | 11000000 | 11117612  |
| AIB Group PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.61% to 09/13/2028 then SOFR + 2.33%, 09/13/2029 (Callable 09/13/2028)<sup>(a)</sup> | 11195000 | 11892004  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.87% to 03/28/2034 then SOFR + <br>1.91%, 03/28/2035 (Callable 03/28/2034)<sup>(a)</sup> | $16000000 | $16910724  |
| &nbsp;&nbsp;&nbsp; AIG SunAmerica Global Financing X, <br>6.90%, 03/15/2032<sup>(a)</sup> | 14000000 | 15542279  |
|  Aircastle Ltd. / Aircastle Ireland DAC, 5.00%, 09/15/2030 (Callable 08/15/2030)<sup>(a)</sup> | 5000000 | 5050530  |
| &nbsp;&nbsp;&nbsp; Ally Financial, Inc., <br>5.54% to 01/17/2030 then <br>SOFR + 1.73%, 01/17/2031 (Callable 01/17/2030) | 4000000 | 4095320  |
|  American International Group, Inc., 5.13%, 03/27/2033 (Callable 12/27/2032) | 1250000 | 1287836  |
|  American National Global Funding, 5.55%, 01/28/2030<sup>(a)</sup> | 19092000 | 19623507  |
|  Americold Realty Operating Partnership LP, 5.60%, 05/15/2032 (Callable 03/15/2032) | 16000000 | 16129812  |
| &nbsp;&nbsp;&nbsp; AmFam Holdings, Inc., <br>2.81%, 03/11/2031 (Callable 12/11/2030)<sup>(a)</sup> | 9000000 | 7912127  |
| Arthur J Gallagher & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 02/15/2034 (Callable 11/15/2033) | 13337000 | 14692652  |
| &nbsp;&nbsp;&nbsp; 5.45%, 07/15/2034 (Callable 04/15/2034) | 3663000 | 3803492  |
| Assurant, Inc., 6.75%, 02/15/2034 | 7182000 | 7826371  |
|  Australia & New Zealand Banking Group Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.74%, 12/08/2032<sup>(a)</sup> | 5000000 | 5538369  |
| &nbsp;&nbsp;&nbsp; 5.82% to 06/18/2035 then 1 yr. CMT Rate + 1.35%, 06/18/2036 (Callable 06/18/2035)<sup>(a)</sup> | 8000000 | 8305314  |
| Aviation Capital Group LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 04/15/2028 (Callable 03/15/2028)<sup>(a)</sup> | 15000000 | 15581369  |
| &nbsp;&nbsp;&nbsp; 6.75%, 10/25/2028 (Callable 09/25/2028)<sup>(a)</sup> | 6850000 | 7269739  |
| &nbsp;&nbsp;&nbsp; 5.38%, 07/15/2029 (Callable 06/15/2029)<sup>(a)</sup> | 4000000 | 4097493  |
| &nbsp;&nbsp;&nbsp; 4.80%, 10/24/2030 (Callable 09/24/2030)<sup>(a)</sup> | 5000000 | 5007798  |
| Banco Santander SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.72% to 09/14/2026 then 1 yr. CMT Rate + 0.90%, 09/14/2027 (Callable 09/14/2026) | 4500000 | 4423905  |
| &nbsp;&nbsp;&nbsp; 6.61%, 11/07/2028 | 6600000 | 7042841  |
| &nbsp;&nbsp;&nbsp; 5.54% to 03/14/2029 then 1 yr. CMT Rate + 1.45%, 03/14/2030 (Callable 03/14/2029) | 4000000 | 4139194  |
| &nbsp;&nbsp;&nbsp; 2.75%, 12/03/2030 | 4000000 | 3639375  |
| &nbsp;&nbsp;&nbsp; 3.23% to 11/22/2031 then 1 yr. CMT Rate + 1.60%, 11/22/2032 (Callable 08/22/2031) | 2000000 | 1832427  |

---

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

28<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD INTERMEDIATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - (Continued)**  | **Financials - (Continued)**  | **Financials - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 6.92%, 08/08/2033 | $4000000 | $4437434  |
| &nbsp;&nbsp;&nbsp; 6.35%, 03/14/2034 | 5000000 | 5395996  |
| Bank of America Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.73% to 07/22/2026 then SOFR + <br>0.96%, 07/22/2027 (Callable 07/22/2026) | 5000000 | 4936522  |
| &nbsp;&nbsp;&nbsp; 3.71% to 04/24/2027 then 3 mo. Term SOFR + 1.77%, 04/24/2028 (Callable 04/24/2027) | 5050000 | 5027613  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38% to 04/27/2027 then SOFR + <br>1.58%, 04/27/2028 (Callable 04/27/2027) | 7675000 | 7706421  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95% to 07/22/2027 then SOFR + <br>2.04%, 07/22/2028 (Callable 07/22/2027) | 10000000 | 10142859  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20% to 11/10/2027 then SOFR + <br>1.99%, 11/10/2028 (Callable 11/10/2027) | 5000000 | 5196549  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.42% to 12/20/2027 then 3 mo. Term SOFR + <br>1.30%, 12/20/2028 (Callable 12/20/2027) | 1712000 | 1692522  |
| &nbsp;&nbsp;&nbsp; 3.97% to 03/05/2028 then 3 mo. Term SOFR + 1.33%, 03/05/2029 (Callable 03/05/2028) | 10918000 | 10903414  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.09% to 06/14/2028 then SOFR + <br>1.06%, 06/14/2029 (Callable 06/14/2028) | 4350000 | 4150812  |
| &nbsp;&nbsp;&nbsp; 4.27% to 07/23/2028 then 3 mo. Term SOFR + 1.57%, 07/23/2029 (Callable 07/23/2028) | 5295000 | 5321146  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.97% to 02/04/2032 then SOFR + <br>1.33%, 02/04/2033 (Callable 02/04/2032) | 3750000 | 3434365  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.29% to 04/25/2033 then SOFR + <br>1.91%, 04/25/2034 (Callable 04/25/2033) | 10650000 | 10982873  |
| Bank of Ireland Group PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.03% to 09/30/2026 then 1 yr. CMT Rate + 1.10%, 09/30/2027 (Callable 09/30/2026)<sup>(a)</sup> | 11243000 | 11066090  |
| &nbsp;&nbsp;&nbsp; 5.60% (SOFR + 1.62%), 03/20/2030 (Callable 03/20/2029)<sup>(a)</sup> | 25978000 | 26991557  |
| Bank of Montreal<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% to 01/27/2028 then SOFR + <br>0.67%, 01/27/2029 (Callable 01/27/2028) | 3500000 | 3567291  |
| &nbsp;&nbsp;&nbsp; 3.09% to 01/10/2032 then 5 yr. CMT Rate + 1.40%, 01/10/2037 (Callable 01/10/2032) | 3000000 | 2700914  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Bank of Nova Scotia<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/12/2028 | $5000000 | $5150981  |
| &nbsp;&nbsp;&nbsp; 4.93% to 02/14/2028 then SOFR + 0.89%, 02/14/2029 (Callable 02/14/2028) | 15000000 | 15291707  |
| &nbsp;&nbsp;&nbsp; 4.59% to 05/04/2032 then 5 yr. CMT Rate + 2.05%, 05/04/2037 (Callable 02/04/2032) | 2371000 | 2311613  |
| Banque Federative du Credit Mutuel SA |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 07/13/2027<sup>(a)</sup> | 14850000 | 15001954  |
| &nbsp;&nbsp;&nbsp; 5.79%, 07/13/2028<sup>(a)</sup> | 2500000 | 2596953  |
| Barclays PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.34%, 01/10/2028 (Callable 01/08/2027) | 8790000 | 8811404  |
| &nbsp;&nbsp;&nbsp; 5.09% to 02/25/2028 then SOFR + 0.96%, 02/25/2029 (Callable 02/25/2028) | 10000000 | 10193795  |
| &nbsp;&nbsp;&nbsp; 5.37% to 02/25/2030 then SOFR + 1.23%, 02/25/2031 (Callable 02/25/2030) | 10000000 | 10344089  |
| &nbsp;&nbsp;&nbsp; 7.44% to 11/02/2032 then 1 yr. CMT Rate + 3.50%, 11/02/2033 (Callable 11/02/2032) | 4000000 | 4580263  |
| &nbsp;&nbsp;&nbsp; 6.22% to 05/09/2033 then SOFR + 2.98%, 05/09/2034 (Callable 05/09/2033) | 6500000 | 7004565  |
| &nbsp;&nbsp;&nbsp; 6.69% to 09/13/2033 then SOFR + 2.62%, 09/13/2034 (Callable 09/13/2033) | 8100000 | 8971986  |
| &nbsp;&nbsp;&nbsp; 5.34% to 09/10/2034 then SOFR + 1.91%, 09/10/2035 (Callable 09/10/2034) | 10000000 | 10183958  |
| BNP Paribas SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 05/12/2026<sup>(a)</sup> | 8288000 | 8286537  |
| &nbsp;&nbsp;&nbsp; 4.79% to 05/09/2028 then SOFR + 1.45%, 05/09/2029 (Callable 05/09/2028)<sup>(a)</sup> | 15000000 | 15172507  |
| &nbsp;&nbsp;&nbsp; 5.34% (1 yr. CMT Rate + 1.50%), 06/12/2029 (Callable 06/12/2028)<sup>(a)</sup> | 5000000 | 5129487  |
| &nbsp;&nbsp;&nbsp; 2.16% to 09/15/2028 then SOFR + 1.22%, 09/15/2029 (Callable 09/15/2028)<sup>(a)</sup> | 6500000 | 6148577  |
| &nbsp;&nbsp;&nbsp; 5.18% to 01/09/2029 then SOFR + 1.52%, 01/09/2030 (Callable 01/09/2029)<sup>(a)</sup> | 4625000 | 4740061  |
| &nbsp;&nbsp;&nbsp; 2.87% to 04/19/2031 then 3 mo. Term SOFR + 1.39%, 04/19/2032 (Callable 04/19/2031)<sup>(a)</sup> | 5000000 | 4569068  |
| &nbsp;&nbsp;&nbsp; 3.13% to 01/20/2032 then SOFR + 1.56%, 01/20/2033 (Callable 01/20/2032)<sup>(a)</sup> | 7000000 | 6393339  |
| BPCE SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 04/01/2026<sup>(a)</sup> | 3386000 | 3389022  |

---

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

29<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD INTERMEDIATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - (Continued)**  | **Financials - (Continued)**  | **Financials - (Continued)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.71% to 10/19/2028 then SOFR + <br>2.27%, 10/19/2029 (Callable 10/19/2028)<sup>(a)</sup> | $5000000 | $5305603  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88% to 01/14/2030 then SOFR + <br>1.68%, 01/14/2031 (Callable 01/14/2030)<sup>(a)</sup> | 3000000 | 3136496  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.39% to 05/28/2030 then SOFR + <br>1.58%, 05/28/2031 (Callable 05/28/2030)<sup>(a)</sup> | 15000000 | 15420193  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.12% to 10/19/2031 then SOFR + <br>1.73%, 10/19/2032 (Callable 10/19/2031)<sup>(a)</sup> | 11500000 | 10330980  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75% to 07/19/2032 then SOFR + <br>2.87%, 07/19/2033 (Callable 07/19/2032)<sup>(a)</sup> | 6200000 | 6454372  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.51% to 01/18/2034 then SOFR + <br>2.79%, 01/18/2035 (Callable 01/18/2034)<sup>(a)</sup> | 4000000 | 4247696  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.94% to 05/30/2034 then SOFR + <br>1.85%, 05/30/2035 (Callable 05/30/2034)<sup>(a)</sup> | 5000000 | 5224431  |
| Brown & Brown, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/15/2029 (Callable 12/15/2028) | 8747000 | 8783819  |
| &nbsp;&nbsp;&nbsp; 2.38%, 03/15/2031 (Callable 12/15/2030) | 3500000 | 3141275  |
| &nbsp;&nbsp;&nbsp; 4.20%, 03/17/2032 (Callable 12/17/2031) | 10000000 | 9671927  |
|  Canadian Imperial Bank of Commerce<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.24%, 06/28/2027 | 1475000 | 1503128  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% to 01/13/2030 then <br>SOFR + 1.11%, 01/13/2031 (Callable 01/13/2030) | 5175000 | 5340484  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.58% to 09/08/2030 then SOFR + <br>1.17%, 09/08/2031 (Callable 09/08/2030) | 4350000 | 4387077  |
| &nbsp;&nbsp;&nbsp; 6.09%, 10/03/2033 (Callable 07/03/2033) | 13375000 | 14563980  |
| &nbsp;&nbsp;&nbsp; Cantor Fitzgerald LP, <br>4.50%, 04/14/2027 (Callable 01/14/2027)<sup>(a)</sup> | 5000000 | 4992908  |
| Capital One Financial Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.65%, 05/11/2027 (Callable 04/11/2027) | 3275000 | 3259901  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.47% to 02/01/2028 then SOFR + <br>2.08%, 02/01/2029 (Callable 02/01/2028) | 3000000 | 3081202  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.62% to 10/30/2030 then SOFR + <br>3.07%, 10/30/2031 (Callable 10/30/2030) | 12000000 | 13572559  |
| &nbsp;&nbsp;&nbsp; 6.70%, 11/29/2032 (Callable 08/29/2032) | 6275000 | 6954258  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.96% to 11/02/2033 then SOFR + <br>3.37%, 11/02/2034 (Callable 11/02/2033) | 5000000 | 5896993  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Capital One NA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.97% to 08/09/2028 then 5 yr. Mid Swap Rate USD + 1.73%, 08/09/2028 | $6529000 | $6783546  |
| &nbsp;&nbsp;&nbsp; 4.65%, 09/13/2028 (Callable 06/13/2028) | 10000000 | 10150939  |
| Centene Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.45%, 07/15/2028 (Callable 05/15/2028) | 5450000 | 5103721  |
| &nbsp;&nbsp;&nbsp; 4.63%, 12/15/2029 (Callable 02/01/2026) | 7390000 | 7168825  |
| &nbsp;&nbsp;&nbsp; 3.38%, 02/15/2030 (Callable 01/17/2026) | 16000000 | 14723710  |
| Citigroup, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.89% to 01/10/2027 then 3 mo. Term SOFR + 1.82%, 01/10/2028 (Callable 01/10/2027) | 14000000 | 13975241  |
| &nbsp;&nbsp;&nbsp; 3.52% to 10/27/2027 then 3 mo. Term SOFR + 1.41%, 10/27/2028 (Callable 10/27/2027) | 3000000 | 2973653  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.79% to 03/04/2028 then SOFR + <br>0.87%, 03/04/2029 (Callable 03/04/2028) | 16500000 | 16741237  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.17% to 02/13/2029 then SOFR + <br>1.36%, 02/13/2030 (Callable 02/13/2029) | 5000000 | 5135249  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95% to 05/07/2030 then SOFR + <br>1.46%, 05/07/2031 (Callable 05/07/2030) | 10000000 | 10221774  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.57% to 06/03/2030 then SOFR + <br>2.11%, 06/03/2031 (Callable 06/03/2030) | 11000000 | 10202056  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% to 09/11/2030 then SOFR + <br>1.17%, 09/11/2031 (Callable 09/11/2030) | 7000000 | 7030336  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.06% to 01/25/2032 then SOFR + <br>1.35%, 01/25/2033 (Callable 01/25/2032) | 10000000 | 9177242  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.79% to 03/17/2032 then SOFR + <br>1.94%, 03/17/2033 (Callable 03/17/2032) | 7425000 | 7090281  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.27% to 11/17/2032 then SOFR + <br>2.34%, 11/17/2033 (Callable 11/17/2032) | 5000000 | 5451464  |
| Citizens Financial Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.85%, 07/27/2026 (Callable 04/27/2026) | 300000 | 297900  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.84% to 01/23/2029 then SOFR + <br>2.01%, 01/23/2030 (Callable 01/23/2029) | 7500000 | 7827176  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.65% to 04/25/2034 then SOFR + <br>2.33%, 04/25/2035 (Callable 04/25/2034) | 3000000 | 3304130  |
| CNA Financial Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.05%, 08/15/2030 (Callable 05/15/2030) | 4875000 | 4387758  |

---

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

30<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD INTERMEDIATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - (Continued)**  | **Financials - (Continued)**  | **Financials - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 5.13%, 02/15/2034 (Callable 11/15/2033) | $3300000 | $3326533  |
| CNO Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 09/08/2028<sup>(a)</sup> | 10000000 | 10016936  |
| &nbsp;&nbsp;&nbsp; 2.65%, 01/06/2029<sup>(a)</sup> | 15000000 | 14267333  |
| &nbsp;&nbsp;&nbsp; 4.95%, 09/09/2029<sup>(a)</sup> | 5000000 | 5079026  |
| Commonwealth Bank of Australia<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.69%, 03/11/2031<sup>(a)</sup> | 22000000 | 20054130  |
| &nbsp;&nbsp;&nbsp; 3.78%, 03/14/2032<sup>(a)</sup> | 20000000 | 19064452  |
|  Constellation Global Funding, 4.85%, 10/22/2030<sup>(a)</sup> | 10000000 | 9925050  |
| Cooperatieve Rabobank UA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.65% to 04/06/2027 then 1 yr. CMT Rate + 1.22%, 04/06/2028 (Callable 04/06/2027)<sup>(a)</sup> | 7700000 | 7661672  |
| &nbsp;&nbsp;&nbsp; 4.66% to 08/22/2027 then 1 yr. CMT Rate + 1.75%, 08/22/2028 (Callable 08/22/2027)<sup>(a)</sup> | 2730000 | 2757852  |
| &nbsp;&nbsp;&nbsp; Corebridge Financial, Inc., <br>3.85%, 04/05/2029 (Callable 02/05/2029) | 13825000 | 13608945  |
| Corebridge Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 06/24/2029<sup>(a)</sup> | 3000000 | 3082140  |
| &nbsp;&nbsp;&nbsp; 4.90%, 08/21/2032<sup>(a)</sup> | 11075000 | 11156204  |
| Credit Agricole SA<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.23% to 01/09/2028 then SOFR + <br>1.13%, 01/09/2029 (Callable 01/09/2028)<sup>(a)</sup> | 3000000 | 3064115  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.32% to 10/03/2028 then SOFR + <br>1.86%, 10/03/2029 (Callable 10/03/2028)<sup>(a)</sup> | 14250000 | 15024048  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25% to 01/10/2034 then SOFR + <br>2.67%, 01/10/2035 (Callable 01/10/2034)<sup>(a)</sup> | 7500000 | 7976095  |
| Danske Bank AS<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.30% to 04/01/2027 then 1 yr. CMT Rate + 1.75%, 04/01/2028 (Callable 04/01/2027)<sup>(a)</sup> | 25000000 | 25057734  |
| &nbsp;&nbsp;&nbsp; 5.71% to 03/01/2029 then 1 yr. CMT Rate + 1.40%, 03/01/2030 (Callable 03/01/2029)<sup>(a)</sup> | 12650000 | 13152436  |
| &nbsp;&nbsp;&nbsp; 5.02% to 03/04/2030 then 1 yr. CMT Rate + 0.93%, 03/04/2031 (Callable 03/04/2030)<sup>(a)</sup> | 8200000 | 8381093  |
| Deutsche Bank AG/New York NY<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.15% to 07/13/2026 then SOFR + <br>2.52%, 07/13/2027 (Callable 07/13/2026) | 10000000 | 10153224  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.31% to 11/16/2026 then SOFR + <br>1.22%, 11/16/2027 (Callable 11/16/2026) | $3800000 | $3738694  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.72% to 01/18/2028 then SOFR + <br>3.18%, 01/18/2029 (Callable 01/18/2028) | 15860000 | 16608567  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.82% to 11/20/2028 then SOFR + <br>2.51%, 11/20/2029 (Callable 11/20/2028) | 5000000 | 5332548  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30% to 05/09/2030 then SOFR + <br>1.72%, 05/09/2031 (Callable 05/09/2030) | 2840000 | 2912275  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95% to 08/04/2030 then SOFR + <br>1.30%, 08/04/2031 (Callable 08/04/2030) | 5000000 | 5054824  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55% to 09/18/2030 then SOFR + <br>3.04%, 09/18/2031 (Callable 09/18/2030) | 3050000 | 2907263  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.73% to 01/14/2031 then SOFR + <br>2.76%, 01/14/2032 (Callable 10/14/2030) | 4000000 | 3784160  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.04% to 05/28/2031 then SOFR + <br>1.72%, 05/28/2032 (Callable 05/28/2031) | 5000000 | 4595628  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.74% to 01/07/2032 then SOFR + <br>2.26%, 01/07/2033 (Callable 10/07/2031) | 5000000 | 4652140  |
|  EQT AB, 5.85%, 05/08/2035 (Callable 02/08/2035)<sup>(a)</sup> | 5175000 | 5317493  |
| &nbsp;&nbsp;&nbsp; Equitable Holdings, Inc., <br>4.57%, 02/15/2029 (Callable 11/15/2028)<sup>(a)</sup> | 1284000 | 1290699  |
| &nbsp;&nbsp;&nbsp; Essential Properties LP, <br>5.40%, 12/01/2035 (Callable 09/01/2035) | 7975000 | 8006685  |
| Extra Space Storage LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 12/15/2027 (Callable 09/15/2027) | 8000000 | 7976283  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/15/2029 (Callable 03/15/2029) | 1500000 | 1486344  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/01/2030 (Callable 05/01/2030) | 7000000 | 7291512  |
| &nbsp;&nbsp;&nbsp; 5.35%, 01/15/2035 (Callable 10/15/2034) | 6475000 | 6637009  |
|  Federation des Caisses Desjardins du Quebec<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.55%, 08/23/2027<sup>(a)</sup> | 3000000 | 3031953  |
| &nbsp;&nbsp;&nbsp; 5.70%, 03/14/2028<sup>(a)</sup> | 3275000 | 3391999  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/26/2029<sup>(a)</sup> | 9300000 | 9631383  |
| Fifth Third Bancorp<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.34% to 07/27/2028 then SOFR + <br>2.34%, 07/27/2029 (Callable 07/27/2028) | 5000000 | 5266981  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.77% to 07/28/2029 then SOFR + <br>2.13%, 07/28/2030 (Callable 07/28/2029) | 3000000 | 3037925  |

---

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

31<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD INTERMEDIATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - (Continued)**  | **Financials - (Continued)**  | **Financials - (Continued)**  |
|  Five Corners Funding Trust III, 5.79%, 02/15/2033 (Callable 11/15/2032)<sup>(a)</sup> | $13290000 | $14029054  |
| Goldman Sachs Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95% to 10/21/2026 then SOFR + <br>0.91%, 10/21/2027 (Callable 10/21/2026) | 15700000 | 15435480  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.64% to 02/24/2027 then SOFR + <br>1.11%, 02/24/2028 (Callable 02/24/2027) | 2000000 | 1968983  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.62% to 03/15/2027 then SOFR + <br>1.85%, 03/15/2028 (Callable 03/15/2027) | 26125000 | 25983077  |
| &nbsp;&nbsp;&nbsp; 3.69% to 06/05/2027 then 3 mo. Term SOFR + 1.77%, 06/05/2028 (Callable 06/05/2027) | 5025000 | 4998700  |
| &nbsp;&nbsp;&nbsp; 4.22% to 05/01/2028 then 3 mo. Term SOFR + 1.56%, 05/01/2029 (Callable 05/01/2028) | 18100000 | 18142140  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05% to 07/23/2029 then SOFR + <br>1.21%, 07/23/2030 (Callable 07/23/2029) | 4975000 | 5101139  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.22% to 04/23/2030 then SOFR + <br>1.58%, 04/23/2031 (Callable 04/23/2030) | 5000000 | 5167757  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38% to 07/21/2031 then SOFR + <br>1.25%, 07/21/2032 (Callable 07/21/2031) | 5000000 | 4482900  |
| Guardian Life Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.55%, 10/28/2027<sup>(a)</sup> | 15300000 | 15748150  |
| &nbsp;&nbsp;&nbsp; 5.74%, 10/02/2028<sup>(a)</sup> | 22200000 | 23172292  |
| &nbsp;&nbsp;&nbsp; 4.33%, 10/06/2030<sup>(a)</sup> | 20100000 | 20154768  |
|  Hanover Insurance Group, Inc., 5.50%, 09/01/2035 (Callable 06/01/2035) | 4000000 | 4064597  |
|  Hartford Insurance Group, Inc., 2.80%, 08/19/2029 (Callable 05/19/2029) | 4925000 | 4711347  |
|  Health Care Service Corp. A Mutual Legal Reserve Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.20%, 06/01/2030 (Callable 03/01/2030)<sup>(a)</sup> | 10275000 | 9335395  |
| &nbsp;&nbsp;&nbsp; 5.45%, 06/15/2034 (Callable 03/15/2034)<sup>(a)</sup> | 7500000 | 7694098  |
| HSBC Holdings PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.89% to 08/14/2026 then SOFR + <br>1.57%, 08/14/2027 (Callable 08/14/2026) | 15000000 | 15158427  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.01% to 09/22/2027 then SOFR + <br>1.73%, 09/22/2028 (Callable 09/22/2027) | 7500000 | 7239417  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13% to 11/19/2027 then SOFR + <br>1.04%, 11/19/2028 (Callable 11/19/2027) | 23620000 | 24062477  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90% to 03/03/2028 then SOFR + <br>1.03%, 03/03/2029 (Callable 03/03/2028) | $5000000 | $5074440  |
| &nbsp;&nbsp;&nbsp; 4.58% to 06/19/2028 then 3 mo. Term SOFR + 1.80%, 06/19/2029 (Callable 06/19/2028) | 10000000 | 10095797  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.21% to 08/17/2028 then SOFR + <br>1.29%, 08/17/2029 (Callable 08/17/2028) | 5000000 | 4757464  |
| &nbsp;&nbsp;&nbsp; 3.97% to 05/22/2029 then 3 mo. Term SOFR + 1.87%, 05/22/2030 (Callable 05/22/2029) | 1750000 | 1729857  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.62% to 11/06/2030 then SOFR + <br>1.19%, 11/06/2031 (Callable 11/06/2030) | 6500000 | 6525736  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80% to 05/24/2031 then SOFR + <br>1.19%, 05/24/2032 (Callable 05/24/2031) | 5000000 | 4579090  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.79% to 05/13/2035 then SOFR + <br>1.88%, 05/13/2036 (Callable 05/13/2035) | 4000000 | 4234731  |
|  Humana, Inc., 5.38%, 04/15/2031 (Callable 02/15/2031) | 14100000 | 14588925  |
| Huntington Bancshares, Inc./OH<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.44% to 08/04/2027 then SOFR + <br>1.97%, 08/04/2028 (Callable 08/04/2027) | 4837000 | 4864066  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.21% to 08/21/2028 then SOFR + <br>2.02%, 08/21/2029 (Callable 08/21/2028) | 11876000 | 12458307  |
| &nbsp;&nbsp;&nbsp; Huntington National Bank, <br>4.27%, 11/25/2026 | 5450000 | 5442741  |
| ING Groep NV<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.86% to 03/25/2028 then SOFR + <br>1.01%, 03/25/2029 (Callable 03/25/2028) | 3833000 | 3891200  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.11% to 09/11/2033 then SOFR + <br>2.09%, 09/11/2034 (Callable 09/11/2033) | 10000000 | 10826620  |
|  Jackson National Life Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/12/2028<sup>(a)</sup> | 7281000 | 7437543  |
| &nbsp;&nbsp;&nbsp; 4.55%, 09/09/2030<sup>(a)</sup> | 7000000 | 6977971  |
|  Jefferies Financial Group, Inc., 6.45%, 06/08/2027 | 3325000 | 3431155  |
| JPMorgan Chase & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.98% to 07/22/2027 then SOFR + <br>0.93%, 07/22/2028 (Callable 07/22/2027) | 7500000 | 7613150  |
| &nbsp;&nbsp;&nbsp; 3.51% to 01/23/2028 then 3 mo. Term SOFR + 1.21%, 01/23/2029 (Callable 01/23/2028) | 13700000 | 13572931  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.07% to 06/01/2028 then SOFR + <br>1.02%, 06/01/2029 (Callable 06/01/2028) | 5000000 | 4775815  |

---

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

32<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD INTERMEDIATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - (Continued)**  | **Financials - (Continued)**  | **Financials - (Continued)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.09% to 10/23/2028 then SOFR + <br>1.57%, 10/23/2029 (Callable 10/23/2028) | $10000000 | $10534659  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.58% to 04/22/2029 then SOFR + <br>1.16%, 04/22/2030 (Callable 04/22/2029) | 25000000 | 26097006  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.52% to 04/22/2030 then SOFR + <br>2.04%, 04/22/2031 (Callable 04/22/2030) | 1500000 | 1398509  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95% to 02/04/2031 then SOFR + <br>1.07%, 02/04/2032 (Callable 02/04/2031) | 150000 | 133931  |
| &nbsp;&nbsp;&nbsp; 2.58% to 04/22/2031 then 3 mo. Term SOFR + 1.25%, 04/22/2032 (Callable 04/22/2031) | 5000000 | 4574249  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35% to 06/01/2033 then <br>SOFR + 1.85%, 06/01/2034 (Callable 06/01/2033) | 7000000 | 7284761  |
|  KBC Group NV, 4.93% to 10/16/2029 then 1 yr. CMT Rate + 1.07%, 10/16/2030 (Callable 10/16/2029)<sup>(a)</sup> | 2500000 | 2548063  |
|  Kemper Corp., 3.80%, 02/23/2032 (Callable 11/23/2031) | 4000000 | 3693144  |
| &nbsp;&nbsp;&nbsp; KeyBank NA, <br>3.40%, 05/20/2026 | 2200000 | 2195031  |
| Kite Realty Group LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 12/15/2031 (Callable 10/15/2031) | 2625000 | 2671585  |
| &nbsp;&nbsp;&nbsp; 5.20%, 08/15/2032 (Callable 06/15/2032) | 10925000 | 11173819  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/01/2034 (Callable 12/01/2033) | 5000000 | 5169343  |
| &nbsp;&nbsp;&nbsp; Liberty Mutual Group, Inc., <br>4.57%, 02/01/2029<sup>(a)</sup> | 1859000 | 1868975  |
|  Lincoln Financial Global Funding, 5.30%, 01/13/2030<sup>(a)</sup> | 10275000 | 10635554  |
| &nbsp;&nbsp;&nbsp; Lincoln National Corp., <br>5.35%, 11/15/2035 (Callable 08/15/2035) | 5000000 | 5055410  |
| Lloyds Banking Group PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.63% to 05/11/2026 then 1 yr. CMT Rate + 0.85%, 05/11/2027 (Callable 05/11/2026) | 8850000 | 8769737  |
| &nbsp;&nbsp;&nbsp; 3.75% to 03/18/2027 then 1 yr. CMT Rate + 1.80%, 03/18/2028 (Callable 03/18/2027) | 10000000 | 9964524  |
| &nbsp;&nbsp;&nbsp; 3.57% to 11/07/2027 then 3 mo. LIBOR USD + 1.21%, 11/07/2028 (Callable 11/07/2027)<sup>(b)</sup> | 7000000 | 6945453  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| LPL Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.70%, 05/20/2027 (Callable 04/20/2027) | $5000000 | $5096325  |
| &nbsp;&nbsp;&nbsp; 4.63%, 11/15/2027 (Callable 01/12/2026)<sup>(a)</sup> | 10800000 | 10799976  |
| &nbsp;&nbsp;&nbsp; 4.90%, 04/03/2028 (Callable 03/03/2028) | 2229000 | 2262464  |
| &nbsp;&nbsp;&nbsp; 6.75%, 11/17/2028 (Callable 10/17/2028) | 4316000 | 4607600  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/15/2029 (Callable 02/01/2026)<sup>(a)</sup> | 21323000 | 20980964  |
| &nbsp;&nbsp;&nbsp; 5.15%, 06/15/2030 (Callable 05/15/2030) | 9025000 | 9210635  |
| &nbsp;&nbsp;&nbsp; 4.38%, 05/15/2031 (Callable 05/15/2026)<sup>(a)</sup> | 3292000 | 3205481  |
|  M&T Bank Corp., 7.41% to 10/30/2028 then SOFR + 2.80%, 10/30/2029 (Callable 10/30/2028) | 2500000 | 2713387  |
|  Macquarie Airfinance Holdings Ltd., 6.40%, 03/26/2029 (Callable 02/26/2029)<sup>(a)</sup> | 16420000 | 17218386  |
| &nbsp;&nbsp;&nbsp; Macquarie Bank Ltd., <br>5.64% to 08/13/2035 then 1 yr. CMT Rate + 1.45%, 08/13/2036 (Callable 08/13/2035)<sup>(a)</sup> | 3000000 | 3045967  |
| Macquarie Group Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.69% to 06/23/2031 then SOFR + <br>1.44%, 06/23/2032 (Callable 06/23/2031)<sup>(a)</sup> | 5000000 | 4551903  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.87% to 01/14/2032 then SOFR + <br>1.53%, 01/14/2033 (Callable 01/14/2032)<sup>(a)</sup> | 4350000 | 3938552  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.44% to 06/21/2032 then SOFR + <br>2.41%, 06/21/2033 (Callable 06/21/2032)<sup>(a)</sup> | 5000000 | 4918417  |
|  Marsh & McLennan Cos., Inc., 2.25%, 11/15/2030 (Callable 08/15/2030) | 875000 | 799657  |
|  Massachusetts Mutual Life Insurance Co., 5.63%, 05/15/2033<sup>(a)</sup> | 10000000 | 10169802  |
| &nbsp;&nbsp;&nbsp; MBIA Insurance Corp., <br>15.43% (3 mo. Term SOFR + 11.52%), 01/15/2033 (Callable 01/15/2028)<sup>(a)(c)</sup> | 500000 | 5000  |
| Mitsubishi UFJ Financial Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.35% to 09/13/2027 then 1 yr. CMT Rate + 1.90%, 09/13/2028 (Callable 09/13/2027) | 5000000 | 5113295  |
| &nbsp;&nbsp;&nbsp; 2.49% to 10/13/2031 then 1 yr. CMT Rate + 0.97%, 10/13/2032 (Callable 10/13/2031) | 6000000 | 5382384  |
| &nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc., <br>5.41% to 09/13/2027 then 1 yr. CMT Rate + 2.05%, 09/13/2028 (Callable 09/13/2027) | 1922000 | 1968782  |

---

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

33<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD INTERMEDIATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - (Continued)**  | **Financials - (Continued)**  | **Financials - (Continued)**  |
| Morgan Stanley<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.30% to 10/18/2027 then SOFR + <br>2.24%, 10/18/2028 (Callable 10/18/2027) | $15000000 | $15584879  |
| &nbsp;&nbsp;&nbsp; 4.99% (SOFR + 1.38%), 04/12/2029 (Callable 04/12/2028) | 6000000 | 6120735  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.16% to 04/20/2028 then SOFR + <br>1.59%, 04/20/2029 (Callable 04/20/2028) | 15357000 | 15707726  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.62% to 04/01/2030 then SOFR + <br>3.12%, 04/01/2031 (Callable 04/01/2030) | 525000 | 510497  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.24% to 07/21/2031 then SOFR + <br>1.18%, 07/21/2032 (Callable 07/21/2031) | 18750000 | 16677277  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.51% to 10/20/2031 then SOFR + <br>1.20%, 10/20/2032 (Callable 10/20/2031) | 8200000 | 7362734  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.89% to 10/22/2035 then SOFR + <br>1.31%, 10/22/2036 (Callable 10/22/2035) | 12425000 | 12342587  |
|  Mutual of Omaha Cos. Global Funding, 5.35%, 04/09/2027<sup>(a)</sup> | 13750000 | 13956790  |
| &nbsp;&nbsp;&nbsp; National Australia Bank Ltd., <br>2.33%, 08/21/2030<sup>(a)</sup> | 8200000 | 7446835  |
| &nbsp;&nbsp;&nbsp; National Bank of Canada, <br>4.50%, 10/10/2029 | 4725000 | 4777436  |
|  National Securities Clearing Corp., 5.10%, 11/21/2027 (Callable 10/21/2027)<sup>(a)</sup> | 6825000 | 6985824  |
| Nationwide Building Society<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/14/2026<sup>(a)</sup> | 33421000 | 33362054  |
| &nbsp;&nbsp;&nbsp; 4.30% to 03/08/2028 then 3 mo. LIBOR USD + 1.45%, 03/08/2029 (Callable 03/08/2028)<sup>(a)(b)</sup> | 3047000 | 3051177  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65% to 07/14/2028 then SOFR + <br>1.06%, 07/14/2029 (Callable 07/14/2028)<sup>(a)</sup> | 24075000 | 24310139  |
| &nbsp;&nbsp;&nbsp; 3.96% to 07/18/2029 then 3 mo. LIBOR USD + 1.86%, 07/18/2030 (Callable 07/18/2029)<sup>(a)(b)</sup> | 1000000 | 986652  |
|  Nationwide Mutual Insurance Co., 8.25%, 12/01/2031<sup>(a)</sup> | 9017000 | 10515888  |
| NatWest Group PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.89% to 05/18/2028 then 3 mo. LIBOR USD + 1.75%, 05/18/2029 (Callable 05/18/2028)<sup>(b)</sup> | 8000000 | 8136908  |
| &nbsp;&nbsp;&nbsp; 5.81% to 09/13/2028 then 1 yr. CMT Rate + 1.95%, 09/13/2029 (Callable 09/13/2028) | 7000000 | 7293582  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.08% to 01/27/2029 then 3 mo. LIBOR USD + 1.91%, 01/27/2030 (Callable 01/27/2029)<sup>(b)</sup> | $4700000 | $4806602  |
| &nbsp;&nbsp;&nbsp; 4.45% to 05/08/2029 then 3 mo. LIBOR USD + 1.87%, 05/08/2030 (Callable 05/08/2029)<sup>(b)</sup> | 6850000 | 6878029  |
| &nbsp;&nbsp;&nbsp; 4.96% to 08/15/2029 then 1 yr. CMT Rate + 1.22%, 08/15/2030 (Callable 08/15/2029) | 4800000 | 4902597  |
| &nbsp;&nbsp;&nbsp; 5.12% to 05/23/2030 then 1 yr. CMT Rate + 1.05%, 05/23/2031 (Callable 05/23/2030) | 7875000 | 8088972  |
|  New York Life Global Funding, 5.00%, 01/09/2034<sup>(a)</sup> | 4140000 | 4213490  |
| &nbsp;&nbsp;&nbsp; NLG Global Funding, <br>5.40%, 01/23/2030<sup>(a)</sup> | 10000000 | 10288092  |
| Nomura Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.10%, 01/16/2030 | 5000000 | 4752781  |
| &nbsp;&nbsp;&nbsp; 5.49%, 06/29/2035 | 3825000 | 3947969  |
|  Phillips Edison Grocery Center Operating Partnership I LP, 5.75%, 07/15/2034 (Callable 04/15/2034) | 7000000 | 7332747  |
|  Principal Financial Group, Inc., 4.11%, 02/15/2028 (Callable 11/15/2027)<sup>(a)</sup> | 5000000 | 4993603  |
|  Prologis LP, 4.75%, 06/15/2033 (Callable 03/15/2033) | 5000000 | 5050812  |
| Protective Life Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.40%, 01/15/2030 (Callable 10/15/2029)<sup>(a)</sup> | 1400000 | 1350929  |
| &nbsp;&nbsp;&nbsp; 4.70%, 01/15/2031 (Callable 12/15/2030)<sup>(a)</sup> | 19125000 | 19209928  |
|  Reliance Standard Life Global Funding II, 2.75%, 01/21/2027<sup>(a)</sup> | 11775000 | 11598529  |
|  Sammons Financial Group Global Funding, 4.80%, 12/12/2030<sup>(a)</sup> | 5000000 | 5015021  |
|  Sammons Financial Group, Inc., 4.75%, 04/08/2032 (Callable 01/08/2032)<sup>(a)</sup> | 14000000 | 13636840  |
| Santander UK Group Holdings PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.47% to 01/11/2027 then SOFR + <br>1.22%, 01/11/2028 (Callable 01/11/2027) | 5600000 | 5503520  |
| &nbsp;&nbsp;&nbsp; 3.82% to 11/03/2027 then 3 mo. LIBOR USD + 1.40%, 11/03/2028 (Callable 11/03/2027)<sup>(b)</sup> | 4425000 | 4395995  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.53% to 01/10/2028 then SOFR + <br>2.60%, 01/10/2029 (Callable 01/10/2028) | 5000000 | 5225787  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.32% to 09/22/2028 then SOFR + <br>1.07%, 09/22/2029 (Callable 09/22/2028) | 11000000 | 11015225  |

---

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

34<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD INTERMEDIATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - (Continued)**  | **Financials - (Continued)**  | **Financials - (Continued)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.69% to 04/15/2030 then SOFR + <br>1.52%, 04/15/2031 (Callable 04/15/2030) | $2500000 | $2608327  |
|  SMBC Aviation Capital Finance DAC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.90%, 10/15/2026 (Callable 09/15/2026)<sup>(a)</sup> | 2000000 | 1965978  |
| &nbsp;&nbsp;&nbsp; 2.30%, 06/15/2028 (Callable 04/15/2028)<sup>(a)</sup> | 5000000 | 4779398  |
| &nbsp;&nbsp;&nbsp; 5.30%, 04/03/2029 (Callable 03/03/2029)<sup>(a)</sup> | 4623000 | 4753768  |
| &nbsp;&nbsp;&nbsp; 5.55%, 04/03/2034 (Callable 01/03/2034)<sup>(a)</sup> | 7400000 | 7643403  |
| Societe Generale SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/19/2027<sup>(a)</sup> | 10000000 | 10114546  |
| &nbsp;&nbsp;&nbsp; 1.79% to 06/09/2026 then 1 yr. CMT Rate + 1.00%, 06/09/2027 (Callable 06/09/2026)<sup>(a)</sup> | 10000000 | 9892114  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% to 05/22/2028 then SOFR + <br>1.42%, 05/22/2029 (Callable 05/22/2028)<sup>(a)</sup> | 17150000 | 17499597  |
| &nbsp;&nbsp;&nbsp; 5.63% to 01/19/2029 then 1 yr. CMT Rate + 1.75%, 01/19/2030 (Callable 01/19/2029)<sup>(a)</sup> | 2000000 | 2064177  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.51% to 05/22/2030 then SOFR + <br>1.65%, 05/22/2031 (Callable 05/22/2030)<sup>(a)</sup> | 15000000 | 15472105  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.44% to 10/03/2035 then SOFR + <br>1.73%, 10/03/2036 (Callable 10/03/2035)<sup>(a)</sup> | 4375000 | 4395643  |
| Standard Chartered PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.46% to 01/14/2026 then 1 yr. CMT Rate + 1.00%, 01/14/2027 (Callable 01/14/2026)<sup>(a)</sup> | 4500000 | 4495706  |
| &nbsp;&nbsp;&nbsp; 2.61% to 01/12/2027 then 1 yr. CMT Rate + 1.18%, 01/12/2028 (Callable 01/12/2027)<sup>(a)</sup> | 5000000 | 4921563  |
| &nbsp;&nbsp;&nbsp; 5.55% to 01/21/2028 then 1 yr. CMT Rate + 1.05%, 01/21/2029 (Callable 01/21/2028)<sup>(a)</sup> | 15000000 | 15394658  |
| &nbsp;&nbsp;&nbsp; 5.01% to 10/15/2029 then 1 yr. CMT Rate + 1.15%, 10/15/2030 (Callable 10/15/2029)<sup>(a)</sup> | 9000000 | 9183327  |
| &nbsp;&nbsp;&nbsp; 2.68% to 06/29/2031 then 1 yr. CMT Rate + 1.20%, 06/29/2032 (Callable 06/29/2031)<sup>(a)</sup> | 12500000 | 11317001  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.91% to 05/14/2034 then 1 yr. CMT Rate + 1.45%, 05/14/2035 (Callable 05/14/2034)<sup>(a)</sup> | $2000000 | $2115267  |
| &nbsp;&nbsp;&nbsp; Stifel Financial Corp., <br>4.00%, 05/15/2030 (Callable 02/15/2030) | 15245000 | 14930975  |
| Sumitomo Mitsui Financial Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.54%, 01/17/2028 | 2094000 | 2077353  |
| &nbsp;&nbsp;&nbsp; 5.85%, 07/13/2030 | 12000000 | 12762819  |
| &nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB, <br>5.50%, 06/15/2028<sup>(a)</sup> | 14275000 | 14753845  |
| Swedbank AB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.41%, 03/14/2029<sup>(a)</sup> | 7000000 | 7246688  |
| &nbsp;&nbsp;&nbsp; 5.08%, 05/21/2030<sup>(a)</sup> | 11625000 | 11970918  |
|  Synchrony Bank, 5.63%, 08/23/2027 (Callable 07/23/2027) | 12500000 | 12749935  |
| Synchrony Financial<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.70%, 08/04/2026 (Callable 05/04/2026) | 3000000 | 2989497  |
| &nbsp;&nbsp;&nbsp; 3.95%, 12/01/2027 (Callable 09/01/2027) | 25555000 | 25436646  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.94% to 08/02/2029 then SOFR + <br>2.13%, 08/02/2030 (Callable 08/02/2029) | 5000000 | 5213668  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45% to 03/06/2030 then SOFR + <br>1.68%, 03/06/2031 (Callable 03/06/2030) | 5000000 | 5130205  |
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank, <br>4.46%, 06/08/2032 | 13325000 | 13320745  |
| &nbsp;&nbsp;&nbsp; Trinity Acquisition PLC, <br>4.40%, 03/15/2026 (Callable 02/01/2026) | 1375000 | 1375277  |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp., <br>7.16% to 10/30/2028 then SOFR + 2.45%, 10/30/2029 (Callable 10/30/2028) | 4000000 | 4316420  |
|  Trustage Financial Group, Inc., 4.63%, 04/15/2032 (Callable 01/15/2032)<sup>(a)</sup> | 15000000 | 14466793  |
| UBS Group AG<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.49% to 08/10/2026 then 1 yr. CMT Rate + 0.85%, 08/10/2027 (Callable 08/10/2026)<sup>(a)</sup> | 5000000 | 4920490  |
| &nbsp;&nbsp;&nbsp; 4.28%, 01/09/2028 (Callable 01/09/2027)<sup>(a)</sup> | 500000 | 500770  |
| &nbsp;&nbsp;&nbsp; 4.75% to 05/12/2027 then 1 yr. CMT Rate + 1.75%, 05/12/2028 (Callable 05/12/2027)<sup>(a)</sup> | 1500000 | 1512332  |
| &nbsp;&nbsp;&nbsp; 3.87% to 01/12/2028 then 3 mo. LIBOR USD + 1.41%, 01/12/2029 (Callable 01/12/2028)<sup>(a)(b)</sup> | 41387000 | 41162125  |

---

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

35<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD INTERMEDIATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - (Continued)**  | **Financials - (Continued)**  | **Financials - (Continued)**  |
| Wells Fargo & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.53% to 03/24/2027 then SOFR + <br>1.51%, 03/24/2028 (Callable 03/24/2027) | $15000000 | $14903979  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.39% to 06/02/2027 then SOFR + <br>2.10%, 06/02/2028 (Callable 06/02/2027) | 10864000 | 10616343  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.81% to 07/25/2027 then SOFR + <br>1.98%, 07/25/2028 (Callable 07/25/2027) | 5000000 | 5056804  |
| &nbsp;&nbsp;&nbsp; 4.97% (SOFR + 1.37%), 04/23/2029 (Callable 04/23/2028) | 10000000 | 10189372  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.57% to 07/25/2028 then SOFR + <br>1.74%, 07/25/2029 (Callable 07/25/2028) | 10000000 | 10361375  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.30% to 10/23/2028 then SOFR + <br>1.79%, 10/23/2029 (Callable 10/23/2028) | 8000000 | 8455620  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.39% to 04/24/2033 then SOFR + <br>2.02%, 04/24/2034 (Callable 04/24/2033) | 5175000 | 5391246  |
|  Western & Southern Financial Group, Inc., 5.75%, 07/15/2033<sup>(a)</sup> | 4250000 | 4446572  |
| Western-Southern Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 05/01/2030<sup>(a)</sup> | 7025000 | 7195463  |
| &nbsp;&nbsp;&nbsp; 4.70%, 12/10/2032<sup>(a)</sup> | 7500000 | 7467892  |
|  Westpac Banking Corp., 5.41% to 08/10/2032 then 1 yr. CMT Rate + 2.68%, 08/10/2033 (Callable 08/10/2032) | 4000000 | 4139799  |
| Willis North America, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.65%, 06/15/2027 (Callable 05/15/2027) | 8000000 | 8063679  |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/15/2028 (Callable 06/15/2028) | 8800000 | 8864546  |
| &nbsp;&nbsp;&nbsp; 2.95%, 09/15/2029 (Callable 06/15/2029) | 2000000 | 1904442  |
|  WP Carey, Inc., 4.65%, 07/15/2030 (Callable 06/15/2030) | 7075000 | 7130706  |
|  |  | 2492995722  |
| **Industrials - 17.4%**<br>|  |  |
|  Adventist Health System/West, 2.95%, 03/01/2029 (Callable 12/01/2028) | 250000 | 237551  |
| Agilent Technologies, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.05%, 09/22/2026 (Callable 06/22/2026) | 1495000 | 1485021  |
| &nbsp;&nbsp;&nbsp; 2.10%, 06/04/2030 (Callable 03/04/2030) | 250000 | 228630  |
|  Air Products and Chemicals, Inc., 2.05%, 05/15/2030 (Callable 02/15/2030) | 275000 | 253140  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Aker BP ASA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.60%, 06/13/2028 (Callable 05/13/2028)<sup>(a)</sup> | $2500000 | $2574549  |
| &nbsp;&nbsp;&nbsp; 3.10%, 07/15/2031 (Callable 04/15/2031)<sup>(a)</sup> | 10472000 | 9618836  |
|  Albemarle Corp., 4.65%, 06/01/2027 (Callable 05/01/2027) | 7000000 | 7044935  |
|  Allegion PLC, 3.50%, 10/01/2029 (Callable 07/01/2029) | 3160000 | 3083087  |
|  Allegion US Holding Co., Inc., 5.41%, 07/01/2032 (Callable 04/01/2032) | 2000000 | 2085728  |
|  Amcor Flexibles North America, Inc., 2.63%, 06/19/2030 (Callable 03/19/2030) | 7025000 | 6520233  |
| &nbsp;&nbsp;&nbsp; Amcor Group Finance PLC, <br>5.45%, 05/23/2029 (Callable 04/23/2029) | 4425000 | 4576961  |
| &nbsp;&nbsp;&nbsp; American Tower Corp., <br>5.25%, 07/15/2028 (Callable 06/15/2028) | 7800000 | 8022018  |
|  Amgen, Inc., 5.25%, 03/02/2033 (Callable 12/02/2032) | 11600000 | 12024131  |
| Anglo American Capital PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/15/2028 (Callable 12/15/2027)<sup>(a)</sup> | 4469000 | 4495700  |
| &nbsp;&nbsp;&nbsp; 2.63%, 09/10/2030 (Callable 06/10/2030)<sup>(a)</sup> | 300000 | 276804  |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/02/2033 (Callable 02/02/2033)<sup>(a)</sup> | 4500000 | 4662495  |
|  Anheuser-Busch InBev Worldwide, Inc., 6.63%, 08/15/2033 | 8085000 | 9034071  |
| &nbsp;&nbsp;&nbsp; Antofagasta PLC, <br>6.25%, 05/02/2034 (Callable 02/02/2034)<sup>(a)</sup> | 10000000 | 10771000  |
| ArcelorMittal SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.55%, 03/11/2026 | 11355000 | 11358927  |
| &nbsp;&nbsp;&nbsp; 6.55%, 11/29/2027 (Callable 10/29/2027) | 10000000 | 10412978  |
| Ashtead Capital, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.50%, 08/12/2026 (Callable 07/12/2026)<sup>(a)</sup> | 10075000 | 9903402  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/2028 (Callable 01/12/2026)<sup>(a)</sup> | 7166000 | 7089833  |
| &nbsp;&nbsp;&nbsp; 4.25%, 11/01/2029 (Callable 01/12/2026)<sup>(a)</sup> | 2000000 | 1977152  |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/11/2032 (Callable 05/11/2032)<sup>(a)</sup> | 11225000 | 11605022  |
| &nbsp;&nbsp;&nbsp; 5.95%, 10/15/2033 (Callable 07/15/2033)<sup>(a)</sup> | 3075000 | 3258116  |
|  AT&T Reign II Multi-Property Lease-Backed Pass-Through Trust, 6.09%, 12/15/2044<sup>(a)</sup> | 12000000 | 12144572  |
| AT&T, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.35%, 03/01/2029 (Callable 12/01/2028) | 2600000 | 2614781  |

---

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

36<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD INTERMEDIATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Industrials - (Continued)** <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.30%, 02/15/2030 (Callable 11/15/2029) | $9604000 | $9623955  |
| &nbsp;&nbsp;&nbsp; 2.25%, 02/01/2032 (Callable 11/01/2031) | 8975000 | 7882303  |
| &nbsp;&nbsp;&nbsp; 2.55%, 12/01/2033 (Callable 09/01/2033) | 3778000 | 3230155  |
|  AutoNation, Inc., 4.45%, 01/15/2029 (Callable 12/15/2028) | 10000000 | 10033698  |
| &nbsp;&nbsp;&nbsp; Avery Dennison Corp., <br>5.75%, 03/15/2033 (Callable 12/15/2032) | 2000000 | 2125149  |
| &nbsp;&nbsp;&nbsp; Berry Global, Inc., <br>5.50%, 04/15/2028 (Callable 03/15/2028) | 2775000 | 2860302  |
| Boardwalk Pipelines LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 05/03/2029 (Callable 02/03/2029) | 1750000 | 1773127  |
| &nbsp;&nbsp;&nbsp; 3.40%, 02/15/2031 (Callable 11/15/2030) | 225000 | 213003  |
| &nbsp;&nbsp;&nbsp; 5.63%, 08/01/2034 (Callable 05/01/2034) | 10000000 | 10466808  |
| &nbsp;&nbsp;&nbsp; 5.38%, 02/15/2036 (Callable 11/15/2035) | 7800000 | 7856274  |
|  British Telecommunications PLC, 9.63%, 12/15/2030<sup>(d)</sup> | 20181000 | 24655981  |
| Broadcom, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 04/15/2029 (Callable 01/15/2029) | 550000 | 560648  |
| &nbsp;&nbsp;&nbsp; 4.15%, 11/15/2030 (Callable 08/15/2030) | 8000000 | 7974513  |
| &nbsp;&nbsp;&nbsp; 2.45%, 02/15/2031 (Callable 11/15/2030) | 10000000 | 9154277  |
| &nbsp;&nbsp;&nbsp; 5.15%, 11/15/2031 (Callable 09/15/2031) | 5000000 | 5195024  |
|  Broadridge Financial Solutions, Inc., 3.40%, 06/27/2026 (Callable 03/27/2026) | 250000 | 249071  |
| Bunge Ltd. Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 04/21/2026 (Callable 03/21/2026) | 25000000 | 24845365  |
| &nbsp;&nbsp;&nbsp; 4.90%, 04/21/2027 (Callable 03/21/2027) | 10825000 | 10947244  |
| &nbsp;&nbsp;&nbsp; 3.75%, 09/25/2027 (Callable 06/25/2027) | 5225000 | 5203704  |
| &nbsp;&nbsp;&nbsp; 3.20%, 04/21/2031 (Callable 01/01/2031) | 1605000 | 1512314  |
| Carlisle Cos., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 12/01/2027 (Callable 09/01/2027) | 275000 | 273570  |
| &nbsp;&nbsp;&nbsp; 2.75%, 03/01/2030 (Callable 12/01/2029) | 23425000 | 22099994  |
| CBRE Services, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/01/2029 (Callable 03/01/2029) | 10000000 | 10368726  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 4.80%, 06/15/2030 (Callable 05/15/2030) | $10525000 | $10681637  |
|  CDW LLC / CDW Finance Corp., 5.10%, 03/01/2030 (Callable 02/01/2030) | 10625000 | 10826830  |
| &nbsp;&nbsp;&nbsp; Cenovus Energy, Inc., <br>4.65%, 03/20/2031 (Callable 02/20/2031) | 10075000 | 10050139  |
| &nbsp;&nbsp;&nbsp; CF Industries, Inc., <br>5.30%, 11/26/2035 (Callable 08/26/2035) | 15000000 | 14975249  |
|  CH Robinson Worldwide, Inc., 4.20%, 04/15/2028 (Callable 01/15/2028) | 12900000 | 12932536  |
|  Charter Communications Operating LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 02/15/2028 (Callable 11/15/2027) | 6105000 | 6020094  |
| &nbsp;&nbsp;&nbsp; 4.20%, 03/15/2028 (Callable 12/15/2027) | 12070000 | 12012996  |
| &nbsp;&nbsp;&nbsp; 6.38%, 10/23/2035 (Callable 04/23/2035) | 13665000 | 14119290  |
|  Charter Communications Operating LLC / Charter Communications Operating Capital<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.25%, 01/15/2029 (Callable 11/15/2028) | 2200000 | 2061123  |
| &nbsp;&nbsp;&nbsp; 5.05%, 03/30/2029 (Callable 12/30/2028) | 4155000 | 4206255  |
| &nbsp;&nbsp;&nbsp; 4.40%, 04/01/2033 (Callable 01/01/2033) | 3710000 | 3500770  |
| &nbsp;&nbsp;&nbsp; 6.55%, 06/01/2034 (Callable 03/01/2034) | 3150000 | 3319628  |
| Cheniere Energy Partners LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.95%, 06/30/2033 (Callable 12/30/2032) | 4000000 | 4247792  |
| &nbsp;&nbsp;&nbsp; 5.75%, 08/15/2034 (Callable 02/15/2034) | 5000000 | 5230549  |
| &nbsp;&nbsp;&nbsp; Cheniere Energy, Inc., <br>5.65%, 04/15/2034 (Callable 10/15/2033) | 6600000 | 6855817  |
|  Choice Hotels International, Inc., 5.85%, 08/01/2034 (Callable 05/01/2034) | 2250000 | 2297663  |
|  CK Hutchison International 21 Ltd., 2.50%, 04/15/2031 (Callable 01/15/2031)<sup>(a)</sup> | 5000000 | 4573567  |
| CNH Industrial Capital LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.88%, 01/15/2026 | 250000 | 249795  |
| &nbsp;&nbsp;&nbsp; 4.55%, 04/10/2028 (Callable 03/10/2028) | 6800000 | 6848468  |
| &nbsp;&nbsp;&nbsp; CNH Industrial NV, <br>3.85%, 11/15/2027 (Callable 08/15/2027) | 2518000 | 2508976  |
|  Coca-Cola Femsa SAB de CV, 2.75%, 01/22/2030 (Callable 10/22/2029) | 8875000 | 8401810  |

---

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

37<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD INTERMEDIATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Industrials - (Continued)** <br>|  |  |
|  Columbia Pipelines Holding Co. LLC, 6.04%, 08/15/2028 (Callable 07/15/2028)<sup>(a)</sup> | $9125000 | $9486087  |
| &nbsp;&nbsp;&nbsp; CommonSpirit Health, <br>4.35%, 09/01/2030 (Callable 06/01/2030) | 9750000 | 9716607  |
| &nbsp;&nbsp;&nbsp; Conagra Brands, Inc., <br>8.25%, 09/15/2030 | 1140000 | 1307839  |
| &nbsp;&nbsp;&nbsp; Concentrix Corp., <br>6.60%, 08/02/2028 (Callable 07/02/2028) | 10736000 | 11077271  |
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc., <br>3.50%, 05/09/2027 (Callable 02/09/2027) | 3625000 | 3598967  |
|  Constellation Software, Inc./Canada, 5.46%, 02/16/2034 (Callable 11/16/2033)<sup>(a)</sup> | 5000000 | 5043985  |
| &nbsp;&nbsp;&nbsp; Cox Communications, Inc., <br>5.70%, 06/15/2033 (Callable 03/15/2033)<sup>(a)</sup> | 2000000 | 2020021  |
| &nbsp;&nbsp;&nbsp; Crown Castle, Inc., <br>5.60%, 06/01/2029 (Callable 05/01/2029) | 3000000 | 3114120  |
| CVS Health Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 04/01/2027 (Callable 02/01/2027) | 2500000 | 2486538  |
| &nbsp;&nbsp;&nbsp; 4.30%, 03/25/2028 (Callable 12/25/2027) | 5877000 | 5898024  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/21/2033 (Callable 11/21/2032) | 8625000 | 8896069  |
| &nbsp;&nbsp;&nbsp; 5.30%, 06/01/2033 (Callable 03/01/2033) | 8475000 | 8753441  |
| CVS Pass-Through Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.04%, 12/10/2028 | 8121859 | 8209581  |
| &nbsp;&nbsp;&nbsp; 5.77%, 01/10/2033<sup>(a)</sup> | 137356 | 140145  |
| &nbsp;&nbsp;&nbsp; 5.93%, 01/10/2034<sup>(a)</sup> | 6899419 | 7079405  |
| &nbsp;&nbsp;&nbsp; CVS Pass-Through Trust Series 2014, <br>4.16%, 08/11/2036<sup>(a)</sup> | 2193179 | 2049908  |
|  Daimler Truck Finance North America LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.65%, 04/07/2027<sup>(a)</sup> | 13825000 | 13757950  |
| &nbsp;&nbsp;&nbsp; 5.13%, 09/25/2029 (Callable 08/25/2029)<sup>(a)</sup> | 16275000 | 16708002  |
| &nbsp;&nbsp;&nbsp; DENTSPLY SIRONA, Inc., <br>3.25%, 06/01/2030 (Callable 03/01/2030) | 10900000 | 10078013  |
| &nbsp;&nbsp;&nbsp; Diageo Capital PLC, <br>2.00%, 04/29/2030 (Callable 01/29/2030) | 3275000 | 2997238  |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc., <br>5.40%, 04/18/2034 (Callable 01/18/2034) | 3000000 | 3076862  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Discovery Communications LLC, 3.63%, 05/15/2030 (Callable 02/15/2030) | $1015000 | $934442  |
| DXC Technology Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.80%, 09/15/2026 (Callable 08/15/2026) | 6848000 | 6732697  |
| &nbsp;&nbsp;&nbsp; 2.38%, 09/15/2028 (Callable 07/15/2028) | 10000000 | 9432103  |
|  Ecolab, Inc., 4.80%, 03/24/2030 (Callable 12/24/2029) | 10000000 | 10262246  |
| Element Fleet Management Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.27%, 06/26/2026 (Callable 05/26/2026)<sup>(a)</sup> | 9000000 | 9079851  |
| &nbsp;&nbsp;&nbsp; 5.64%, 03/13/2027 (Callable 02/13/2027)<sup>(a)</sup> | 10000000 | 10171182  |
| &nbsp;&nbsp;&nbsp; 6.32%, 12/04/2028 (Callable 11/04/2028)<sup>(a)</sup> | 12567000 | 13258797  |
| &nbsp;&nbsp;&nbsp; Emerson Electric Co., <br>1.95%, 10/15/2030 (Callable 07/15/2030) | 12600000 | 11451170  |
|  Enbridge, Inc., 5.55%, 06/20/2035 (Callable 03/20/2035) | 12800000 | 13267202  |
| Energy Transfer LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.20%, 04/15/2027 (Callable 01/15/2027) | 475000 | 475243  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/01/2027 (Callable 03/01/2027) | 18231000 | 18527644  |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/01/2029 (Callable 02/01/2026)<sup>(a)</sup> | 4000000 | 4043643  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/15/2029 (Callable 01/15/2029) | 14264000 | 14665752  |
| &nbsp;&nbsp;&nbsp; 8.25%, 11/15/2029 (Callable 08/15/2029) | 1500000 | 1691277  |
| &nbsp;&nbsp;&nbsp; 3.75%, 05/15/2030 (Callable 02/15/2030) | 275000 | 267897  |
| &nbsp;&nbsp;&nbsp; 7.38%, 02/01/2031 (Callable 02/01/2026)<sup>(a)</sup> | 3000000 | 3116944  |
| &nbsp;&nbsp;&nbsp; 5.70%, 04/01/2035 (Callable 01/01/2035) | 10000000 | 10369818  |
|  Eni SpA, 5.50%, 05/15/2034 (Callable 02/15/2034)<sup>(a)</sup> | 4000000 | 4132551  |
| EQT Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 06/01/2030 (Callable 12/01/2029) | 8000000 | 8806513  |
| &nbsp;&nbsp;&nbsp; 5.75%, 02/01/2034 (Callable 11/01/2033) | 5425000 | 5676305  |
|  Equinix Europe 2 Financing Corp. LLC, 5.50%, 06/15/2034 (Callable 03/15/2034) | 3000000 | 3111900  |
| Equinix, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.80%, 07/15/2027 (Callable 05/15/2027) | 7000000 | 6763400  |
| &nbsp;&nbsp;&nbsp; 3.90%, 04/15/2032 (Callable 01/15/2032) | 11000000 | 10587015  |
| Ferguson Finance PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 10/24/2028 (Callable 07/24/2028)<sup>(a)</sup> | 31154000 | 31389912  |

---

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

38<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD INTERMEDIATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Industrials - (Continued)**  | **Industrials - (Continued)**  |  |
| &nbsp;&nbsp;&nbsp; 4.65%, 04/20/2032 (Callable 01/20/2032)<sup>(a)</sup> | $8000000 | $7978136  |
|  Fidelity National Information Services, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.65%, 03/01/2028 (Callable 01/01/2028) | 5000000 | 4747791  |
| &nbsp;&nbsp;&nbsp; 5.10%, 07/15/2032 (Callable 04/15/2032) | 4900000 | 5012758  |
| Fiserv, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.25%, 06/01/2027 (Callable 04/01/2027) | 16000000 | 15575273  |
| &nbsp;&nbsp;&nbsp; 4.20%, 10/01/2028 (Callable 07/01/2028) | 1035000 | 1032685  |
| &nbsp;&nbsp;&nbsp; 3.50%, 07/01/2029 (Callable 04/01/2029) | 700000 | 679285  |
| &nbsp;&nbsp;&nbsp; 5.63%, 08/21/2033 (Callable 05/21/2033) | 5600000 | 5783073  |
| &nbsp;&nbsp;&nbsp; 5.15%, 08/12/2034 (Callable 05/12/2034) | 5000000 | 4972447  |
|  Flex Intermediate Holdco LLC, 3.36%, 06/30/2031 (Callable 12/30/2030)<sup>(a)</sup> | 3515000 | 3237901  |
|  Flex Ltd., 4.88%, 05/12/2030 (Callable 02/12/2030) | 4073000 | 4135665  |
| Florida Gas Transmission Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.55%, 07/01/2030 (Callable 04/01/2030)<sup>(a)</sup> | 7000000 | 6473193  |
| &nbsp;&nbsp;&nbsp; 2.30%, 10/01/2031 (Callable 07/01/2031)<sup>(a)</sup> | 10225000 | 9074230  |
| &nbsp;&nbsp;&nbsp; 5.75%, 07/15/2035 (Callable 04/15/2035)<sup>(a)</sup> | 20000000 | 20780494  |
| &nbsp;&nbsp;&nbsp; Flowers Foods, Inc., <br>2.40%, 03/15/2031 (Callable 12/15/2030) | 300000 | 265269  |
| Ford Motor Credit Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.80%, 03/05/2027 (Callable 02/05/2027) | 10000000 | 10125642  |
| &nbsp;&nbsp;&nbsp; 7.35%, 11/04/2027 (Callable 10/04/2027) | 10000000 | 10439045  |
| &nbsp;&nbsp;&nbsp; 5.92%, 03/20/2028 (Callable 02/20/2028) | 4450000 | 4554405  |
| &nbsp;&nbsp;&nbsp; 6.80%, 11/07/2028 (Callable 10/07/2028) | 5000000 | 5247370  |
| &nbsp;&nbsp;&nbsp; 5.30%, 09/06/2029 (Callable 08/06/2029) | 7000000 | 7053164  |
|  Fortune Brands Innovations, Inc., 3.25%, 09/15/2029 (Callable 06/15/2029) | 2725000 | 2620761  |
|  Fox Corp., 6.50%, 10/13/2033 (Callable 07/13/2033) | 3000000 | 3313844  |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc., <br>5.40%, 11/14/2034 (Callable 05/14/2034) | 691000 | 713485  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Fresenius Medical Care US <br>Finance III, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.88%, 12/01/2026 (Callable 11/01/2026)<sup>(a)</sup> | $20000000 | $19549308  |
| &nbsp;&nbsp;&nbsp; 3.75%, 06/15/2029 (Callable 03/15/2029)<sup>(a)</sup> | 2500000 | 2440082  |
| &nbsp;&nbsp;&nbsp; 2.38%, 02/16/2031 (Callable 11/16/2030)<sup>(a)</sup> | 10000000 | 8890601  |
| &nbsp;&nbsp;&nbsp; General Motors Co., <br>5.63%, 04/15/2030 (Callable 03/15/2030) | 1125000 | 1173156  |
| General Motors Financial Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 05/08/2027 | 11100000 | 11282973  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/09/2028 (Callable 12/09/2027) | 2475000 | 2557745  |
| &nbsp;&nbsp;&nbsp; 5.05%, 04/04/2028 | 3500000 | 3565572  |
| &nbsp;&nbsp;&nbsp; 5.80%, 01/07/2029 (Callable 12/07/2028) | 15000000 | 15645837  |
| &nbsp;&nbsp;&nbsp; 5.45%, 07/15/2030 (Callable 06/15/2030) | 3175000 | 3299902  |
|  Genpact Luxembourg SARL/Genpact USA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.75%, 04/10/2026 (Callable 03/10/2026) | 21600000 | 21457885  |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/04/2029 (Callable 05/04/2029) | 15033000 | 15711787  |
|  Genpact UK Finco PLC / Genpact USA, Inc., 4.95%, 11/18/2030 (Callable 10/18/2030) | 4000000 | 4002142  |
| Glencore Funding LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/27/2027 (Callable 12/27/2026)<sup>(a)</sup> | 4850000 | 4845590  |
| &nbsp;&nbsp;&nbsp; 3.88%, 10/27/2027 (Callable 07/27/2027)<sup>(a)</sup> | 1150000 | 1146075  |
| &nbsp;&nbsp;&nbsp; 5.40%, 05/08/2028 (Callable 04/08/2028)<sup>(a)</sup> | 12200000 | 12517764  |
| &nbsp;&nbsp;&nbsp; 4.88%, 03/12/2029 (Callable 12/12/2028)<sup>(a)</sup> | 175000 | 177893  |
| &nbsp;&nbsp;&nbsp; 5.37%, 04/04/2029 (Callable 03/04/2029)<sup>(a)</sup> | 11400000 | 11771076  |
| &nbsp;&nbsp;&nbsp; 2.50%, 09/01/2030 (Callable 06/01/2030)<sup>(a)</sup> | 6343000 | 5816753  |
| &nbsp;&nbsp;&nbsp; 6.38%, 10/06/2030 (Callable 08/06/2030)<sup>(a)</sup> | 4000000 | 4308655  |
| &nbsp;&nbsp;&nbsp; 2.63%, 09/23/2031 (Callable 06/23/2031)<sup>(a)</sup> | 8350000 | 7536525  |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/06/2033 (Callable 07/06/2033)<sup>(a)</sup> | 3000000 | 3318006  |
| &nbsp;&nbsp;&nbsp; 5.67%, 04/01/2035 (Callable 01/01/2035)<sup>(a)</sup> | 9500000 | 9938499  |
| Global Payments, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.15%, 01/15/2027 (Callable 12/15/2026) | 4535000 | 4440002  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/2028 (Callable 10/15/2028) | 10000000 | 10022672  |
| &nbsp;&nbsp;&nbsp; 2.90%, 05/15/2030 (Callable 02/15/2030) | 275000 | 255189  |

---

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

39<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD INTERMEDIATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Industrials - (Continued)** <br>|  |  |
|  Graphic Packaging International LLC, 1.51%, 04/15/2026 (Callable 03/15/2026)<sup>(a)</sup> | $650000 | $644067  |
| &nbsp;&nbsp;&nbsp; Helmerich & Payne, Inc., <br>4.85%, 12/01/2029 (Callable 11/01/2029) | 3000000 | 3021514  |
|  Hexcel Corp., 4.20%, 02/15/2027 (Callable 11/15/2026)<sup>(d)</sup> | 300000 | 299365  |
| &nbsp;&nbsp;&nbsp; HF Sinclair Corp., <br>5.00%, 02/01/2028 (Callable 01/12/2026) | 15000000 | 15002899  |
|  HP, Inc., 4.00%, 04/15/2029 (Callable 02/15/2029) | 3000000 | 2970011  |
| &nbsp;&nbsp;&nbsp; Hyatt Hotels Corp., <br>5.25%, 06/30/2029 (Callable 05/30/2029) | 15000000 | 15446444  |
| Hyundai Capital America<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.65%, 09/17/2026 (Callable 08/17/2026)<sup>(a)</sup> | 15000000 | 14755087  |
| &nbsp;&nbsp;&nbsp; 4.88%, 11/01/2027<sup>(a)</sup> | 6325000 | 6409005  |
| &nbsp;&nbsp;&nbsp; 6.10%, 09/21/2028 (Callable 08/21/2028)<sup>(a)</sup> | 7975000 | 8346994  |
| &nbsp;&nbsp;&nbsp; Icon Investments Six DAC, <br>6.00%, 05/08/2034 (Callable 02/08/2034) | 11550000 | 12238652  |
| IDEX Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 09/01/2029 (Callable 08/01/2029) | 6450000 | 6583499  |
| &nbsp;&nbsp;&nbsp; 3.00%, 05/01/2030 (Callable 02/01/2030) | 1100000 | 1040638  |
| &nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc., <br>5.40%, 08/14/2028 (Callable 07/14/2028) | 7000000 | 7238103  |
|  Ingredion, Inc., 2.90%, 06/01/2030 (Callable 03/01/2030) | 550000 | 518215  |
|  Intel Corp., 5.20%, 02/10/2033 (Callable 11/10/2032) | 5000000 | 5104289  |
|  International Flavors & Fragrances, Inc., 1.83%, 10/15/2027 (Callable 08/15/2027)<sup>(a)</sup> | 2603000 | 2497701  |
| IQVIA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.70%, 05/15/2028 (Callable 04/15/2028) | 3725000 | 3843455  |
| &nbsp;&nbsp;&nbsp; 6.25%, 02/01/2029 (Callable 01/01/2029) | 4418000 | 4659438  |
|  JBS USA Holding Lux Sarl/ JBS USA Food Co./ JBS Lux Co. Sarl<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/01/2033 (Callable 01/01/2033) | 8000000 | 8359880  |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/15/2034 (Callable 12/15/2033) | 10275000 | 11351822  |
| JH North America Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 01/31/2031 (Callable 07/31/2027)<sup>(a)</sup> | 2000000 | 2041674  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 6.13%, 07/31/2032 (Callable 07/31/2028)<sup>(a)</sup> | $2000000 | $2053114  |
| &nbsp;&nbsp;&nbsp; Jones Lang LaSalle, Inc., <br>6.88%, 12/01/2028 (Callable 11/01/2028) | 14057000 | 15050650  |
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc., <br>3.95%, 04/15/2029 (Callable 02/15/2029) | 7000000 | 6924513  |
| &nbsp;&nbsp;&nbsp; Keysight Technologies, Inc., <br>5.35%, 07/30/2030 (Callable 06/30/2030) | 6500000 | 6785861  |
| Kinder Morgan, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.05%, 10/15/2030 | 6846000 | 7914762  |
| &nbsp;&nbsp;&nbsp; 7.80%, 08/01/2031 | 15425000 | 17879177  |
| &nbsp;&nbsp;&nbsp; Kraft Heinz Foods Co., <br>3.88%, 05/15/2027 (Callable 02/15/2027) | 8129000 | 8108273  |
|  Kroger Co., 5.00%, 09/15/2034 (Callable 06/15/2034) | 3825000 | 3852637  |
| Kyndryl Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.05%, 10/15/2026 (Callable 09/15/2026) | 5900000 | 5803402  |
| &nbsp;&nbsp;&nbsp; 2.70%, 10/15/2028 (Callable 08/15/2028) | 2730000 | 2616789  |
|  Lear Corp., 3.80%, 09/15/2027 (Callable 06/15/2027) | 410000 | 407758  |
|  Lennar Corp., 4.75%, 11/29/2027 (Callable 05/29/2027) | 4500000 | 4536458  |
| &nbsp;&nbsp;&nbsp; Lennox International, Inc., <br>1.70%, 08/01/2027 (Callable 06/01/2027) | 850000 | 819920  |
|  LYB International Finance III LLC, 5.13%, 01/15/2031 (Callable 12/15/2030) | 5000000 | 5022824  |
| &nbsp;&nbsp;&nbsp; Marathon Petroleum Corp., <br>5.15%, 03/01/2030 (Callable 02/01/2030) | 18000000 | 18542773  |
|  Marriott International, Inc./MD, 5.00%, 10/15/2027 (Callable 09/15/2027) | 10325000 | 10501093  |
|  Martin Marietta Materials, Inc., 2.50%, 03/15/2030 (Callable 12/15/2029) | 200000 | 186690  |
|  MasTec, Inc., 6.63%, 08/15/2029 (Callable 01/12/2026)<sup>(a)</sup> | 3000000 | 3019500  |
|  Metropolitan Detroit Area Hospital Services, Inc., 4.48%, 12/01/2029<sup>(a)</sup> | 6460000 | 6385676  |
|  Midwest Connector Capital Co. LLC, 4.63%, 04/01/2029 (Callable 01/01/2029)<sup>(a)</sup> | 2975000 | 2980636  |
| &nbsp;&nbsp;&nbsp; Mohawk Industries, Inc., <br>5.85%, 09/18/2028 (Callable 08/18/2028) | 7500000 | 7803073  |
| MPLX LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 03/01/2027 (Callable 12/01/2026) | 275000 | 275127  |

---

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

40<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD INTERMEDIATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Industrials - (Continued)**  | **Industrials - (Continued)**  | **Industrials - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 4.80%, 02/15/2031 (Callable 01/15/2031) | $3950000 | $3996083  |
| &nbsp;&nbsp;&nbsp; 5.40%, 04/01/2035 (Callable 01/01/2035) | 32175000 | 32438833  |
| MSCI, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/15/2029 (Callable 02/01/2026)<sup>(a)</sup> | 22378000 | 21897436  |
| &nbsp;&nbsp;&nbsp; 3.88%, 02/15/2031 (Callable 02/01/2026)<sup>(a)</sup> | 2055000 | 1975429  |
|  NetApp, Inc., 5.50%, 03/17/2032 (Callable 01/17/2032) | 7000000 | 7291057  |
| nVent Finance Sarl<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.55%, 04/15/2028 (Callable 01/15/2028) | 5291000 | 5321823  |
| &nbsp;&nbsp;&nbsp; 5.65%, 05/15/2033 (Callable 02/15/2033) | 3341000 | 3490163  |
| Occidental Petroleum Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 10/15/2026 | 1288000 | 1314428  |
| &nbsp;&nbsp;&nbsp; 8.88%, 07/15/2030 (Callable 01/15/2030) | 1000000 | 1156223  |
| &nbsp;&nbsp;&nbsp; 6.63%, 09/01/2030 (Callable 03/01/2030) | 2500000 | 2691288  |
| &nbsp;&nbsp;&nbsp; 7.50%, 05/01/2031 | 12000000 | 13502328  |
| &nbsp;&nbsp;&nbsp; 5.55%, 10/01/2034 (Callable 07/01/2034) | 7325000 | 7473610  |
| &nbsp;&nbsp;&nbsp; 6.45%, 09/15/2036 | 3750000 | 3997361  |
|  Ochsner LSU Health System of North Louisiana, 2.51%, 05/15/2031 (Callable 11/15/2030) | 5000000 | 4286209  |
|  ONEOK, Inc., 4.75%, 10/15/2031 (Callable 08/15/2031) | 15000000 | 15094559  |
| Oracle Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.80%, 04/01/2027 (Callable 02/01/2027) | 11375000 | 11150515  |
| &nbsp;&nbsp;&nbsp; 2.30%, 03/25/2028 (Callable 01/25/2028) | 3000000 | 2861644  |
| &nbsp;&nbsp;&nbsp; 6.15%, 11/09/2029 (Callable 09/09/2029) | 3000000 | 3134339  |
| &nbsp;&nbsp;&nbsp; 4.80%, 09/26/2032 (Callable 07/26/2032) | 15400000 | 14941415  |
| Orange SA, 9.00%, 03/01/2031<sup>(d)</sup> | 4125000 | 4969054  |
|  Penske Truck Leasing Co. Lp / PTL Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 11/15/2027 (Callable 10/15/2027)<sup>(a)</sup> | 7200000 | 7414443  |
| &nbsp;&nbsp;&nbsp; 5.70%, 02/01/2028 (Callable 01/01/2028)<sup>(a)</sup> | 2900000 | 2984464  |
| &nbsp;&nbsp;&nbsp; 5.55%, 05/01/2028 (Callable 04/01/2028)<sup>(a)</sup> | 4425000 | 4553002  |
| &nbsp;&nbsp;&nbsp; 6.05%, 08/01/2028 (Callable 07/01/2028)<sup>(a)</sup> | 11000000 | 11463638  |
|  Phillips 66, 2.15%, 12/15/2030 (Callable 09/15/2030) | 10000000 | 8976486  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Phillips 66 Co., 3.15%, 12/15/2029 (Callable 09/15/2029) | $500000 | $480341  |
| &nbsp;&nbsp;&nbsp; Premier Health Partners, <br>2.91%, 11/15/2026 (Callable 05/15/2026) | 17852000 | 17635246  |
| Regal Rexnord Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.05%, 04/15/2028 (Callable 03/15/2028) | 17900000 | 18522235  |
| &nbsp;&nbsp;&nbsp; 6.40%, 04/15/2033 (Callable 01/15/2033) | 2000000 | 2154151  |
| &nbsp;&nbsp;&nbsp; Renesas Electronics Corp., <br>2.17%, 11/25/2026 (Callable 10/25/2026)<sup>(a)</sup> | 5450000 | 5350769  |
| &nbsp;&nbsp;&nbsp; Republic Services, Inc., <br>4.88%, 04/01/2029 (Callable 03/01/2029) | 4350000 | 4460148  |
| Rogers Communications, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.80%, 03/15/2032 (Callable 12/15/2031) | 15150000 | 14296890  |
| &nbsp;&nbsp;&nbsp; 5.30%, 02/15/2034 (Callable 11/15/2033) | 4900000 | 4946730  |
| Roper Technologies, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.80%, 12/15/2026 (Callable 09/15/2026) | 1450000 | 1447324  |
| &nbsp;&nbsp;&nbsp; 2.00%, 06/30/2030 (Callable 03/30/2030) | 14675000 | 13290369  |
| Ryder System, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.85%, 03/01/2027 (Callable 02/01/2027) | 3775000 | 3726449  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/2028 (Callable 05/01/2028) | 6275000 | 6443310  |
| Sabine Pass Liquefaction LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/15/2030 (Callable 11/15/2029) | 10450000 | 10502300  |
| &nbsp;&nbsp;&nbsp; 5.90%, 09/15/2037 (Callable 03/15/2037) | 2917170 | 3069561  |
| &nbsp;&nbsp;&nbsp; Samarco Mineracao SA, <br>9.50% (or 9.00% PIK), 06/30/2031 (Callable 01/17/2026)<sup>(a)</sup> | 2091920 | 2119021  |
| &nbsp;&nbsp;&nbsp; SK hynix, Inc., <br>5.50%, 01/16/2029<sup>(a)</sup> | 5000000 | 5173889  |
| &nbsp;&nbsp;&nbsp; Smith & Nephew PLC, <br>2.03%, 10/14/2030 (Callable 07/14/2030) | 5600000 | 5040644  |
|  Sodexo, Inc., 5.15%, 08/15/2030 (Callable 07/15/2030)<sup>(a)</sup> | 4950000 | 5077636  |
|  Solventum Corp., 5.60%, 03/23/2034 (Callable 12/23/2033) | 10000000 | 10426526  |
| Southern Natural Gas Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.35%, 02/15/2031 | 8020000 | 8873402  |
| &nbsp;&nbsp;&nbsp; 8.00%, 03/01/2032 | 2523000 | 2915683  |
| &nbsp;&nbsp;&nbsp; Sprint Capital Corp., <br>6.88%, 11/15/2028 | 13000000 | 13954697  |
|  Stanley Black & Decker, Inc., 6.00%, 03/06/2028 (Callable 02/06/2028) | 2000000 | 2073198  |

---

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

41<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD INTERMEDIATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Industrials - (Continued)**  | **Industrials - (Continued)**  | **Industrials - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Stellantis Finance US, Inc., <br>5.63%, 01/12/2028 (Callable 12/12/2027)<sup>(a)</sup> | $575000 | $587149  |
|  Sysco Corp., 5.95%, 04/01/2030 (Callable 01/01/2030) | 4232000 | 4488706  |
| Targa Resources Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 07/01/2027 (Callable 06/01/2027) | 5000000 | 5081639  |
| &nbsp;&nbsp;&nbsp; 5.55%, 08/15/2035 (Callable 05/15/2035) | 10000000 | 10254135  |
|  TC PipeLines LP, 3.90%, 05/25/2027 (Callable 02/25/2027) | 14125000 | 14066892  |
| &nbsp;&nbsp;&nbsp; TD SYNNEX Corp., <br>4.30%, 01/17/2029 (Callable 12/17/2028) | 4000000 | 3994888  |
| Timken Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 12/15/2028 (Callable 09/15/2028) | 17125000 | 17262144  |
| &nbsp;&nbsp;&nbsp; 4.13%, 04/01/2032 (Callable 01/01/2032) | 8000000 | 7695426  |
| T-Mobile USA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 04/15/2029 (Callable 01/12/2026) | 4350000 | 4242713  |
| &nbsp;&nbsp;&nbsp; 3.88%, 04/15/2030 (Callable 01/15/2030) | 23206000 | 22844570  |
| &nbsp;&nbsp;&nbsp; 5.13%, 05/15/2032 (Callable 03/15/2032) | 8600000 | 8861688  |
| &nbsp;&nbsp;&nbsp; Toll Brothers Finance Corp., <br>5.60%, 06/15/2035 (Callable 03/15/2035) | 14650000 | 15187100  |
|  Toll Road Investors Partnership II LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 02/15/2026<sup>(a)(e)</sup> | 6590000 | 6540995  |
| &nbsp;&nbsp;&nbsp; 0.00%, 02/15/2028<sup>(a)(e)</sup> | 15100000 | 13083647  |
| &nbsp;&nbsp;&nbsp; TransCanada PipeLines Ltd., <br>5.60%, 03/31/2034 | 1335000 | 1389381  |
|  Transcontinental Gas Pipe Line Co. LLC, 7.25%, 12/01/2026 | 4748000 | 4817652  |
|  Triton Container International Ltd., 2.05%, 04/15/2026 (Callable 03/15/2026)<sup>(a)</sup> | 10000000 | 9921664  |
| &nbsp;&nbsp;&nbsp; TSMC Arizona Corp., <br>2.50%, 10/25/2031 (Callable 07/25/2031) | 8175000 | 7456365  |
|  United Rentals North America, Inc., 6.00%, 12/15/2029 (Callable 02/01/2026)<sup>(a)</sup> | 12000000 | 12328356  |
| Vale Overseas Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 07/08/2030 (Callable 04/08/2030) | 14500000 | 13960102  |
| &nbsp;&nbsp;&nbsp; 6.13%, 06/12/2033 (Callable 03/12/2033) | 15000000 | 16056750  |
| &nbsp;&nbsp;&nbsp; Valero Energy Corp., <br>2.15%, 09/15/2027 (Callable 07/15/2027) | 300000 | 290586  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Var Energi ASA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/18/2027 (Callable 04/18/2027)<sup>(a)</sup> | $10000000 | $10081354  |
| &nbsp;&nbsp;&nbsp; 8.00%, 11/15/2032 (Callable 08/15/2032)<sup>(a)</sup> | 15000000 | 17187913  |
| Venture Global Calcasieu Pass LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2029 (Callable 02/15/2029)<sup>(a)</sup> | 6000000 | 5623843  |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/15/2030 (Callable 10/15/2029)<sup>(a)</sup> | 4350000 | 4404725  |
| &nbsp;&nbsp;&nbsp; Verisk Analytics, Inc., <br>4.13%, 03/15/2029 (Callable 12/15/2028) | 3000000 | 2995692  |
| Verizon Communications, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.10%, 03/22/2028 (Callable 01/22/2028) | 6050000 | 5810194  |
| &nbsp;&nbsp;&nbsp; 2.36%, 03/15/2032 (Callable 12/15/2031) | 2316000 | 2044047  |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/15/2033 (Callable 11/15/2032) | 6825000 | 6833128  |
| &nbsp;&nbsp;&nbsp; 5.40%, 07/02/2037 (Callable 04/02/2037)<sup>(a)</sup> | 11184000 | 11325824  |
| &nbsp;&nbsp;&nbsp; VICI Properties LP, <br>4.75%, 02/15/2028 (Callable 01/15/2028) | 3153000 | 3184725  |
|  Volkswagen Group of America Finance LLC, 6.20%, 11/16/2028 (Callable 10/16/2028)<sup>(a)</sup> | 6000000 | 6287793  |
| Vontier Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.80%, 04/01/2026 (Callable 03/01/2026) | 6650000 | 6607468  |
| &nbsp;&nbsp;&nbsp; 2.40%, 04/01/2028 (Callable 02/01/2028) | 16375000 | 15692071  |
| &nbsp;&nbsp;&nbsp; 2.95%, 04/01/2031 (Callable 01/01/2031) | 2696000 | 2477309  |
| &nbsp;&nbsp;&nbsp; VSP Optical Group, Inc., <br>5.45%, 12/01/2035 (Callable 09/01/2035)<sup>(a)</sup> | 10000000 | 10087257  |
| Warnermedia Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.76%, 03/15/2027 (Callable 02/15/2027) | 5340000 | 5304073  |
| &nbsp;&nbsp;&nbsp; 4.05%, 03/15/2029 (Callable 01/15/2029) | 4985000 | 4822988  |
| &nbsp;&nbsp;&nbsp; Waste Connections, Inc., <br>3.20%, 06/01/2032 (Callable 03/01/2032) | 875000 | 815405  |
|  Weir Group, Inc., 5.35%, 05/06/2030 (Callable 04/06/2030)<sup>(a)</sup> | 11300000 | 11621860  |
| &nbsp;&nbsp;&nbsp; Western Digital Corp., <br>2.85%, 02/01/2029 (Callable 12/01/2028) | 10000000 | 9570824  |
| Western Midstream Operating LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/01/2028 (Callable 12/01/2027) | 7195000 | 7225463  |
| &nbsp;&nbsp;&nbsp; 4.05%, 02/01/2030 (Callable 11/01/2029)<sup>(d)</sup> | 2000000 | 1961048  |

---

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

42<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD INTERMEDIATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Industrials - (Continued)**  | **Industrials - (Continued)**  | **Industrials - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 4.80%, 03/01/2031 (Callable 02/01/2031) | $10425000 | $10428867  |
|  Westinghouse Air Brake Technologies Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.45%, 11/15/2026 (Callable 08/15/2026) | 11050000 | 10994442  |
| &nbsp;&nbsp;&nbsp; 4.70%, 09/15/2028 (Callable 06/15/2028)<sup>(d)</sup> | 1500000 | 1518689  |
| &nbsp;&nbsp;&nbsp; Whistler Pipeline LLC, <br>5.40%, 09/30/2029 (Callable 08/30/2029)<sup>(a)</sup> | 11225000 | 11575891  |
| Williams Cos., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 01/15/2031 | 6650000 | 7555292  |
| &nbsp;&nbsp;&nbsp; 5.15%, 03/15/2034 (Callable 12/15/2033) | 7000000 | 7129578  |
| &nbsp;&nbsp;&nbsp; Wipro IT Services LLC, <br>1.50%, 06/23/2026 (Callable 05/23/2026)<sup>(a)</sup> | 9000000 | 8883926  |
| Woodside Finance Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/04/2029 (Callable 12/04/2028)<sup>(a)</sup> | 8500000 | 8502973  |
| &nbsp;&nbsp;&nbsp; 5.40%, 05/19/2030 (Callable 04/19/2030) | 1500000 | 1541785  |
|  WRKCo, Inc., 3.90%, 06/01/2028 (Callable 03/01/2028) | 8275000 | 8233932  |
| &nbsp;&nbsp;&nbsp; Yara International ASA, <br>3.80%, 06/06/2026 (Callable 03/06/2026)<sup>(a)</sup> | 1150000 | 1146637  |
|  |  | 2205674415  |
| **Utilities - 2.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Alliant Energy Finance LLC, <br>5.95%, 03/30/2029 (Callable 02/28/2029)<sup>(a)</sup> | 7000000 | 7321308  |
|  Ameren Corp., 5.38%, 03/15/2035 (Callable 12/15/2034) | 7000000 | 7206465  |
| &nbsp;&nbsp;&nbsp; Ausgrid Finance Pty Ltd., <br>4.35%, 08/01/2028 (Callable 05/01/2028)<sup>(a)</sup> | 4400000 | 4415057  |
|  Avangrid, Inc., 3.80%, 06/01/2029 (Callable 03/01/2029) | 10975000 | 10838483  |
| &nbsp;&nbsp;&nbsp; Black Hills Corp., <br>6.00%, 01/15/2035 (Callable 10/15/2034) | 15000000 | 16017467  |
| &nbsp;&nbsp;&nbsp; DTE Electric Co., <br>2.63%, 03/01/2031 (Callable 12/01/2030) | 275000 | 254293  |
| DTE Energy Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 06/01/2028 (Callable 05/01/2028) | 18000000 | 18317412  |
| &nbsp;&nbsp;&nbsp; 5.10%, 03/01/2029 (Callable 02/01/2029) | 15000000 | 15383189  |
| &nbsp;&nbsp;&nbsp; 5.85%, 06/01/2034 (Callable 03/01/2034) | 12000000 | 12818519  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Duquesne Light Holdings, Inc., 2.78%, 01/07/2032 (Callable 10/07/2031)<sup>(a)</sup> | $12400000 | $11039519  |
| &nbsp;&nbsp;&nbsp; East Ohio Gas Co., <br>2.00%, 06/15/2030 (Callable 03/15/2030)<sup>(a)</sup> | 550000 | 498288  |
| Enel Finance International NV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/15/2027 (Callable 05/15/2027)<sup>(a)</sup> | 10000000 | 10069480  |
| &nbsp;&nbsp;&nbsp; 3.50%, 04/06/2028<sup>(a)</sup> | 14975000 | 14779409  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/26/2034 (Callable 03/26/2034)<sup>(a)</sup> | 25000000 | 25951202  |
|  Engie SA, 5.25%, 04/10/2029 (Callable 03/10/2029)<sup>(a)</sup> | 12000000 | 12383816  |
|  Entergy Corp., 2.80%, 06/15/2030 (Callable 03/15/2030) | 13250000 | 12417264  |
| &nbsp;&nbsp;&nbsp; Eversource Energy, <br>1.65%, 08/15/2030 (Callable 05/15/2030) | 275000 | 242933  |
| &nbsp;&nbsp;&nbsp; Fells Point Funding Trust, <br>3.05%, 01/31/2027 (Callable 12/31/2026)<sup>(a)</sup> | 675000 | 666901  |
| &nbsp;&nbsp;&nbsp; IPALCO Enterprises, Inc., <br>5.75%, 04/01/2034 (Callable 01/01/2034) | 8879000 | 9064835  |
| ITC Holdings Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.35%, 11/15/2027 (Callable 08/15/2027) | 275000 | 272028  |
| &nbsp;&nbsp;&nbsp; 2.95%, 05/14/2030 (Callable 02/14/2030)<sup>(a)</sup> | 15717000 | 14848639  |
| &nbsp;&nbsp;&nbsp; 5.40%, 06/01/2033 (Callable 03/01/2033)<sup>(a)</sup> | 4550000 | 4693273  |
| &nbsp;&nbsp;&nbsp; 5.65%, 05/09/2034 (Callable 02/09/2034)<sup>(a)</sup> | 4400000 | 4593349  |
| KeySpan Corp., 8.00%, 11/15/2030 | 9900000 | 11320456  |
| &nbsp;&nbsp;&nbsp; Liberty Utilities Co., <br>5.58%, 01/31/2029 (Callable 12/31/2028)<sup>(a)</sup> | 22000000 | 22738797  |
| National Grid PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.60%, 06/12/2028 (Callable 05/12/2028) | 5000000 | 5163965  |
| &nbsp;&nbsp;&nbsp; 5.42%, 01/11/2034 (Callable 10/11/2033) | 5125000 | 5311329  |
| &nbsp;&nbsp;&nbsp; National Grid USA, <br>5.80%, 04/01/2035 | 12768000 | 13395745  |
|  New York State Electric & Gas Corp., 5.30%, 08/15/2034 (Callable 05/15/2034)<sup>(a)</sup> | 9925000 | 10237135  |
|  Oncor Electric Delivery Co. LLC, 2.75%, 05/15/2030 (Callable 02/15/2030) | 6000000 | 5657654  |
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., <br>3.75%, 07/01/2028 | 259500 | 256171  |
| &nbsp;&nbsp;&nbsp; Puget Energy, Inc., <br>2.38%, 06/15/2028 (Callable 04/15/2028) | 325000 | 311154  |

---

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

43<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD INTERMEDIATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Utilities - (Continued)** <br>|  |  |
| &nbsp;&nbsp;&nbsp; RWE Finance US LLC, <br>5.88%, 04/16/2034 (Callable 01/16/2034)<sup>(a)</sup> | $10000000 | $10564393  |
|  Southern Co., 5.70%, 03/15/2034 (Callable 09/15/2033) | 8375000 | 8830486  |
|  |  | 307880414  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $4,947,588,960)** |  | 5006550551  |
| &nbsp;&nbsp;&nbsp; **NON-AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - 3.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Angel Oak Mortgage Trust 2024-2, Series 2024-3, Class A1, <br>4.80%, 11/26/2068 (Callable 03/25/2027)<sup>(a)(d)</sup> | 18401413 | 18364925  |
| Arroyo Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2, Class A1, <br>3.35%, 04/25/2049 (Callable 01/25/2026)<sup>(a)(f)</sup> | 656405 | 641462  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A1A, <br>2.50%, 12/25/2056 (Callable 01/25/2026)<sup>(a)(d)</sup> | 12629481 | 12345764  |
|  Banc of America Funding Corp., Series 2004-2, Class 1CB1, 5.75%, 09/20/2034 (Callable 01/20/2026) | 364276 | 356674  |
|  Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-5, Class 2A, 4.19%, 07/25/2034 (Callable 01/25/2026)<sup>(f)</sup> | 255522 | 241608  |
| BRAVO Residential Funding Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-RPL1, Class A1, 5.00%, 05/25/2063 (Callable 06/25/2043)<sup>(a)(f)</sup> | 22279006 | 22392080  |
| &nbsp;&nbsp;&nbsp; Series 2024-RPL1, Class A1, 3.25%, 10/25/2063 (Callable 07/25/2048)<sup>(a)(f)</sup> | 46113863 | 43056343  |
| Chase Mortgage Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-RPL2, Class A1A, 3.25%, 08/25/2064 (Callable 01/25/2052)<sup>(a)(f)</sup> | 42095628 | 37590958  |
| &nbsp;&nbsp;&nbsp; Series 2024-RPL3, Class A1A, 3.25%, 09/25/2064 (Callable 09/25/2049)<sup>(a)(f)</sup> | 25042723 | 22398960  |
|  CIM Trust, Series 2023-R4, Class A1, 5.00%, 05/25/2062 (Callable 04/25/2028)<sup>(a)(f)</sup> | 26204172 | 26190499  |
| FirstKey Homes Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-SFR2, Class A, 1.38%, 09/17/2038<sup>(a)</sup> | 19539519 | 19151900  |
| &nbsp;&nbsp;&nbsp; Series 2022-SFR1, Class A, 4.15%, 05/19/2039<sup>(a)</sup> | 20414286 | 20377344  |
| &nbsp;&nbsp;&nbsp; Series 2022-SFR3, Class A, 4.25%, 07/17/2038<sup>(a)</sup> | 21254607 | 21215736  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  GCAT, Series 2025-NQM3, Class A1A, 5.55%, 05/25/2070 (Callable 06/25/2028)<sup>(a)(d)</sup> | $14423304 | $14556577  |
| Home Partners of America Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class A, <br>2.91%, 09/17/2039 (Callable 01/17/2026)<sup>(a)</sup> | 14492899 | 14169044  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class A, <br>2.20%, 01/17/2041<sup>(a)</sup> | 29284756 | 27592498  |
| &nbsp;&nbsp;&nbsp; MASTR Alternative Loans Trust, Series 2003-5, Class 4A1, <br>5.50%, 07/25/2033 (Callable 01/25/2026) | 103940 | 103611  |
|  MFRA Trust, Series 2022-NQM1, Class A1, 4.11%, 12/25/2066 (Callable 01/25/2026)<sup>(a)(f)</sup> | 17528330 | 17399856  |
| Mill City Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3, Class A1, <br>3.50%, 08/25/2058 (Callable 10/25/2032)<sup>(a)(f)</sup> | 97607 | 96615  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class A1, <br>3.25%, 10/25/2069 (Callable 07/25/2034)<sup>(a)(f)</sup> | 158498 | 155337  |
|  New Residential Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2A, Class A3, <br>4.00%, 03/25/2057 (Callable 01/25/2032)<sup>(a)(f)</sup> | 856626 | 834697  |
| &nbsp;&nbsp;&nbsp; Series 2019-RPL3, Class A1, 2.75%, 07/25/2059 (Callable 03/25/2044)<sup>(a)(f)</sup> | 2624141 | 2544203  |
|  Onslow Bay Mortgage Loan Trust, Series 2025-NQM14, Class A1, 5.16%, 07/25/2065 (Callable 07/25/2028)<sup>(a)(d)</sup> | 31425226 | 31569622  |
|  Progress Residential Trust, Series 2024-SFR2, Class A, 3.30%, 04/17/2041<sup>(a)</sup> | 19784234 | 19107696  |
|  RALI Trust, Series 2004-QS6, Class A1, 5.00%, 10/25/2063 | 9 | 9  |
|  Thornburg Mortgage Securities Trust, Series 2003-5, Class 3A, 4.48%, 10/25/2043 (Callable 01/25/2026)<sup>(f)</sup> | 492439 | 464979  |
| Towd Point Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-6, Class A1, <br>2.75%, 10/25/2057 (Callable 03/25/2031)<sup>(a)(f)</sup> | 27868 | 27506  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-4, Class A1, <br>3.00%, 06/25/2058 (Callable 08/25/2033)<sup>(a)(f)</sup> | 168929 | 161112  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-6, Class A1A, <br>3.75%, 03/25/2058 (Callable 01/25/2030)<sup>(a)(f)</sup> | 26870 | 26746  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class A1, <br>3.75%, 03/25/2058 (Callable 10/25/2029)<sup>(a)(f)</sup> | 2535980 | 2478221  |

---

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

44<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD INTERMEDIATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)**  | **NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-4, Class A1, <br>2.90%, 10/25/2059 (Callable 06/25/2034)<sup>(a)(f)</sup> | $8078942 | $7794890  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4, Class A1, <br>1.75%, 10/25/2060 (Callable 07/25/2032)<sup>(a)</sup> | 8463566 | 7758124  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class A1, <br>3.75%, 07/01/2062 (Callable 08/25/2033)<sup>(a)(f)</sup> | 4518901 | 4318875  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3, Class A1, <br>3.75%, 08/01/2062 (Callable 06/25/2031)<sup>(a)(f)</sup> | 7282881 | 6980178  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A1, <br>4.86%, 03/25/2064 (Callable 06/25/2042)<sup>(a)(f)</sup> | 10095054 | 10268436  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class A1A, <br>4.86%, 12/25/2064 (Callable 08/25/2028)<sup>(a)(f)</sup> | 28826812 | 29195017  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5, Class A1A, <br>4.61%, 10/25/2064 (Callable 06/25/2033)<sup>(a)(f)</sup> | 28315975 | 28442417  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A1A, <br>4.82%, 06/25/2065 (Callable 09/25/2032)<sup>(a)(f)</sup> | 25587638 | 25712946  |
|  WaMu Mortgage Pass Through Certificates<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-AR3, Class A1, 5.37%, 06/25/2034 (Callable 01/25/2026)<sup>(f)</sup> | 570056 | 544803  |
| &nbsp;&nbsp;&nbsp; Series 2004-CB2, Class 3A, 6.00%, 08/25/2034 (Callable 01/25/2026) | 631342 | 648754  |
| &nbsp;&nbsp;&nbsp; **TOTAL NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $494,560,868)** |  | 497277022  |
| &nbsp;&nbsp;&nbsp; **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br>**SECURITIES - 3.1%**<br>|  |  |
| BANK-2017<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-BNK4, Class A4, 3.63%, 05/15/2050 (Callable 04/15/2027) | 575000 | 569509  |
| &nbsp;&nbsp;&nbsp; Series 2017-BNK7, Class A5, 3.44%, 09/15/2060 (Callable 09/15/2027) | 1200000 | 1184796  |
| &nbsp;&nbsp;&nbsp; Series 2017-BNK7, Class ASB, 3.27%, 09/15/2060 (Callable 09/15/2027) | 356217 | 353403  |
| &nbsp;&nbsp;&nbsp; Series 2017-BNK8, Class A4, 3.49%, 11/15/2050 (Callable 11/15/2027) | 575000 | 562743  |
| &nbsp;&nbsp;&nbsp; Series 2017-BNK9, Class A4, 3.54%, 11/15/2054 (Callable 12/15/2029) | 9186269 | 9067666  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  BANK-2018, Series 2018-BN10, Class A5, 3.69%, 02/15/2061 (Callable 02/15/2028) | $895000 | $887166  |
|  BANK-2022, Series 2022-BNK44, Class A5, 5.74%, 11/15/2055 (Callable 11/15/2032)<sup>(f)</sup> | 13475000 | 14350413  |
| BANK5 Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-5YR7, Class A3, 5.77%, 06/15/2057 (Callable 06/15/2029) | 23600000 | 24642716  |
| &nbsp;&nbsp;&nbsp; Series 2025-5YR13, Class A2, 5.03%, 01/15/2058 (Callable 02/15/2030) | 26550000 | 27142872  |
| Benchmark Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-V10, Class A3, 5.28%, 09/15/2057 (Callable 10/15/2029) | 23025000 | 23714145  |
| &nbsp;&nbsp;&nbsp; Series 2025-V17, Class A2, 4.36%, 09/15/2058 (Callable 09/15/2030) | 21125000 | 21057180  |
| BMO Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-5C12, Class A3, 5.18%, 10/15/2058 (Callable 10/15/2030) | 20000000 | 20548830  |
| &nbsp;&nbsp;&nbsp; Series 2025-5C13, Class A3, 5.23%, 12/15/2058 (Callable 05/15/2032) | 21325000 | 21970480  |
|  Cantor Commercial Real Estate Lending LP, Series 2019-CF3, Class A4, 3.01%, 01/15/2053 (Callable 12/15/2029) | 3850000 | 3630559  |
|  Citigroup Commercial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2015-GC35, Class A4, 3.82%, 11/10/2048 (Callable 10/10/2027) | 4011384 | 3997111  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C4, Class A3, <br>3.21%, 10/12/2050 (Callable 11/12/2027) | 6018075 | 5923683  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P8, Class A3, <br>3.20%, 09/15/2050 (Callable 09/15/2027) | 2375000 | 2341335  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P8, Class A4, <br>3.47%, 09/15/2050 (Callable 09/15/2027) | 550000 | 539182  |
|  Citigroup/Deutsche Bank Commercial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-CD7, Class A4, 4.28%, 08/15/2051 (Callable 08/15/2028) | 2495000 | 2482115  |
| &nbsp;&nbsp;&nbsp; Series 2019-CD8, Class A4, 2.91%, 08/15/2057 (Callable 08/15/2029) | 5815000 | 5460177  |
|  Commercial Mortgage Pass Through Certificates, Series 2017-COR2, Class A3, 3.51%, 09/10/2050 (Callable 09/10/2027) | 19610172 | 19354048  |

---

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

45<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD INTERMEDIATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br>**SECURITIES - (Continued)**  | &nbsp;&nbsp;&nbsp; **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br>**SECURITIES - (Continued)**  | &nbsp;&nbsp;&nbsp; **NON-AGENCY COMMERCIAL MORTGAGE-BACKED** <br>**SECURITIES - (Continued)**  |
| Computershare Corporate Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-C36, Class A4, 3.07%, 11/15/2059 (Callable 10/15/2026) | $4966000 | $4912180  |
| &nbsp;&nbsp;&nbsp; Series 2019-C50, Class ASB, 3.64%, 05/15/2052 (Callable 05/15/2029) | 2871915 | 2857451  |
| &nbsp;&nbsp;&nbsp; Series 2019-C54, Class A4, 3.15%, 12/15/2052 (Callable 11/15/2029) | 14625000 | 13986196  |
| CSAIL Commercial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C7, Class A5, <br>3.50%, 11/15/2049 (Callable 11/15/2026) | 1640000 | 1627928  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C8, Class A4, <br>3.39%, 06/15/2050 (Callable 06/15/2027) | 6000000 | 5911454  |
| &nbsp;&nbsp;&nbsp; Series 2018-CX12, Class A3, 3.96%, 08/15/2051 (Callable 08/15/2028) | 5025000 | 5007328  |
| &nbsp;&nbsp;&nbsp; Series 2019-C17, Class A5, 3.02%, 09/15/2052 (Callable 09/15/2029) | 3300000 | 3117216  |
| &nbsp;&nbsp;&nbsp; Series 2021-C20, Class ASB, 2.44%, 03/15/2054 (Callable 03/15/2031) | 6866000 | 6644732  |
|  GS Mortgage Securities Corp. II, Series 2018-GS10, Class A5, 4.16%, 07/10/2051 (Callable 07/10/2028)<sup>(f)</sup> | 9372252 | 9267512  |
|  JP Morgan Chase Commercial Mortgage Securities<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-JP2, Class A4, 2.82%, 08/15/2049 (Callable 07/15/2026) | 7443000 | 7390918  |
| &nbsp;&nbsp;&nbsp; Series 2017-JP6, Class A5, 3.49%, 07/15/2050 (Callable 04/15/2028) | 18900000 | 18537593  |
|  JPMDB Commercial Mortgage Securities Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C4, Class A3, <br>3.14%, 12/15/2049 (Callable 04/15/2027) | 17550000 | 17268280  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C7, Class A5, <br>3.41%, 10/15/2050 (Callable 11/15/2027) | 5300000 | 5211083  |
|  Morgan Stanley ABS Capital I, Inc., Series 2022-L8, Class ASB, 3.79%, 04/15/2055 (Callable 04/15/2032)<sup>(f)</sup> | 9422000 | 9236272  |
|  Morgan Stanley Bank of America Merrill Lynch Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-C34, Class A4, 3.54%, 11/15/2052 (Callable 10/15/2027) | 14450000 | 14264910  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2025-5C1, Class A2, 4.91%, 03/15/2058 (Callable 03/15/2030) | $3675000 | $3744450  |
| &nbsp;&nbsp;&nbsp; Series 2025-5C2, Class A2, 4.63%, 11/15/2058 (Callable 11/15/2030) | 24275000 | 24416395  |
|  Morgan Stanley Capital I Trust 2014-MP, Series 2016-BNK2, Class A4, 3.05%, 11/15/2049 (Callable 11/15/2026) | 15671000 | 15376233  |
|  Morgan Stanley Capital I, Inc., Series 2016-UB12, Class A4, 3.60%, 12/15/2049 (Callable 11/15/2026) | 9607210 | 9507210  |
|  UBS Commercial Mortgage Trust, Series 2018-C13, Class A4, 4.33%, 10/15/2051 (Callable 10/15/2028) | 3900000 | 3897352  |
| &nbsp;&nbsp;&nbsp; **TOTAL NON-AGENCY COMMERCIAL** <br>**MORTGAGE-BACKED SECURITIES** <br>**(Cost $390,475,952)** |  | 391962822  |
| **ASSET-BACKED SECURITIES - 2.1%**<br>|  |  |
| Financial Holding Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-D, Class A, <br>5.34%, 04/15/2029<sup>(a)</sup> | 9075000 | 9233032  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-F, Class A, <br>4.40%, 08/15/2030<sup>(a)</sup> | 7925000 | 8004327  |
| &nbsp;&nbsp;&nbsp; First National Master Note Trust, Series 2024-1, Class A, <br>5.34%, 05/15/2030 | 10675000 | 10886657  |
| &nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust, Series 2023-1, Class A, <br>4.85%, 08/15/2035 (Callable 02/15/2028)<sup>(a)</sup> | 15320000 | 15628644  |
|  Ford Credit Auto Receivables Six LLC, Series 2025-1, Class A, 4.86%, 08/15/2037 (Callable 02/15/2030)<sup>(a)(d)</sup> | 15800000 | 16248121  |
| Ford Credit Floorplan LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3, Class A1, <br>4.30%, 09/15/2029<sup>(a)</sup> | 9025000 | 9098720  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A1, <br>4.63%, 04/15/2030 | 26225000 | 26666136  |
| General Motors Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2, Class A, <br>5.34%, 06/15/2030<sup>(a)</sup> | 25952000 | 26783738  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4A, Class A1, <br>4.73%, 11/15/2029<sup>(a)</sup> | 7325000 | 7426425  |
|  GM Financial Revolving Receivables Trust, Series 2024-1, Class A, 4.98%, 12/11/2036 (Callable 03/11/2029)<sup>(a)</sup> | 25100000 | 25823447  |

---

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

46<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD INTERMEDIATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES - (Continued)**  | **ASSET-BACKED SECURITIES - (Continued)**  | **ASSET-BACKED SECURITIES - (Continued)**  |
| Navient Student Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GA, Class A, <br>1.58%, 04/15/2070 (Callable 07/15/2030)<sup>(a)</sup> | $10546819 | $9585097  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class A, <br>2.23%, 07/15/2070 (Callable 10/15/2030)<sup>(a)</sup> | 1545501 | 1416638  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BA, Class A, <br>4.16%, 10/15/2070 (Callable 12/15/2030)<sup>(a)</sup> | 11810606 | 11630902  |
| Nelnet Student Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class APT1, 1.36%, 04/20/2062 (Callable 01/20/2029)<sup>(a)</sup> | 2611495 | 2470993  |
| &nbsp;&nbsp;&nbsp; Series 2021-DA, Class AFX, 1.63%, 04/20/2062 (Callable 04/20/2032)<sup>(a)</sup> | 689223 | 657774  |
| &nbsp;&nbsp;&nbsp; SBA Depositor LLC, <br>1.84%, 04/15/2027 (Callable 04/15/2026)<sup>(a)</sup> | 11200000 | 10850464  |
|  SFS Auto Receivables Securitization Trust, Series 2025-3A, Class A3, 4.12%, 04/21/2031 (Callable 05/20/2029)<sup>(a)</sup> | 32575000 | 32722858  |
|  Texas Electric Market Stabilization Funding N LLC, 4.27%, 08/01/2034<sup>(a)</sup> | 12944906 | 12908918  |
|  Towd Point Mortgage Trust, Series 2020-MH1, Class A1, 2.25%, 02/25/2060 (Callable 01/25/2026)<sup>(a)(f)</sup> | 1611394 | 1580396  |
| Verizon Master Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-8, Class A1A, <br>4.62%, 11/20/2030 (Callable 11/20/2027) | 20400000 | 20701471  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5, Class A1A, <br>4.40%, 06/20/2031 (Callable 06/20/2028) | 9275000 | 9390789  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $267,501,436)** |  | 269715547  |
| **MUNICIPAL BONDS - 1.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, <br>6.13%, 04/01/2030 | 2510000 | 2606161  |
|  Central Plains Energy Project, 5.75%, 08/01/2029 | 1200000 | 1240810  |
|  Colorado Housing and Finance Authority, 6.25%, 11/01/2054 (Callable 05/01/2033) | 4665000 | 4940862  |
|  Connecticut Housing Finance Authority, 5.32%, 11/15/2055 (Callable 11/15/2033) | 6050000 | 6191151  |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade FL, <br>2.54%, 10/01/2033 (Callable 10/01/2030) | 2800000 | 2440318  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Florida Development Finance Corp., 3.22%, 02/01/2032 (Callable 08/01/2031) | $5250000 | $4822183  |
| GBG LLC, 2.25%, 09/01/2030<sup>(a)</sup> | 596408 | 559170  |
|  Homewood Educational Building Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.81%, 10/01/2028 | 2265000 | 2376170  |
| &nbsp;&nbsp;&nbsp; 6.81%, 10/01/2028 | 1370000 | 1437242  |
|  Idaho Housing & Finance Association, 6.50%, 07/01/2065 (Callable 07/01/2033) | 16695000 | 17832315  |
|  Illinois Housing Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 04/01/2054 (Callable 10/01/2032) | 16300000 | 17223470  |
| &nbsp;&nbsp;&nbsp; 6.25%, 10/01/2054 (Callable 04/01/2033) | 13495000 | 14152702  |
|  Massachusetts Educational Financing Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.92%, 07/01/2027 | 10000000 | 9700721  |
| &nbsp;&nbsp;&nbsp; 2.16%, 07/01/2028 | 10000000 | 9549187  |
| &nbsp;&nbsp;&nbsp; 6.07%, 07/01/2033 | 7445000 | 7776284  |
|  Massachusetts Housing Finance Agency, 5.56%, 12/01/2052 (Callable 06/01/2032) | 5580000 | 5745666  |
| Minnesota Housing Finance Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 07/01/2054 (Callable 01/01/2033) | 3955000 | 4167953  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/01/2055 (Callable 01/01/2033) | 9525000 | 10014039  |
|  Nebraska Investment Finance Authority, 6.25%, 09/01/2052 (Callable 09/01/2033) | 6250000 | 6658746  |
| &nbsp;&nbsp;&nbsp; Nevada Housing Division, <br>6.25%, 10/01/2054 (Callable 04/01/2033) | 2820000 | 2958794  |
|  New Hampshire Business Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 04/01/2028 (Callable 01/01/2028) | 7000000 | 3178090  |
| &nbsp;&nbsp;&nbsp; 3.30%, 04/01/2032 (Callable 01/01/2032) | 13600000 | 9892150  |
|  New Jersey Higher Education Student Assistance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2027<sup>(g)</sup> | 1600000 | 1650250  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2028<sup>(g)</sup> | 1225000 | 1284117  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2028<sup>(g)</sup> | 1205000  | 1263152  |
|  New York State Dormitory Authority, 3.00%, 08/01/2036 (Callable 08/01/2031) | 3480000 | 2911475  |
| Niagara Area Development Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.20%, 05/01/2026 | 1995000 | 1982348  |
| &nbsp;&nbsp;&nbsp; 3.27%, 05/01/2027 | 2060000 | 2007890  |
| &nbsp;&nbsp;&nbsp; 3.37%, 05/01/2028 | 2130000 | 2033177  |
| &nbsp;&nbsp;&nbsp; 3.42%, 05/01/2029 | 2200000 | 2049076 |

---

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

47<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD INTERMEDIATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Rhode Island Housing & Mortgage Finance Corp., <br>6.00%, 04/01/2054 (Callable 04/01/2033) | $3940000 | $4111843  |
|  San Diego Convention Center Expansion Financing Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.99%, 04/15/2026 | 3440000 | 3422566  |
| &nbsp;&nbsp;&nbsp; 2.36%, 04/15/2028 | 1325000 | 1282703  |
|  Tennessee Housing Development Agency, 6.25%, 01/01/2055 (Callable 01/01/2033) | 9435000 | 9894898  |
| &nbsp;&nbsp;&nbsp; Westvaco Corp., <br>7.67%, 01/15/2027<sup>(a)</sup> | 8700000 | 8973049  |
| &nbsp;&nbsp;&nbsp; **TOTAL MUNICIPAL BONDS** <br>**(Cost $195,452,420)** |  | 188330728  |
| **OTHER GOVERNMENT RELATED SECURITIES - 0.4%** | **OTHER GOVERNMENT RELATED SECURITIES - 0.4%** | **OTHER GOVERNMENT RELATED SECURITIES - 0.4%** |
| &nbsp;&nbsp;&nbsp; Electricite de France SA, <br>5.65%, 04/22/2029 (Callable 03/22/2029)<sup>(a)</sup> | 25275000 | 26335652  |
|  NBN Co. Ltd., 2.63%, 05/05/2031 (Callable 02/05/2031)<sup>(a)</sup> | 20487000 | 18844310  |
| &nbsp;&nbsp;&nbsp; **TOTAL OTHER GOVERNMENT RELATED SECURITIES** <br>**(Cost $45,193,591)** |  | 45179962  |
| &nbsp;&nbsp;&nbsp; **AGENCY COMMERCIAL MORTGAGE-BACKED** <br>**SECURITIES - 0.1%**<br>|  |  |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K071, Class A2, <br>3.29%, 11/25/2027 (Callable 11/25/2027) | 7375000 | 7301979  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K092, Class A2, <br>3.30%, 04/25/2029 (Callable 04/25/2029) | 11943000 | 11733129  |
| &nbsp;&nbsp;&nbsp; **TOTAL AGENCY COMMERCIAL** <br>**MORTGAGE-BACKED SECURITIES** <br>**(Cost $19,114,089)** |  | 19035108  |
| &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - 0.0%<sup>(h)</sup>**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp., Pool C00635, <br>6.00%, 07/01/2028 | 336 | 346  |
| &nbsp;&nbsp;&nbsp; **TOTAL AGENCY RESIDENTIAL** <br>**MORTGAGE-BACKED SECURITIES** <br>**(Cost $330)** |  | 346 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS**  | **SHORT-TERM INVESTMENTS**  | **SHORT-TERM INVESTMENTS**  |
| **Money Market Funds - 3.0%**<br>|  |  |
|  First American Government Obligations Fund - Class U, 3.69%<sup>(i)</sup> | 378131982 | $378131982  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $378,131,982)** |  | 378131982  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.8%** <br>**(Cost $12,613,480,495)** |  | $12750759515  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.8)% |  | (98664189)  |
| **TOTAL NET ASSETS - 100.0%** |  | $12652095326 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

CMT - Constant Maturity Treasury

LIBOR - London Interbank Offered Rate

LLC - Limited Liability Company

LP - Limited Partnership

PIK - Payment in Kind

PLC - Public Limited Company

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of December 31, 2025, the value of these securities total $2,659,562,255 or 21.0% of the Fund's net assets.

<sup>(b)</sup> Securities referencing LIBOR are expected to transition to an alternative reference rate by the security's next scheduled coupon reset date.

<sup>(c)</sup> Issuer is currently in default.

<sup>(d)</sup> Step coupon bond. The rate disclosed is as of December 31, 2025.

<sup>(e)</sup> Zero coupon bonds make no periodic interest payments.

<sup>(f)</sup> Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of December 31, 2025.

<sup>(g)</sup> Security subject to the Alternative Minimum Tax ("AMT"). As of December 31, 2025, the total value of securities subject to the AMT was $4,197,519 or 0.0% of net assets.

<sup>(h)</sup> Represents less than 0.05% of net assets.

<sup>(i)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

48<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD INTERMEDIATE BOND FUND** 

**Summary of Fair Value Disclosure** 

**as of December 31, 2025** 

Baird Intermediate Bond Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the year, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

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

---

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

---

---

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

---

The following is a summary of the fair valuation hierarchy of the Fund's securities as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $— | $5954575447 | $— | $5954575447  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds |  | 5006550551 |  | 5006550551  |
| &nbsp;&nbsp;&nbsp; Non-Agency Residential Mortgage-Backed Securities |  | 497277022 |  | 497277022  |
| &nbsp;&nbsp;&nbsp; Non-Agency Commercial Mortgage-Backed Securities |  | 391962822 |  | 391962822  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 269715547 |  | 269715547  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds |  | 188330728 |  | 188330728  |
| &nbsp;&nbsp;&nbsp; Other Government Related Securities |  | 45179962 |  | 45179962  |
| &nbsp;&nbsp;&nbsp; Agency Commercial Mortgage-Backed Securities |  | 19035108 |  | 19035108  |
| &nbsp;&nbsp;&nbsp; Agency Residential Mortgage-Backed Securities |  | 346 |  | 346  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 378131982 |  |  | 378131982  |
| **Total Investments** | $378131982 | $12372627533 | $— | $12750759515 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting year, as compared to the security classifications from the prior year's core financial statements. See the Fund's Valuation Policy in Note 2a to the financial statements.

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

49<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD AGGREGATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - 36.8%**<br>|  |  |
| **Financials - 17.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; 200 Park Funding Trust, <br>5.74%, 02/15/2055 (Callable 08/15/2054)<sup>(a)</sup> | $21925000 | $21883988  |
| ABN AMRO Bank NV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 04/18/2026<sup>(a)</sup> | 42935000 | 42993261  |
| &nbsp;&nbsp;&nbsp; 1.54% to 06/16/2026 then 1 yr. CMT Rate + 0.80%, 06/16/2027 (Callable 06/16/2026)<sup>(a)</sup> | 16900000 | 16695188  |
| &nbsp;&nbsp;&nbsp; 6.34% to 09/18/2026 then 1 yr. CMT Rate + 1.65%, 09/18/2027 (Callable 09/18/2026)<sup>(a)</sup> | 16025000 | 16271928  |
| &nbsp;&nbsp;&nbsp; 4.99% to 12/03/2027 then 1 yr. CMT Rate + 0.78%, 12/03/2028 (Callable 12/03/2027)<sup>(a)</sup> | 51250000 | 52145991  |
| &nbsp;&nbsp;&nbsp; 5.52% to 12/03/2034 then 1 yr. CMT Rate + 1.25%, 12/03/2035 (Callable 12/03/2034)<sup>(a)</sup> | 10000000 | 10344499  |
| &nbsp;&nbsp;&nbsp; 3.32% to 03/13/2032 then 5 yr. CMT Rate + 1.90%, 03/13/2037 (Callable 12/13/2031)<sup>(a)</sup> | 5000000 | 4579446  |
| &nbsp;&nbsp;&nbsp; AEGON Funding Co. LLC, <br>5.50%, 04/16/2027 (Callable 03/16/2027)<sup>(a)</sup> | 31625000 | 32128625  |
|  AerCap Ireland Capital DAC / AerCap Global Aviation Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/06/2028 (Callable 05/06/2028) | 30000000 | 31070963  |
| &nbsp;&nbsp;&nbsp; 3.00%, 10/29/2028 (Callable 08/29/2028) | 44806000 | 43454157  |
| &nbsp;&nbsp;&nbsp; 4.63%, 09/10/2029 (Callable 08/10/2029) | 8000000 | 8085536  |
| &nbsp;&nbsp;&nbsp; 3.30%, 01/30/2032 (Callable 10/30/2031) | 10000000 | 9246396  |
| Aetna, Inc., 6.63%, 06/15/2036 | 9165000 | 10102843  |
| Agree LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.90%, 10/01/2030 (Callable 07/01/2030) | 5000000 | 4682679  |
| &nbsp;&nbsp;&nbsp; 4.80%, 10/01/2032 (Callable 07/01/2032) | 7000000 | 7053360  |
| AIB Group PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.61% to 09/13/2028 then SOFR + 2.33%, 09/13/2029 (Callable 09/13/2028)<sup>(a)</sup> | 65345000 | 69413399  |
| &nbsp;&nbsp;&nbsp; 5.87% to 03/28/2034 then SOFR + 1.91%, 03/28/2035 (Callable 03/28/2034)<sup>(a)</sup> | 39575000 | 41827619  |
|  AIG SunAmerica Global Financing X, 6.90%, 03/15/2032<sup>(a)</sup> | 25000000 | 27754069  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Air Lease Corp., 5.85%, 12/15/2027 (Callable 11/15/2027) | $10000000 | $10282493  |
| Aircastle Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.85%, 01/26/2028 (Callable 11/26/2027)<sup>(a)</sup> | 12131000 | 11789333  |
| &nbsp;&nbsp;&nbsp; 6.50%, 07/18/2028 (Callable 06/18/2028)<sup>(a)</sup> | 9482000 | 9972240  |
| &nbsp;&nbsp;&nbsp; 5.95%, 02/15/2029 (Callable 01/15/2029)<sup>(a)</sup> | 23000000 | 23953067  |
|  Aircastle Ltd. / Aircastle Ireland DAC, 5.00%, 09/15/2030 (Callable 08/15/2030)<sup>(a)</sup> | 12595000 | 12722285  |
| &nbsp;&nbsp;&nbsp; Ally Financial, Inc., <br>5.54% to 01/17/2030 then <br>SOFR + 1.73%, 01/17/2031 (Callable 01/17/2030) | 8444000 | 8645221  |
|  American International Group, Inc., 5.13%, 03/27/2033 (Callable 12/27/2032) | 10500000 | 10817824  |
|  American National Global Funding, 5.55%, 01/28/2030<sup>(a)</sup> | 15000000 | 15417588  |
| American National Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 10/01/2029 (Callable 09/01/2029) | 16500000 | 17085358  |
| &nbsp;&nbsp;&nbsp; 6.00%, 07/15/2035 (Callable 04/15/2035) | 59600000 | 60538396  |
|  Americold Realty Operating Partnership LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.60%, 05/15/2032 (Callable 03/15/2032) | 21626000 | 21801458  |
| &nbsp;&nbsp;&nbsp; 5.41%, 09/12/2034 (Callable 06/12/2034) | 10000000 | 9774942  |
| &nbsp;&nbsp;&nbsp; AmFam Holdings, Inc., <br>2.81%, 03/11/2031 (Callable 12/11/2030)<sup>(a)</sup> | 5900000 | 5186839  |
|  Aon Corp. / Aon Global Holdings PLC, 3.90%, 02/28/2052 (Callable 08/28/2051) | 5000000 | 3754748  |
| &nbsp;&nbsp;&nbsp; Aon Global Ltd., <br>4.45%, 05/24/2043 (Callable 02/24/2043) | 1274000 | 1099823  |
| &nbsp;&nbsp;&nbsp; Aon North America, Inc., <br>5.75%, 03/01/2054 (Callable 09/01/2053) | 10600000 | 10588695  |
| Arthur J Gallagher & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 05/20/2051 (Callable 11/20/2050) | 5625000 | 3936570  |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/02/2053 (Callable 09/02/2052) | 5000000 | 4925733  |
| &nbsp;&nbsp;&nbsp; 5.75%, 07/15/2054 (Callable 01/15/2054) | 9000000 | 8872318  |
| &nbsp;&nbsp;&nbsp; ASB Bank Ltd., 5.28% to 06/17/2027 then 5 yr. CMT Rate + <br>2.25%, 06/17/2032 (Callable 06/17/2027)<sup>(a)</sup> | 4350000 | 4406321  |
|  Assurant, Inc., 5.55%, 02/15/2036 (Callable 11/15/2035) | 9250000 | 9421920  |

---

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

50<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD AGGREGATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - (Continued)** | **Financials - (Continued)** | **Financials - (Continued)** |
|  Australia & New Zealand Banking Group Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.74%, 12/08/2032<sup>(a)</sup> | $38113000 | $42216771  |
| &nbsp;&nbsp;&nbsp; 5.20% to 09/30/2034 then 1 yr. CMT Rate + 1.47%, 09/30/2035 (Callable 09/30/2034)<sup>(a)</sup> | 37350000 | 37595095  |
| &nbsp;&nbsp;&nbsp; 2.57% to 11/25/2030 then 5 yr. CMT Rate + 1.70%, 11/25/2035 (Callable 11/25/2030)<sup>(a)</sup> | 15000000 | 13503449  |
| &nbsp;&nbsp;&nbsp; 5.82% to 06/18/2035 then 1 yr. CMT Rate + 1.35%, 06/18/2036 (Callable 06/18/2035)<sup>(a)</sup> | 12000000 | 12457971  |
| Aviation Capital Group LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 04/15/2028 (Callable 03/15/2028)<sup>(a)</sup> | 31000000 | 32201496  |
| &nbsp;&nbsp;&nbsp; 5.38%, 07/15/2029 (Callable 06/15/2029)<sup>(a)</sup> | 25760000 | 26387857  |
| &nbsp;&nbsp;&nbsp; 5.13%, 04/10/2030 (Callable 03/10/2030)<sup>(a)</sup> | 15000000 | 15244878  |
| &nbsp;&nbsp;&nbsp; 6.38%, 07/15/2030 (Callable 05/15/2030)<sup>(a)</sup> | 6500000 | 6949609  |
| &nbsp;&nbsp;&nbsp; 4.80%, 10/24/2030 (Callable 09/24/2030)<sup>(a)</sup> | 23925000 | 23962312  |
| Avolon Holdings Funding Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 01/15/2028 (Callable 12/15/2027)<sup>(a)</sup> | 24000000 | 24290687  |
| &nbsp;&nbsp;&nbsp; 5.38%, 05/30/2030 (Callable 04/30/2030)<sup>(a)</sup> | 8000000 | 8218988  |
| Banco Santander SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.72% to 09/14/2026 then 1 yr. CMT Rate + 0.90%, 09/14/2027 (Callable 09/14/2026) | 11325000 | 11133495  |
| &nbsp;&nbsp;&nbsp; 4.38%, 04/12/2028 | 13400000 | 13465515  |
| &nbsp;&nbsp;&nbsp; 6.61%, 11/07/2028 | 15000000 | 16006457  |
| &nbsp;&nbsp;&nbsp; 5.54% to 03/14/2029 then 1 yr. CMT Rate + 1.45%, 03/14/2030 (Callable 03/14/2029) | 15600000 | 16142858  |
| &nbsp;&nbsp;&nbsp; 3.49%, 05/28/2030 | 5000000 | 4817382  |
| &nbsp;&nbsp;&nbsp; 2.75%, 12/03/2030 | 19250000 | 17514493  |
| &nbsp;&nbsp;&nbsp; 5.44%, 07/15/2031 | 10000000 | 10519492  |
| &nbsp;&nbsp;&nbsp; 3.23% to 11/22/2031 then 1 yr. CMT Rate + 1.60%, 11/22/2032 (Callable 08/22/2031) | 35000000 | 32067478  |
| &nbsp;&nbsp;&nbsp; 6.92%, 08/08/2033 | 9800000 | 10871713  |
| &nbsp;&nbsp;&nbsp; 6.35%, 03/14/2034 | 36500000 | 39390770  |
| Bank of America Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.73% to 07/22/2026 then SOFR + 0.96%, 07/22/2027 (Callable 07/22/2026) | 35000000 | 34555652  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 6.20% to 11/10/2027 then SOFR + 1.99%, 11/10/2028 (Callable 11/10/2027) | $11425000 | $11874115  |
| &nbsp;&nbsp;&nbsp; 3.42% to 12/20/2027 then 3 mo. Term SOFR + 1.30%, 12/20/2028 (Callable 12/20/2027) | 37683000 | 37254274  |
| &nbsp;&nbsp;&nbsp; 3.97% to 03/05/2028 then 3 mo. Term SOFR + 1.33%, 03/05/2029 (Callable 03/05/2028) | 14230000 | 14210989  |
| &nbsp;&nbsp;&nbsp; 2.09% to 06/14/2028 then SOFR + 1.06%, 06/14/2029 (Callable 06/14/2028) | 15000000 | 14313144  |
| &nbsp;&nbsp;&nbsp; 4.27% to 07/23/2028 then 3 mo. Term SOFR + 1.57%, 07/23/2029 (Callable 07/23/2028) | 39821000 | 40017629  |
| &nbsp;&nbsp;&nbsp; 3.19% to 07/23/2029 then 3 mo. Term SOFR + 1.44%, 07/23/2030 (Callable 07/23/2029) | 5000000 | 4832727  |
| &nbsp;&nbsp;&nbsp; 2.50% to 02/13/2030 then 3 mo. Term SOFR + 1.25%, 02/13/2031 (Callable 02/13/2030) | 13000000 | 12119184  |
| &nbsp;&nbsp;&nbsp; 2.59% to 04/29/2030 then SOFR + 2.15%, 04/29/2031 (Callable 04/29/2030) | 60000000 | 55945837  |
| &nbsp;&nbsp;&nbsp; 1.90% to 07/23/2030 then SOFR + 1.53%, 07/23/2031 (Callable 07/23/2030) | 10000000 | 8992497  |
| &nbsp;&nbsp;&nbsp; 1.92% to 10/24/2030 then SOFR + 1.37%, 10/24/2031 (Callable 10/24/2030) | 5000000 | 4475710  |
| &nbsp;&nbsp;&nbsp; 2.69% to 04/22/2031 then SOFR + 1.32%, 04/22/2032 (Callable 04/22/2031) | 15000000 | 13778674  |
| &nbsp;&nbsp;&nbsp; 2.30% to 07/21/2031 then SOFR + 1.22%, 07/21/2032 (Callable 07/21/2031) | 5000000 | 4474947  |
| &nbsp;&nbsp;&nbsp; 2.97% to 02/04/2032 then SOFR + 1.33%, 02/04/2033 (Callable 02/04/2032) | 28925000 | 26490402  |
| &nbsp;&nbsp;&nbsp; 5.29% to 04/25/2033 then SOFR + 1.91%, 04/25/2034 (Callable 04/25/2033) | 16500000 | 17015718  |
| &nbsp;&nbsp;&nbsp; 5.47% to 01/23/2034 then SOFR + 1.65%, 01/23/2035 (Callable 01/23/2034) | 10000000 | 10439265  |
| &nbsp;&nbsp;&nbsp; 7.75%, 05/14/2038 | 1138000 | 1384495  |
| Bank of Ireland Group PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.03% to 09/30/2026 then 1 yr. CMT Rate + 1.10%, 09/30/2027 (Callable 09/30/2026)<sup>(a)</sup> | 20975000 | 20644956  |

---

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

51<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD AGGREGATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - (Continued)** | **Financials - (Continued)** | **Financials - (Continued)** |
| &nbsp;&nbsp;&nbsp; 5.60% (SOFR + 1.62%), 03/20/2030 (Callable 03/20/2029)<sup>(a)</sup> | $67824000 | $70470220  |
| Bank of Montreal<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.37%, 06/04/2027 | 18000000 | 18377476  |
| &nbsp;&nbsp;&nbsp; 5.00% to 01/27/2028 then SOFR + 0.67%, 01/27/2029 (Callable 01/27/2028) | 15500000 | 15798005  |
| &nbsp;&nbsp;&nbsp; 3.09% to 01/10/2032 then 5 yr. CMT Rate + 1.40%, 01/10/2037 (Callable 01/10/2032) | 32576000 | 29328322  |
| Bank of Nova Scotia<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 06/04/2027 | 40000000 | 40848116  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/12/2028 | 10000000 | 10301961  |
| &nbsp;&nbsp;&nbsp; 4.93% to 02/14/2028 then SOFR + 0.89%, 02/14/2029 (Callable 02/14/2028) | 45000000 | 45875122  |
| &nbsp;&nbsp;&nbsp; 4.59% to 05/04/2032 then 5 yr. CMT Rate + 2.05%, 05/04/2037 (Callable 02/04/2032) | 23300000 | 22716399  |
|  Banque Federative du Credit Mutuel SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 07/13/2027<sup>(a)</sup> | 22290000 | 22518084  |
| &nbsp;&nbsp;&nbsp; 5.19%, 02/16/2028<sup>(a)</sup> | 14500000 | 14831159  |
| &nbsp;&nbsp;&nbsp; 5.79%, 07/13/2028<sup>(a)</sup> | 12000000 | 12465374  |
| Barclays PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.34%, 01/10/2028 (Callable 01/08/2027) | 20000000 | 20048700  |
| &nbsp;&nbsp;&nbsp; 5.09% to 02/25/2028 then SOFR + 0.96%, 02/25/2029 (Callable 02/25/2028) | 17000000 | 17329452  |
| &nbsp;&nbsp;&nbsp; 4.48% to 11/11/2028 then SOFR + 1.08%, 11/11/2029 (Callable 11/11/2028) | 8000000 | 8047240  |
| &nbsp;&nbsp;&nbsp; 5.69% to 03/12/2029 then SOFR + 1.74%, 03/12/2030 (Callable 03/12/2029) | 5875000 | 6118262  |
| &nbsp;&nbsp;&nbsp; 5.37% to 02/25/2030 then SOFR + 1.23%, 02/25/2031 (Callable 02/25/2030) | 12125000 | 12542208  |
| &nbsp;&nbsp;&nbsp; 7.44% to 11/02/2032 then 1 yr. CMT Rate + 3.50%, 11/02/2033 (Callable 11/02/2032) | 4575000 | 5238676  |
| &nbsp;&nbsp;&nbsp; 6.22% to 05/09/2033 then SOFR + 2.98%, 05/09/2034 (Callable 05/09/2033) | 52900000 | 57006379  |
| &nbsp;&nbsp;&nbsp; 6.69% to 09/13/2033 then SOFR + 2.62%, 09/13/2034 (Callable 09/13/2033) | 32225000 | 35694104  |
| &nbsp;&nbsp;&nbsp; 5.34% to 09/10/2034 then SOFR + 1.91%, 09/10/2035 (Callable 09/10/2034) | 60000000 | 61103750  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.79% to 02/25/2035 then SOFR + 1.59%, 02/25/2036 (Callable 02/25/2035) | $18000000 | $18863407  |
| &nbsp;&nbsp;&nbsp; Beacon Funding Trust, <br>6.27%, 08/15/2054 (Callable 02/15/2054)<sup>(a)</sup> | 37750000 | 38453202  |
| &nbsp;&nbsp;&nbsp; Belrose Funding Trust II, <br>6.79%, 05/15/2055 (Callable 11/15/2054)<sup>(a)</sup> | 14000000 | 14599262  |
| &nbsp;&nbsp;&nbsp; BGC Group, Inc., <br>6.60%, 06/10/2029 (Callable 05/10/2029) | 19542000 | 20392609  |
| BNP Paribas SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 05/12/2026<sup>(a)</sup> | 45131000 | 45123034  |
| &nbsp;&nbsp;&nbsp; 1.32% to 01/13/2026 then SOFR + 1.00%, 01/13/2027 (Callable 01/13/2026)<sup>(a)</sup> | 28350000 | 28323161  |
| &nbsp;&nbsp;&nbsp; 4.63%, 03/13/2027<sup>(a)</sup> | 2325000 | 2333961  |
| &nbsp;&nbsp;&nbsp; 2.59% to 01/20/2027 then SOFR + 1.23%, 01/20/2028 (Callable 01/20/2027)<sup>(a)</sup> | 2175000 | 2141570  |
| &nbsp;&nbsp;&nbsp; 1.90% to 09/30/2027 then SOFR + 1.61%, 09/30/2028 (Callable 09/30/2027)<sup>(a)</sup> | 27000000 | 25983140  |
| &nbsp;&nbsp;&nbsp; 4.79% to 05/09/2028 then SOFR + 1.45%, 05/09/2029 (Callable 05/09/2028)<sup>(a)</sup> | 10000000 | 10115005  |
| &nbsp;&nbsp;&nbsp; 5.34% (1 yr. CMT Rate + 1.50%), 06/12/2029 (Callable 06/12/2028)<sup>(a)</sup> | 13025000 | 13362313  |
| &nbsp;&nbsp;&nbsp; 2.16% to 09/15/2028 then SOFR + 1.22%, 09/15/2029 (Callable 09/15/2028)<sup>(a)</sup> | 26788000 | 25339704  |
| &nbsp;&nbsp;&nbsp; 5.18% to 01/09/2029 then SOFR + 1.52%, 01/09/2030 (Callable 01/09/2029)<sup>(a)</sup> | 6500000 | 6661708  |
| &nbsp;&nbsp;&nbsp; 5.28% to 11/19/2029 then SOFR + 1.28%, 11/19/2030 (Callable 11/19/2029)<sup>(a)</sup> | 32300000 | 33270717  |
| &nbsp;&nbsp;&nbsp; 5.09% to 05/09/2030 then SOFR + 1.68%, 05/09/2031 (Callable 05/09/2030)<sup>(a)</sup> | 5000000 | 5107795  |
| &nbsp;&nbsp;&nbsp; 2.87% to 04/19/2031 then 3 mo. Term SOFR + 1.39%, 04/19/2032 (Callable 04/19/2031)<sup>(a)</sup> | 32075000 | 29310572  |
| &nbsp;&nbsp;&nbsp; 3.13% to 01/20/2032 then SOFR + 1.56%, 01/20/2033 (Callable 01/20/2032)<sup>(a)</sup> | 10000000 | 9133341  |
| &nbsp;&nbsp;&nbsp; 2.59% to 08/12/2030 then 5 yr. CMT Rate + 2.05%, 08/12/2035 (Callable 08/12/2030)<sup>(a)</sup> | 14000000 | 12667110  |
| &nbsp;&nbsp;&nbsp; 5.91% to 11/19/2034 then SOFR + 1.92%, 11/19/2035 (Callable 11/19/2034)<sup>(a)</sup> | 7600000 | 7903693  |

---

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

52<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD AGGREGATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - (Continued)** | **Financials - (Continued)** | **Financials - (Continued)** |
| BPCE SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.72% to 01/18/2029 then SOFR + 1.96%, 01/18/2030 (Callable 01/18/2029)<sup>(a)</sup> | $5400000 | $5593068  |
| &nbsp;&nbsp;&nbsp; 5.88% to 01/14/2030 then SOFR + 1.68%, 01/14/2031 (Callable 01/14/2030)<sup>(a)</sup> | 8700000 | 9095839  |
| &nbsp;&nbsp;&nbsp; 5.39% to 05/28/2030 then SOFR + 1.58%, 05/28/2031 (Callable 05/28/2030)<sup>(a)</sup> | 15000000 | 15420193  |
| &nbsp;&nbsp;&nbsp; 2.28% to 01/20/2031 then SOFR + 1.31%, 01/20/2032 (Callable 01/20/2031)<sup>(a)</sup> | 18350000 | 16275032  |
| &nbsp;&nbsp;&nbsp; 3.12% to 10/19/2031 then SOFR + 1.73%, 10/19/2032 (Callable 10/19/2031)<sup>(a)</sup> | 49720000 | 44665767  |
| &nbsp;&nbsp;&nbsp; 7.00% to 10/19/2033 then SOFR + 2.59%, 10/19/2034 (Callable 10/19/2033)<sup>(a)</sup> | 10000000 | 11151522  |
| &nbsp;&nbsp;&nbsp; 6.51% to 01/18/2034 then SOFR + 2.79%, 01/18/2035 (Callable 01/18/2034)<sup>(a)</sup> | 12500000 | 13274049  |
| &nbsp;&nbsp;&nbsp; 5.94% to 05/30/2034 then SOFR + 1.85%, 05/30/2035 (Callable 05/30/2034)<sup>(a)</sup> | 16000000 | 16718179  |
| &nbsp;&nbsp;&nbsp; 6.03% to 05/28/2035 then SOFR + 1.96%, 05/28/2036 (Callable 05/28/2035)<sup>(a)</sup> | 18500000 | 19441694  |
| &nbsp;&nbsp;&nbsp; Broadstone Net Lease LLC, <br>5.00%, 11/01/2032 (Callable 09/01/2032) | 6000000 | 6017372  |
| Brown & Brown, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/15/2029 (Callable 12/15/2028) | 23825000 | 23925288  |
| &nbsp;&nbsp;&nbsp; 2.38%, 03/15/2031 (Callable 12/15/2030) | 36789000 | 33018385  |
| &nbsp;&nbsp;&nbsp; 4.20%, 03/17/2032 (Callable 12/17/2031) | 15000000 | 14507891  |
| &nbsp;&nbsp;&nbsp; 4.95%, 03/17/2052 (Callable 09/17/2051) | 9500000 | 8319790  |
|  Canadian Imperial Bank of Commerce<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.86% to 03/31/2028 then SOFR + 1.03%, 03/30/2029 (Callable 03/31/2028) | 20000000 | 20336432  |
| &nbsp;&nbsp;&nbsp; 4.63% to 09/11/2029 then SOFR + 1.34%, 09/11/2030 (Callable 09/11/2029) | 8000000 | 8114954  |
| &nbsp;&nbsp;&nbsp; 5.25% to 01/13/2030 then SOFR + 1.11%, 01/13/2031 (Callable 01/13/2030) | 15000000 | 15479663  |
| &nbsp;&nbsp;&nbsp; 4.58% to 09/08/2030 then SOFR + 1.17%, 09/08/2031 (Callable 09/08/2030) | 10000000 | 10085236  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 6.09%, 10/03/2033 (Callable 07/03/2033) | $20000000 | $21777914  |
| Cantor Fitzgerald LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/14/2027 (Callable 01/14/2027)<sup>(a)</sup> | 17450000 | 17425250  |
| &nbsp;&nbsp;&nbsp; 7.20%, 12/12/2028 (Callable 11/12/2028)<sup>(a)</sup> | 14250000 | 15132666  |
| Capital One Financial Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.10%, 02/09/2027 (Callable 11/09/2026) | 38019000 | 38047907  |
| &nbsp;&nbsp;&nbsp; 3.65%, 05/11/2027 (Callable 04/11/2027) | 26750000 | 26626669  |
| &nbsp;&nbsp;&nbsp; 5.47% to 02/01/2028 then SOFR + 2.08%, 02/01/2029 (Callable 02/01/2028) | 12938000 | 13288197  |
| &nbsp;&nbsp;&nbsp; 6.31% to 06/08/2028 then SOFR + 2.64%, 06/08/2029 (Callable 06/08/2028) | 40205000 | 42206526  |
| &nbsp;&nbsp;&nbsp; 3.27% to 03/01/2029 then SOFR + 1.79%, 03/01/2030 (Callable 03/01/2029) | 23862000 | 23166927  |
| &nbsp;&nbsp;&nbsp; 7.62% to 10/30/2030 then SOFR + 3.07%, 10/30/2031 (Callable 10/30/2030) | 8000000 | 9048373  |
| &nbsp;&nbsp;&nbsp; 5.82% to 02/01/2033 then SOFR + 2.60%, 02/01/2034 (Callable 02/01/2033) | 12700000 | 13311538  |
| &nbsp;&nbsp;&nbsp; 7.96% to 11/02/2033 then SOFR + 3.37%, 11/02/2034 (Callable 11/02/2033) | 23000000 | 27126169  |
| &nbsp;&nbsp;&nbsp; 6.05% to 02/01/2034 then SOFR + 2.26%, 02/01/2035 (Callable 02/01/2034) | 7950000 | 8478035  |
| Capital One NA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.97% to 08/09/2028 then 5 yr. Mid Swap Rate USD + 1.73%, 08/09/2028 | 6264000 | 6508214  |
| &nbsp;&nbsp;&nbsp; 4.65%, 09/13/2028 (Callable 06/13/2028) | 32508000 | 32998673  |
| Centene Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.45%, 07/15/2028 (Callable 05/15/2028) | 18084000 | 16934988  |
| &nbsp;&nbsp;&nbsp; 4.63%, 12/15/2029 (Callable 02/01/2026) | 25000000 | 24251778  |
| &nbsp;&nbsp;&nbsp; 3.38%, 02/15/2030 (Callable 01/17/2026) | 15325000 | 14102554  |
| &nbsp;&nbsp;&nbsp; 3.00%, 10/15/2030 (Callable 07/15/2030) | 13061000 | 11683560  |
| &nbsp;&nbsp;&nbsp; 2.50%, 03/01/2031 (Callable 12/01/2030) | 50000000 | 43166577  |
| &nbsp;&nbsp;&nbsp; 2.63%, 08/01/2031 (Callable 05/01/2031) | 17675000 | 15203050  |
| Citigroup, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.89% to 01/10/2027 then 3 mo. Term SOFR + 1.82%, 01/10/2028 (Callable 01/10/2027) | 20600000 | 20563569  |

---

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

53<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD AGGREGATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - (Continued)** | **Financials - (Continued)** | **Financials - (Continued)** |
| &nbsp;&nbsp;&nbsp; 3.67% to 07/24/2027 then 3 mo. Term SOFR + 1.65%, 07/24/2028 (Callable 07/24/2027) | $3142000 | $3122402  |
| &nbsp;&nbsp;&nbsp; 3.52% to 10/27/2027 then 3 mo. Term SOFR + 1.41%, 10/27/2028 (Callable 10/27/2027) | 11900000 | 11795492  |
| &nbsp;&nbsp;&nbsp; 4.79% to 03/04/2028 then SOFR + 0.87%, 03/04/2029 (Callable 03/04/2028) | 40000000 | 40584817  |
| &nbsp;&nbsp;&nbsp; 4.54% to 09/19/2029 then SOFR + 1.34%, 09/19/2030 (Callable 09/19/2029) | 28350000 | 28596233  |
| &nbsp;&nbsp;&nbsp; 4.41% to 03/31/2030 then SOFR + 3.91%, 03/31/2031 (Callable 03/31/2030) | 26105000 | 26119837  |
| &nbsp;&nbsp;&nbsp; 4.95% to 05/07/2030 then SOFR + 1.46%, 05/07/2031 (Callable 05/07/2030) | 14000000 | 14310484  |
| &nbsp;&nbsp;&nbsp; 2.57% to 06/03/2030 then SOFR + 2.11%, 06/03/2031 (Callable 06/03/2030) | 25000000 | 23186491  |
| &nbsp;&nbsp;&nbsp; 4.50% to 09/11/2030 then SOFR + 1.17%, 09/11/2031 (Callable 09/11/2030) | 14000000 | 14060673  |
| &nbsp;&nbsp;&nbsp; 2.56% to 05/01/2031 then SOFR + 1.17%, 05/01/2032 (Callable 05/01/2031) | 6000000 | 5449172  |
| &nbsp;&nbsp;&nbsp; 2.52% to 11/03/2031 then SOFR + 1.18%, 11/03/2032 (Callable 11/03/2031) | 11460000 | 10279290  |
| &nbsp;&nbsp;&nbsp; 3.79% to 03/17/2032 then SOFR + 1.94%, 03/17/2033 (Callable 03/17/2032) | 18000000 | 17188560  |
| &nbsp;&nbsp;&nbsp; 6.27% to 11/17/2032 then SOFR + 2.34%, 11/17/2033 (Callable 11/17/2032) | 29000000 | 31618491  |
| &nbsp;&nbsp;&nbsp; 5.33% to 03/27/2035 then SOFR + 1.47%, 03/27/2036 (Callable 03/27/2035) | 55275000 | 56655917  |
| Citizens Financial Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.85%, 07/27/2026 (Callable 04/27/2026) | 10000000 | 9929994  |
| &nbsp;&nbsp;&nbsp; 5.84% to 01/23/2029 then SOFR + 2.01%, 01/23/2030 (Callable 01/23/2029) | 10000000 | 10436234  |
| &nbsp;&nbsp;&nbsp; 3.25%, 04/30/2030 (Callable 01/30/2030) | 28925000 | 27625045  |
| &nbsp;&nbsp;&nbsp; 6.65% to 04/25/2034 then SOFR + 2.33%, 04/25/2035 (Callable 04/25/2034) | 10000000 | 11013766  |
| CNA Financial Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.45%, 08/15/2027 (Callable 05/15/2027) | 12000000 | 11886302  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 3.90%, 05/01/2029 (Callable 02/01/2029) | $7000000 | $6935188  |
| &nbsp;&nbsp;&nbsp; 2.05%, 08/15/2030 (Callable 05/15/2030) | 1000000 | 900053  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/15/2033 (Callable 03/15/2033) | 15225000 | 15792862  |
| CNO Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 06/04/2027<sup>(a)</sup> | 37000000 | 37823063  |
| &nbsp;&nbsp;&nbsp; 4.88%, 12/10/2027<sup>(a)</sup> | 15325000 | 15524001  |
| &nbsp;&nbsp;&nbsp; 2.65%, 01/06/2029<sup>(a)</sup> | 10000000 | 9511555  |
|  Comerica Bank, 5.33% to 08/25/2032 then SOFR + 2.61%, 08/25/2033 (Callable 08/25/2032) | 15325000 | 15446357  |
| Commonwealth Bank of Australia<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.69%, 03/11/2031<sup>(a)</sup> | 41000000 | 37373606  |
| &nbsp;&nbsp;&nbsp; 3.78%, 03/14/2032<sup>(a)</sup> | 17800000 | 16967362  |
| &nbsp;&nbsp;&nbsp; 5.84%, 03/13/2034<sup>(a)</sup> | 10000000 | 10557534  |
| &nbsp;&nbsp;&nbsp; 3.61% to 09/12/2029 then 5 yr. CMT Rate + 2.05%, 09/12/2034 (Callable 09/12/2029)<sup>(a)</sup> | 10000000 | 9652172  |
|  Constellation Global Funding, 4.85%, 10/22/2030<sup>(a)</sup> | 45000000 | 44662724  |
| Cooperatieve Rabobank UA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 07/21/2026 | 20829000 | 20781787  |
| &nbsp;&nbsp;&nbsp; 4.66% to 08/22/2027 then 1 yr. CMT Rate + 1.75%, 08/22/2028 (Callable 08/22/2027)<sup>(a)</sup> | 12000000 | 12122424  |
| &nbsp;&nbsp;&nbsp; 5.56% to 02/28/2028 then 1 yr. CMT Rate + 1.40%, 02/28/2029 (Callable 02/28/2028)<sup>(a)</sup> | 7200000 | 7411157  |
| Corebridge Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 01/07/2028<sup>(a)</sup> | 18000000 | 18299159  |
| &nbsp;&nbsp;&nbsp; 5.20%, 01/12/2029<sup>(a)</sup> | 5000000 | 5131607  |
| &nbsp;&nbsp;&nbsp; 5.20%, 06/24/2029<sup>(a)</sup> | 10000000 | 10273801  |
| Credit Agricole SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63% to 09/11/2027 then SOFR + 1.21%, 09/11/2028 (Callable 09/11/2027)<sup>(a)</sup> | 12000000 | 12093146  |
| &nbsp;&nbsp;&nbsp; 5.23% to 01/09/2028 then SOFR + 1.13%, 01/09/2029 (Callable 01/09/2028)<sup>(a)</sup> | 17000000 | 17363319  |
| &nbsp;&nbsp;&nbsp; 6.32% to 10/03/2028 then SOFR + 1.86%, 10/03/2029 (Callable 10/03/2028)<sup>(a)</sup> | 34221000 | 36079857  |
| &nbsp;&nbsp;&nbsp; 3.25%, 01/14/2030<sup>(a)</sup> | 6800000 | 6471650  |
| &nbsp;&nbsp;&nbsp; 4.00% to 01/10/2028 then 5 yr. Swap Rate USD + 1.64%, 01/10/2033 (Callable 01/10/2028)<sup>(a)</sup> | 8000000 | 7921089  |
| &nbsp;&nbsp;&nbsp; 5.51%, 07/05/2033<sup>(a)</sup> | 32000000 | 33552595  |
| &nbsp;&nbsp;&nbsp; 6.25% to 01/10/2034 then SOFR + 2.67%, 01/10/2035 (Callable 01/10/2034)<sup>(a)</sup> | 7000000 | 7444355  |

---

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

54<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD AGGREGATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - (Continued)** | **Financials - (Continued)** | **Financials - (Continued)** |
| &nbsp;&nbsp;&nbsp; Credit Agricole SA/London, <br>4.13%, 01/10/2027<sup>(a)</sup> | $17867000 | $17879793  |
| &nbsp;&nbsp;&nbsp; Credit Suisse USA LLC, <br>7.13%, 07/15/2032 | 5063000 | 5793242  |
| Danske Bank AS<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.30% to 04/01/2027 then 1 yr. CMT Rate + 1.75%, 04/01/2028 (Callable 04/01/2027)<sup>(a)</sup> | 23530000 | 23584339  |
| &nbsp;&nbsp;&nbsp; 5.71% to 03/01/2029 then 1 yr. CMT Rate + 1.40%, 03/01/2030 (Callable 03/01/2029)<sup>(a)</sup> | 36318000 | 37760489  |
| &nbsp;&nbsp;&nbsp; 4.61% to 10/02/2029 then 1 yr. CMT Rate + 1.10%, 10/02/2030 (Callable 10/02/2029)<sup>(a)</sup> | 15000000 | 15139872  |
| &nbsp;&nbsp;&nbsp; 5.02% to 03/04/2030 then 1 yr. CMT Rate + 0.93%, 03/04/2031 (Callable 03/04/2030)<sup>(a)</sup> | 10000000 | 10220845  |
| Deutsche Bank AG/New York NY<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.15% to 07/13/2026 then SOFR + 2.52%, 07/13/2027 (Callable 07/13/2026) | 32425000 | 32921829  |
| &nbsp;&nbsp;&nbsp; 2.31% to 11/16/2026 then SOFR + 1.22%, 11/16/2027 (Callable 11/16/2026) | 19435000 | 19121452  |
| &nbsp;&nbsp;&nbsp; 6.72% to 01/18/2028 then SOFR + 3.18%, 01/18/2029 (Callable 01/18/2028) | 10000000 | 10471984  |
| &nbsp;&nbsp;&nbsp; 6.82% to 11/20/2028 then SOFR + 2.51%, 11/20/2029 (Callable 11/20/2028) | 25649000 | 27354906  |
| &nbsp;&nbsp;&nbsp; 5.00% to 09/11/2029 then SOFR + 1.70%, 09/11/2030 (Callable 09/11/2029) | 27750000 | 28191277  |
| &nbsp;&nbsp;&nbsp; 5.30% to 05/09/2030 then SOFR + 1.72%, 05/09/2031 (Callable 05/09/2030) | 7500000 | 7690867  |
| &nbsp;&nbsp;&nbsp; 4.95% to 08/04/2030 then SOFR + 1.30%, 08/04/2031 (Callable 08/04/2030) | 13500000 | 13648024  |
| &nbsp;&nbsp;&nbsp; 3.55% to 09/18/2030 then SOFR + 3.04%, 09/18/2031 (Callable 09/18/2030) | 12300000 | 11724374  |
| &nbsp;&nbsp;&nbsp; 3.73% to 01/14/2031 then SOFR + 2.76%, 01/14/2032 (Callable 10/14/2030) | 12240000 | 11579529  |
| &nbsp;&nbsp;&nbsp; 3.04% to 05/28/2031 then SOFR + 1.72%, 05/28/2032 (Callable 05/28/2031) | 14000000 | 12867758  |
| &nbsp;&nbsp;&nbsp; 3.74% to 01/07/2032 then SOFR + 2.26%, 01/07/2033 (Callable 10/07/2031) | 87215000 | 81147272  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; DNB Bank ASA, <br>4.38% to 11/04/2030 then SOFR + 1.05%, 11/04/2031 (Callable 11/04/2030)<sup>(a)</sup> | $8000000 | $7976824  |
| Elevance Health, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 02/15/2035 (Callable 11/15/2034) | 9975000 | 10205164  |
| &nbsp;&nbsp;&nbsp; 5.10%, 01/15/2044 | 1584000 | 1495939  |
| &nbsp;&nbsp;&nbsp; 4.38%, 12/01/2047 (Callable 06/01/2047) | 8650000 | 7200574  |
| &nbsp;&nbsp;&nbsp; 5.13%, 02/15/2053 (Callable 08/15/2052) | 8150000 | 7383058  |
| &nbsp;&nbsp;&nbsp; 5.70%, 02/15/2055 (Callable 08/15/2054) | 13825000 | 13533560  |
|  Equitable Financial Life Global Funding, 5.45%, 03/03/2028<sup>(a)</sup> | 6000000 | 6157045  |
| &nbsp;&nbsp;&nbsp; Equitable Holdings, Inc., <br>4.57%, 02/15/2029 (Callable 11/15/2028)<sup>(a)</sup> | 2183000 | 2194390  |
| Extra Space Storage LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.70%, 04/01/2028 (Callable 03/01/2028) | 25000000 | 25836092  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/01/2030 (Callable 05/01/2030) | 10000000 | 10416445  |
| &nbsp;&nbsp;&nbsp; 2.55%, 06/01/2031 (Callable 03/01/2031) | 10750000 | 9724806  |
| &nbsp;&nbsp;&nbsp; 5.40%, 06/15/2035 (Callable 03/15/2035) | 9050000 | 9296294  |
|  Federation des Caisses Desjardins du Quebec<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.55%, 08/23/2027<sup>(a)</sup> | 24325000 | 24584088  |
| &nbsp;&nbsp;&nbsp; 4.57%, 08/26/2030<sup>(a)</sup> | 10000000 | 10076186  |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp, <br>4.77% to 07/28/2029 then SOFR + 2.13%, 07/28/2030 (Callable 07/28/2029) | 7525000 | 7620128  |
|  First Citizens BancShares, Inc./NC, 5.23% to 03/12/2030 then SOFR + 1.41%, 03/12/2031 (Callable 03/12/2030) | 17500000 | 17783377  |
| &nbsp;&nbsp;&nbsp; First Industrial LP, <br>5.25%, 01/15/2031 (Callable 12/15/2030) | 10000000 | 10217629  |
|  Five Corners Funding Trust II, 2.85%, 05/15/2030 (Callable 02/15/2030)<sup>(a)</sup> | 30000000 | 28264930  |
|  Five Corners Funding Trust III, 5.79%, 02/15/2033 (Callable 11/15/2032)<sup>(a)</sup> | 18000000 | 19000976  |
|  Five Corners Funding Trust IV, 6.00%, 02/15/2053 (Callable 08/15/2052)<sup>(a)</sup> | 10000000 | 10276103  |
| FMR LLC, 4.95%, 02/01/2033<sup>(a)</sup> | 1750000 | 1763975  |
|  Globe Life, Inc., 4.55%, 09/15/2028 (Callable 06/15/2028) | 5000000 | 5047260  |

---

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

55<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD AGGREGATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - (Continued)** | **Financials - (Continued)** | **Financials - (Continued)** |
|  Goldman Sachs Bank USA/New York NY, 5.41% to 05/21/2026 then SOFR + 0.75%, 05/21/2027 (Callable 05/21/2026) | $5000000 | $5026025  |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Capital I, <br>6.35%, 02/15/2034 | 1553000 | 1650651  |
| Goldman Sachs Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.64% to 02/24/2027 then SOFR + 1.11%, 02/24/2028 (Callable 02/24/2027) | 89350000 | 87964300  |
| &nbsp;&nbsp;&nbsp; 4.94% (SOFR + 1.32%), 04/23/2028 (Callable 04/23/2027) | 5000000 | 5057891  |
| &nbsp;&nbsp;&nbsp; 3.81% to 04/23/2028 then 3 mo. Term SOFR + 1.42%, 04/23/2029 (Callable 04/23/2028) | 10000000 | 9944617  |
| &nbsp;&nbsp;&nbsp; 4.22% to 05/01/2028 then 3 mo. Term SOFR + 1.56%, 05/01/2029 (Callable 05/01/2028) | 43348000 | 43448921  |
| &nbsp;&nbsp;&nbsp; 3.80%, 03/15/2030 (Callable 12/15/2029) | 30000000 | 29551743  |
| &nbsp;&nbsp;&nbsp; 5.05% to 07/23/2029 then SOFR + 1.21%, 07/23/2030 (Callable 07/23/2029) | 15000000 | 15380320  |
| &nbsp;&nbsp;&nbsp; 4.69% to 10/23/2029 then SOFR + 1.14%, 10/23/2030 (Callable 10/23/2029) | 15000000 | 15214365  |
| &nbsp;&nbsp;&nbsp; 1.99% to 01/27/2031 then SOFR + 1.09%, 01/27/2032 (Callable 01/27/2031) | 10000000 | 8891271  |
| &nbsp;&nbsp;&nbsp; 2.62% to 04/22/2031 then SOFR + 1.28%, 04/22/2032 (Callable 04/22/2031) | 9625000 | 8784335  |
| &nbsp;&nbsp;&nbsp; 2.38% to 07/21/2031 then SOFR + 1.25%, 07/21/2032 (Callable 07/21/2031) | 30000000 | 26897398  |
| Guardian Life Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.55%, 10/28/2027<sup>(a)</sup> | 16350000 | 16828905  |
| &nbsp;&nbsp;&nbsp; 4.33%, 10/06/2030<sup>(a)</sup> | 61400000 | 61567300  |
|  Guardian Life Insurance Co. of America<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.70%, 01/22/2070 (Callable 07/22/2069)<sup>(a)</sup> | 7211000 | 4843033  |
| &nbsp;&nbsp;&nbsp; 4.85%, 01/24/2077<sup>(a)</sup> | 24727000 | 20354560  |
| Hanover Insurance Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 09/01/2030 (Callable 06/01/2030) | 10550000 | 9604725  |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/01/2035 (Callable 06/01/2035) | 27500000 | 27944107  |
|  Health Care Service Corp. A Mutual Legal Reserve Co., 2.20%, 06/01/2030 (Callable 03/01/2030)<sup>(a)</sup> | 6125000 | 5564895  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Healthpeak OP LLC, <br>5.25%, 12/15/2032 (Callable 09/15/2032) | $4000000 | $4105889  |
| &nbsp;&nbsp;&nbsp; Henneman Trust, <br>6.58%, 05/15/2055 (Callable 11/15/2054)<sup>(a)</sup> | 8800000 | 9187907  |
|  High Street Funding Trust II, 4.68%, 02/15/2048 (Callable 11/15/2047)<sup>(a)</sup> | 2000000 | 1734337  |
|  Horizon Mutual Holdings, Inc., 6.20%, 11/15/2034 (Callable 08/15/2034)<sup>(a)</sup> | 15000000 | 14539521  |
| Host Hotels & Resorts LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 12/15/2028 (Callable 11/15/2028) | 5160000 | 5167780  |
| &nbsp;&nbsp;&nbsp; 5.70%, 06/15/2032 (Callable 04/15/2032) | 15000000 | 15682319  |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/15/2035 (Callable 01/15/2035) | 6000000 | 6083433  |
| HSBC Holdings PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.01% to 09/22/2027 then SOFR + 1.73%, 09/22/2028 (Callable 09/22/2027) | 17286000 | 16685409  |
| &nbsp;&nbsp;&nbsp; 5.13% to 11/19/2027 then SOFR + 1.04%, 11/19/2028 (Callable 11/19/2027) | 35000000 | 35655661  |
| &nbsp;&nbsp;&nbsp; 4.90% to 03/03/2028 then SOFR + 1.03%, 03/03/2029 (Callable 03/03/2028) | 26000000 | 26387086  |
| &nbsp;&nbsp;&nbsp; 6.16% to 03/09/2028 then SOFR + 1.97%, 03/09/2029 (Callable 03/09/2028) | 8250000 | 8591976  |
| &nbsp;&nbsp;&nbsp; 4.58% to 06/19/2028 then 3 mo. Term SOFR + 1.80%, 06/19/2029 (Callable 06/19/2028) | 35000000 | 35335291  |
| &nbsp;&nbsp;&nbsp; 2.21% to 08/17/2028 then SOFR + 1.29%, 08/17/2029 (Callable 08/17/2028) | 23200000 | 22074631  |
| &nbsp;&nbsp;&nbsp; 3.97% to 05/22/2029 then 3 mo. Term SOFR + 1.87%, 05/22/2030 (Callable 05/22/2029) | 11533000 | 11400251  |
| &nbsp;&nbsp;&nbsp; 5.29% to 11/19/2029 then SOFR + 1.29%, 11/19/2030 (Callable 11/19/2029) | 24600000 | 25401912  |
| &nbsp;&nbsp;&nbsp; 4.62% to 11/06/2030 then SOFR + 1.19%, 11/06/2031 (Callable 11/06/2030) | 9000000 | 9035634  |
| &nbsp;&nbsp;&nbsp; 2.80% to 05/24/2031 then SOFR + 1.19%, 05/24/2032 (Callable 05/24/2031) | 37085000 | 33963109  |
|  Humana, Inc., 5.55%, 05/01/2035 (Callable 02/01/2035) | 22000000 | 22511557  |
| Huntington Bancshares, Inc./OH<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.44% to 08/04/2027 then SOFR + 1.97%, 08/04/2028 (Callable 08/04/2027) | 9500000 | 9553157  |

---

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

56<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD AGGREGATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - (Continued)** | **Financials - (Continued)** | **Financials - (Continued)** |
| &nbsp;&nbsp;&nbsp; 5.27% to 01/15/2030 then SOFR + 1.28%, 01/15/2031 (Callable 01/15/2030) | $16000000 | $16476683  |
| &nbsp;&nbsp;&nbsp; 5.02% to 05/17/2032 then SOFR + 2.05%, 05/17/2033 (Callable 05/17/2032) | 3775000 | 3822865  |
| &nbsp;&nbsp;&nbsp; 5.71% to 02/02/2034 then SOFR + 1.87%, 02/02/2035 (Callable 02/02/2034) | 10150000 | 10621479  |
| Huntington National Bank<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.27%, 11/25/2026 | 4600000 | 4593873  |
| &nbsp;&nbsp;&nbsp; 5.65%, 01/10/2030 (Callable 11/10/2029) | 1500000 | 1572630  |
| &nbsp;&nbsp;&nbsp; ING Groep NV, <br>5.55% to 03/19/2034 then SOFR + 1.77%, 03/19/2035 (Callable 03/19/2034) | 6000000 | 6251984  |
|  Jackson National Life Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 01/13/2027<sup>(a)</sup> | 25400000 | 25605438  |
| &nbsp;&nbsp;&nbsp; 5.55%, 07/02/2027<sup>(a)</sup> | 30000000 | 30627490  |
| &nbsp;&nbsp;&nbsp; 4.55%, 09/09/2030<sup>(a)</sup> | 15000000 | 14952795  |
|  Janus Henderson US Holdings, Inc., 5.45%, 09/10/2034 (Callable 06/10/2034) | 10000000 | 10180001  |
| Jefferies Financial Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 07/21/2028 (Callable 06/21/2028) | 18000000 | 18709012  |
| &nbsp;&nbsp;&nbsp; 4.15%, 01/23/2030 | 10000000 | 9871996  |
| &nbsp;&nbsp;&nbsp; 6.20%, 04/14/2034 (Callable 01/14/2034) | 20000000 | 21148200  |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/15/2036 | 1390000 | 1475470  |
| JPMorgan Chase & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.47% to 09/22/2026 then SOFR + 0.77%, 09/22/2027 (Callable 09/22/2026) | 12025000 | 11806243  |
| &nbsp;&nbsp;&nbsp; 5.57% to 04/22/2027 then SOFR + 0.93%, 04/22/2028 (Callable 04/22/2027) | 3000000 | 3059996  |
| &nbsp;&nbsp;&nbsp; 4.98% to 07/22/2027 then SOFR + 0.93%, 07/22/2028 (Callable 07/22/2027) | 42500000 | 43141181  |
| &nbsp;&nbsp;&nbsp; 4.85% to 07/25/2027 then SOFR + 1.99%, 07/25/2028 (Callable 07/25/2027) | 60619000 | 61405705  |
| &nbsp;&nbsp;&nbsp; 4.92% to 01/24/2028 then SOFR + 0.80%, 01/24/2029 (Callable 01/24/2028) | 25000000 | 25472925  |
| &nbsp;&nbsp;&nbsp; 2.07% to 06/01/2028 then SOFR + 1.02%, 06/01/2029 (Callable 06/01/2028) | 25000000 | 23879077  |
| &nbsp;&nbsp;&nbsp; 5.30% to 07/24/2028 then SOFR + 1.45%, 07/24/2029 (Callable 07/24/2028) | 10000000 | 10309131  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 6.09% to 10/23/2028 then SOFR + 1.57%, 10/23/2029 (Callable 10/23/2028) | $30000000 | $31603978  |
| &nbsp;&nbsp;&nbsp; 3.70% to 05/06/2029 then 3 mo. Term SOFR + 1.42%, 05/06/2030 (Callable 05/06/2029) | 15000000 | 14783489  |
| &nbsp;&nbsp;&nbsp; 2.52% to 04/22/2030 then SOFR + 2.04%, 04/22/2031 (Callable 04/22/2030) | 28000000 | 26105495  |
| &nbsp;&nbsp;&nbsp; 1.95% to 02/04/2031 then SOFR + 1.07%, 02/04/2032 (Callable 02/04/2031) | 22000000 | 19643210  |
| &nbsp;&nbsp;&nbsp; 2.58% to 04/22/2031 then 3 mo. Term SOFR + 1.25%, 04/22/2032 (Callable 04/22/2031) | 10000000 | 9148498  |
| &nbsp;&nbsp;&nbsp; 5.35% to 06/01/2033 then SOFR + 1.85%, 06/01/2034 (Callable 06/01/2033) | 2500000 | 2601700  |
| &nbsp;&nbsp;&nbsp; 5.77% to 04/22/2034 then SOFR + 1.49%, 04/22/2035 (Callable 04/22/2034) | 26500000 | 28284288  |
| KBC Group NV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.80% to 01/19/2028 then 1 yr. CMT Rate + 2.10%, 01/19/2029 (Callable 01/19/2028)<sup>(a)</sup> | 18500000 | 19110188  |
| &nbsp;&nbsp;&nbsp; 4.93% to 10/16/2029 then 1 yr. CMT Rate + 1.07%, 10/16/2030 (Callable 10/16/2029)<sup>(a)</sup> | 18375000 | 18728264  |
|  Kemper Corp., 3.80%, 02/23/2032 (Callable 11/23/2031) | 8000000 | 7386287  |
| KeyBank NA, 3.40%, 05/20/2026 | 18965000 | 18922166  |
| KeyBank NA/Cleveland OH<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 08/08/2032 | 6000000 | 5995369  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/26/2033 (Callable 10/26/2032) | 5000000 | 5057445  |
| Liberty Mutual Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.57%, 02/01/2029<sup>(a)</sup> | 2087000 | 2098199  |
| &nbsp;&nbsp;&nbsp; 3.95%, 10/15/2050 (Callable 04/15/2050)<sup>(a)</sup> | 2231000 | 1656709  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/15/2052 (Callable 12/15/2051)<sup>(a)</sup> | 5150000 | 4827306  |
|  Liberty Mutual Insurance Co., 7.70%, 10/15/2097<sup>(a)</sup> | 465000 | 523237  |
| Lincoln National Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.05%, 01/15/2030 (Callable 10/15/2029) | 20010000 | 19090269  |
| &nbsp;&nbsp;&nbsp; 2.33%, 08/15/2030 (Callable 05/15/2030)<sup>(a)</sup> | 23950000 | 21749598  |
| &nbsp;&nbsp;&nbsp; 5.35%, 11/15/2035 (Callable 08/15/2035) | 15800000 | 15975097  |
|  Lineage OP LP, 5.25%, 07/15/2030 (Callable 06/15/2030)<sup>(a)</sup> | 27000000 | 27259012  |

---

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

57<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD AGGREGATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - (Continued)** | **Financials - (Continued)** | **Financials - (Continued)** |
| Lloyds Banking Group PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.63% to 05/11/2026 then 1 yr. CMT Rate + 0.85%, 05/11/2027 (Callable 05/11/2026) | $10000000 | $9909307  |
| &nbsp;&nbsp;&nbsp; 3.57% to 11/07/2027 then 3 mo. LIBOR USD + 1.21%, 11/07/2028 (Callable 11/07/2027)<sup>(b)</sup> | 18500000 | 18355840  |
| &nbsp;&nbsp;&nbsp; 5.09% to 11/26/2027 then 1 yr. CMT Rate + 0.85%, 11/26/2028 (Callable 11/26/2027) | 30000000 | 30575091  |
| &nbsp;&nbsp;&nbsp; 4.43% to 11/04/2030 then 1 yr. CMT Rate + 0.82%, 11/04/2031 (Callable 11/04/2030) | 20000000 | 19954002  |
| &nbsp;&nbsp;&nbsp; 5.68% to 01/05/2034 then 1 yr. CMT Rate + 1.75%, 01/05/2035 (Callable 01/05/2034) | 12000000 | 12652273  |
| &nbsp;&nbsp;&nbsp; 5.59% to 11/26/2034 then 1 yr. CMT Rate + 1.20%, 11/26/2035 (Callable 11/26/2034) | 15000000 | 15708914  |
| LPL Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 11/17/2028 (Callable 10/17/2028) | 36030000 | 38464275  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/15/2029 (Callable 02/01/2026)<sup>(a)</sup> | 6500000 | 6395735  |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/15/2030 (Callable 02/15/2030) | 13375000 | 13700775  |
| &nbsp;&nbsp;&nbsp; 4.38%, 05/15/2031 (Callable 05/15/2026)<sup>(a)</sup> | 11930000 | 11616459  |
| &nbsp;&nbsp;&nbsp; 6.00%, 05/20/2034 (Callable 02/20/2034) | 32814000 | 34572234  |
| &nbsp;&nbsp;&nbsp; 5.65%, 03/15/2035 (Callable 12/15/2034) | 12000000 | 12321747  |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/15/2035 (Callable 03/15/2035) | 11500000 | 11854163  |
| LXP Industrial Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 11/15/2028 (Callable 10/15/2028) | 2957000 | 3139103  |
| &nbsp;&nbsp;&nbsp; 2.70%, 09/15/2030 (Callable 06/15/2030) | 14800000 | 13586061  |
| &nbsp;&nbsp;&nbsp; 2.38%, 10/01/2031 (Callable 07/01/2031) | 5747000 | 5028094  |
|  M&T Bank Corp., 7.41% to 10/30/2028 then SOFR + 2.80%, 10/30/2029 (Callable 10/30/2028) | 12000000 | 13024259  |
| Macquarie Airfinance Holdings Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.40%, 03/26/2029 (Callable 02/26/2029)<sup>(a)</sup> | 6115000 | 6412328  |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/26/2031 (Callable 01/26/2031)<sup>(a)</sup> | 8375000 | 8965544  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Macquarie Bank Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.62%, 06/03/2030<sup>(a)</sup> | $12550000 | $12017715  |
| &nbsp;&nbsp;&nbsp; 5.64% to 08/13/2035 then 1 yr. CMT Rate + 1.45%, 08/13/2036 (Callable 08/13/2035)<sup>(a)</sup> | 15000000 | 15229835  |
| Macquarie Group Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.76% to 11/28/2027 then 3 mo. Term SOFR + 1.63%, 11/28/2028 (Callable 11/28/2027)<sup>(a)</sup> | 9000000 | 8932231  |
| &nbsp;&nbsp;&nbsp; 2.87% to 01/14/2032 then SOFR + 1.53%, 01/14/2033 (Callable 01/14/2032)<sup>(a)</sup> | 56525000 | 51178535  |
| &nbsp;&nbsp;&nbsp; 4.44% to 06/21/2032 then SOFR + 2.41%, 06/21/2033 (Callable 06/21/2032)<sup>(a)</sup> | 9000000 | 8853150  |
|  Maple Grove Funding Trust I, 4.16%, 08/15/2051 (Callable 02/15/2051)<sup>(a)</sup> | 28600000 | 20144649  |
| Marsh & McLennan Cos., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.25%, 11/15/2030 (Callable 08/15/2030) | 5000000 | 4569467  |
| &nbsp;&nbsp;&nbsp; 5.88%, 08/01/2033 | 8429000 | 9148148  |
| &nbsp;&nbsp;&nbsp; 4.35%, 01/30/2047 (Callable 07/30/2046) | 3450000 | 2933756  |
| &nbsp;&nbsp;&nbsp; 5.45%, 03/15/2053 (Callable 09/15/2052) | 3700000 | 3600574  |
|  Massachusetts Mutual Life Insurance Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 12/01/2041<sup>(a)</sup> | 6000000 | 5585604  |
| &nbsp;&nbsp;&nbsp; 5.67%, 12/01/2052 (Callable 06/01/2052)<sup>(a)</sup> | 20000000 | 19372274  |
| &nbsp;&nbsp;&nbsp; 5.08% (3 mo. LIBOR USD + 3.19%), 02/15/2069 (Callable 02/15/2049)<sup>(a)(b)</sup> | 40670000 | 36004232  |
| &nbsp;&nbsp;&nbsp; 3.73%, 10/15/2070<sup>(a)</sup> | 17472000 | 11338795  |
| &nbsp;&nbsp;&nbsp; 4.90%, 04/01/2077<sup>(a)</sup> | 11175000 | 9027782  |
| &nbsp;&nbsp;&nbsp; MBIA Insurance Corp., 15.84% <br>(3 mo. Term SOFR + 11.52%), 01/15/2033 (Callable 01/15/2028)<sup>(a)(c)</sup> | 714000 | 7140  |
| MetLife, Inc., 4.88%, 11/13/2043 | 3375000 | 3155860  |
| Metropolitan Life Global Funding I<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.95%, 04/09/2030<sup>(a)</sup> | 22375000 | 21241970  |
| &nbsp;&nbsp;&nbsp; 1.55%, 01/07/2031<sup>(a)</sup> | 650000 | 570418  |
| &nbsp;&nbsp;&nbsp; 5.15%, 03/28/2033<sup>(a)</sup> | 19475000 | 20070079  |
|  Mitsubishi UFJ Financial Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.02% to 07/20/2027 then 1 yr. CMT Rate + 1.95%, 07/20/2028 (Callable 07/20/2027) | 6700000 | 6799577  |
| &nbsp;&nbsp;&nbsp; 5.35% to 09/13/2027 then 1 yr. CMT Rate + 1.90%, 09/13/2028 (Callable 09/13/2027) | 13600000 | 13908163  |

---

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

58<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD AGGREGATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - (Continued)** | **Financials - (Continued)** | **Financials - (Continued)** |
| &nbsp;&nbsp;&nbsp; 5.48% to 02/22/2030 then 1 yr. CMT Rate + 1.53%, 02/22/2031 (Callable 02/22/2030) | $3525000 | $3678709  |
| &nbsp;&nbsp;&nbsp; 5.16% to 04/24/2030 then 1 yr. CMT Rate + 1.17%, 04/24/2031 (Callable 04/24/2030) | 8500000 | 8767195  |
| &nbsp;&nbsp;&nbsp; 5.43% to 04/17/2034 then 1 yr. CMT Rate + 1.00%, 04/17/2035 (Callable 04/17/2034) | 7000000 | 7286161  |
| Mizuho Financial Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.23% to 05/22/2026 then 1 yr. CMT Rate + 0.67%, 05/22/2027 (Callable 05/22/2026) | 8000000 | 7911717  |
| &nbsp;&nbsp;&nbsp; 5.41% to 09/13/2027 then 1 yr. CMT Rate + 2.05%, 09/13/2028 (Callable 09/13/2027) | 6725000 | 6888689  |
| &nbsp;&nbsp;&nbsp; 5.78% to 07/06/2028 then 1 yr. CMT Rate + 1.65%, 07/06/2029 (Callable 07/06/2028) | 10000000 | 10403386  |
| &nbsp;&nbsp;&nbsp; 4.71% to 07/08/2030 then 1 yr. CMT Rate + 0.92%, 07/08/2031 (Callable 07/08/2030) | 13725000 | 13918743  |
| &nbsp;&nbsp;&nbsp; 1.98% to 09/08/2030 then 3 mo. Term SOFR + 1.53%, 09/08/2031 (Callable 09/08/2030) | 10000000 | 8985316  |
| Morgan Stanley<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.59%, 07/22/2028 (Callable 07/22/2027)<sup>(d)</sup> | 12000000 | 11918312  |
| &nbsp;&nbsp;&nbsp; 6.30% to 10/18/2027 then SOFR + 2.24%, 10/18/2028 (Callable 10/18/2027) | 62625000 | 65066868  |
| &nbsp;&nbsp;&nbsp; 3.77% to 01/24/2028 then 3 mo. Term SOFR + 1.40%, 01/24/2029 (Callable 01/24/2028) | 1000000 | 994646  |
| &nbsp;&nbsp;&nbsp; 5.12% to 02/01/2028 then SOFR + 1.73%, 02/01/2029 (Callable 02/01/2028) | 8300000 | 8474489  |
| &nbsp;&nbsp;&nbsp; 3.62% to 04/01/2030 then SOFR + 3.12%, 04/01/2031 (Callable 04/01/2030) | 10000000 | 9723750  |
| &nbsp;&nbsp;&nbsp; 4.36% to 10/22/2030 then SOFR + 1.07%, 10/22/2031 (Callable 10/22/2030) | 12500000 | 12470968  |
| &nbsp;&nbsp;&nbsp; 1.93% to 04/28/2031 then SOFR + 1.02%, 04/28/2032 (Callable 04/28/2031) | 25000000 | 21976216  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 2.24% to 07/21/2031 then SOFR + 1.18%, 07/21/2032 (Callable 07/21/2031) | $25000000 | $22236370  |
| &nbsp;&nbsp;&nbsp; 6.34% to 10/18/2032 then SOFR + 2.56%, 10/18/2033 (Callable 10/18/2032) | 20000000 | 21945248  |
| &nbsp;&nbsp;&nbsp; 5.42% to 07/21/2033 then SOFR + 1.88%, 07/21/2034 (Callable 07/21/2033) | 8000000 | 8335663  |
|  Mutual of Omaha Cos. Global Funding, 5.35%, 04/09/2027<sup>(a)</sup> | 12000000 | 12180471  |
|  Mutual of Omaha Insurance Co., 6.14% to 01/16/2054 then 10 yr. CMT Rate + 2.95%, 01/16/2064 (Callable 10/16/2053)<sup>(a)</sup> | 9500000 | 9891888  |
| National Australia Bank Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.33%, 08/21/2030<sup>(a)</sup> | 83282000 | 75632596  |
| &nbsp;&nbsp;&nbsp; 2.99%, 05/21/2031<sup>(a)</sup> | 19911000 | 18330467  |
| &nbsp;&nbsp;&nbsp; 6.43%, 01/12/2033<sup>(a)</sup> | 28262000 | 30705920  |
| &nbsp;&nbsp;&nbsp; 3.93% to 08/02/2029 then 5 yr. CMT Rate + 1.88%, 08/02/2034 (Callable 08/02/2029)<sup>(a)</sup> | 10000000 | 9745918  |
| &nbsp;&nbsp;&nbsp; 5.90% to 01/14/2035 then 1 yr. CMT Rate + 1.30%, 01/14/2036 (Callable 01/14/2035)<sup>(a)</sup> | 9000000 | 9477961  |
| &nbsp;&nbsp;&nbsp; 3.35% to 01/12/2032 then 5 yr. CMT Rate + 1.70%, 01/12/2037 (Callable 01/12/2032)<sup>(a)</sup> | 10000000 | 9153804  |
| National Bank of Canada<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.95% to 02/01/2027 then SOFR + 0.80%, 02/01/2028 (Callable 02/01/2027) | 10000000 | 10099222  |
| &nbsp;&nbsp;&nbsp; 5.60%, 12/18/2028 | 13000000 | 13574997  |
| &nbsp;&nbsp;&nbsp; 4.50%, 10/10/2029 | 15000000 | 15166464  |
| Nationwide Building Society<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/14/2026<sup>(a)</sup> | 73507000 | 73377352  |
| &nbsp;&nbsp;&nbsp; 6.56% to 10/18/2026 then SOFR + 1.91%, 10/18/2027 (Callable 10/18/2026)<sup>(a)</sup> | 12000000 | 12226833  |
| &nbsp;&nbsp;&nbsp; 4.30% to 03/08/2028 then 3 mo. LIBOR USD + 1.45%, 03/08/2029 (Callable 03/08/2028)<sup>(a)(b)</sup> | 11948000 | 11964379  |
| &nbsp;&nbsp;&nbsp; 4.65% to 07/14/2028 then SOFR + 1.06%, 07/14/2029 (Callable 07/14/2028)<sup>(a)</sup> | 72048000 | 72751688  |
| &nbsp;&nbsp;&nbsp; 3.96% to 07/18/2029 then 3 mo. LIBOR USD + 1.86%, 07/18/2030 (Callable 07/18/2029)<sup>(a)(b)</sup> | 32627000 | 32191509  |
|  Nationwide Financial Services, Inc., 3.90%, 11/30/2049 (Callable 05/30/2049)<sup>(a)</sup> | 10000000 | 7598064  |

---

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

59<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD AGGREGATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - (Continued)** | **Financials - (Continued)** | **Financials - (Continued)** |
| Nationwide Mutual Insurance Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.38%, 08/15/2039<sup>(a)</sup> | $18340000 | $24577886  |
| &nbsp;&nbsp;&nbsp; 4.35%, 04/30/2050 (Callable 10/30/2049)<sup>(a)</sup> | 25000000 | 19651540  |
| NatWest Group PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.85% to 03/02/2026 then 1 yr. CMT Rate + 1.35%, 03/02/2027 (Callable 03/02/2026) | 13000000 | 13034956  |
| &nbsp;&nbsp;&nbsp; 1.64% to 06/14/2026 then 1 yr. CMT Rate + 0.90%, 06/14/2027 (Callable 06/14/2026) | 15700000 | 15529780  |
| &nbsp;&nbsp;&nbsp; 3.07% to 05/22/2027 then 1 yr. CMT Rate + 2.55%, 05/22/2028 (Callable 05/22/2027) | 9236000 | 9119890  |
| &nbsp;&nbsp;&nbsp; 5.52% to 09/30/2027 then 1 yr. CMT Rate + 2.27%, 09/30/2028 (Callable 09/30/2027) | 10000000 | 10255954  |
| &nbsp;&nbsp;&nbsp; 4.89% to 05/18/2028 then 3 mo. LIBOR USD + 1.75%, 05/18/2029 (Callable 05/18/2028)<sup>(b)</sup> | 26150000 | 26597519  |
| &nbsp;&nbsp;&nbsp; 5.81% to 09/13/2028 then 1 yr. CMT Rate + 1.95%, 09/13/2029 (Callable 09/13/2028) | 65500000 | 68247088  |
| &nbsp;&nbsp;&nbsp; 5.08% to 01/27/2029 then 3 mo. LIBOR USD + 1.91%, 01/27/2030 (Callable 01/27/2029)<sup>(b)</sup> | 7000000 | 7158769  |
| &nbsp;&nbsp;&nbsp; 4.45% to 05/08/2029 then 3 mo. LIBOR USD + 1.87%, 05/08/2030 (Callable 05/08/2029)<sup>(b)</sup> | 35000000 | 35143212  |
| &nbsp;&nbsp;&nbsp; 6.02% to 03/02/2033 then 1 yr. CMT Rate + 2.10%, 03/02/2034 (Callable 03/02/2033) | 4700000 | 5049091  |
| &nbsp;&nbsp;&nbsp; 5.78% to 03/01/2034 then 1 yr. CMT Rate + 1.50%, 03/01/2035 (Callable 03/01/2034) | 12000000 | 12712734  |
|  NatWest Markets PLC, 5.42%, 05/17/2027<sup>(a)</sup> | 32050000 | 32694466  |
|  New York Life Global Funding, 5.00%, 06/06/2029<sup>(a)</sup> | 12050000 | 12374070  |
| New York Life Insurance Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 11/15/2039<sup>(a)</sup> | 12026000 | 13757439  |
| &nbsp;&nbsp;&nbsp; 3.75%, 05/15/2050 (Callable 11/15/2049)<sup>(a)</sup> | 17000000 | 12653557  |
| &nbsp;&nbsp;&nbsp; 4.45%, 05/15/2069 (Callable 11/15/2068)<sup>(a)</sup> | 16000000 | 12526172  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; NLG Global Funding, <br>4.35%, 09/15/2030<sup>(a)</sup> | $10000000 | $9881704  |
| &nbsp;&nbsp;&nbsp; NNN REIT, Inc., <br>5.50%, 06/15/2034 (Callable 03/15/2034) | 6800000 | 7051817  |
| Nomura Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.65%, 07/14/2026 | 32975000 | 32569386  |
| &nbsp;&nbsp;&nbsp; 5.59%, 07/02/2027 | 20000000 | 20432192  |
| &nbsp;&nbsp;&nbsp; 5.39%, 07/06/2027 | 10000000 | 10184173  |
| &nbsp;&nbsp;&nbsp; 2.17%, 07/14/2028 | 16055000 | 15282695  |
| &nbsp;&nbsp;&nbsp; 2.71%, 01/22/2029 | 8000000 | 7635537  |
| &nbsp;&nbsp;&nbsp; 3.10%, 01/16/2030 | 2000000 | 1901112  |
|  Old Republic International Corp., 5.75%, 03/28/2034 (Callable 12/28/2033) | 15000000 | 15608262  |
|  Peachtree Corners Funding Trust II, 6.01%, 05/15/2035 (Callable 02/15/2035)<sup>(a)</sup> | 6000000 | 6333141  |
|  Penn Mutual Life Insurance Co., 3.80%, 04/29/2061<sup>(a)</sup> | 17038000 | 11341023  |
|  Pine Street Trust III, 6.22%, 05/15/2054 (Callable 11/15/2053)<sup>(a)</sup> | 10000000 | 10170029  |
| Principal Life Global Funding II<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/28/2028<sup>(a)</sup> | 40500000 | 41789393  |
| &nbsp;&nbsp;&nbsp; 5.10%, 01/25/2029<sup>(a)</sup> | 13725000 | 14061776  |
| Prologis LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 06/15/2033 (Callable 03/15/2033) | 9425000 | 9520780  |
| &nbsp;&nbsp;&nbsp; 5.13%, 01/15/2034 (Callable 10/15/2033) | 21575000 | 22185206  |
| Protective Life Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.30%, 09/30/2028 (Callable 06/30/2028)<sup>(a)</sup> | 10000000 | 10029854  |
| &nbsp;&nbsp;&nbsp; 4.70%, 01/15/2031 (Callable 12/15/2030)<sup>(a)</sup> | 15000000 | 15066610  |
| &nbsp;&nbsp;&nbsp; 5.35%, 12/15/2035 (Callable 09/15/2035)<sup>(a)</sup> | 20175000 | 20434193  |
| &nbsp;&nbsp;&nbsp; 8.45%, 10/15/2039 | 2650000 | 3314642  |
|  Protective Life Global Funding, 5.22%, 06/12/2029<sup>(a)</sup> | 15250000 | 15719284  |
| &nbsp;&nbsp;&nbsp; Prudential Financial, Inc., <br>6.63%, 12/01/2037 | 5000000 | 5708405  |
|  Raymond James Financial, Inc., 4.65%, 04/01/2030 (Callable 01/01/2030) | 9700000 | 9880722  |
| Realty Income Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.70%, 12/15/2028 (Callable 11/15/2028) | 6625000 | 6756632  |
| &nbsp;&nbsp;&nbsp; 5.63%, 10/13/2032 (Callable 07/13/2032) | 6725000 | 7138130  |
|  Sammons Financial Group Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.10%, 12/10/2029<sup>(a)</sup> | 17500000 | 17954067  |
| &nbsp;&nbsp;&nbsp; 4.80%, 12/12/2030<sup>(a)</sup> | 9425000 | 9453315  |

---

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

60<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD AGGREGATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - (Continued)** | **Financials - (Continued)** | **Financials - (Continued)** |
| Sammons Financial Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.35%, 04/16/2031 (Callable 01/16/2031)<sup>(a)</sup> | $14350000 | $13314402  |
| &nbsp;&nbsp;&nbsp; 4.75%, 04/08/2032 (Callable 01/08/2032)<sup>(a)</sup> | 23000000 | 22403381  |
| Santander UK Group Holdings PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.67% to 06/14/2026 then SOFR + 0.99%, 06/14/2027 (Callable 06/14/2026) | 9500000 | 9394268  |
| &nbsp;&nbsp;&nbsp; 3.82% to 11/03/2027 then 3 mo. LIBOR USD + 1.40%, 11/03/2028 (Callable 11/03/2027)<sup>(b)</sup> | 29048000 | 28857599  |
| &nbsp;&nbsp;&nbsp; 6.53% to 01/10/2028 then SOFR + 2.60%, 01/10/2029 (Callable 01/10/2028) | 27600000 | 28846342  |
| &nbsp;&nbsp;&nbsp; 4.32% to 09/22/2028 then SOFR + 1.07%, 09/22/2029 (Callable 09/22/2028) | 27500000 | 27538063  |
| &nbsp;&nbsp;&nbsp; 5.69% to 04/15/2030 then SOFR + 1.52%, 04/15/2031 (Callable 04/15/2030) | 7500000 | 7824982  |
|  Skandinaviska Enskilda Banken AB, 5.38%, 03/05/2029<sup>(a)</sup> | 10000000 | 10344569  |
|  SMBC Aviation Capital Finance DAC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.90%, 10/15/2026 (Callable 09/15/2026)<sup>(a)</sup> | 6725000 | 6610600  |
| &nbsp;&nbsp;&nbsp; 5.45%, 05/03/2028 (Callable 04/03/2028)<sup>(a)</sup> | 7000000 | 7187777  |
| &nbsp;&nbsp;&nbsp; 2.30%, 06/15/2028 (Callable 04/15/2028)<sup>(a)</sup> | 12000000 | 11470556  |
| &nbsp;&nbsp;&nbsp; 5.70%, 07/25/2033 (Callable 04/25/2033)<sup>(a)</sup> | 33475000 | 35021885  |
| &nbsp;&nbsp;&nbsp; 5.55%, 04/03/2034 (Callable 01/03/2034)<sup>(a)</sup> | 48550000 | 50146918  |
| Societe Generale SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/19/2027<sup>(a)</sup> | 27000000 | 27309274  |
| &nbsp;&nbsp;&nbsp; 5.52% to 01/19/2027 then 1 yr. CMT Rate + 1.50%, 01/19/2028 (Callable 01/19/2027)<sup>(a)</sup> | 5000000 | 5063741  |
| &nbsp;&nbsp;&nbsp; 5.50% to 04/13/2028 then 1 yr. CMT Rate + 1.20%, 04/13/2029 (Callable 04/13/2028)<sup>(a)</sup> | 17225000 | 17645283  |
| &nbsp;&nbsp;&nbsp; 5.63% to 01/19/2029 then 1 yr. CMT Rate + 1.75%, 01/19/2030 (Callable 01/19/2029)<sup>(a)</sup> | 13000000 | 13417153  |
| &nbsp;&nbsp;&nbsp; 5.51% to 05/22/2030 then SOFR + 1.65%, 05/22/2031 (Callable 05/22/2030)<sup>(a)</sup> | 20000000 | 20629473  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 2.89% to 06/09/2031 then 1 yr. CMT Rate + 1.30%, 06/09/2032 (Callable 06/09/2031)<sup>(a)</sup> | $11775000 | $10668546  |
| &nbsp;&nbsp;&nbsp; 3.34% to 01/21/2032 then 1 yr. CMT Rate + 1.60%, 01/21/2033 (Callable 01/21/2032)<sup>(a)</sup> | 11816000 | 10791105  |
| &nbsp;&nbsp;&nbsp; 6.69% to 01/10/2033 then 1 yr. CMT Rate + 2.95%, 01/10/2034 (Callable 01/10/2033)<sup>(a)</sup> | 19500000 | 21266673  |
| &nbsp;&nbsp;&nbsp; 6.07% to 01/19/2034 then 1 yr. CMT Rate + 2.10%, 01/19/2035 (Callable 01/19/2034)<sup>(a)</sup> | 7000000 | 7400266  |
| &nbsp;&nbsp;&nbsp; 5.44% to 10/03/2035 then SOFR + 1.73%, 10/03/2036 (Callable 10/03/2035)<sup>(a)</sup> | 32250000 | 32402170  |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/01/2041<sup>(a)</sup> | 12000000 | 8916117  |
| &nbsp;&nbsp;&nbsp; 4.03% to 01/21/2042 then 1 yr. CMT Rate + 1.90%, 01/21/2043 (Callable 01/21/2042)<sup>(a)</sup> | 5000000 | 3858119  |
| Standard Chartered PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.46% to 01/14/2026 then 1 yr. CMT Rate + 1.00%, 01/14/2027 (Callable 01/14/2026)<sup>(a)</sup> | 20658000 | 20638286  |
| &nbsp;&nbsp;&nbsp; 2.61% to 01/12/2027 then 1 yr. CMT Rate + 1.18%, 01/12/2028 (Callable 01/12/2027)<sup>(a)</sup> | 24000000 | 23623505  |
| &nbsp;&nbsp;&nbsp; 6.30% to 01/09/2028 then 1 yr. CMT Rate + 2.45%, 01/09/2029 (Callable 01/09/2028)<sup>(a)</sup> | 12000000 | 12470756  |
| &nbsp;&nbsp;&nbsp; 7.02% to 02/08/2029 then 1 yr. CMT Rate + 2.20%, 02/08/2030 (Callable 02/08/2029)<sup>(a)</sup> | 15500000 | 16680135  |
| &nbsp;&nbsp;&nbsp; 5.01% to 10/15/2029 then 1 yr. CMT Rate + 1.15%, 10/15/2030 (Callable 10/15/2029)<sup>(a)</sup> | 25350000 | 25866371  |
| &nbsp;&nbsp;&nbsp; 5.24% to 05/13/2030 then 1 yr. CMT Rate + 1.35%, 05/13/2031 (Callable 05/13/2030)<sup>(a)</sup> | 20000000 | 20614469  |
| &nbsp;&nbsp;&nbsp; 2.68% to 06/29/2031 then 1 yr. CMT Rate + 1.20%, 06/29/2032 (Callable 06/29/2031)<sup>(a)</sup> | 48200000 | 43638357  |
| &nbsp;&nbsp;&nbsp; 6.30% to 07/06/2033 then 1 yr. CMT Rate + 2.58%, 07/06/2034 (Callable 07/06/2033)<sup>(a)</sup> | 13850000 | 14999127  |

---

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

61<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD AGGREGATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - (Continued)** | **Financials - (Continued)** | **Financials - (Continued)** |
| &nbsp;&nbsp;&nbsp; 5.91% to 05/14/2034 then 1 yr. CMT Rate + 1.45%, 05/14/2035 (Callable 05/14/2034)<sup>(a)</sup> | $13500000 | $14278050  |
| &nbsp;&nbsp;&nbsp; 6.23% to 01/21/2035 then 1 yr. CMT Rate + 1.43%, 01/21/2036 (Callable 01/21/2035)<sup>(a)</sup> | 15000000 | 16328997  |
| &nbsp;&nbsp;&nbsp; 5.40% to 08/12/2035 then 1 yr. CMT Rate + 1.20%, 08/12/2036 (Callable 08/12/2035)<sup>(a)</sup> | 26000000 | 26549057  |
| &nbsp;&nbsp;&nbsp; Stifel Financial Corp., <br>4.00%, 05/15/2030 (Callable 02/15/2030) | 51140000 | 50086591  |
|  Sumitomo Mitsui Financial Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.13%, 07/08/2030 | 7575000 | 6908126  |
| &nbsp;&nbsp;&nbsp; 5.77%, 01/13/2033 | 33650000 | 35890010  |
| Svenska Handelsbanken AB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.42% to 06/11/2026 then 1 yr. CMT Rate + 0.63%, 06/11/2027 (Callable 06/11/2026)<sup>(a)</sup> | 15000000 | 14828059  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/15/2028<sup>(a)</sup> | 15250000 | 15761551  |
| &nbsp;&nbsp;&nbsp; Swedbank AB, <br>5.41%, 03/14/2029<sup>(a)</sup> | 29950000 | 31005472  |
| &nbsp;&nbsp;&nbsp; Symetra Life Insurance Co., <br>6.55%, 10/01/2055 (Callable 04/01/2055)<sup>(a)</sup> | 10000000 | 10383856  |
| &nbsp;&nbsp;&nbsp; Synchrony Bank, <br>5.63%, 08/23/2027 (Callable 07/23/2027) | 18250000 | 18614906  |
| Synchrony Financial<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.70%, 08/04/2026 (Callable 05/04/2026) | 23023000 | 22942397  |
| &nbsp;&nbsp;&nbsp; 3.95%, 12/01/2027 (Callable 09/01/2027) | 44825000 | 44617400  |
| &nbsp;&nbsp;&nbsp; 5.02% (SOFR + 1.40%), 07/29/2029 (Callable 07/29/2028) | 11500000 | 11648511  |
| &nbsp;&nbsp;&nbsp; 5.94% to 08/02/2029 then SOFR + 2.13%, 08/02/2030 (Callable 08/02/2029) | 5875000 | 6126060  |
| &nbsp;&nbsp;&nbsp; 5.45% to 03/06/2030 then SOFR + 1.68%, 03/06/2031 (Callable 03/06/2030) | 10000000 | 10260409  |
| &nbsp;&nbsp;&nbsp; 2.88%, 10/28/2031 (Callable 07/28/2031) | 5000000 | 4490419  |
| &nbsp;&nbsp;&nbsp; 6.00% to 07/29/2035 then SOFR + 2.07%, 07/29/2036 (Callable 07/29/2035) | 30884000 | 31766912  |
| Trinity Acquisition PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.40%, 03/15/2026 (Callable 02/01/2026) | 28055000 | 28060655  |
| &nbsp;&nbsp;&nbsp; 6.13%, 08/15/2043 | 22561000 | 22751711  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Truist Financial Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.16% to 10/30/2028 then SOFR + 2.45%, 10/30/2029 (Callable 10/30/2028) | $8000000 | $8632839  |
| &nbsp;&nbsp;&nbsp; 5.12% to 01/26/2033 then SOFR + 1.85%, 01/26/2034 (Callable 01/26/2033) | 12000000 | 12244931  |
|  Trustage Financial Group, Inc., 4.63%, 04/15/2032 (Callable 01/15/2032)<sup>(a)</sup> | 12205000 | 11771147  |
| UBS Group AG<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.71% (1 yr. CMT Rate + 1.55%), 01/12/2027 (Callable 01/12/2026)<sup>(a)</sup> | 4078000 | 4079549  |
| &nbsp;&nbsp;&nbsp; 1.36% to 01/30/2026 then 1 yr. CMT Rate + 1.08%, 01/30/2027 (Callable 01/30/2026)<sup>(a)</sup> | 21397000 | 21349024  |
| &nbsp;&nbsp;&nbsp; 1.49% to 08/10/2026 then 1 yr. CMT Rate + 0.85%, 08/10/2027 (Callable 08/10/2026)<sup>(a)</sup> | 9000000 | 8856881  |
| &nbsp;&nbsp;&nbsp; 4.28%, 01/09/2028 (Callable 01/09/2027)<sup>(a)</sup> | 18078000 | 18105826  |
| &nbsp;&nbsp;&nbsp; 4.25%, 03/23/2028 (Callable 03/23/2027)<sup>(a)</sup> | 17150000 | 17154631  |
| &nbsp;&nbsp;&nbsp; 3.87% to 01/12/2028 then 3 mo. LIBOR USD + 1.41%, 01/12/2029 (Callable 01/12/2028)<sup>(a)(b)</sup> | 72136000 | 71744051  |
| &nbsp;&nbsp;&nbsp; 4.19% to 04/01/2030 then SOFR + 3.73%, 04/01/2031 (Callable 04/01/2030)<sup>(a)</sup> | 20000000 | 19829669  |
| &nbsp;&nbsp;&nbsp; 2.10% to 02/11/2031 then 1 yr. CMT Rate + 1.00%, 02/11/2032 (Callable 02/11/2031)<sup>(a)</sup> | 49570000 | 43977434  |
| &nbsp;&nbsp;&nbsp; 3.09% to 05/14/2031 then SOFR + 1.73%, 05/14/2032 (Callable 05/14/2031)<sup>(a)</sup> | 23390000 | 21723204  |
| &nbsp;&nbsp;&nbsp; 4.84% to 11/06/2032 then SOFR + 1.29%, 11/06/2033 (Callable 11/06/2032)<sup>(a)</sup> | 21000000 | 21048821  |
| UnitedHealth Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.75%, 05/15/2040 (Callable 11/15/2039) | 7000000 | 5251030  |
| &nbsp;&nbsp;&nbsp; 4.75%, 05/15/2052 (Callable 11/15/2051) | 8275000 | 7164727  |
| &nbsp;&nbsp;&nbsp; Voya Global Funding, <br>4.60%, 11/24/2030<sup>(a)</sup> | 11750000 | 11817443  |
| Wells Fargo & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.53% to 03/24/2027 then SOFR + 1.51%, 03/24/2028 (Callable 03/24/2027) | 3199000 | 3178522  |
| &nbsp;&nbsp;&nbsp; 5.71% to 04/22/2027 then SOFR + 1.07%, 04/22/2028 (Callable 04/22/2027) | 10000000 | 10208557  |

---

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

62<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD AGGREGATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - (Continued)** | **Financials - (Continued)** | **Financials - (Continued)** |
| &nbsp;&nbsp;&nbsp; 2.39% to 06/02/2027 then SOFR + 2.10%, 06/02/2028 (Callable 06/02/2027) | $34086000 | $33308970  |
| &nbsp;&nbsp;&nbsp; 4.81% to 07/25/2027 then SOFR + 1.98%, 07/25/2028 (Callable 07/25/2027) | 23000000 | 23261296  |
| &nbsp;&nbsp;&nbsp; 4.97% (SOFR + 1.37%), 04/23/2029 (Callable 04/23/2028) | 12625000 | 12864083  |
| &nbsp;&nbsp;&nbsp; 5.57% to 07/25/2028 then SOFR + 1.74%, 07/25/2029 (Callable 07/25/2028) | 44350000 | 45952697  |
| &nbsp;&nbsp;&nbsp; 3.35% to 03/02/2032 then SOFR + 1.50%, 03/02/2033 (Callable 03/02/2032) | 5000000 | 4672994  |
| &nbsp;&nbsp;&nbsp; 5.39% to 04/24/2033 then SOFR + 2.02%, 04/24/2034 (Callable 04/24/2033) | 23925000 | 24924747  |
| &nbsp;&nbsp;&nbsp; 6.49% to 10/23/2033 then SOFR + 2.06%, 10/23/2034 (Callable 10/23/2033) | 25000000 | 27716212  |
| &nbsp;&nbsp;&nbsp; 5.50% to 01/23/2034 then SOFR + 1.78%, 01/23/2035 (Callable 01/23/2034) | 10650000 | 11131320  |
| &nbsp;&nbsp;&nbsp; 3.07% to 04/30/2040 then SOFR + 2.53%, 04/30/2041 (Callable 04/30/2040) | 25000000 | 19443020  |
| &nbsp;&nbsp;&nbsp; Wells Fargo Bank NA, <br>5.85%, 02/01/2037 | 10000000 | 10597373  |
|  Western & Southern Financial Group, Inc., 5.75%, 07/15/2033<sup>(a)</sup> | 8300000 | 8683893  |
|  Western-Southern Global Funding, 4.70%, 12/10/2032<sup>(a)</sup> | 40000000 | 39828759  |
| Westpac Banking Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.32% to 11/23/2026 then 5 yr. Mid Swap Rate USD + 2.24%, 11/23/2031 (Callable 11/23/2026) | 8350000 | 8344750  |
| &nbsp;&nbsp;&nbsp; 5.41% to 08/10/2032 then 1 yr. CMT Rate + 2.68%, 08/10/2033 (Callable 08/10/2032) | 5000000 | 5174749  |
| &nbsp;&nbsp;&nbsp; 6.82%, 11/17/2033 | 4350000 | 4873688  |
| &nbsp;&nbsp;&nbsp; 4.11% to 07/24/2029 then 5 yr. CMT Rate + 2.00%, 07/24/2034 (Callable 07/24/2029) | 10000000 | 9843494  |
| &nbsp;&nbsp;&nbsp; 2.67% to 11/15/2030 then 5 yr. CMT Rate + 1.75%, 11/15/2035 (Callable 11/15/2030) | 13600000 | 12327857  |
| &nbsp;&nbsp;&nbsp; 4.42%, 07/24/2039 | 10000000 | 9301723  |
| Willis North America, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.65%, 06/15/2027 (Callable 05/15/2027) | 8525000 | 8592857  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 2.95%, 09/15/2029 (Callable 06/15/2029) | $7500000 | $7141659  |
| &nbsp;&nbsp;&nbsp; 5.35%, 05/15/2033 (Callable 02/15/2033) | 11425000 | 11804990  |
| &nbsp;&nbsp;&nbsp; 5.05%, 09/15/2048 (Callable 03/15/2048) | 10200000 | 9186697  |
| &nbsp;&nbsp;&nbsp; 5.90%, 03/05/2054 (Callable 09/05/2053) | 23750000 | 23798841  |
|  WP Carey, Inc., 5.38%, 06/30/2034 (Callable 03/30/2034) | 10000000 | 10349820  |
|  |  | 9501884951  |
| **Industrials - 18.3%**<br>|  |  |
|  AbbVie, Inc., 4.55%, 03/15/2035 (Callable 09/15/2034) | 26098000 | 25764250  |
| Adventist Health System/West<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.95%, 03/01/2029 (Callable 12/01/2028) | 19250000 | 18291449  |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/01/2049 (Callable 09/01/2048) | 9000000 | 6196720  |
|  AGCO Corp., 5.80%, 03/21/2034 (Callable 12/21/2033) | 13500000 | 14143652  |
| &nbsp;&nbsp;&nbsp; Agilent Technologies, Inc., <br>2.10%, 06/04/2030 (Callable 03/04/2030) | 14000000 | 12803301  |
|  Air Products and Chemicals, Inc., 2.70%, 05/15/2040 (Callable 11/15/2039) | 10425000 | 7841779  |
| Aker BP ASA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.60%, 06/13/2028 (Callable 05/13/2028)<sup>(a)</sup> | 15500000 | 15962202  |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/13/2033 (Callable 03/13/2033)<sup>(a)</sup> | 26500000 | 27780101  |
| &nbsp;&nbsp;&nbsp; 5.13%, 10/01/2034 (Callable 07/01/2034)<sup>(a)</sup> | 30825000 | 30210632  |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/30/2035 (Callable 07/30/2035)<sup>(a)</sup> | 18200000 | 17814667  |
| Alcon Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.75%, 09/23/2026 (Callable 07/23/2026)<sup>(a)</sup> | 14770000 | 14636300  |
| &nbsp;&nbsp;&nbsp; 3.80%, 09/23/2049 (Callable 03/23/2049)<sup>(a)</sup> | 7000000 | 5359159  |
|  Allegion PLC, 3.50%, 10/01/2029 (Callable 07/01/2029) | 21494000 | 20970847  |
| Allegion US Holding Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.55%, 10/01/2027 (Callable 07/01/2027) | 11975000 | 11870255  |
| &nbsp;&nbsp;&nbsp; 5.41%, 07/01/2032 (Callable 04/01/2032) | 13025000 | 13583306  |
| &nbsp;&nbsp;&nbsp; 5.60%, 05/29/2034 (Callable 02/28/2034) | 10000000 | 10459624  |
| Amgen, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.15%, 02/21/2040 (Callable 08/21/2039) | 13350000 | 10553415  |
| &nbsp;&nbsp;&nbsp; 4.40%, 05/01/2045 (Callable 11/01/2044) | 12300000 | 10557249  |

---

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

63<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD AGGREGATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Industrials - (Continued)** | **Industrials - (Continued)** | **Industrials - (Continued)** |
| &nbsp;&nbsp;&nbsp; 4.20%, 02/22/2052 (Callable 08/22/2051) | $4000000 | $3186185  |
| &nbsp;&nbsp;&nbsp; 5.65%, 03/02/2053 (Callable 09/02/2052) | 37200000 | 36582734  |
| &nbsp;&nbsp;&nbsp; Amrize Finance US LLC, <br>7.13%, 07/15/2036 | 13596000 | 15617206  |
| Anglo American Capital PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 04/10/2027<sup>(a)</sup> | 7237000 | 7293184  |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/15/2028 (Callable 12/15/2027)<sup>(a)</sup> | 17570000 | 17674973  |
| &nbsp;&nbsp;&nbsp; 5.63%, 04/01/2030 (Callable 01/01/2030)<sup>(a)</sup> | 10439000 | 10908124  |
| &nbsp;&nbsp;&nbsp; 2.63%, 09/10/2030 (Callable 06/10/2030)<sup>(a)</sup> | 35675000 | 32916634  |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/05/2034 (Callable 01/05/2034)<sup>(a)</sup> | 30000000 | 31498957  |
| &nbsp;&nbsp;&nbsp; Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., <br>4.90%, 02/01/2046 (Callable 08/01/2045) | 48306000 | 44883142  |
|  Anheuser-Busch InBev Worldwide, Inc., 5.45%, 01/23/2039 (Callable 07/23/2038) | 20150000 | 20903240  |
| &nbsp;&nbsp;&nbsp; AptarGroup, Inc., <br>3.60%, 03/15/2032 (Callable 12/15/2031) | 7500000 | 7011432  |
| ArcelorMittal SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.55%, 03/11/2026 | 13000000 | 13004496  |
| &nbsp;&nbsp;&nbsp; 6.55%, 11/29/2027 (Callable 10/29/2027) | 26009000 | 27083114  |
| &nbsp;&nbsp;&nbsp; 6.80%, 11/29/2032 (Callable 08/29/2032) | 25000000 | 28032176  |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/17/2034 (Callable 03/17/2034) | 14600000 | 15717969  |
| &nbsp;&nbsp;&nbsp; 7.00%, 10/15/2039<sup>(e)</sup> | 15906000 | 17985868  |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/01/2041<sup>(e)</sup> | 7328000 | 8034624  |
| &nbsp;&nbsp;&nbsp; 6.35%, 06/17/2054 (Callable 12/17/2053) | 9000000 | 9521696  |
| Ashtead Capital, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/2028 (Callable 01/12/2026)<sup>(a)</sup> | 8010000 | 7924862  |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/11/2032 (Callable 05/11/2032)<sup>(a)</sup> | 38369000 | 39667982  |
| &nbsp;&nbsp;&nbsp; 5.55%, 05/30/2033 (Callable 02/28/2033)<sup>(a)</sup> | 15000000 | 15499173  |
| &nbsp;&nbsp;&nbsp; 5.95%, 10/15/2033 (Callable 07/15/2033)<sup>(a)</sup> | 21434000 | 22710390  |
| &nbsp;&nbsp;&nbsp; 5.80%, 04/15/2034 (Callable 01/15/2034)<sup>(a)</sup> | 11000000 | 11548842  |
|  AT&T Reign II Multi-Property Lease-Backed Pass-Through Trust, 6.09%, 12/15/2044<sup>(a)</sup> | 70000000 | 70843339  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| AT&T, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.55%, 12/01/2033 (Callable 09/01/2033) | $22965000 | $19634865  |
| &nbsp;&nbsp;&nbsp; 5.40%, 02/15/2034 (Callable 11/15/2033) | 12000000 | 12461003  |
| &nbsp;&nbsp;&nbsp; 4.90%, 08/15/2037 (Callable 02/14/2037) | 20000000 | 19488063  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/15/2053 (Callable 03/15/2053) | 10000000 | 6720937  |
| &nbsp;&nbsp;&nbsp; 5.70%, 11/01/2054 (Callable 05/01/2054) | 7025000 | 6761619  |
| &nbsp;&nbsp;&nbsp; 3.55%, 09/15/2055 (Callable 03/15/2055) | 61006000 | 40787563  |
| &nbsp;&nbsp;&nbsp; 6.05%, 08/15/2056 (Callable 02/15/2056) | 14000000 | 14127634  |
| &nbsp;&nbsp;&nbsp; 3.80%, 12/01/2057 (Callable 06/01/2057) | 19423000 | 13412291  |
| &nbsp;&nbsp;&nbsp; 3.65%, 09/15/2059 (Callable 03/15/2059) | 49359000 | 32724532  |
| &nbsp;&nbsp;&nbsp; AutoNation, Inc., <br>4.45%, 01/15/2029 (Callable 12/15/2028) | 17500000 | 17558971  |
|  Bacardi Ltd. / Bacardi-Martini BV, 5.40%, 06/15/2033 (Callable 03/15/2033)<sup>(a)</sup> | 15000000 | 15191656  |
| &nbsp;&nbsp;&nbsp; Baxter International, Inc., <br>2.27%, 12/01/2028 (Callable 10/01/2028) | 15000000 | 14172513  |
| &nbsp;&nbsp;&nbsp; Bayer US Finance LLC, <br>6.25%, 01/21/2029 (Callable 12/21/2028)<sup>(a)</sup> | 15000000 | 15778259  |
| &nbsp;&nbsp;&nbsp; Bayport Polymers LLC, <br>4.74%, 04/14/2027 (Callable 03/14/2027)<sup>(a)</sup> | 61325000 | 61430155  |
| &nbsp;&nbsp;&nbsp; Becle SAB de CV, <br>2.50%, 10/14/2031 (Callable 07/14/2031)<sup>(a)</sup> | 39493000 | 34470332  |
| Becton Dickinson & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.82%, 05/20/2030 (Callable 02/20/2030) | 15000000 | 14153562  |
| &nbsp;&nbsp;&nbsp; 4.88%, 05/15/2044 (Callable 11/15/2043) | 6815000 | 6067200  |
|  Bell Telephone Co. of Canada or Bell Canada<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.10%, 05/11/2033 (Callable 02/11/2033) | 11825000 | 12013426  |
| &nbsp;&nbsp;&nbsp; 4.46%, 04/01/2048 (Callable 10/01/2047) | 1225000 | 1014469  |
| Berry Global, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/15/2028 (Callable 03/15/2028) | 19345000 | 19939652  |
| &nbsp;&nbsp;&nbsp; 5.80%, 06/15/2031 (Callable 04/15/2031) | 31000000 | 32751035  |
| &nbsp;&nbsp;&nbsp; Bimbo Bakeries USA, Inc., <br>4.00%, 05/17/2051 (Callable 11/17/2050)<sup>(a)</sup> | 20009000 | 15302602  |

---

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

64<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD AGGREGATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Industrials - (Continued)** | **Industrials - (Continued)** | **Industrials - (Continued)** |
| Boardwalk Pipelines LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.95%, 06/01/2026 (Callable 03/01/2026) | $29081000 | $29170065  |
| &nbsp;&nbsp;&nbsp; 4.45%, 07/15/2027 (Callable 04/15/2027) | 15227000 | 15284037  |
| &nbsp;&nbsp;&nbsp; 4.80%, 05/03/2029 (Callable 02/03/2029) | 16918000 | 17141579  |
| &nbsp;&nbsp;&nbsp; 3.40%, 02/15/2031 (Callable 11/15/2030) | 5825000 | 5514408  |
| &nbsp;&nbsp;&nbsp; 3.60%, 09/01/2032 (Callable 06/01/2032) | 25550000 | 23868499  |
| &nbsp;&nbsp;&nbsp; 5.63%, 08/01/2034 (Callable 05/01/2034) | 9825000 | 10283639  |
| &nbsp;&nbsp;&nbsp; 5.38%, 02/15/2036 (Callable 11/15/2035) | 15000000 | 15108220  |
| Boeing Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.20%, 02/04/2026 (Callable 01/12/2026) | 47500000 | 47409678  |
| &nbsp;&nbsp;&nbsp; 5.04%, 05/01/2027 (Callable 03/01/2027) | 5140000 | 5193151  |
| &nbsp;&nbsp;&nbsp; 5.15%, 05/01/2030 (Callable 02/01/2030) | 26150000 | 26895846  |
|  Bon Secours Mercy Health, Inc., 3.46%, 06/01/2030 (Callable 12/01/2029) | 8900000 | 8684723  |
| &nbsp;&nbsp;&nbsp; Booz Allen Hamilton, Inc., <br>4.00%, 07/01/2029 (Callable 01/12/2026)<sup>(a)</sup> | 5481000 | 5360167  |
| &nbsp;&nbsp;&nbsp; BorgWarner, Inc., <br>4.95%, 08/15/2029 (Callable 07/15/2029) | 7200000 | 7373131  |
| BP Capital Markets America, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.81%, 02/13/2033 (Callable 11/13/2032) | 7600000 | 7708997  |
| &nbsp;&nbsp;&nbsp; 4.89%, 09/11/2033 (Callable 06/11/2033) | 8350000 | 8506988  |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co., <br>3.70%, 03/15/2052 (Callable 09/15/2051) | 10000000 | 7371700  |
|  British Telecommunications PLC, 9.63%, 12/15/2030<sup>(e)</sup> | 83243000 | 101701494  |
| Broadcom, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 04/15/2029 (Callable 01/15/2029) | 32900000 | 33536969  |
| &nbsp;&nbsp;&nbsp; 4.15%, 11/15/2030 (Callable 08/15/2030) | 6000000 | 5980885  |
| &nbsp;&nbsp;&nbsp; 3.47%, 04/15/2034 (Callable 01/15/2034) | 15000000 | 13707937  |
| &nbsp;&nbsp;&nbsp; 3.14%, 11/15/2035 (Callable 08/15/2035)<sup>(a)</sup> | 12000000 | 10358824  |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/15/2041 (Callable 08/15/2040) | 21000000 | 17128294  |
|  Broadridge Financial Solutions, Inc., 2.90%, 12/01/2029 (Callable 09/01/2029) | 11300000 | 10719129  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Brunswick Corp./DE, <br>5.85%, 03/18/2029 (Callable 02/18/2029) | $20000000 | $20699643  |
| Bunge Ltd. Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 04/21/2026 (Callable 03/21/2026) | 23641000 | 23494771  |
| &nbsp;&nbsp;&nbsp; 3.25%, 08/15/2026 (Callable 05/15/2026) | 5050000 | 5028352  |
| &nbsp;&nbsp;&nbsp; 4.90%, 04/21/2027 (Callable 03/21/2027) | 45000000 | 45508173  |
| &nbsp;&nbsp;&nbsp; 3.20%, 04/21/2031 (Callable 01/01/2031) | 80745000 | 76082114  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/21/2032 (Callable 01/01/2032) | 16631000 | 17112711  |
|  Burlington Northern Santa Fe LLC, 4.15%, 04/01/2045 (Callable 10/01/2044) | 3275000 | 2757515  |
| &nbsp;&nbsp;&nbsp; Cameron LNG LLC, <br>3.30%, 01/15/2035 (Callable 09/15/2034)<sup>(a)</sup> | 20000000 | 17525922  |
|  Canadian Natural Resources Ltd., 6.50%, 02/15/2037 | 982000 | 1055507  |
| Canadian Pacific Railway Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.70%, 05/01/2048 (Callable 11/01/2047) | 10075000 | 8906086  |
| &nbsp;&nbsp;&nbsp; 3.50%, 05/01/2050 (Callable 11/01/2049) | 12000000 | 8674421  |
|  Cargill, Inc., 4.75%, 04/24/2033 (Callable 01/24/2033)<sup>(a)</sup> | 10200000 | 10294020  |
| Carlisle Cos., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.75%, 03/01/2030 (Callable 12/01/2029) | 16000000 | 15094980  |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/15/2035 (Callable 06/15/2035) | 5000000 | 5114961  |
| Carrier Global Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.49%, 02/15/2027 (Callable 12/15/2026) | 25975000 | 25556035  |
| &nbsp;&nbsp;&nbsp; 2.72%, 02/15/2030 (Callable 11/15/2029) | 6861000 | 6466040  |
| &nbsp;&nbsp;&nbsp; 2.70%, 02/15/2031 (Callable 11/15/2030) | 18500000 | 17165477  |
| &nbsp;&nbsp;&nbsp; 5.90%, 03/15/2034 (Callable 12/15/2033) | 12423000 | 13355899  |
| &nbsp;&nbsp;&nbsp; 3.38%, 04/05/2040 (Callable 10/05/2039) | 10000000 | 8099871  |
| &nbsp;&nbsp;&nbsp; CBRE Services, Inc., <br>5.95%, 08/15/2034 (Callable 05/15/2034) | 20000000 | 21406005  |
| &nbsp;&nbsp;&nbsp; CCL Industries, Inc., <br>3.05%, 06/01/2030 (Callable 03/01/2030)<sup>(a)</sup> | 20000000 | 18868706  |
| CDW LLC / CDW Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.67%, 12/01/2026 (Callable 11/01/2026) | 9000000 | 8881149  |
| &nbsp;&nbsp;&nbsp; 3.28%, 12/01/2028 (Callable 10/01/2028) | 5457000 | 5303039  |

---

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

65<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD AGGREGATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Industrials - (Continued)** | **Industrials - (Continued)** | **Industrials - (Continued)** |
| Celanese US Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.83%, 07/15/2029 (Callable 05/15/2029)<sup>(e)</sup> | $9075000 | $9520318  |
| &nbsp;&nbsp;&nbsp; 7.05%, 11/15/2030 (Callable 09/15/2030)<sup>(e)</sup> | 15000000 | 15877500  |
| &nbsp;&nbsp;&nbsp; Cellnex Finance Co. SA, <br>3.88%, 07/07/2041 (Callable 04/07/2041)<sup>(a)</sup> | 51774000 | 41071463  |
|  Celulosa Arauco y Constitucion SA, 3.88%, 11/02/2027 (Callable 08/02/2027) | 12000000 | 11888107  |
|  Cencora, Inc., 4.63%, 12/15/2027 (Callable 11/15/2027) | 15000000 | 15192018  |
| &nbsp;&nbsp;&nbsp; Cenovus Energy, Inc., <br>5.40%, 03/20/2036 (Callable 12/20/2035) | 7000000 | 7004454  |
| CF Industries, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.15%, 03/15/2034 | 3000000 | 3017143  |
| &nbsp;&nbsp;&nbsp; 5.30%, 11/26/2035 (Callable 08/26/2035) | 9475000 | 9459366  |
|  Charter Communications Operating LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 02/15/2028 (Callable 11/15/2027) | 5000000 | 4930462  |
| &nbsp;&nbsp;&nbsp; 6.38%, 10/23/2035 (Callable 04/23/2035) | 85471000 | 88312463  |
|  Charter Communications Operating LLC / Charter Communications Operating Capital<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.05%, 03/30/2029 (Callable 12/30/2028) | 36857000 | 37311660  |
| &nbsp;&nbsp;&nbsp; 6.55%, 06/01/2034 (Callable 03/01/2034) | 45140000 | 47570794  |
| &nbsp;&nbsp;&nbsp; 3.50%, 06/01/2041 (Callable 12/01/2040) | 22375000 | 15953691  |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/01/2042 (Callable 09/01/2041) | 11300000 | 7863662  |
| &nbsp;&nbsp;&nbsp; 4.40%, 12/01/2061 (Callable 06/01/2061) | 24375000 | 16006865  |
| Cheniere Energy Partners LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.95%, 06/30/2033 (Callable 12/30/2032) | 26550000 | 28194721  |
| &nbsp;&nbsp;&nbsp; 5.75%, 08/15/2034 (Callable 02/15/2034) | 11750000 | 12291789  |
| &nbsp;&nbsp;&nbsp; 5.55%, 10/30/2035 (Callable 04/30/2035)<sup>(a)</sup> | 8825000 | 9045813  |
|  Choice Hotels International, Inc., 5.85%, 08/01/2034 (Callable 05/01/2034) | 10750000 | 10977724  |
| &nbsp;&nbsp;&nbsp; Church & Dwight Co., Inc., <br>5.00%, 06/15/2052 (Callable 12/15/2051) | 6725000 | 6156130  |
| &nbsp;&nbsp;&nbsp; Cia Cervecerias Unidas SA, <br>3.35%, 01/19/2032 (Callable 10/19/2031)<sup>(a)</sup> | 25000000 | 22678820  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Cigna Group<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.40%, 03/15/2030 (Callable 12/15/2029) | $13034000 | $12106623  |
| &nbsp;&nbsp;&nbsp; 4.80%, 08/15/2038 (Callable 02/15/2038) | 5000000 | 4802351  |
| CNH Industrial Capital LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.88%, 01/15/2026 | 20000000 | 19983637  |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/21/2028 (Callable 02/21/2028) | 15000000 | 15175327  |
| &nbsp;&nbsp;&nbsp; CNH Industrial NV, <br>3.85%, 11/15/2027 (Callable 08/15/2027) | 23656000 | 23571224  |
| &nbsp;&nbsp;&nbsp; Colonial Enterprises, Inc., <br>5.63%, 11/15/2035 (Callable 08/15/2035)<sup>(a)</sup> | 10000000 | 10094522  |
|  Columbia Pipeline Group, Inc., 5.80%, 06/01/2045 (Callable 12/01/2044) | 10776000 | 10680723  |
|  Columbia Pipelines Holding Co. LLC, 5.10%, 10/01/2031 (Callable 08/01/2031)<sup>(a)</sup> | 10000000 | 10182358  |
|  Columbia Pipelines Operating Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.04%, 11/15/2033 (Callable 08/15/2033)<sup>(a)</sup> | 17300000 | 18551407  |
| &nbsp;&nbsp;&nbsp; 6.50%, 08/15/2043 (Callable 02/15/2043)<sup>(a)</sup> | 10000000 | 10593368  |
| Comcast Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.20%, 07/15/2036 (Callable 01/15/2036) | 6000000 | 5129276  |
| &nbsp;&nbsp;&nbsp; 5.17%, 01/15/2037 (Callable 10/15/2036)<sup>(a)</sup> | 9067000 | 8960203  |
| &nbsp;&nbsp;&nbsp; 3.97%, 11/01/2047 (Callable 05/01/2047) | 8622000 | 6479279  |
| &nbsp;&nbsp;&nbsp; 5.35%, 05/15/2053 (Callable 11/15/2052) | 19000000 | 17123410  |
| &nbsp;&nbsp;&nbsp; 2.99%, 11/01/2063 (Callable 05/01/2063) | 14646000 | 7971240  |
| &nbsp;&nbsp;&nbsp; CommonSpirit Health, <br>3.35%, 10/01/2029 (Callable 04/01/2029) | 17635000 | 17057788  |
| Conagra Brands, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 10/01/2026 | 6672000 | 6812077  |
| &nbsp;&nbsp;&nbsp; 7.00%, 10/01/2028 | 4300000 | 4585660  |
| &nbsp;&nbsp;&nbsp; 5.30%, 11/01/2038 (Callable 05/01/2038) | 5000000 | 4788236  |
| &nbsp;&nbsp;&nbsp; Concentrix Corp., <br>6.60%, 08/02/2028 (Callable 07/02/2028) | 62000000 | 63970829  |
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc., <br>4.90%, 05/01/2033 (Callable 02/01/2033) | 7950000 | 7997897  |
|  Constellation Software, Inc./Canada, 5.16%, 02/16/2029 (Callable 01/16/2029)<sup>(a)</sup> | 12000000 | 12235119  |
|  Corning, Inc., 4.38%, 11/15/2057 (Callable 05/15/2057) | 9000000 | 7293022  |

---

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

66<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD AGGREGATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Industrials - (Continued)** | **Industrials - (Continued)** | **Industrials - (Continued)** |
| Cox Communications, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.70%, 06/15/2033 (Callable 03/15/2033)<sup>(a)</sup> | $5900000 | $5959063  |
| &nbsp;&nbsp;&nbsp; 4.80%, 02/01/2035 (Callable 08/01/2034)<sup>(a)</sup> | 14000000 | 13058481  |
| &nbsp;&nbsp;&nbsp; 3.60%, 06/15/2051 (Callable 12/15/2050)<sup>(a)</sup> | 21000000 | 12909298  |
| &nbsp;&nbsp;&nbsp; Crown Castle, Inc., <br>5.10%, 05/01/2033 (Callable 02/01/2033) | 20400000 | 20607770  |
| &nbsp;&nbsp;&nbsp; CSL Finance PLC, <br>4.05%, 04/27/2029 (Callable 02/27/2029)<sup>(a)</sup> | 7500000 | 7477134  |
|  CSX Corp., 4.65%, 03/01/2068 (Callable 09/01/2067) | 9000000 | 7398711  |
| CVS Health Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 04/01/2027 (Callable 02/01/2027) | 3000000 | 2983845  |
| &nbsp;&nbsp;&nbsp; 3.25%, 08/15/2029 (Callable 05/15/2029) | 8000000 | 7726137  |
| &nbsp;&nbsp;&nbsp; 5.30%, 06/01/2033 (Callable 03/01/2033) | 6500000 | 6713554  |
| &nbsp;&nbsp;&nbsp; 4.78%, 03/25/2038 (Callable 09/25/2037) | 40234000 | 38095426  |
| &nbsp;&nbsp;&nbsp; 5.13%, 07/20/2045 (Callable 01/20/2045) | 44155000 | 39982468  |
| &nbsp;&nbsp;&nbsp; 5.05%, 03/25/2048 (Callable 09/25/2047) | 42525000 | 37635926  |
| &nbsp;&nbsp;&nbsp; 5.88%, 06/01/2053 (Callable 12/01/2052) | 9000000 | 8773721  |
| &nbsp;&nbsp;&nbsp; 6.05%, 06/01/2054 (Callable 12/01/2053) | 14225000 | 14214055  |
| &nbsp;&nbsp;&nbsp; CVS Pass-Through Trust Series 2013, Series 2013, <br>4.70%, 01/10/2036 (Callable 07/10/2035)<sup>(a)</sup> | 8259479 | 7674673  |
|  DCP Midstream Operating LP, 5.13%, 05/15/2029 (Callable 02/15/2029) | 10000000 | 10235496  |
|  Dell International LLC / EMC Corp., 5.30%, 10/01/2029 (Callable 07/01/2029) | 6000000 | 6197169  |
| &nbsp;&nbsp;&nbsp; DENTSPLY SIRONA, Inc., <br>3.25%, 06/01/2030 (Callable 03/01/2030) | 53000000 | 49003183  |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc., <br>5.55%, 04/01/2035 (Callable 01/01/2035) | 10500000 | 10812709  |
| Dignity Health, 5.27%, 11/01/2064 | 2921000 | 2626527  |
|  Dollar General Corp., 3.50%, 04/03/2030 (Callable 01/03/2030) | 7000000 | 6776248  |
| DT Midstream, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 06/15/2029 (Callable 02/01/2026)<sup>(a)</sup> | 8500000 | 8392639  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.80%, 12/15/2034 (Callable 09/15/2034)<sup>(a)</sup> | $7150000 | $7434140  |
| &nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc., <br>5.32%, 11/15/2038 (Callable 05/15/2038) | 17857000 | 17935452  |
| DXC Technology Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.80%, 09/15/2026 (Callable 08/15/2026) | 16724000 | 16442409  |
| &nbsp;&nbsp;&nbsp; 2.38%, 09/15/2028 (Callable 07/15/2028) | 79300000 | 74796577  |
| Eagle Materials, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 07/01/2031 (Callable 04/01/2031) | 8700000 | 7908284  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/2036 (Callable 12/15/2035) | 11000000 | 10798964  |
|  Eastern Energy Gas Holdings LLC, 5.65%, 10/15/2054 (Callable 04/15/2054) | 8500000 | 8251461  |
|  Eastern Gas Transmission & Storage, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 11/01/2043 (Callable 05/01/2043) | 4017000 | 3558925  |
| &nbsp;&nbsp;&nbsp; 4.60%, 12/15/2044 (Callable 06/15/2044) | 3674000 | 3162738  |
| &nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp., <br>4.30%, 06/15/2028 (Callable 03/15/2028) | 18000000 | 18111674  |
| Element Fleet Management Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.27%, 06/26/2026 (Callable 05/26/2026)<sup>(a)</sup> | 40000000 | 40354895  |
| &nbsp;&nbsp;&nbsp; 5.64%, 03/13/2027 (Callable 02/13/2027)<sup>(a)</sup> | 10000000 | 10171182  |
| &nbsp;&nbsp;&nbsp; 6.32%, 12/04/2028 (Callable 11/04/2028)<sup>(a)</sup> | 9900000 | 10444982  |
| &nbsp;&nbsp;&nbsp; 5.04%, 03/25/2030 (Callable 02/25/2030)<sup>(a)</sup> | 14000000 | 14322038  |
| Enbridge Energy Partners LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 04/15/2038 | 4500000 | 5301130  |
| &nbsp;&nbsp;&nbsp; 7.38%, 10/15/2045 (Callable 04/15/2045) | 20000000 | 23236878  |
|  Enbridge, Inc., 6.20%, 11/15/2030 (Callable 09/15/2030) | 8725000 | 9379579  |
| Energy Transfer LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.90%, 07/15/2026 (Callable 04/15/2026) | 10000000 | 9991701  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/01/2027 (Callable 03/01/2027) | 7019000 | 7133209  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2027 (Callable 07/01/2027) | 2000000 | 1997019  |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/01/2029 (Callable 02/01/2026)<sup>(a)</sup> | 44900000 | 45389892  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/15/2029 (Callable 01/15/2029) | 22866000 | 23510031  |
| &nbsp;&nbsp;&nbsp; 3.75%, 05/15/2030 (Callable 02/15/2030) | 3475000 | 3385245  |
| &nbsp;&nbsp;&nbsp; 7.38%, 02/01/2031 (Callable 02/01/2026)<sup>(a)</sup> | 10450000 | 10857356  |

---

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

67<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD AGGREGATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Industrials - (Continued)** | **Industrials - (Continued)** | **Industrials - (Continued)** |
| &nbsp;&nbsp;&nbsp; 4.90%, 03/15/2035 (Callable 09/15/2034) | $4550000 | $4449119  |
| &nbsp;&nbsp;&nbsp; 5.70%, 04/01/2035 (Callable 01/01/2035) | 16950000 | 17576841  |
| &nbsp;&nbsp;&nbsp; 6.63%, 10/15/2036 | 15094000 | 16411264  |
| &nbsp;&nbsp;&nbsp; 5.80%, 06/15/2038 (Callable 12/15/2037) | 9539000 | 9737296  |
| &nbsp;&nbsp;&nbsp; 7.50%, 07/01/2038 | 20979000 | 24319139  |
| &nbsp;&nbsp;&nbsp; 6.05%, 06/01/2041 (Callable 12/01/2040) | 1611000 | 1636889  |
| &nbsp;&nbsp;&nbsp; 6.50%, 02/01/2042 (Callable 08/01/2041) | 7603000 | 8032420  |
| &nbsp;&nbsp;&nbsp; 5.95%, 10/01/2043 (Callable 04/01/2043) | 3550000 | 3485639  |
| &nbsp;&nbsp;&nbsp; 6.13%, 12/15/2045 (Callable 06/15/2045) | 5797000 | 5706018  |
| &nbsp;&nbsp;&nbsp; 5.40%, 10/01/2047 (Callable 04/01/2047) | 22425000 | 20216309  |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/15/2048 (Callable 12/15/2047) | 13000000 | 12648273  |
| &nbsp;&nbsp;&nbsp; 6.25%, 04/15/2049 (Callable 10/15/2048) | 3850000 | 3822183  |
| &nbsp;&nbsp;&nbsp; 6.20%, 04/01/2055 (Callable 10/01/2054) | 9000000 | 8851422  |
| Eni SpA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 05/09/2029 (Callable 02/09/2029)<sup>(a)</sup> | 18250000 | 18259436  |
| &nbsp;&nbsp;&nbsp; 5.75%, 05/19/2035 (Callable 02/19/2035)<sup>(a)</sup> | 6675000 | 6998611  |
| &nbsp;&nbsp;&nbsp; 5.95%, 05/15/2054 (Callable 11/15/2053)<sup>(a)</sup> | 11000000 | 10940395  |
|  Enterprise Products Operating LLC, 5.75%, 03/01/2035 | 5630000 | 5935234  |
| EQT Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.70%, 04/01/2028 (Callable 03/01/2028) | 10000000 | 10322057  |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/15/2029 (Callable 07/15/2028) | 11066000 | 11097155  |
| &nbsp;&nbsp;&nbsp; 7.00%, 02/01/2030 (Callable 11/01/2029)<sup>(e)</sup> | 5493000 | 5970343  |
| &nbsp;&nbsp;&nbsp; 7.50%, 06/01/2030 (Callable 12/01/2029) | 3000000 | 3302442  |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/15/2031 (Callable 07/15/2030) | 3000000 | 3022510  |
|  Equifax, Inc., 5.10%, 06/01/2028 (Callable 05/01/2028) | 15000000 | 15330354  |
| Equinix, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.20%, 11/18/2029 (Callable 08/18/2029) | 2000000 | 1921457  |
| &nbsp;&nbsp;&nbsp; 2.15%, 07/15/2030 (Callable 04/15/2030) | 7675000 | 6967593  |
| &nbsp;&nbsp;&nbsp; ERAC USA Finance LLC, <br>3.30%, 12/01/2026 (Callable 09/01/2026)<sup>(a)</sup> | 20625000 | 20521372  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  FedEx Corp., 4.95%, 10/17/2048 (Callable 04/17/2048) | $15000000 | $13152765  |
| &nbsp;&nbsp;&nbsp; Ferguson Enterprises, Inc., <br>5.00%, 10/03/2034 (Callable 07/03/2034) | 12000000 | 12128634  |
| Ferguson Finance PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 10/24/2028 (Callable 07/24/2028)<sup>(a)</sup> | 43025000 | 43350804  |
| &nbsp;&nbsp;&nbsp; 3.25%, 06/02/2030 (Callable 03/02/2030)<sup>(a)</sup> | 28100000 | 26839823  |
| &nbsp;&nbsp;&nbsp; 4.65%, 04/20/2032 (Callable 01/20/2032)<sup>(a)</sup> | 28125000 | 28048133  |
|  Fibercop SpA, 7.20%, 07/18/2036 (Callable 04/18/2036)<sup>(a)</sup> | 4102000 | 4082515  |
|  Fidelity National Information Services, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.10%, 07/15/2032 (Callable 04/15/2032) | 4900000 | 5012758  |
| &nbsp;&nbsp;&nbsp; 3.10%, 03/01/2041 (Callable 09/01/2040) | 7100000 | 5282336  |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/15/2046 (Callable 02/15/2046) | 23965000 | 19978627  |
| Fiserv, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.20%, 10/01/2028 (Callable 07/01/2028) | 5000000 | 4988816  |
| &nbsp;&nbsp;&nbsp; 3.50%, 07/01/2029 (Callable 04/01/2029) | 4307000 | 4179544  |
| &nbsp;&nbsp;&nbsp; 2.65%, 06/01/2030 (Callable 03/01/2030) | 28900000 | 26659897  |
| &nbsp;&nbsp;&nbsp; 5.63%, 08/21/2033 (Callable 05/21/2033) | 42000000 | 43373051  |
| &nbsp;&nbsp;&nbsp; 5.15%, 08/12/2034 (Callable 05/12/2034) | 20000000 | 19889789  |
| &nbsp;&nbsp;&nbsp; 4.40%, 07/01/2049 (Callable 01/01/2049) | 11000000 | 8661922  |
|  Flex Intermediate Holdco LLC, 3.36%, 06/30/2031 (Callable 12/30/2030)<sup>(a)</sup> | 16000000 | 14738666  |
| Flex Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 02/01/2026 (Callable 01/01/2026) | 15000000 | 14986954  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/2028 (Callable 12/15/2027) | 20000000 | 20649929  |
| &nbsp;&nbsp;&nbsp; 4.88%, 06/15/2029 (Callable 03/15/2029) | 30902000 | 31344772  |
| &nbsp;&nbsp;&nbsp; 4.88%, 05/12/2030 (Callable 02/12/2030) | 21830000 | 22165863  |
| &nbsp;&nbsp;&nbsp; 5.38%, 11/13/2035 (Callable 08/13/2035) | 19675000 | 19664791  |
|  Florida Gas Transmission Co. LLC, 2.55%, 07/01/2030 (Callable 04/01/2030)<sup>(a)</sup> | 18500000 | 17107724  |
| &nbsp;&nbsp;&nbsp; Flowserve Corp., <br>2.80%, 01/15/2032 (Callable 10/15/2031) | 9625000 | 8622292  |
|  FMC Corp., 3.20%, 10/01/2026 (Callable 08/01/2026) | 5000000 | 4949147  |

---

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

68<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD AGGREGATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Industrials - (Continued)** | **Industrials - (Continued)** | **Industrials - (Continued)** |
| Ford Motor Credit Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.80%, 03/05/2027 (Callable 02/05/2027) | $10000000 | $10125642  |
| &nbsp;&nbsp;&nbsp; 5.92%, 03/20/2028 (Callable 02/20/2028) | 21475000 | 21978843  |
| &nbsp;&nbsp;&nbsp; 6.80%, 11/07/2028 (Callable 10/07/2028) | 15000000 | 15742111  |
| &nbsp;&nbsp;&nbsp; 5.30%, 09/06/2029 (Callable 08/06/2029) | 38000000 | 38288606  |
| Fortune Brands Innovations, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 09/15/2029 (Callable 06/15/2029) | 15000000 | 14426209  |
| &nbsp;&nbsp;&nbsp; 5.88%, 06/01/2033 (Callable 03/01/2033) | 24000000 | 25394185  |
|  Fox Corp., 6.50%, 10/13/2033 (Callable 07/13/2033) | 7000000 | 7732302  |
| Freeport-McMoRan, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 03/01/2030 (Callable 02/01/2026) | 8000000 | 7944178  |
| &nbsp;&nbsp;&nbsp; 4.63%, 08/01/2030 (Callable 02/01/2026) | 5000000 | 5040063  |
| &nbsp;&nbsp;&nbsp; 5.45%, 03/15/2043 (Callable 09/15/2042) | 21975000 | 21339764  |
|  Fresenius Medical Care US Finance III, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.88%, 12/01/2026 (Callable 11/01/2026)<sup>(a)</sup> | 4200000 | 4105355  |
| &nbsp;&nbsp;&nbsp; 3.75%, 06/15/2029 (Callable 03/15/2029)<sup>(a)</sup> | 35200000 | 34356359  |
| &nbsp;&nbsp;&nbsp; 2.38%, 02/16/2031 (Callable 11/16/2030)<sup>(a)</sup> | 25000000 | 22226502  |
| &nbsp;&nbsp;&nbsp; 3.00%, 12/01/2031 (Callable 09/01/2031)<sup>(a)</sup> | 10000000 | 9024073  |
|  Gartner, Inc., 4.95%, 03/20/2031 (Callable 02/20/2031) | 17375000 | 17473093  |
| &nbsp;&nbsp;&nbsp; General Motors Co., <br>5.63%, 04/15/2030 (Callable 03/15/2030) | 19775000 | 20621472  |
| General Motors Financial Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.25%, 01/08/2026 | 19000000 | 18990682  |
| &nbsp;&nbsp;&nbsp; 5.40%, 04/06/2026 | 20000000 | 20069661  |
| &nbsp;&nbsp;&nbsp; 2.35%, 02/26/2027 (Callable 01/26/2027) | 11000000 | 10779901  |
| &nbsp;&nbsp;&nbsp; 5.05%, 04/04/2028 | 17600000 | 17929736  |
| &nbsp;&nbsp;&nbsp; 5.80%, 06/23/2028 (Callable 05/23/2028) | 30000000 | 31096080  |
| &nbsp;&nbsp;&nbsp; 5.80%, 01/07/2029 (Callable 12/07/2028) | 10000000 | 10430558  |
| &nbsp;&nbsp;&nbsp; 5.55%, 07/15/2029 (Callable 06/15/2029) | 21000000 | 21784603  |
| &nbsp;&nbsp;&nbsp; 4.90%, 10/06/2029 (Callable 09/06/2029) | 12000000 | 12199313  |
| &nbsp;&nbsp;&nbsp; 5.45%, 07/15/2030 (Callable 06/15/2030) | 15000000 | 15590086  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Genpact Luxembourg SARL/Genpact USA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.75%, 04/10/2026 (Callable 03/10/2026) | $25000000 | $24835515  |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/04/2029 (Callable 05/04/2029) | 6400000 | 6688980  |
|  Genpact UK Finco PLC / Genpact USA, Inc., 4.95%, 11/18/2030 (Callable 10/18/2030) | 10000000 | 10005355  |
| Genuine Parts Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 08/15/2029 (Callable 07/15/2029) | 5000000 | 5094403  |
| &nbsp;&nbsp;&nbsp; 6.88%, 11/01/2033 (Callable 08/01/2033) | 26375000 | 29358983  |
| &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc., <br>4.60%, 09/01/2035 (Callable 03/01/2035) | 4600000 | 4555457  |
|  Glencore Finance Canada Ltd., 5.55%, 10/25/2042<sup>(a)(e)</sup> | 5000000 | 4851737  |
| Glencore Funding LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/27/2027 (Callable 12/27/2026)<sup>(a)</sup> | 25550000 | 25526767  |
| &nbsp;&nbsp;&nbsp; 3.88%, 10/27/2027 (Callable 07/27/2027)<sup>(a)</sup> | 2000000 | 1993174  |
| &nbsp;&nbsp;&nbsp; 4.88%, 03/12/2029 (Callable 12/12/2028)<sup>(a)</sup> | 11000000 | 11181857  |
| &nbsp;&nbsp;&nbsp; 5.37%, 04/04/2029 (Callable 03/04/2029)<sup>(a)</sup> | 27583000 | 28480842  |
| &nbsp;&nbsp;&nbsp; 2.50%, 09/01/2030 (Callable 06/01/2030)<sup>(a)</sup> | 61437000 | 56339879  |
| &nbsp;&nbsp;&nbsp; 5.70%, 05/08/2033 (Callable 02/08/2033)<sup>(a)</sup> | 20000000 | 21101950  |
| &nbsp;&nbsp;&nbsp; 5.67%, 04/01/2035 (Callable 01/01/2035)<sup>(a)</sup> | 17950000 | 18778532  |
| &nbsp;&nbsp;&nbsp; 3.88%, 04/27/2051 (Callable 10/27/2050)<sup>(a)</sup> | 6000000 | 4459286  |
| &nbsp;&nbsp;&nbsp; 3.38%, 09/23/2051 (Callable 03/23/2051)<sup>(a)</sup> | 6000000 | 4052451  |
| Global Payments, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 04/01/2026 (Callable 02/01/2026) | 6990000 | 6991425  |
| &nbsp;&nbsp;&nbsp; 2.15%, 01/15/2027 (Callable 12/15/2026) | 6840000 | 6696717  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/2028 (Callable 10/15/2028) | 31150000 | 31220624  |
| &nbsp;&nbsp;&nbsp; 3.20%, 08/15/2029 (Callable 05/15/2029) | 7500000 | 7156980  |
| &nbsp;&nbsp;&nbsp; 2.90%, 05/15/2030 (Callable 02/15/2030) | 14467000 | 13424806  |
| &nbsp;&nbsp;&nbsp; 4.88%, 11/15/2030 (Callable 10/15/2030) | 8700000 | 8719188  |
|  Gruma SAB de CV, 5.39%, 12/09/2034 (Callable 10/09/2034)<sup>(a)</sup> | 10000000 | 10279900  |

---

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

69<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD AGGREGATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Industrials - (Continued)** | **Industrials - (Continued)** | **Industrials - (Continued)** |
| Grupo Bimbo SAB de CV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 06/27/2044<sup>(a)</sup> | $8250000 | $7499254  |
| &nbsp;&nbsp;&nbsp; 4.70%, 11/10/2047 (Callable 05/10/2047)<sup>(a)</sup> | 25400000 | 21957246  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/06/2049<sup>(a)</sup> | 7300000 | 5604641  |
| &nbsp;&nbsp;&nbsp; Harbour Energy PLC, <br>6.33%, 04/01/2035 (Callable 01/01/2035)<sup>(a)</sup> | 5000000 | 5071584  |
| HCA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2027 (Callable 08/15/2026) | 15000000 | 15033419  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/01/2030 (Callable 03/01/2030) | 14405000 | 13866704  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/01/2032 (Callable 01/01/2032) | 12000000 | 12523328  |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/15/2032 (Callable 12/15/2031) | 16000000 | 15137018  |
| &nbsp;&nbsp;&nbsp; 5.45%, 09/15/2034 (Callable 06/15/2034) | 6000000 | 6184901  |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/01/2035 (Callable 12/01/2034) | 10225000 | 10752665  |
| &nbsp;&nbsp;&nbsp; 4.63%, 03/15/2052 (Callable 09/15/2051) | 20000000 | 16380785  |
| &nbsp;&nbsp;&nbsp; 5.90%, 06/01/2053 (Callable 12/01/2052) | 8275000 | 8125806  |
| &nbsp;&nbsp;&nbsp; 6.00%, 04/01/2054 (Callable 10/01/2053) | 13925000 | 13891178  |
| &nbsp;&nbsp;&nbsp; 6.20%, 03/01/2055 (Callable 09/01/2054) | 5700000 | 5827291  |
| &nbsp;&nbsp;&nbsp; Helmerich & Payne, Inc., <br>4.85%, 12/01/2029 (Callable 11/01/2029) | 10000000 | 10071713  |
| Hewlett Packard Enterprise Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.15%, 09/15/2028 (Callable 08/15/2028) | 12000000 | 12014724  |
| &nbsp;&nbsp;&nbsp; 4.85%, 10/15/2031 (Callable 08/15/2031) | 6500000 | 6574197  |
| &nbsp;&nbsp;&nbsp; 5.60%, 10/15/2054 (Callable 04/15/2054) | 18000000 | 16726755  |
| HF Sinclair Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2028 (Callable 01/12/2026) | 23037000 | 23041452  |
| &nbsp;&nbsp;&nbsp; 4.50%, 10/01/2030 (Callable 07/01/2030) | 8000000 | 7879721  |
| &nbsp;&nbsp;&nbsp; 5.75%, 01/15/2031 (Callable 12/15/2030) | 13875000 | 14345309  |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/01/2032 (Callable 07/01/2032) | 5000000 | 5073728  |
| HP, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 06/17/2027 (Callable 04/17/2027) | 35000000 | 34462439  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/15/2029 (Callable 02/15/2029) | 10000000 | 9900037  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Hubbell, Inc., 3.15%, 08/15/2027 (Callable 05/15/2027) | $11700000 | $11554694  |
|  Huntington Ingalls Industries, Inc., 2.04%, 08/16/2028 (Callable 06/16/2028) | 35838000 | 33953949  |
| &nbsp;&nbsp;&nbsp; Hyatt Hotels Corp., <br>5.75%, 03/30/2032 (Callable 01/30/2032) | 15000000 | 15742463  |
| Hyundai Capital America<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.65%, 09/17/2026 (Callable 08/17/2026)<sup>(a)</sup> | 22550000 | 22181814  |
| &nbsp;&nbsp;&nbsp; 5.28%, 06/24/2027<sup>(a)</sup> | 26000000 | 26430315  |
| &nbsp;&nbsp;&nbsp; 4.88%, 11/01/2027<sup>(a)</sup> | 30300000 | 30702427  |
| &nbsp;&nbsp;&nbsp; 5.68%, 06/26/2028 (Callable 05/26/2028)<sup>(a)</sup> | 36375000 | 37555365  |
| &nbsp;&nbsp;&nbsp; 6.10%, 09/21/2028 (Callable 08/21/2028)<sup>(a)</sup> | 40000000 | 41865801  |
| &nbsp;&nbsp;&nbsp; 4.55%, 09/26/2029 (Callable 08/26/2029)<sup>(a)</sup> | 30000000 | 30161819  |
|  Illumina, Inc., 4.75%, 12/12/2030 (Callable 11/12/2030) | 18000000 | 18187850  |
|  Ingredion, Inc., 2.90%, 06/01/2030 (Callable 03/01/2030) | 26775000 | 25227647  |
| Intel Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 02/10/2033 (Callable 11/10/2032) | 5000000 | 5104289  |
| &nbsp;&nbsp;&nbsp; 4.90%, 08/05/2052 (Callable 02/05/2052) | 10000000 | 8299116  |
| &nbsp;&nbsp;&nbsp; 5.70%, 02/10/2053 (Callable 08/10/2052) | 7175000 | 6715811  |
|  International Business Machines Corp., 4.15%, 05/15/2039 | 11325000 | 10135669  |
|  International Flavors & Fragrances, Inc., 1.83%, 10/15/2027 (Callable 08/15/2027)<sup>(a)</sup> | 5394000 | 5175797  |
| IQVIA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.70%, 05/15/2028 (Callable 04/15/2028) | 8475000 | 8744505  |
| &nbsp;&nbsp;&nbsp; 6.25%, 02/01/2029 (Callable 01/01/2029) | 12000000 | 12655785  |
| &nbsp;&nbsp;&nbsp; J M Smucker Co., <br>6.50%, 11/15/2053 (Callable 05/15/2053) | 3950000 | 4288142  |
| JAB Holdings BV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.20%, 11/23/2030 (Callable 08/23/2030)<sup>(a)</sup> | 7426000 | 6611879  |
| &nbsp;&nbsp;&nbsp; 3.75%, 05/28/2051 (Callable 11/28/2050)<sup>(a)</sup> | 11750000 | 8094811  |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/08/2052 (Callable 10/08/2051)<sup>(a)</sup> | 9000000 | 7020585  |
| Jacobs Engineering Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.35%, 08/18/2028 (Callable 07/18/2028) | 31750000 | 33412575  |
| &nbsp;&nbsp;&nbsp; 5.90%, 03/01/2033 (Callable 12/01/2032) | 16784000 | 17710246  |

---

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

70<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD AGGREGATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Industrials - (Continued)** | **Industrials - (Continued)** | **Industrials - (Continued)** |
|  JBS USA Holding Lux Sarl / JBS USA Foods Group Holdings, Inc. / JBS USA Food Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/01/2056 (Callable 09/01/2055)<sup>(a)</sup> | $23000000 | $22920047  |
| &nbsp;&nbsp;&nbsp; 6.38%, 04/15/2066 (Callable 10/15/2065)<sup>(a)</sup> | 10000000 | 9956765  |
|  JBS USA Holding Lux Sarl/ JBS USA Food Co./ JBS Lux Co. Sarl<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/02/2029 (Callable 12/02/2028) | 10000000 | 9631296  |
| &nbsp;&nbsp;&nbsp; 3.00%, 05/15/2032 (Callable 02/15/2032) | 18525000 | 16662783  |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/01/2033 (Callable 01/01/2033) | 36150000 | 37776208  |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/15/2034 (Callable 12/15/2033) | 12750000 | 14086203  |
|  JBS USA LUX Sarl / JBS USA Food Co. / JBS USA Foods Group, 5.95%, 04/20/2035 (Callable 01/20/2035)<sup>(a)</sup> | 12000000 | 12635271  |
| Johnson Controls International PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/2036 | 892000 | 962722  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2047 (Callable 08/15/2046) | 4400000 | 3795084  |
| &nbsp;&nbsp;&nbsp; Jones Lang LaSalle, Inc., <br>6.88%, 12/01/2028 (Callable 11/01/2028) | 8675000 | 9288212  |
|  Kellanova, 2.10%, 06/01/2030 (Callable 03/01/2030) | 20000000 | 18316340  |
| Keurig Dr Pepper, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.05%, 03/15/2029 (Callable 02/15/2029) | 23773000 | 24274499  |
| &nbsp;&nbsp;&nbsp; 3.95%, 04/15/2029 (Callable 02/15/2029) | 17650000 | 17459665  |
| Keysight Technologies, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.60%, 04/06/2027 (Callable 01/06/2027) | 36562000 | 36751046  |
| &nbsp;&nbsp;&nbsp; 4.95%, 10/15/2034 (Callable 07/15/2034) | 10000000 | 10091231  |
|  Kimberly-Clark de Mexico SAB de CV, 2.43%, 07/01/2031 (Callable 04/01/2031)<sup>(a)</sup> | 19321000 | 17550717  |
| Kinder Morgan Energy Partners LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.30%, 08/15/2033 | 8103000 | 9325975  |
| &nbsp;&nbsp;&nbsp; 5.80%, 03/15/2035 | 2150000 | 2262894  |
| &nbsp;&nbsp;&nbsp; 6.50%, 02/01/2037 | 6400000 | 6990071  |
| &nbsp;&nbsp;&nbsp; 6.95%, 01/15/2038 | 14008000 | 15773121  |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/01/2039 | 5359000 | 5793227  |
| &nbsp;&nbsp;&nbsp; 7.50%, 11/15/2040 | 8317000 | 9717771  |
| Kinder Morgan, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.05%, 10/15/2030 | 3670000 | 4242941  |
| &nbsp;&nbsp;&nbsp; 7.80%, 08/01/2031 | 16745000 | 19409194  |
| &nbsp;&nbsp;&nbsp; 7.75%, 01/15/2032 | 44260000 | 51408787  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Kinross Gold Corp., <br>6.88%, 09/01/2041 (Callable 03/01/2041) | $3000000 | $3272704  |
| Kraft Heinz Foods Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2035 (Callable 01/15/2035) | 10613000 | 10588483  |
| &nbsp;&nbsp;&nbsp; 7.13%, 08/01/2039<sup>(a)</sup> | 1425000 | 1615878  |
| Kyndryl Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.05%, 10/15/2026 (Callable 09/15/2026) | 17300000 | 17016756  |
| &nbsp;&nbsp;&nbsp; 2.70%, 10/15/2028 (Callable 08/15/2028) | 50000000 | 47926531  |
| &nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc., <br>5.40%, 07/31/2033 (Callable 04/30/2033) | 20500000 | 21384277  |
| Leidos, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 05/15/2030 (Callable 02/15/2030) | 47279000 | 47275273  |
| &nbsp;&nbsp;&nbsp; 2.30%, 02/15/2031 (Callable 11/15/2030) | 8175000 | 7361974  |
| &nbsp;&nbsp;&nbsp; 5.40%, 03/15/2032 (Callable 01/15/2032) | 13000000 | 13537534  |
| &nbsp;&nbsp;&nbsp; 7.13%, 07/01/2032 | 5000000 | 5576259  |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/15/2033 (Callable 12/15/2032) | 23000000 | 24404850  |
|  Lennar Corp., 5.20%, 07/30/2030 (Callable 06/30/2030) | 11000000 | 11316548  |
| LG Energy Solution Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/02/2034<sup>(a)</sup> | 18000000 | 18277509  |
| &nbsp;&nbsp;&nbsp; 5.88%, 04/02/2035<sup>(a)</sup> | 7500000 | 7737927  |
|  LKQ Corp., 5.75%, 06/15/2028 (Callable 05/15/2028) | 12000000 | 12398247  |
|  Lowe's Cos., Inc., 5.85%, 04/01/2063 (Callable 10/01/2062) | 3450000 | 3384579  |
| LYB International Finance III LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 01/15/2031 (Callable 12/15/2030) | 5925000 | 5952046  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/01/2034 (Callable 12/01/2033) | 15000000 | 14854730  |
| Marathon Petroleum Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.15%, 03/01/2030 (Callable 02/01/2030) | 14200000 | 14628188  |
| &nbsp;&nbsp;&nbsp; 4.75%, 09/15/2044 (Callable 03/15/2044) | 1950000 | 1672800  |
| Marriott International, Inc./MD<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/2027 (Callable 09/15/2027) | 12950000 | 13170863  |
| &nbsp;&nbsp;&nbsp; 4.80%, 03/15/2030 (Callable 02/15/2030) | 15000000 | 15331168  |
| &nbsp;&nbsp;&nbsp; 5.35%, 03/15/2035 (Callable 12/15/2034) | 15000000 | 15443653  |
|  Marshfield Clinic Health System, Inc., 2.70%, 02/15/2030 (Callable 08/15/2029) | 23125000 | 21754603  |

---

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

71<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD AGGREGATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Industrials - (Continued)** | **Industrials - (Continued)** | **Industrials - (Continued)** |
| Martin Marietta Materials, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 03/15/2030 (Callable 12/15/2029) | $6200000 | $5787375  |
| &nbsp;&nbsp;&nbsp; 6.25%, 05/01/2037 | 893000 | 951921  |
| MasTec, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/15/2028 (Callable 02/01/2026)<sup>(a)</sup> | 5000000 | 4970850  |
| &nbsp;&nbsp;&nbsp; 5.90%, 06/15/2029 (Callable 05/15/2029) | 10000000 | 10425241  |
|  Mercedes-Benz Finance North America LLC, 5.25%, 11/29/2027<sup>(a)</sup> | 8225000 | 8426280  |
| &nbsp;&nbsp;&nbsp; Meritage Homes Corp., <br>5.65%, 03/15/2035 (Callable 12/15/2034) | 7550000 | 7728617  |
|  Midwest Connector Capital Co. LLC, 4.63%, 04/01/2029 (Callable 01/01/2029)<sup>(a)</sup> | 36022000 | 36090237  |
| Mohawk Industries, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.85%, 09/18/2028 (Callable 08/18/2028) | 13300000 | 13837450  |
| &nbsp;&nbsp;&nbsp; 3.63%, 05/15/2030 (Callable 02/15/2030) | 10000000 | 9698031  |
| Mosaic Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.45%, 11/15/2033 (Callable 05/15/2033) | 2000000 | 2057861  |
| &nbsp;&nbsp;&nbsp; 4.88%, 11/15/2041 (Callable 05/15/2041) | 5000000 | 4527248  |
| MPLX LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 03/01/2027 (Callable 12/01/2026) | 11975000 | 11980548  |
| &nbsp;&nbsp;&nbsp; 4.80%, 02/15/2031 (Callable 01/15/2031) | 22125000 | 22383126  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2033 (Callable 11/15/2032) | 9675000 | 9724349  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2033 (Callable 12/01/2032) | 10000000 | 10062115  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/01/2034 (Callable 03/01/2034) | 25000000 | 25550609  |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/15/2038 (Callable 10/15/2037) | 8725000 | 7976280  |
| &nbsp;&nbsp;&nbsp; 5.95%, 04/01/2055 (Callable 10/01/2054) | 11450000 | 11078734  |
| MSCI, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/15/2029 (Callable 02/01/2026)<sup>(a)</sup> | 8500000 | 8317464  |
| &nbsp;&nbsp;&nbsp; 3.63%, 09/01/2030 (Callable 02/01/2026)<sup>(a)</sup> | 24186000 | 23115569  |
| &nbsp;&nbsp;&nbsp; 3.88%, 02/15/2031 (Callable 02/01/2026)<sup>(a)</sup> | 16031000 | 15410266  |
| Mylan, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.55%, 04/15/2028 (Callable 01/15/2028) | 17505000 | 17528371  |
| &nbsp;&nbsp;&nbsp; 5.20%, 04/15/2048 (Callable 10/15/2047) | 9000000 | 7332695  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; NGPL PipeCo LLC, <br>4.88%, 08/15/2027 (Callable 02/15/2027)<sup>(a)</sup> | $32000000 | $32129417  |
|  Nissan Motor Acceptance Co. LLC, 5.30%, 09/13/2027<sup>(a)</sup> | 26800000 | 26882663  |
|  Nordson Corp., 4.50%, 12/15/2029 (Callable 11/15/2029) | 18000000 | 18134070  |
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp., <br>3.05%, 05/15/2050 (Callable 11/15/2049) | 17000000 | 11203787  |
|  Nova Southeastern University, Inc., 4.81%, 04/01/2053 | 7200000 | 6227547  |
|  Nutrien Ltd., 4.20%, 04/01/2029 (Callable 01/01/2029) | 7000000 | 6991121  |
| nVent Finance Sarl<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.55%, 04/15/2028 (Callable 01/15/2028) | 32634000 | 32824113  |
| &nbsp;&nbsp;&nbsp; 5.65%, 05/15/2033 (Callable 02/15/2033) | 5000000 | 5223231  |
|  NXP BV / NXP Funding LLC / NXP USA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.30%, 06/18/2029 (Callable 03/18/2029) | 10000000 | 10021804  |
| &nbsp;&nbsp;&nbsp; 2.65%, 02/15/2032 (Callable 11/15/2031) | 10000000 | 8994226  |
| Occidental Petroleum Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.88%, 07/15/2030 (Callable 01/15/2030) | 29260000 | 33831085  |
| &nbsp;&nbsp;&nbsp; 7.50%, 05/01/2031 | 28703000 | 32296443  |
| &nbsp;&nbsp;&nbsp; 7.88%, 09/15/2031 | 6320000 | 7226868  |
| &nbsp;&nbsp;&nbsp; 5.55%, 10/01/2034 (Callable 07/01/2034) | 20400000 | 20813877  |
| &nbsp;&nbsp;&nbsp; 6.45%, 09/15/2036 | 58151000 | 61986814  |
| &nbsp;&nbsp;&nbsp; Ochsner LSU Health System of North Louisiana, <br>2.51%, 05/15/2031 (Callable 11/15/2030) | 26620000 | 22819776  |
|  ONEOK, Inc., 3.95%, 03/01/2050 (Callable 09/01/2049) | 5100000 | 3712665  |
| Oracle Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.80%, 04/01/2027 (Callable 02/01/2027) | 26225000 | 25707451  |
| &nbsp;&nbsp;&nbsp; 6.25%, 11/09/2032 (Callable 08/09/2032) | 18000000 | 18813637  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/15/2047 (Callable 05/15/2047) | 10250000 | 7059781  |
| &nbsp;&nbsp;&nbsp; 3.95%, 03/25/2051 (Callable 09/25/2050) | 3300000 | 2180880  |
| &nbsp;&nbsp;&nbsp; 6.90%, 11/09/2052 (Callable 05/09/2052) | 60574000 | 60046947  |
| &nbsp;&nbsp;&nbsp; 5.95%, 09/26/2055 (Callable 03/26/2055) | 4238000 | 3770811  |
| Orange SA, 9.00%, 03/01/2031<sup>(e)</sup> | 29519000 | 35559151  |
|  PeaceHealth Obligated Group, 3.22%, 11/15/2050 (Callable 05/15/2050) | 7200000 | 4663288  |

---

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

72<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD AGGREGATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Industrials - (Continued)** | **Industrials - (Continued)** | **Industrials - (Continued)** |
|  Penske Truck Leasing Co. Lp / PTL Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 11/15/2027 (Callable 10/15/2027)<sup>(a)</sup> | $12000000 | $12357406  |
| &nbsp;&nbsp;&nbsp; 5.55%, 05/01/2028 (Callable 04/01/2028)<sup>(a)</sup> | 24065000 | 24761127  |
| &nbsp;&nbsp;&nbsp; 6.05%, 08/01/2028 (Callable 07/01/2028)<sup>(a)</sup> | 25000000 | 26053722  |
| &nbsp;&nbsp;&nbsp; 5.35%, 03/30/2029 (Callable 02/28/2029)<sup>(a)</sup> | 7500000 | 7720971  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/2029 (Callable 06/01/2029)<sup>(a)</sup> | 20000000 | 20562339  |
| &nbsp;&nbsp;&nbsp; 3.35%, 11/01/2029 (Callable 08/01/2029)<sup>(a)</sup> | 2199000 | 2115948  |
|  Perrigo Finance Unlimited Co., 4.90%, 06/15/2030 (Callable 03/15/2030)<sup>(e)</sup> | 10000000 | 9673257  |
|  Pfizer Investment Enterprises Pte Ltd., 5.30%, 05/19/2053 (Callable 11/19/2052) | 18650000 | 17719133  |
| Phillips 66<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.15%, 12/15/2030 (Callable 09/15/2030) | 12000000 | 10771783  |
| &nbsp;&nbsp;&nbsp; 5.88%, 05/01/2042 | 6000000 | 6083318  |
| &nbsp;&nbsp;&nbsp; 4.88%, 11/15/2044 (Callable 05/15/2044) | 26130000 | 23019748  |
| Phillips 66 Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.55%, 10/01/2026 (Callable 07/01/2026) | 7000000 | 6981310  |
| &nbsp;&nbsp;&nbsp; 3.15%, 12/15/2029 (Callable 09/15/2029) | 12000000 | 11528190  |
| Pilgrim's Pride Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 07/01/2033 (Callable 04/01/2033) | 39117000 | 41809946  |
| &nbsp;&nbsp;&nbsp; 6.88%, 05/15/2034 (Callable 02/15/2034) | 18000000 | 19962710  |
|  Plains All American Pipeline LP / PAA Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.55%, 12/15/2029 (Callable 09/15/2029) | 10000000 | 9722132  |
| &nbsp;&nbsp;&nbsp; 4.70%, 01/15/2031 (Callable 12/15/2030) | 10000000 | 10065480  |
| &nbsp;&nbsp;&nbsp; Premier Health Partners, <br>2.91%, 11/15/2026 (Callable 05/15/2026) | 33267000 | 32863082  |
| Quanta Services, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.90%, 10/01/2030 (Callable 07/01/2030) | 8275000 | 7751545  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/09/2034 (Callable 05/09/2034) | 10000000 | 10274713  |
|  Reckitt Benckiser Treasury Services PLC, 3.00%, 06/26/2027 (Callable 03/26/2027)<sup>(a)</sup> | 67730000 | 66793202  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Regal Rexnord Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.05%, 04/15/2028 (Callable 03/15/2028) | $31017000 | $32095204  |
| &nbsp;&nbsp;&nbsp; 6.30%, 02/15/2030 (Callable 12/15/2029) | 5000000 | 5303249  |
| &nbsp;&nbsp;&nbsp; 6.40%, 04/15/2033 (Callable 01/15/2033) | 23129000 | 24911682  |
| &nbsp;&nbsp;&nbsp; Reliance Industries Ltd., <br>2.88%, 01/12/2032<sup>(a)</sup> | 26000000 | 23751622  |
| Reliance, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.15%, 08/15/2030 (Callable 05/15/2030) | 10000000 | 9059647  |
| &nbsp;&nbsp;&nbsp; 6.85%, 11/15/2036 | 6100000 | 6908821  |
|  Repsol E&P Capital Markets US LLC, 4.81%, 09/16/2028 (Callable 08/16/2028)<sup>(a)</sup> | 35940000 | 36289462  |
| Revvity, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.30%, 09/15/2029 (Callable 06/15/2029) | 24200000 | 23331541  |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/15/2051 (Callable 09/15/2050) | 12000000 | 8562310  |
| &nbsp;&nbsp;&nbsp; Rio Tinto Alcan, Inc., <br>5.75%, 06/01/2035 | 446000 | 476019  |
| Rogers Communications, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.80%, 03/15/2032 (Callable 12/15/2031) | 13000000 | 12267958  |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/15/2042 (Callable 09/15/2041) | 9150000 | 7845302  |
| &nbsp;&nbsp;&nbsp; 5.45%, 10/01/2043 (Callable 04/01/2043) | 16560000 | 15654883  |
| &nbsp;&nbsp;&nbsp; Royalty Pharma PLC, <br>5.20%, 09/25/2035 (Callable 06/25/2035) | 41050000 | 41341861  |
| &nbsp;&nbsp;&nbsp; RPM International, Inc., <br>2.95%, 01/15/2032 (Callable 10/15/2031) | 8050000 | 7307261  |
| RTX Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/15/2027 (Callable 12/15/2026) | 9578000 | 9532583  |
| &nbsp;&nbsp;&nbsp; 2.25%, 07/01/2030 (Callable 04/01/2030) | 24375000 | 22462726  |
| &nbsp;&nbsp;&nbsp; 4.35%, 04/15/2047 (Callable 10/15/2046) | 9175000 | 7799784  |
| &nbsp;&nbsp;&nbsp; 3.13%, 07/01/2050 (Callable 01/01/2050) | 6000000 | 4052134  |
| Ryder System, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.65%, 03/01/2028 (Callable 02/01/2028) | 14110000 | 14560895  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/2028 (Callable 05/01/2028) | 12000000 | 12321868  |
| &nbsp;&nbsp;&nbsp; 4.90%, 12/01/2029 (Callable 11/01/2029) | 15000000 | 15324681  |
| Sabine Pass Liquefaction LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/15/2030 (Callable 11/15/2029) | 43842000 | 44061420  |
| &nbsp;&nbsp;&nbsp; 5.90%, 09/15/2037 (Callable 03/15/2037) | 9723900 | 10231869  |

---

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

73<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD AGGREGATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Industrials - (Continued)** | **Industrials - (Continued)** | **Industrials - (Continued)** |
|  Samarco Mineracao SA, 9.50% (or 9.00% PIK), 06/30/2031 (Callable 01/17/2026)<sup>(a)</sup> | $5650919 | $5724126  |
| Santos Finance Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.65%, 04/29/2031 (Callable 01/29/2031)<sup>(a)</sup> | 9000000 | 8432226  |
| &nbsp;&nbsp;&nbsp; 6.88%, 09/19/2033 (Callable 06/19/2033)<sup>(a)</sup> | 19600000 | 21436324  |
| &nbsp;&nbsp;&nbsp; Sealed Air Corp., <br>1.57%, 10/15/2026 (Callable 09/15/2026)<sup>(a)</sup> | 8550000 | 8367807  |
| &nbsp;&nbsp;&nbsp; Shell Finance US, Inc., <br>4.13%, 05/11/2035 | 10000000 | 9619888  |
| &nbsp;&nbsp;&nbsp; SK hynix, Inc., <br>1.50%, 01/19/2026<sup>(a)</sup> | 21852000 | 21822892  |
| &nbsp;&nbsp;&nbsp; SK Telecom Co. Ltd., <br>6.63%, 07/20/2027<sup>(a)</sup> | 1339000 | 1388888  |
| Smith & Nephew PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.03%, 10/14/2030 (Callable 07/14/2030) | 27625000 | 24865678  |
| &nbsp;&nbsp;&nbsp; 5.40%, 03/20/2034 (Callable 12/20/2033) | 15000000 | 15522550  |
| Smithfield Foods, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 10/15/2030 (Callable 07/15/2030)<sup>(a)</sup> | 10000000 | 9209265  |
| &nbsp;&nbsp;&nbsp; 2.63%, 09/13/2031 (Callable 06/13/2031)<sup>(a)</sup> | 20000000 | 17711358  |
|  Smurfit Westrock Financing DAC, 5.42%, 01/15/2035 (Callable 10/15/2034) | 10000000 | 10314987  |
| &nbsp;&nbsp;&nbsp; Solventum Corp., <br>5.60%, 03/23/2034 (Callable 12/23/2033) | 43176000 | 45017566  |
| &nbsp;&nbsp;&nbsp; Southern Copper Corp., <br>7.50%, 07/27/2035 | 5000000 | 5891390  |
| &nbsp;&nbsp;&nbsp; Spectra Energy Partners LP, <br>4.50%, 03/15/2045 (Callable 09/15/2044) | 12000000 | 10149495  |
| &nbsp;&nbsp;&nbsp; Sprint Capital Corp., <br>6.88%, 11/15/2028 | 21552000 | 23134740  |
|  Stanley Black & Decker, Inc., 6.00%, 03/06/2028 (Callable 02/06/2028) | 2852000 | 2956381  |
| &nbsp;&nbsp;&nbsp; Steel Dynamics, Inc., <br>3.25%, 01/15/2031 (Callable 10/15/2030) | 7000000 | 6661696  |
| Stellantis Finance US, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 01/12/2028 (Callable 12/12/2027)<sup>(a)</sup> | 13750000 | 14040516  |
| &nbsp;&nbsp;&nbsp; 5.35%, 03/17/2028 (Callable 02/17/2028)<sup>(a)</sup> | 5193000 | 5293116  |
|  STERIS Irish FinCo UnLtd Co., 3.75%, 03/15/2051 (Callable 09/15/2050) | 7500000 | 5574603  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Suntory Global Spirits, Inc., <br>6.63%, 07/15/2028 | $21270000 | $22369719  |
| Syensqo Finance America LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.65%, 06/04/2029 (Callable 05/04/2029)<sup>(a)</sup> | 10000000 | 10356943  |
| &nbsp;&nbsp;&nbsp; 5.85%, 06/04/2034 (Callable 03/04/2034)<sup>(a)</sup> | 13000000 | 13585632  |
|  Synopsys, Inc., 5.70%, 04/01/2055 (Callable 10/01/2054) | 15000000 | 14926520  |
| Sysco Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.95%, 04/01/2030 (Callable 01/01/2030) | 4000000 | 4242633  |
| &nbsp;&nbsp;&nbsp; 6.60%, 04/01/2050 (Callable 10/01/2049) | 12455000 | 13722312  |
| Targa Resources Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 07/01/2027 (Callable 06/01/2027) | 15925000 | 16185019  |
| &nbsp;&nbsp;&nbsp; 6.13%, 03/15/2033 (Callable 12/15/2032) | 22200000 | 23789349  |
| &nbsp;&nbsp;&nbsp; 5.55%, 08/15/2035 (Callable 05/15/2035) | 26250000 | 26917104  |
| &nbsp;&nbsp;&nbsp; 5.65%, 02/15/2036 (Callable 11/15/2035) | 23275000 | 23958055  |
| &nbsp;&nbsp;&nbsp; TC PipeLines LP, <br>3.90%, 05/25/2027 (Callable 02/25/2027) | 30327000 | 30202239  |
| TD SYNNEX Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.75%, 08/09/2026 (Callable 07/09/2026) | 34843000 | 34324281  |
| &nbsp;&nbsp;&nbsp; 2.38%, 08/09/2028 (Callable 06/09/2028) | 15992000 | 15232204  |
| &nbsp;&nbsp;&nbsp; 4.30%, 01/17/2029 (Callable 12/17/2028) | 37510000 | 37462059  |
| &nbsp;&nbsp;&nbsp; Telecom Italia Capital SA, <br>7.20%, 07/18/2036 | 1373000 | 1488958  |
| &nbsp;&nbsp;&nbsp; Teledyne FLIR LLC, <br>2.50%, 08/01/2030 (Callable 05/01/2030) | 7000000 | 6480036  |
| Telefonica Emisiones SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.67%, 03/06/2038 | 10760000 | 9829935  |
| &nbsp;&nbsp;&nbsp; 5.21%, 03/08/2047 | 33100000 | 29247769  |
| &nbsp;&nbsp;&nbsp; 4.90%, 03/06/2048 | 29050000 | 24468556  |
| &nbsp;&nbsp;&nbsp; 5.52%, 03/01/2049 (Callable 09/01/2048) | 3775000 | 3441954  |
|  Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/01/2026 | 5888000 | 5819941  |
|  Textron, Inc., 3.00%, 06/01/2030 (Callable 03/01/2030) | 19675000 | 18625897  |
| Time Warner Cable LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.55%, 05/01/2037 | 893000 | 912241  |
| &nbsp;&nbsp;&nbsp; 7.30%, 07/01/2038 | 6320000 | 6781982  |
| &nbsp;&nbsp;&nbsp; 6.75%, 06/15/2039 | 2767000 | 2804760  |

---

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

74<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD AGGREGATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Industrials - (Continued)** | **Industrials - (Continued)** | **Industrials - (Continued)** |
| Timken Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 12/15/2028 (Callable 09/15/2028) | $6550000 | $6602455  |
| &nbsp;&nbsp;&nbsp; 4.13%, 04/01/2032 (Callable 01/01/2032) | 9185000 | 8835311  |
| T-Mobile USA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 04/15/2029 (Callable 01/12/2026) | 10350000 | 10094730  |
| &nbsp;&nbsp;&nbsp; 3.88%, 04/15/2030 (Callable 01/15/2030) | 119330000 | 117471452  |
| &nbsp;&nbsp;&nbsp; 2.55%, 02/15/2031 (Callable 11/15/2030) | 20000000 | 18286592  |
| &nbsp;&nbsp;&nbsp; 3.50%, 04/15/2031 (Callable 04/15/2026) | 7000000 | 6700146  |
| &nbsp;&nbsp;&nbsp; 4.38%, 04/15/2040 (Callable 10/15/2039) | 24900000 | 22393801  |
| &nbsp;&nbsp;&nbsp; 5.65%, 01/15/2053 (Callable 07/15/2052) | 13250000 | 12857626  |
| &nbsp;&nbsp;&nbsp; 3.60%, 11/15/2060 (Callable 05/15/2060) | 19700000 | 13141762  |
|  Trane Technologies Financing Ltd., 5.25%, 03/03/2033 (Callable 12/03/2032) | 12300000 | 12834589  |
| TransCanada PipeLines Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.20%, 10/15/2037 | 8400000 | 8968431  |
| &nbsp;&nbsp;&nbsp; 7.63%, 01/15/2039 | 21327000 | 25355649  |
|  Transcontinental Gas Pipe Line Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.25%, 12/01/2026 | 3500000 | 3551344  |
| &nbsp;&nbsp;&nbsp; 4.60%, 03/15/2048 (Callable 09/15/2047) | 5150000 | 4479253  |
|  Triton Container International Ltd., 2.05%, 04/15/2026 (Callable 03/15/2026)<sup>(a)</sup> | 21000000 | 20835494  |
|  Triton Container International Ltd. / TAL International Container Corp., 3.25%, 03/15/2032 (Callable 12/15/2031) | 10000000 | 9088731  |
|  TTX Co., 4.60%, 02/01/2049 (Callable 08/01/2048)<sup>(a)</sup> | 8325000 | 7257545  |
| &nbsp;&nbsp;&nbsp; Tyson Foods, Inc., <br>5.10%, 09/28/2048 (Callable 03/28/2048) | 10000000 | 9246985  |
|  United Rentals North America, Inc., 6.00%, 12/15/2029 (Callable 02/01/2026)<sup>(a)</sup> | 45000000 | 46231336  |
| Universal Health Services, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.65%, 09/01/2026 (Callable 08/01/2026) | 24000000 | 23595584  |
| &nbsp;&nbsp;&nbsp; 2.65%, 10/15/2030 (Callable 07/15/2030) | 10000000 | 9126627  |
| &nbsp;&nbsp;&nbsp; 5.05%, 10/15/2034 (Callable 07/15/2034) | 10000000 | 9828950  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  UPMC, 5.04%, 05/15/2033 (Callable 02/15/2033) | $9275000 | $9466353  |
| &nbsp;&nbsp;&nbsp; Utah Acquisition Sub, Inc., <br>3.95%, 06/15/2026 (Callable 03/15/2026) | 22757000 | 22705903  |
| Vale Overseas Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 07/08/2030 (Callable 04/08/2030) | 28721000 | 27651592  |
| &nbsp;&nbsp;&nbsp; 6.13%, 06/12/2033 (Callable 03/12/2033) | 42450000 | 45440602  |
| &nbsp;&nbsp;&nbsp; 6.88%, 11/21/2036 | 45621000 | 51351659  |
| &nbsp;&nbsp;&nbsp; 6.40%, 06/28/2054 (Callable 12/28/2053) | 28550000 | 29135275  |
| Valero Energy Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.15%, 09/15/2027 (Callable 07/15/2027) | 14150000 | 13705965  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/01/2029 (Callable 01/01/2029) | 15475000 | 15354996  |
| &nbsp;&nbsp;&nbsp; 6.63%, 06/15/2037 | 2100000 | 2316932  |
| Var Energi ASA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/18/2027 (Callable 04/18/2027)<sup>(a)</sup> | 23850000 | 24044029  |
| &nbsp;&nbsp;&nbsp; 7.50%, 01/15/2028 (Callable 12/15/2027)<sup>(a)</sup> | 65430000 | 69301002  |
| &nbsp;&nbsp;&nbsp; 8.00%, 11/15/2032 (Callable 08/15/2032)<sup>(a)</sup> | 15000000 | 17187913  |
| &nbsp;&nbsp;&nbsp; 6.50%, 05/22/2035 (Callable 02/22/2035)<sup>(a)</sup> | 20000000 | 21139317  |
| Venture Global Calcasieu Pass LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2029 (Callable 02/15/2029)<sup>(a)</sup> | 24825000 | 23268651  |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/15/2030 (Callable 10/15/2029)<sup>(a)</sup> | 40200000 | 40705738  |
| Verizon Communications, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.55%, 03/21/2031 (Callable 12/21/2030) | 4430000 | 4051482  |
| &nbsp;&nbsp;&nbsp; 2.36%, 03/15/2032 (Callable 12/15/2031) | 5650000 | 4986557  |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/10/2033 | 16325000 | 16092978  |
| &nbsp;&nbsp;&nbsp; 4.27%, 01/15/2036 | 17148000 | 16098004  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/16/2037 | 28793000 | 29047437  |
| &nbsp;&nbsp;&nbsp; 5.40%, 07/02/2037 (Callable 04/02/2037)<sup>(a)</sup> | 3100000 | 3139311  |
| &nbsp;&nbsp;&nbsp; 4.81%, 03/15/2039 | 37323000 | 35518821  |
| &nbsp;&nbsp;&nbsp; 2.65%, 11/20/2040 (Callable 05/20/2040) | 10000000 | 7157097  |
| &nbsp;&nbsp;&nbsp; 3.40%, 03/22/2041 (Callable 09/22/2040) | 4250000 | 3339297  |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/30/2045 (Callable 05/30/2045) | 5000000 | 4980662  |
| &nbsp;&nbsp;&nbsp; 4.86%, 08/21/2046 | 2500000 | 2227476  |
| &nbsp;&nbsp;&nbsp; 5.88%, 11/30/2055 (Callable 05/30/2055) | 11725000 | 11617925  |
| &nbsp;&nbsp;&nbsp; 3.70%, 03/22/2061 (Callable 09/22/2060) | 13725000 | 9302626  |

---

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

75<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD AGGREGATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Industrials - (Continued)** | **Industrials - (Continued)** | **Industrials - (Continued)** |
| Viatris, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.85%, 06/22/2040 (Callable 12/22/2039) | $13083000 | $10058894  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/22/2050 (Callable 12/22/2049) | 40600000 | 27155337  |
| &nbsp;&nbsp;&nbsp; VICI Properties LP, <br>4.75%, 02/15/2028 (Callable 01/15/2028) | 35000000 | 35352167  |
| &nbsp;&nbsp;&nbsp; VICI Properties LP / VICI Note Co., Inc., <br>4.50%, 01/15/2028 (Callable 10/15/2027)<sup>(a)</sup> | 16749000 | 16786647  |
| Videotron Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 06/15/2029 (Callable 02/01/2026)<sup>(a)</sup> | 11115000 | 10816561  |
| &nbsp;&nbsp;&nbsp; 5.70%, 01/15/2035 (Callable 10/15/2034)<sup>(a)</sup> | 20000000 | 20481337  |
| &nbsp;&nbsp;&nbsp; Viper Energy Partners LLC, <br>4.90%, 08/01/2030 (Callable 07/01/2030) | 5000000 | 5058600  |
| Vodafone Group PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 02/15/2030 | 301000 | 342890  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/30/2038 | 6800000 | 6698351  |
| &nbsp;&nbsp;&nbsp; 5.63%, 02/10/2053 (Callable 08/10/2052) | 10000000 | 9606881  |
| &nbsp;&nbsp;&nbsp; 5.75%, 02/10/2063 (Callable 08/10/2062) | 5000000 | 4771443  |
|  Volkswagen Group of America Finance LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.05%, 03/27/2028 (Callable 02/27/2028)<sup>(a)</sup> | 20900000 | 21223498  |
| &nbsp;&nbsp;&nbsp; 4.55%, 09/11/2028 (Callable 08/11/2028)<sup>(a)</sup> | 14900000 | 14976190  |
| &nbsp;&nbsp;&nbsp; 6.20%, 11/16/2028 (Callable 10/16/2028)<sup>(a)</sup> | 30000000 | 31438963  |
| Vontier Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.40%, 04/01/2028 (Callable 02/01/2028) | 12921000 | 12382122  |
| &nbsp;&nbsp;&nbsp; 2.95%, 04/01/2031 (Callable 01/01/2031) | 5275000 | 4847109  |
| &nbsp;&nbsp;&nbsp; Vulcan Materials Co., <br>4.70%, 03/01/2048 (Callable 09/01/2047) | 3446000 | 3029656  |
| Warnermedia Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.05%, 03/15/2029 (Callable 01/15/2029) | 5000000 | 4837500  |
| &nbsp;&nbsp;&nbsp; 4.28%, 03/15/2032 (Callable 12/15/2031) | 34215000 | 30034611  |
| &nbsp;&nbsp;&nbsp; Weir Group, Inc., <br>5.35%, 05/06/2030 (Callable 04/06/2030)<sup>(a)</sup> | 32000000 | 32911462  |
| &nbsp;&nbsp;&nbsp; Western Digital Corp., <br>4.75%, 02/15/2026 (Callable 01/17/2026) | 850000 | 850650  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Western Midstream Operating LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.05%, 02/01/2030 (Callable 11/01/2029)<sup>(e)</sup> | $10500000 | $10295501  |
| &nbsp;&nbsp;&nbsp; 7.25%, 04/01/2030 (Callable 04/01/2027)<sup>(a)</sup> | 12276000 | 13090679  |
| &nbsp;&nbsp;&nbsp; 6.15%, 04/01/2033 (Callable 01/01/2033) | 4550000 | 4824165  |
| &nbsp;&nbsp;&nbsp; 5.45%, 11/15/2034 (Callable 08/15/2034) | 20000000 | 20175724  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/15/2035 (Callable 09/15/2035) | 15325000 | 15285718  |
|  Westinghouse Air Brake Technologies Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.45%, 11/15/2026 (Callable 08/15/2026) | 28315000 | 28172635  |
| &nbsp;&nbsp;&nbsp; 4.70%, 09/15/2028 (Callable 06/15/2028)<sup>(e)</sup> | 4739000 | 4798044  |
| &nbsp;&nbsp;&nbsp; WestRock MWV LLC, <br>8.20%, 01/15/2030 | 7963000 | 9068591  |
| Whistler Pipeline LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 09/30/2029 (Callable 08/30/2029)<sup>(a)</sup> | 10000000 | 10312598  |
| &nbsp;&nbsp;&nbsp; 5.70%, 09/30/2031 (Callable 07/30/2031)<sup>(a)</sup> | 13775000 | 14308462  |
| &nbsp;&nbsp;&nbsp; 5.95%, 09/30/2034 (Callable 06/30/2034)<sup>(a)</sup> | 7395000 | 7662045  |
| Williams Cos., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.75%, 06/15/2031 | 3400000 | 3886432  |
| &nbsp;&nbsp;&nbsp; 8.75%, 03/15/2032<sup>(e)</sup> | 5750000 | 6984359  |
| &nbsp;&nbsp;&nbsp; 6.30%, 04/15/2040 | 8417000 | 9084257  |
| &nbsp;&nbsp;&nbsp; 4.85%, 03/01/2048 (Callable 09/01/2047) | 7000000 | 6155892  |
| Woodside Finance Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/04/2029 (Callable 12/04/2028)<sup>(a)</sup> | 36118000 | 36130632  |
| &nbsp;&nbsp;&nbsp; 5.40%, 05/19/2030 (Callable 04/19/2030) | 6362000 | 6539222  |
| &nbsp;&nbsp;&nbsp; 5.10%, 09/12/2034 (Callable 06/12/2034) | 26000000 | 25756516  |
| &nbsp;&nbsp;&nbsp; Yara International ASA, <br>3.80%, 06/06/2026 (Callable 03/06/2026)<sup>(a)</sup> | 23500000 | 23431284  |
| Zimmer Biomet Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 09/15/2034 (Callable 06/15/2034) | 30000000 | 30651732  |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/30/2039 | 11967000 | 12415627  |
|  |  | 10179393187  |
| **Utilities - 1.5%**<br>|  |  |
| Ameren Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 01/15/2031 (Callable 10/15/2030) | 20000000 | 19240060  |
| &nbsp;&nbsp;&nbsp; 5.38%, 03/15/2035 (Callable 12/15/2034) | 41650000 | 42878468  |
|  American Electric Power Co., Inc., 3.25%, 03/01/2050 (Callable 09/01/2049) | 10175000 | 6773744  |

---

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

76<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD AGGREGATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Utilities - (Continued)** | **Utilities - (Continued)** | **Utilities - (Continued)** |
|  Basin Electric Power Cooperative, 5.85%, 10/15/2055 (Callable 04/15/2055)<sup>(a)</sup> | $11225000 | $11044973  |
| Berkshire Hathaway Energy Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.70%, 07/15/2030 (Callable 04/15/2030) | 18425000 | 18129491  |
| &nbsp;&nbsp;&nbsp; 2.85%, 05/15/2051 (Callable 11/15/2050) | 13675000 | 8511230  |
| &nbsp;&nbsp;&nbsp; 4.60%, 05/01/2053 (Callable 11/01/2052) | 21825000 | 18458679  |
| &nbsp;&nbsp;&nbsp; Commonwealth Edison Co., <br>3.85%, 03/15/2052 (Callable 09/15/2051) | 6050000 | 4540574  |
|  Constellation Energy Generation LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.60%, 03/01/2028 (Callable 02/01/2028) | 12600000 | 13002602  |
| &nbsp;&nbsp;&nbsp; 5.80%, 03/01/2033 (Callable 12/01/2032) | 5000000 | 5344447  |
| &nbsp;&nbsp;&nbsp; Consumers Energy Co., <br>3.50%, 08/01/2051 (Callable 02/01/2051) | 9400000 | 6784832  |
| &nbsp;&nbsp;&nbsp; Dominion Energy, Inc., <br>3.38%, 04/01/2030 (Callable 01/01/2030) | 10000000 | 9655188  |
| &nbsp;&nbsp;&nbsp; DTE Electric Co., <br>5.40%, 04/01/2053 (Callable 10/01/2052) | 9375000 | 9126381  |
| DTE Energy Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 06/01/2028 (Callable 05/01/2028) | 19000000 | 19335046  |
| &nbsp;&nbsp;&nbsp; 5.10%, 03/01/2029 (Callable 02/01/2029) | 12500000 | 12819324  |
| Duke Energy Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 06/15/2051 (Callable 12/15/2050) | 4495000 | 3126465  |
| &nbsp;&nbsp;&nbsp; 6.10%, 09/15/2053 (Callable 03/15/2053) | 13600000 | 14132655  |
| &nbsp;&nbsp;&nbsp; 5.80%, 06/15/2054 (Callable 12/15/2053) | 7100000 | 7045330  |
| &nbsp;&nbsp;&nbsp; Duke Energy Indiana LLC, <br>5.40%, 04/01/2053 (Callable 10/01/2052) | 7000000 | 6696423  |
| &nbsp;&nbsp;&nbsp; Duke Energy Ohio, Inc., <br>5.25%, 04/01/2033 (Callable 01/01/2033) | 5000000 | 5186872  |
| &nbsp;&nbsp;&nbsp; Duke Energy Progress LLC, <br>4.00%, 04/01/2052 (Callable 10/01/2051) | 9600000 | 7469447  |
| Duquesne Light Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.62%, 08/01/2027 (Callable 05/01/2027)<sup>(a)</sup> | 5350000 | 5276333  |
| &nbsp;&nbsp;&nbsp; 2.53%, 10/01/2030 (Callable 07/01/2030)<sup>(a)</sup> | 2550000 | 2319524  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 2.78%, 01/07/2032 (Callable 10/07/2031)<sup>(a)</sup> | $2810000 | $2501698  |
| Enel Finance International NV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 04/06/2028<sup>(a)</sup> | 8000000 | 7895511  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/30/2035 (Callable 06/30/2035)<sup>(a)</sup> | 17350000 | 17267784  |
| &nbsp;&nbsp;&nbsp; 6.80%, 09/15/2037<sup>(a)</sup> | 8440000 | 9484995  |
| &nbsp;&nbsp;&nbsp; 4.75%, 05/25/2047<sup>(a)</sup> | 66700000 | 57723186  |
| &nbsp;&nbsp;&nbsp; 7.75%, 10/14/2052 (Callable 04/14/2052)<sup>(a)</sup> | 10000000 | 12189763  |
|  Engie SA, 5.88%, 04/10/2054 (Callable 10/10/2053)<sup>(a)</sup> | 6300000 | 6381119  |
| Essential Utilities, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.70%, 04/15/2030 (Callable 01/15/2030) | 14100000 | 13249336  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/15/2035 (Callable 05/15/2035) | 10000000 | 10214996  |
| Evergy Missouri West, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.65%, 06/01/2034 (Callable 03/01/2034)<sup>(a)</sup> | 13700000 | 14201522  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/15/2035 (Callable 09/15/2035)<sup>(a)</sup> | 15000000 | 15087401  |
| &nbsp;&nbsp;&nbsp; Eversource Energy, <br>1.65%, 08/15/2030 (Callable 05/15/2030) | 9925000 | 8767678  |
| Exelon Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.05%, 04/15/2030 (Callable 01/15/2030) | 8900000 | 8825061  |
| &nbsp;&nbsp;&nbsp; 4.95%, 06/15/2035 (Callable 12/15/2034) | 3500000 | 3494037  |
| &nbsp;&nbsp;&nbsp; 4.10%, 03/15/2052 (Callable 09/15/2051) | 5000000 | 3872566  |
| &nbsp;&nbsp;&nbsp; Fells Point Funding Trust, <br>3.05%, 01/31/2027 (Callable 12/31/2026)<sup>(a)</sup> | 28100000 | 27762847  |
| FirstEnergy Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.25%, 09/01/2030 (Callable 06/01/2030) | 4300000 | 3897941  |
| &nbsp;&nbsp;&nbsp; 3.40%, 03/01/2050 (Callable 09/01/2049) | 15000000 | 10384983  |
|  FirstEnergy Pennsylvania Electric Co., 5.20%, 04/01/2028 (Callable 03/01/2028)<sup>(a)</sup> | 8125000 | 8297633  |
|  FirstEnergy Transmission LLC, 2.87%, 09/15/2028 (Callable 07/15/2028)<sup>(a)</sup> | 10000000 | 9671094  |
|  Interstate Power and Light Co., 2.30%, 06/01/2030 (Callable 03/01/2030) | 9350000 | 8590846  |
| ITC Holdings Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.35%, 11/15/2027 (Callable 08/15/2027) | 25581000 | 25304522  |
| &nbsp;&nbsp;&nbsp; 2.95%, 05/14/2030 (Callable 02/14/2030)<sup>(a)</sup> | 10000000 | 9447502  |
| &nbsp;&nbsp;&nbsp; 5.65%, 05/09/2034 (Callable 02/09/2034)<sup>(a)</sup> | 7000000 | 7307600  |

---

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

77<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD AGGREGATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Utilities - (Continued)** | **Utilities - (Continued)** | **Utilities - (Continued)** |
| &nbsp;&nbsp;&nbsp; KeySpan Corp., <br>8.00%, 11/15/2030 | $6500000 | $7432623  |
| &nbsp;&nbsp;&nbsp; Liberty Utilities Co., <br>5.58%, 01/31/2029 (Callable 12/31/2028)<sup>(a)</sup> | 11350000 | 11731152  |
|  Liberty Utilities Finance GP 1, 2.05%, 09/15/2030 (Callable 06/15/2030)<sup>(a)</sup> | 10000000 | 9079113  |
| &nbsp;&nbsp;&nbsp; Massachusetts Electric Co., <br>5.87%, 02/26/2054 (Callable 08/26/2053)<sup>(a)</sup> | 10000000 | 10015386  |
| &nbsp;&nbsp;&nbsp; MidAmerican Energy Co., <br>5.85%, 09/15/2054 (Callable 03/15/2054) | 9850000 | 10159545  |
| National Grid PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.60%, 06/12/2028 (Callable 05/12/2028) | 10000000 | 10327929  |
| &nbsp;&nbsp;&nbsp; 5.42%, 01/11/2034 (Callable 10/11/2033) | 12410000 | 12861188  |
|  National Rural Utilities Cooperative Finance Corp., 8.00%, 03/01/2032 | 4659000 | 5491770  |
| Niagara Mohawk Power Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.66%, 01/17/2054 (Callable 07/17/2053)<sup>(a)</sup> | 7000000 | 6807386  |
| &nbsp;&nbsp;&nbsp; 6.00%, 07/03/2055 (Callable 01/03/2055)<sup>(a)</sup> | 9875000 | 10049324  |
| NiSource, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 07/01/2029 (Callable 06/01/2029) | 15000000 | 15477069  |
| &nbsp;&nbsp;&nbsp; 3.60%, 05/01/2030 (Callable 02/01/2030) | 7035000 | 6840968  |
| &nbsp;&nbsp;&nbsp; 5.35%, 04/01/2034 (Callable 01/01/2034) | 13475000 | 13918715  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/15/2043 (Callable 08/15/2042) | 5779000 | 5551368  |
| &nbsp;&nbsp;&nbsp; 3.95%, 03/30/2048 (Callable 09/30/2047) | 11750000 | 9195614  |
| &nbsp;&nbsp;&nbsp; 5.85%, 04/01/2055 (Callable 10/01/2054) | 11700000 | 11707886  |
| &nbsp;&nbsp;&nbsp; NorthWestern Corp., <br>5.07%, 03/21/2030 (Callable 02/21/2030)<sup>(a)</sup> | 7325000 | 7517494  |
|  Oklahoma Gas and Electric Co., 5.60%, 04/01/2053 (Callable 10/01/2052) | 5550000 | 5458123  |
|  Oncor Electric Delivery Co. LLC, 2.75%, 05/15/2030 (Callable 02/15/2030) | 9500000 | 8957952  |
| &nbsp;&nbsp;&nbsp; PSEG Power LLC, <br>5.20%, 05/15/2030 (Callable 04/15/2030)<sup>(a)</sup> | 14700000 | 15050129  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; RWE Finance US LLC, <br>6.25%, 04/16/2054 (Callable 10/16/2053)<sup>(a)</sup> | $20000000 | $20561181  |
| Southern Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.70%, 10/15/2032 (Callable 04/15/2032) | 7000000 | 7425458  |
| &nbsp;&nbsp;&nbsp; 4.25%, 07/01/2036 (Callable 01/01/2036) | 5525000 | 5189008  |
| Southern Co. Gas Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.15%, 09/15/2032 (Callable 03/15/2032) | 17100000 | 17581053  |
| &nbsp;&nbsp;&nbsp; 3.15%, 09/30/2051 (Callable 03/30/2051) | 7850000 | 5096978  |
| &nbsp;&nbsp;&nbsp; Tucson Electric Power Co., <br>5.50%, 04/15/2053 (Callable 10/15/2052) | 5400000 | 5199560  |
|  Xcel Energy, Inc., 3.40%, 06/01/2030 (Callable 12/01/2029) | 15000000 | 14438058  |
|  |  | 827841739  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $20,836,442,196)** |  | 20509119877  |
| **U.S. TREASURY SECURITIES - 30.3%** | **U.S. TREASURY SECURITIES - 30.3%** | **U.S. TREASURY SECURITIES - 30.3%** |
| United States Treasury Note/Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/15/2027 | 190000000 | 191870313  |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/15/2028 | 1068075000 | 1083970957  |
| &nbsp;&nbsp;&nbsp; 3.75%, 04/15/2028 | 503525000 | 506239312  |
| &nbsp;&nbsp;&nbsp; 3.63%, 08/15/2028 | 826075000 | 828398336  |
| &nbsp;&nbsp;&nbsp; 1.13%, 08/31/2028 | 56125000 | 52739961  |
| &nbsp;&nbsp;&nbsp; 3.50%, 10/15/2028 | 303350000 | 303136709  |
| &nbsp;&nbsp;&nbsp; 2.38%, 03/31/2029 | 998650000 | 962565969  |
| &nbsp;&nbsp;&nbsp; 4.63%, 04/30/2029 | 336575000 | 347605721  |
| &nbsp;&nbsp;&nbsp; 2.75%, 05/31/2029 | 286575000 | 279030019  |
| &nbsp;&nbsp;&nbsp; 3.88%, 12/31/2029 | 203575000 | 205443755  |
| &nbsp;&nbsp;&nbsp; 4.38%, 11/30/2030 | 300775000 | 309727754  |
| &nbsp;&nbsp;&nbsp; 1.38%, 11/15/2031 | 571375000 | 498368451  |
| &nbsp;&nbsp;&nbsp; 1.88%, 02/15/2032 | 807425000 | 721099915  |
| &nbsp;&nbsp;&nbsp; 2.88%, 05/15/2032 | 725475000 | 685007098  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/30/2032 | 1357700000 | 1367458469  |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/15/2033 | 97125000 | 94541323  |
| &nbsp;&nbsp;&nbsp; 1.13%, 08/15/2040 | 732300000 | 461720869  |
| &nbsp;&nbsp;&nbsp; 1.38%, 11/15/2040 | 724825000 | 472297101  |
| &nbsp;&nbsp;&nbsp; 2.25%, 05/15/2041 | 567400000 | 418900781  |
| &nbsp;&nbsp;&nbsp; 1.75%, 08/15/2041 | 662350000 | 448664504  |
| &nbsp;&nbsp;&nbsp; 2.00%, 11/15/2041 | 435675000 | 305261814  |
| &nbsp;&nbsp;&nbsp; 2.38%, 02/15/2042 | 1084050000 | 801053663  |
| &nbsp;&nbsp;&nbsp; 3.38%, 08/15/2042 | 824700000 | 699448687  |
| &nbsp;&nbsp;&nbsp; 3.88%, 02/15/2043 | 256500000 | 231591444  |
| &nbsp;&nbsp;&nbsp; 2.88%, 05/15/2043 | 1053870000 | 821277603  |
| &nbsp;&nbsp;&nbsp; 3.88%, 05/15/2043 | 439700000 | 395901756  |
| &nbsp;&nbsp;&nbsp; 4.63%, 05/15/2044 | 521650000 | 514008641  |

---

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

78<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD AGGREGATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - (Continued)**  | **U.S. TREASURY SECURITIES - (Continued)**  | **U.S. TREASURY SECURITIES - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 2.50%, 02/15/2045 | $745700000 | $530291736  |
| &nbsp;&nbsp;&nbsp; 4.63%, 11/15/2045 | 100000000 | 98093750  |
| &nbsp;&nbsp;&nbsp; 2.88%, 05/15/2049 | 596250000 | 429602782  |
| &nbsp;&nbsp;&nbsp; 2.38%, 05/15/2051 | 939275000 | 594751861  |
| &nbsp;&nbsp;&nbsp; 2.88%, 05/15/2052 | 953700000 | 669489952  |
| &nbsp;&nbsp;&nbsp; 4.75%, 11/15/2053 | 70000000 | 69010157  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/15/2054 | 520525000 | 472661102  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $17,604,022,744)** |  | 16871232265  |
| &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - 18.7%**<br>|  |  |
|  Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool A89870, <br>4.50%, 11/01/2039 | 1061033 | 1072728  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool A90316, <br>4.50%, 12/01/2039 | 4891005 | 4944164  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool A91387, <br>5.00%, 03/01/2040 | 243890 | 251366  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool A93996, <br>4.50%, 09/01/2040 | 745983 | 752829  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool A96413, <br>4.00%, 01/01/2041 | 7044817 | 6914981  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool A97620, <br>4.50%, 03/01/2041 | 533457 | 538188  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool C00785, <br>6.50%, 06/01/2029 | 17121 | 17782  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool C03490, <br>4.50%, 08/01/2040 | 232200 | 234402  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool C03829, <br>4.00%, 03/01/2042 | 2198217 | 2157472  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool C09004, <br>3.50%, 07/01/2042 | 2952695 | 2831171  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool C09013, <br>3.00%, 09/01/2042 | 6493640 | 6024609  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool C09015, <br>3.00%, 10/01/2042 | 1961056 | 1819303  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool C09028, <br>3.50%, 01/01/2043 | 6034589 | 5771258  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool C91430, <br>3.00%, 03/01/2032 | 585535 | 569441  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool C91484, <br>3.00%, 08/01/2032 | 3958496 | 3862652  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool C91557, <br>3.00%, 09/01/2032 | 26387860 | 25728443  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool C91619, <br>3.00%, 04/01/2033 | 554948 | 537470  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool C91922, <br>3.50%, 03/01/2037 | 2025475 | 1967443  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool C91923, <br>4.00%, 03/01/2037 | 1120194 | 1109520  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G01916, <br>5.00%, 09/01/2035 | 2730879 | 2809863  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G04834, <br>5.00%, 03/01/2036 | $1164141 | $1198052  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G05364, <br>5.00%, 08/01/2033 | 1260607 | 1281768  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G06959, <br>3.50%, 10/01/2041 | 2248372 | 2173941  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G07304, <br>3.50%, 12/01/2042 | 3369864 | 3235351  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G07477, <br>4.00%, 01/01/2041 | 3622962 | 3556192  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G07530, <br>3.50%, 05/01/2043 | 4158284 | 4012027  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G07801, <br>4.00%, 10/01/2044 | 3062365 | 2981568  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G07849, <br>3.50%, 05/01/2044 | 14577131 | 13942345  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G07995, <br>5.50%, 01/01/2039 | 2724150 | 2800955  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G08105, <br>5.50%, 01/01/2036 | 47642 | 49895  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G08168, <br>6.00%, 12/01/2036 | 42127 | 44616  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G08269, <br>5.50%, 05/01/2038 | 142869 | 149157  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G08372, <br>4.50%, 11/01/2039 | 870318 | 879777  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G08518, <br>3.00%, 02/01/2043 | 1029234 | 954525  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G08528, <br>3.00%, 04/01/2043 | 2623134 | 2432176  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G08534, <br>3.00%, 06/01/2043 | 22434114 | 20796252  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G08540, <br>3.00%, 08/01/2043 | 1746997 | 1619088  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G08595, <br>4.00%, 07/01/2044 | 998879 | 971906  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G08609, <br>3.50%, 10/01/2044 | 16865328 | 16080114  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G08622, <br>3.00%, 01/01/2045 | 6168879 | 5661962  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G08672, <br>4.00%, 10/01/2045 | 1486852 | 1442405  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G08677, <br>4.00%, 11/01/2045 | 3322144 | 3222489  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G08681, <br>3.50%, 12/01/2045 | 2562344 | 2436145  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G08694, <br>4.00%, 02/01/2046 | 4316366 | 4151318  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G08706, <br>3.50%, 05/01/2046 | 1910856 | 1813206  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G08721, <br>3.00%, 09/01/2046 | 38181835 | 34781981  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G08759, <br>4.50%, 04/01/2047 | 8911363 | 8879428  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G08780, <br>4.00%, 09/01/2047 | 5043242 | 4887474  |

---

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

79<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD AGGREGATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - (Continued)**  | &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - (Continued)**  | &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - (Continued)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G30974, <br>3.50%, 01/01/2034 | $3651522 | $3599217  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G60038, <br>3.50%, 01/01/2044 | 3410163 | 3262727  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G60039, <br>3.00%, 04/01/2043 | 6100664 | 5658473  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G60181, <br>4.50%, 01/01/2045 | 9504818 | 9556893  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G60365, <br>5.00%, 02/01/2038 | 624978 | 635770  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G60393, <br>3.50%, 01/01/2046 | 10291309 | 9798387  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G60551, <br>4.00%, 04/01/2046 | 3083536 | 2986916  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G60602, <br>3.50%, 11/01/2043 | 2199053 | 2109900  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G60722, <br>3.00%, 10/01/2046 | 24169176 | 22069488  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G60774, <br>3.00%, 10/01/2045 | 12241135 | 11348903  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G60932, <br>3.50%, 02/01/2044 | 10477443 | 10025601  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G60988, <br>3.00%, 05/01/2047 | 22084125 | 20165500  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G60994, <br>3.50%, 01/01/2045 | 9635153 | 9219642  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G61581, <br>4.00%, 08/01/2048 | 8206824 | 7950790  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G67700, <br>3.50%, 08/01/2046 | 11090463 | 10511443  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G67701, <br>3.00%, 10/01/2046 | 39297409 | 36292593  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G67702, <br>4.00%, 01/01/2047 | 18276384 | 17760139  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool Q08998, <br>3.50%, 06/01/2042 | 1274011 | 1225519  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool Q10378, <br>3.00%, 08/01/2042 | 4557003 | 4228824  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool Q13205, <br>3.00%, 11/01/2042 | 15523417 | 14404657  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool Q14875, <br>3.00%, 01/01/2043 | 7546709 | 7002485  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool Q16902, <br>4.00%, 04/01/2043 | 7590636 | 7438122  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool Q17640, <br>3.00%, 04/01/2043 | 2129258 | 1974921  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool Q28765, <br>4.00%, 05/01/2044 | 5879396 | 5764333  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool Q45864, <br>3.00%, 02/01/2047 | 14278859 | 12955658  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool QB5689, <br>2.50%, 11/01/2050 | 18151105 | 15705791  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool QC3874, <br>2.50%, 07/01/2051 | 27570780 | 23850383  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool QC6017, <br>2.50%, 08/01/2051 | $14403389 | $12530889  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool QC7500, <br>3.00%, 09/01/2051 | 13335207 | 12075327  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool QC9160, <br>3.00%, 10/01/2051 | 9076303 | 8125569  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool QD0744, <br>2.50%, 11/01/2051 | 7478510 | 6455994  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool QE5105, <br>4.50%, 07/01/2052 | 28945629 | 28582354  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool QN6719, <br>1.50%, 06/01/2036 | 27908035 | 25350507  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool RA4375, <br>2.50%, 02/01/2051 | 33715461 | 29203650  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool RA4562, <br>2.50%, 02/01/2051 | 17711057 | 15343360  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool RA4637, <br>2.50%, 02/01/2051 | 48387207 | 41858379  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool RA7679, <br>5.00%, 07/01/2052 | 76456786 | 77293949  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool RB5086, <br>2.50%, 11/01/2040 | 47655708 | 43194131  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool RB5089, <br>1.50%, 12/01/2040 | 37073863 | 31755714  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool RB5090, <br>2.00%, 12/01/2040 | 67508895 | 59143041  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool RB5095, <br>2.00%, 01/01/2041 | 9740106 | 8632757  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool RB5105, <br>2.00%, 03/01/2041 | 43551136 | 38070565  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool RB5131, <br>2.00%, 10/01/2041 | 11547799 | 10051785  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool RB5145, <br>2.00%, 02/01/2042 | 38385861 | 33297115  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool RC1703, <br>1.50%, 01/01/2036 | 21048529 | 19308866  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SB0743, <br>3.00%, 01/01/2034 | 24545320 | 23964064  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SB0794, <br>1.50%, 06/01/2036 | 14782704 | 13474166  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SB0967, <br>2.00%, 01/01/2037 | 23849277 | 22180694  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SB1138, <br>1.50%, 06/01/2036 | 20192737 | 18411756  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SB8088, <br>1.50%, 02/01/2036 | 27932617 | 25373927  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SB8500, <br>2.50%, 07/01/2035 | 3625746 | 3459033  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SC0052, <br>3.00%, 02/01/2040 | 7317668 | 6833633  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SC0208, <br>2.00%, 11/01/2041 | 60062675 | 52473400  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SC0242, <br>2.50%, 02/01/2042 | 9092921 | 8167490  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SC0392, <br>4.00%, 06/01/2038 | 39550592 | 39086419  |

---

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

80<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD AGGREGATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - (Continued)**  | &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - (Continued)**  | &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - (Continued)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SC0526, <br>2.00%, 05/01/2042 | $131104854 | $114435664  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD0295, <br>3.00%, 02/01/2049 | 32090163 | 29418193  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD0580, <br>3.00%, 04/01/2051 | 27005287 | 24124819  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD0614, <br>2.50%, 05/01/2051 | 33049141 | 28467840  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD0649, <br>2.50%, 06/01/2051 | 13577711 | 11695467  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD2039, <br>6.00%, 01/01/2053 | 93317743 | 97214288  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD2164, <br>5.50%, 01/01/2053 | 85236185 | 87513247  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD2176, <br>6.00%, 01/01/2053 | 28325033 | 29594831  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD2230, <br>2.00%, 08/01/2051 | 42123654 | 34409920  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD2903, <br>2.00%, 03/01/2051 | 173287469 | 141779969  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD3431, <br>5.50%, 06/01/2053 | 40584094 | 41404210  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD3595, <br>6.00%, 08/01/2053 | 19947903 | 20935809  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD3860, <br>6.50%, 09/01/2053 | 34681307 | 36475947  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD3906, <br>6.00%, 10/01/2053 | 62325778 | 64717667  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD4316, <br>4.00%, 06/01/2046 | 99024363 | 96367021  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD4957, <br>2.00%, 03/01/2051 | 36166551 | 29598284  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD5594, <br>5.50%, 07/01/2053 | 22102716 | 22494661  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD6407, <br>3.00%, 01/01/2050 | 24886775 | 22732902  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD7507, <br>3.00%, 11/01/2049 | 36003152 | 32743707  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD7516, <br>4.00%, 05/01/2050 | 59114725 | 57053032  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD7525, <br>2.50%, 10/01/2050 | 6896458 | 5987088  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD7526, <br>2.50%, 10/01/2050 | 7156105 | 6194819  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD7538, <br>2.00%, 04/01/2051 | 60747409 | 50626204  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD7541, <br>2.00%, 05/01/2051 | 26167699 | 21659931  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD7548, <br>2.50%, 11/01/2051 | 108662291 | 94087023  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD7553, <br>3.00%, 03/01/2052 | 99056418 | 89357868  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD7555, <br>3.00%, 08/01/2052 | 74837983 | 67598786  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD8331, <br>5.50%, 06/01/2053 | $34825616 | $35428591  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SF5020, <br>3.50%, 01/01/2047 | 19388957 | 18448558  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SI2074, <br>2.00%, 09/01/2050 | 44319681 | 36270814  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SI2076, <br>2.00%, 09/01/2050 | 28523316 | 23331239  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SI2077, <br>2.00%, 09/01/2050 | 14470012 | 11848146  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SL3351, <br>3.50%, 11/01/2047 | 19479708 | 18468990  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool Z40130, <br>3.00%, 01/01/2046 | 32816986 | 30557648  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool ZA2494, <br>3.50%, 02/01/2038 | 22883230 | 22105363  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool ZL3014, <br>3.50%, 04/01/2042 | 8372577 | 7985131  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool ZL3549, <br>3.50%, 08/01/2042 | 19548420 | 18685980  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool ZL3711, <br>3.50%, 09/01/2042 | 29481308 | 28217149  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool ZL4646, <br>3.00%, 01/01/2043 | 10609534 | 9827932  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool ZM8767, <br>4.50%, 10/01/2048 | 6486921 | 6436242  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool ZS4693, <br>3.00%, 12/01/2046 | 22183032 | 20160927  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool ZS4703, <br>3.00%, 02/01/2047 | 10405878 | 9454568  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool ZS4724, <br>4.50%, 06/01/2047 | 56737751 | 56406012  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool ZS4732, <br>4.50%, 08/01/2047 | 14624349 | 14542662  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool ZS7942, <br>3.00%, 02/01/2033 | 14918784 | 14581780  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool ZS8577, <br>2.50%, 08/01/2030 | 44888559 | 43675881  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool ZT0531, <br>3.50%, 04/01/2047 | 36509673 | 34611983  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool ZT1257, <br>3.00%, 01/01/2046 | 41615617 | 38705677  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool ZT2262, <br>3.00%, 06/01/2048 | 30443353 | 27114049  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool ZT2407, <br>3.50%, 03/01/2043 | 28766542 | 27442733  |
|  Federal National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 254903, <br>5.00%, 10/01/2033 | 4333109 | 4402789  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 254949, <br>5.00%, 11/01/2033 | 11431 | 11615  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 257203, <br>5.00%, 05/01/2028 | 18160 | 18275  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 555285, <br>6.00%, 03/01/2033 | 9768 | 10136  |

---

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

81<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD AGGREGATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - (Continued)**  | &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - (Continued)**  | &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - (Continued)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 725025, <br>4.50%, 10/01/2033 | $3470866 | $3459677  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 725425, <br>5.50%, 04/01/2034 | 1490292 | 1533136  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 725773, <br>5.50%, 09/01/2034 | 59568 | 61328  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 735060, <br>6.00%, 11/01/2034 | 32176 | 33568  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 735228, <br>5.50%, 02/01/2035 | 140058 | 146166  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 735676, <br>5.00%, 07/01/2035 | 1171501 | 1190366  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 735925, <br>5.00%, 10/01/2035 | 602661 | 619255  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 745275, <br>5.00%, 02/01/2036 | 853895 | 877938  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 745946, <br>5.50%, 11/01/2036 | 60488 | 63280  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 890355, <br>3.50%, 09/01/2041 | 5183517 | 5004046  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AB0524, <br>4.00%, 04/01/2039 | 2971021 | 2945602  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AB1614, <br>4.00%, 10/01/2040 | 9297471 | 9132212  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AB3745, <br>4.00%, 10/01/2041 | 1822043 | 1785052  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AB6496, <br>3.00%, 10/01/2042 | 7910438 | 7331412  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AB8612, <br>3.00%, 03/01/2043 | 11976052 | 11087563  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AC5442, <br>4.50%, 11/01/2039 | 49589 | 50070  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AD0249, <br>5.50%, 04/01/2037 | 355383 | 365180  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AD8522, <br>4.00%, 08/01/2040 | 382305 | 376159  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AE0828, <br>3.50%, 02/01/2041 | 3702867 | 3576194  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AH0936, <br>3.50%, 12/01/2040 | 2145061 | 2073010  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AI7784, <br>4.50%, 07/01/2041 | 2212666 | 2228323  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AJ1407, <br>4.00%, 09/01/2041 | 495100 | 484894  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AJ7689, <br>4.00%, 12/01/2041 | 2237591 | 2191238  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AK2400, <br>4.00%, 02/01/2042 | 12289535 | 12034924  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AL0160, <br>4.50%, 05/01/2041 | 2008921 | 2021510  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AL3069, <br>3.00%, 02/01/2043 | 11328001 | 10499501  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AL5097, <br>4.50%, 09/01/2043 | 3287254 | 3297816  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AL6340, <br>5.00%, 06/01/2039 | $2817341 | $2893044  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AL7521, <br>5.00%, 06/01/2039 | 3839850 | 3898911  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AL7822, <br>4.00%, 07/01/2043 | 8743713 | 8562583  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AL7954, <br>5.00%, 07/01/2041 | 3191659 | 3277399  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AL8819, <br>3.50%, 10/01/2043 | 16872237 | 16113723  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AL9043, <br>3.50%, 09/01/2046 | 3450450 | 3274595  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AL9555, <br>4.00%, 02/01/2045 | 5166462 | 5060522  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AL9633, <br>3.00%, 11/01/2043 | 8798571 | 8153779  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AL9764, <br>4.50%, 02/01/2046 | 8748387 | 8812046  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AO2970, <br>3.00%, 05/01/2042 | 2195012 | 2034804  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AO8044, <br>3.50%, 07/01/2042 | 31945200 | 30733527  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AP0489, <br>3.50%, 08/01/2042 | 2374454 | 2281449  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AR9195, <br>3.00%, 03/01/2043 | 2462833 | 2281919  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AS0303, <br>3.00%, 08/01/2043 | 1724869 | 1596541  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AS4257, <br>4.00%, 01/01/2045 | 1914998 | 1858322  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AS5831, <br>4.00%, 09/01/2045 | 1483566 | 1437822  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AS6013, <br>4.00%, 10/01/2045 | 1877492 | 1819214  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AS6227, <br>4.00%, 11/01/2045 | 7214616 | 6951989  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AS7150, <br>3.00%, 05/01/2046 | 5403109 | 4941131  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AS7244, <br>3.50%, 05/01/2046 | 9243952 | 8769961  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AS7540, <br>3.00%, 07/01/2046 | 12714153 | 11564984  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AS8073, <br>2.50%, 10/01/2046 | 10508275 | 9114860  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AS8470, <br>3.00%, 12/01/2046 | 10863344 | 9938131  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AS9917, <br>4.00%, 07/01/2047 | 28817964 | 28009501  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AT2721, <br>3.00%, 05/01/2043 | 12100014 | 11209899  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AT2725, <br>3.00%, 05/01/2043 | 5938166 | 5499465  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AT5900, <br>3.00%, 06/01/2043 | 2463471 | 2281221  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AU1628, <br>3.00%, 07/01/2043 | 1039566 | 962768  |

---

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

82<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD AGGREGATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - (Continued)**  | &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - (Continued)**  | &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - (Continued)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AU8844, <br>4.00%, 11/01/2043 | $3248688 | $3178002  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AW8165, <br>4.00%, 01/01/2042 | 2850115 | 2792843  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AX5316, <br>4.50%, 01/01/2042 | 3409358 | 3434171  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AY3374, <br>3.50%, 04/01/2045 | 8330788 | 7928558  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AZ7903, <br>4.00%, 06/01/2041 | 3768870 | 3693926  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AZ9565, <br>3.50%, 12/01/2045 | 9438920 | 8976314  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BC1445, <br>3.00%, 07/01/2046 | 3804327 | 3479914  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BE5069, <br>3.00%, 11/01/2046 | 8009307 | 7332303  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BF0212, <br>4.50%, 02/01/2041 | 15447652 | 15564039  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BF0231, <br>3.00%, 04/01/2042 | 18242549 | 17538059  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BF0241, <br>3.50%, 05/01/2052 | 35856316 | 33584866  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BF0345, <br>3.00%, 10/01/2043 | 34955570 | 32569641  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BF0386, <br>3.00%, 02/01/2049 | 9275898 | 8411899  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BF0414, <br>3.00%, 11/01/2059 | 37776214 | 33127030  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BF0500, <br>3.00%, 12/01/2054 | 77241632 | 69075429  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BF0546, <br>2.50%, 07/01/2061 | 7935118 | 6549235  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BF0617, <br>2.50%, 03/01/2062 | 38531633 | 31801795  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BF0656, <br>4.00%, 06/01/2062 | 111093640 | 105070518  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BH2594, <br>3.50%, 08/01/2047 | 3943414 | 3725546  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BH4101, <br>3.50%, 10/01/2047 | 3815442 | 3601687  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BH7071, <br>4.50%, 12/01/2047 | 1836864 | 1816401  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BH9277, <br>3.50%, 02/01/2048 | 18637110 | 17551652  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BM1031, <br>3.00%, 09/01/2043 | 30552494 | 28305346  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BM1066, <br>4.00%, 02/01/2047 | 1871506 | 1813022  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BM1428, <br>3.50%, 09/01/2043 | 14564685 | 13908370  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BM1753, <br>4.00%, 05/01/2037 | 10159137 | 10031603  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BM2003, <br>4.00%, 10/01/2047 | 9626230 | 9319392  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BM2005, <br>4.00%, 12/01/2047 | $11850697 | $11472940  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BM2007, <br>4.00%, 09/01/2048 | 2553422 | 2470566  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BM3108, <br>4.50%, 08/01/2046 | 6583431 | 6592765  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BM3286, <br>4.50%, 11/01/2047 | 3237750 | 3240683  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BM3972, <br>2.50%, 04/01/2038 | 16622881 | 15558992  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BM3974, <br>4.00%, 05/01/2038 | 6420865 | 6371387  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BM4148, <br>4.00%, 07/01/2048 | 9943342 | 9652234  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BM4746, <br>3.50%, 02/01/2044 | 28728822 | 27461183  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BM4973, <br>3.50%, 05/01/2043 | 12565934 | 12042593  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BM5136, <br>4.00%, 06/01/2046 | 34851790 | 34029079  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BM5460, <br>3.50%, 01/01/2035 | 13414735 | 13195442  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BM5478, <br>4.50%, 01/01/2049 | 6660450 | 6623254  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BM5538, <br>5.00%, 11/01/2048 | 11774555 | 11983984  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BM5628, <br>4.50%, 11/01/2048 | 9437972 | 9385262  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BM5784, <br>3.50%, 05/01/2047 | 770859 | 729986  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BM5787, <br>4.00%, 08/01/2047 | 14378506 | 13933680  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BM5803, <br>4.50%, 04/01/2039 | 7641081 | 7703949  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BM5900, <br>3.00%, 11/01/2046 | 16157012 | 14964125  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BM6825, <br>3.50%, 06/01/2045 | 8395297 | 7988169  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BM7089, <br>3.00%, 02/01/2052 | 68957173 | 61414065  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BQ3361, <br>2.00%, 09/01/2050 | 36405340 | 29816773  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BQ9497, <br>3.00%, 11/01/2050 | 4828856 | 4377889  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BT6883, <br>2.00%, 09/01/2051 | 10381929 | 8587421  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BV1743, <br>6.00%, 06/01/2055 | 48028032 | 49746666  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool CA1009, <br>4.00%, 01/01/2048 | 39336675 | 38070538  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool CA4447, <br>2.50%, 11/01/2034 | 9462073 | 9036876  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool CA4509, <br>2.50%, 11/01/2034 | 7853346 | 7493945  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool CA5146, <br>3.00%, 02/01/2050 | 57730900 | 52350055  |

---

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

83<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD AGGREGATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - (Continued)**  | &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - (Continued)**  | &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - (Continued)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool CA5964, <br>2.00%, 06/01/2040 | $31843792 | $28387009  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool CA6256, <br>2.50%, 07/01/2050 | 81853929 | 70818161  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool CA6307, <br>2.50%, 07/01/2050 | 28196355 | 24153592  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool CA6308, <br>3.00%, 07/01/2050 | 41101561 | 37477010  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool CA7604, <br>3.00%, 11/01/2050 | 52273430 | 47656489  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool CA8230, <br>2.50%, 12/01/2050 | 64044768 | 55416380  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool CB1806, <br>2.50%, 10/01/2051 | 31430842 | 27188082  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool CB2162, <br>3.00%, 11/01/2051 | 87176690 | 78611167  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool CB2345, <br>2.00%, 12/01/2051 | 20528318 | 16996725  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool CB4135, <br>5.00%, 07/01/2052 | 89515633 | 89947965  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool CB4140, <br>5.00%, 07/01/2052 | 57897541 | 58103107  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool CB5025, <br>5.50%, 11/01/2052 | 38928872 | 40073191  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool CB7443, <br>6.00%, 11/01/2053 | 46402344 | 47890289  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool CB9813, <br>6.00%, 01/01/2055 | 37751635 | 39289476  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool CB9991, <br>6.00%, 02/01/2055 | 69430486 | 72262077  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FA0109, <br>3.50%, 10/01/2051 | 117615741 | 110811271  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FA0188, <br>1.50%, 08/01/2037 | 47329981 | 42994059  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FA0410, <br>5.50%, 01/01/2055 | 22945328 | 23489706  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FA0581, <br>3.00%, 12/01/2047 | 11221023 | 10394107  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FA0872, <br>6.00%, 10/01/2054 | 49596787 | 51606476  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FA0958, <br>3.50%, 02/01/2050 | 23492002 | 22337441  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FA1022, <br>2.50%, 02/01/2052 | 77270978 | 67038949  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FA1511, <br>3.00%, 08/01/2050 | 18132666 | 16536927  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FA1599, <br>5.50%, 05/01/2055 | 23629165 | 24120706  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FA1990, <br>6.00%, 04/01/2055 | 77689978 | 80956127  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FA2313, <br>6.00%, 07/01/2055 | 27810583 | 29039749  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FA2361, <br>3.50%, 08/01/2050 | 39717396 | 37555971  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FA3375, <br>6.00%, 04/01/2055 | $23602831 | $24530390  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM2568, <br>3.00%, 05/01/2038 | 8944002 | 8565869  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM2743, <br>3.00%, 02/01/2034 | 14534553 | 14204144  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM2971, <br>4.00%, 08/01/2045 | 25793643 | 25203354  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM3117, <br>3.00%, 05/01/2050 | 30461655 | 27682522  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM3160, <br>4.50%, 02/01/2049 | 6706670 | 6634061  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM3946, <br>4.00%, 01/01/2049 | 2413736 | 2336572  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM4481, <br>1.50%, 10/01/2035 | 22294705 | 20321958  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM4561, <br>2.50%, 10/01/2050 | 33186469 | 28704849  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM4875, <br>2.50%, 11/01/2050 | 5256406 | 4565784  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM4908, <br>2.50%, 11/01/2050 | 44052919 | 38081844  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM5024, <br>2.50%, 12/01/2050 | 43501880 | 37480600  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM5262, <br>3.50%, 10/01/2040 | 7576428 | 7259008  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM5368, <br>1.50%, 12/01/2035 | 42011078 | 38293465  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM5535, <br>2.50%, 01/01/2041 | 20265490 | 18219671  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM6058, <br>3.50%, 02/01/2037 | 3663202 | 3580449  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM6422, <br>1.50%, 03/01/2036 | 2026613 | 1847264  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM6990, <br>3.00%, 08/01/2040 | 21236814 | 19832580  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM7064, <br>2.50%, 01/01/2051 | 27397718 | 23698301  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM7381, <br>2.50%, 05/01/2051 | 29910049 | 25911292  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM7466, <br>2.50%, 05/01/2051 | 63044956 | 54786071  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM7830, <br>2.50%, 04/01/2051 | 15194520 | 13144440  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM7911, <br>2.50%, 06/01/2051 | 20824264 | 18117140  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM7962, <br>2.50%, 07/01/2051 | 55565012 | 48341960  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM8150, <br>2.00%, 07/01/2051 | 36405862 | 30137344  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM8215, <br>2.50%, 03/01/2051 | 16313209 | 14110502  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM8318, <br>2.50%, 07/01/2051 | 19035950 | 16357260  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM8322, <br>2.00%, 08/01/2051 | 12756566 | 10554962  |

---

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

84<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD AGGREGATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - (Continued)**  | &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - (Continued)**  | &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - (Continued)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM8644, <br>4.00%, 06/01/2039 | $5525121 | $5490259  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM8804, <br>2.50%, 09/01/2051 | 102966173 | 88928859  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM9243, <br>3.00%, 10/01/2051 | 50414059 | 44876239  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM9284, <br>2.50%, 11/01/2051 | 23667220 | 20445528  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM9495, <br>2.00%, 11/01/2051 | 47643241 | 39328321  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM9599, <br>2.50%, 11/01/2051 | 26987093 | 23612024  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM9671, <br>2.00%, 12/01/2051 | 88057195 | 72576364  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM9700, <br>2.00%, 12/01/2051 | 29928397 | 24731913  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM9781, <br>2.50%, 12/01/2051 | 14345483 | 12366909  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM9877, <br>2.50%, 12/01/2051 | 106421629 | 91996489  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FP0057, <br>4.00%, 08/01/2050 | 21041685 | 20577269  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS0192, <br>2.50%, 01/01/2052 | 36560148 | 31531369  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS0216, <br>2.00%, 01/01/2037 | 21969890 | 20417597  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS0493, <br>3.00%, 02/01/2052 | 20505641 | 18467845  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS0585, <br>3.00%, 02/01/2052 | 25339576 | 22832124  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS0739, <br>3.50%, 02/01/2052 | 23952960 | 22356925  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS1005, <br>2.00%, 02/01/2042 | 31475089 | 27419637  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS1009, <br>2.00%, 02/01/2042 | 31833498 | 27771535  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS1093, <br>3.50%, 04/01/2052 | 67629019 | 63001003  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS1115, <br>2.50%, 05/01/2051 | 51879241 | 45327276  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS1226, <br>4.00%, 05/01/2049 | 5728088 | 5542216  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS1365, <br>2.50%, 03/01/2042 | 38845028 | 34963930  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS1974, <br>1.50%, 02/01/2036 | 29742356 | 27109870  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS2166, <br>4.50%, 07/01/2052 | 12418452 | 12262587  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS2488, <br>2.50%, 10/01/2034 | 29133733 | 27793515  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS2648, <br>3.00%, 10/01/2049 | 16998559 | 15756307  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS2917, <br>3.00%, 11/01/2033 | 21493864 | 21021785  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS2918, <br>3.00%, 09/01/2033 | $16923613 | $16511129  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS4603, <br>2.00%, 05/01/2042 | 127919077 | 111974994  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS4654, <br>2.00%, 07/01/2051 | 68864313 | 56328907  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS4973, <br>3.50%, 06/01/2032 | 37238937 | 36629048  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS5120, <br>6.00%, 07/01/2053 | 8883875 | 9309079  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS5577, <br>6.00%, 08/01/2053 | 26144534 | 27186609  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS5760, <br>3.50%, 11/01/2048 | 44041416 | 41876884  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS5788, <br>6.50%, 09/01/2053 | 21012391 | 22147814  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS5799, <br>2.50%, 09/01/2050 | 26296623 | 22472688  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS5815, <br>3.00%, 04/01/2048 | 70110374 | 64921564  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS5816, <br>3.50%, 07/01/2047 | 30613274 | 29318279  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS7830, <br>2.50%, 11/01/2047 | 28497343 | 24934820  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS8498, <br>6.00%, 08/01/2054 | 35508514 | 36916431  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS8579, <br>2.00%, 08/01/2042 | 83585278 | 73075911  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS8752, <br>6.00%, 08/01/2054 | 43798941 | 45670563  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS8915, <br>2.00%, 08/01/2042 | 46903565 | 41006397  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS8954, <br>2.00%, 01/01/2042 | 102941729 | 89934701  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS9401, <br>6.00%, 10/01/2054 | 14147376 | 14674498  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS9402, <br>6.00%, 10/01/2054 | 129996947 | 135145048  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS9404, <br>6.00%, 10/01/2054 | 42524830 | 44267965  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA0140, <br>4.50%, 08/01/2029 | 172421 | 173123  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA0171, <br>4.50%, 09/01/2029 | 192604 | 193388  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA0583, <br>4.00%, 12/01/2040 | 2325697 | 2280167  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA0949, <br>3.50%, 01/01/2032 | 9102109 | 8973764  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA1200, <br>3.00%, 10/01/2032 | 501482 | 486199  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA1275, <br>3.00%, 12/01/2032 | 1601070 | 1550358  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA1608, <br>3.50%, 10/01/2033 | 5319459 | 5221286  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA1764, <br>4.00%, 01/01/2034 | 1744950 | 1732816  |

---

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

85<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD AGGREGATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - (Continued)**  | &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - (Continued)**  | &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - (Continued)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA1922, <br>4.00%, 06/01/2034 | $2313008 | $2302297  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA1960, <br>4.00%, 07/01/2034 | 22944870 | 22755544  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA2019, <br>4.00%, 09/01/2034 | 2651286 | 2628243  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA2287, <br>3.00%, 06/01/2035 | 3521857 | 3380856  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA2608, <br>3.00%, 05/01/2046 | 1595245 | 1453790  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA2804, <br>3.00%, 11/01/2036 | 11029146 | 10511392  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA2841, <br>2.50%, 12/01/2036 | 6033711 | 5645691  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA3183, <br>4.00%, 11/01/2047 | 7406746 | 7168724  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA3281, <br>4.00%, 02/01/2038 | 7916796 | 7824824  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA3305, <br>3.50%, 03/01/2048 | 16958523 | 15951993  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA3333, <br>4.00%, 04/01/2048 | 25553386 | 24726898  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA3468, <br>4.50%, 09/01/2048 | 7245565 | 7196128  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA4047, <br>2.00%, 06/01/2050 | 108344466 | 88712655  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA4119, <br>2.00%, 09/01/2050 | 37141866 | 30412022  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA4159, <br>2.50%, 10/01/2050 | 56719436 | 48563540  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA4175, <br>1.50%, 11/01/2040 | 113789185 | 97286283  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA4182, <br>2.00%, 11/01/2050 | 193875626 | 158444339  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA4202, <br>1.50%, 12/01/2040 | 36081021 | 30906187  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA4208, <br>2.00%, 12/01/2050 | 55216264 | 45153904  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA4501, <br>2.00%, 12/01/2041 | 103056883 | 89714962  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA4540, <br>2.00%, 02/01/2042 | 28971161 | 25202235  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA4570, <br>2.00%, 03/01/2042 | 56993514 | 49543575  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA4842, <br>5.50%, 12/01/2052 | 53894183 | 54960913  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA4941, <br>5.50%, 03/01/2053 | 14930741 | 15206048  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA5039, <br>5.50%, 06/01/2053 | 15368759 | 15645452  |
|  Freddie Mac Seasoned Credit Risk Transfer Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-4, Class MA, 3.00%, 02/25/2059 (Callable 01/25/2047) | 24307208 | 22892415  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2, Class MT, <br>2.00%, 11/25/2059 (Callable 08/25/2047) | $37519219 | $30121022  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3, Class MT, <br>2.00%, 05/25/2060 (Callable 07/25/2046) | 22860291 | 18340839  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class MTU, 2.50%, 03/25/2061 (Callable 04/25/2052) | 58120494 | 47115256  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class MTU, 3.25%, 11/25/2061 (Callable 04/25/2048) | 45989522 | 40160138  |
| Ginnie Mae II Pool<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 784551, <br>3.00%, 11/20/2046 | 15972637 | 14581088  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 785025, <br>3.50%, 02/20/2050 | 49484198 | 45549540  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 785433, <br>2.50%, 04/20/2051 | 52825342 | 45480328  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 785447, <br>2.50%, 03/20/2051 | 39032523 | 33569081  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 785531, <br>2.50%, 06/20/2051 | 27370930 | 23565049  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 785558, <br>2.50%, 07/20/2051 | 89836897 | 77685835  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 785575, <br>2.50%, 08/20/2051 | 76511932 | 65447133  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 785615, <br>2.50%, 08/20/2051 | 29369964 | 25372655  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 786333, <br>4.00%, 04/20/2052 | 20319147 | 19230915  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 786809, <br>5.50%, 06/20/2053 | 38732656 | 39506512  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 786812, <br>5.50%, 07/20/2053 | 15564686 | 15957041  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 786904, <br>6.00%, 08/20/2053 | 22003146 | 22707328  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 787026, <br>6.00%, 10/20/2053 | 26555425 | 27398119  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 787253, <br>6.00%, 02/20/2054 | 66192670 | 68543449  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 787304, <br>6.00%, 03/20/2054 | 82477425 | 85658976  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 787312, <br>2.50%, 03/20/2052 | 110121644 | 95252867  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 787313, <br>2.50%, 09/20/2051 | 79233062 | 68094586  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 787387, <br>5.50%, 04/20/2054 | 31474387 | 32016188  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA0022, <br>3.50%, 04/20/2042 | 52454470 | 49636660  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA0154, <br>3.50%, 06/20/2042 | 22577492 | 21378482  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA0220, <br>3.50%, 07/20/2042 | 33725890 | 31941728  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA0318, <br>3.50%, 08/20/2042 | 15052944 | 14259692  |

---

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

86<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD AGGREGATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - (Continued)**  | &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - (Continued)**  | &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - (Continued)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA1157, <br>3.50%, 07/20/2043 | $15789597 | $14907913  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA1225, <br>4.00%, 08/20/2043 | 22607295 | 21951709  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA1286, <br>4.00%, 09/20/2043 | 31996746 | 31050697  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA1376, <br>4.00%, 10/20/2043 | 3436895 | 3334212  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA1449, <br>4.00%, 11/20/2043 | 31477015 | 30536591  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA1677, <br>3.50%, 02/20/2044 | 23868786 | 22433561  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA2224, <br>4.00%, 09/20/2044 | 13398248 | 12960743  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA2522, <br>4.00%, 01/20/2045 | 2915080 | 2819013  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA3375, <br>3.00%, 01/20/2046 | 18070168 | 16526132  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA3597, <br>3.50%, 04/20/2046 | 20979434 | 19570881  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA3663, <br>3.50%, 05/20/2046 | 13064377 | 12187224  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA3736, <br>3.50%, 06/20/2046 | 21859090 | 20386880  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA4385, <br>5.00%, 04/20/2047 | 561543 | 574078  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA4509, <br>3.00%, 06/20/2047 | 9438089 | 8613497  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA4721, <br>4.50%, 09/20/2047 | 2789640 | 2784099  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA4963, <br>4.00%, 01/20/2048 | 3866635 | 3716663  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA5765, <br>5.00%, 02/20/2049 | 27915729 | 28356998  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA7990, <br>4.00%, 04/20/2052 | 14716287 | 14025823  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA8571, <br>6.00%, 01/20/2053 | 21088188 | 21665200  |
|  Government National Mortgage Association (GNMA)<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 3474, <br>6.00%, 11/20/2033 | 11105 | 11592  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 4747, <br>5.00%, 07/20/2040 | 503442 | 518374  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 5202, <br>3.50%, 10/20/2041 | 2358911 | 2230259  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 778793, <br>3.50%, 01/15/2042 | 4112223 | 3856687  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AL9364, <br>3.50%, 03/20/2045 | 4660782 | 4270179  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA0155, <br>4.00%, 06/20/2042 | 2680481 | 2606241  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA0392, <br>3.50%, 09/20/2042 | 70044920 | 66368047  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA0699, <br>3.50%, 01/20/2043 | $20997938 | $19887686  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA2753, <br>3.00%, 04/20/2045 | 5432419 | 4976270  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA2754, <br>3.50%, 04/20/2045 | 6790087 | 6343629  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA3035, <br>4.00%, 08/20/2045 | 2343770 | 2258432  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA3378, <br>4.50%, 01/20/2046 | 3922702 | 3913084  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA3598, <br>4.00%, 04/20/2046 | 2616649 | 2527115  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA3664, <br>4.00%, 05/20/2046 | 6237546 | 6023760  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA3873, <br>3.00%, 08/20/2046 | 52344359 | 47737762  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA4512, <br>4.50%, 06/20/2047 | 8945706 | 8916869  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA4588, <br>4.50%, 07/20/2047 | 2138620 | 2130406  |
| &nbsp;&nbsp;&nbsp; **TOTAL AGENCY RESIDENTIAL** <br>**MORTGAGE-BACKED SECURITIES** <br>**(Cost $10,871,867,715)** |  | 10456088179  |
| &nbsp;&nbsp;&nbsp; **NON-AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - 4.9%**<br>|  |  |
| Arroyo Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3, Class A1, <br>2.96%, 10/25/2048 (Callable 01/25/2026)<sup>(a)(f)</sup> | 5249897 | 5052375  |
| &nbsp;&nbsp;&nbsp; Series 2020-1, Class A1A, 1.66%, 03/25/2055 (Callable 01/25/2026)<sup>(a)</sup> | 3629124 | 3524074  |
|  Bayview Financial Acquisition Trust, Series 2007-B, Class 1A2, 7.33%, 08/28/2047 (Callable 01/28/2026)<sup>(e)</sup> | 605259 | 539384  |
| &nbsp;&nbsp;&nbsp; Bear Stearns Asset Backed Securities Trust, Series 2004-AC2, Class 2A, <br>5.00%, 05/25/2034 (Callable 01/25/2026) | 104317 | 86133  |
|  BRAVO Residential Funding Trust, Series 2023-RPL1, Class A1, 5.00%, 05/25/2063 (Callable 06/25/2043)<sup>(a)(f)</sup> | 69965411 | 70320513  |
| Chase Mortgage Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-RPL1, Class A1, 3.50%, 06/25/2062 (Callable 01/25/2047)<sup>(a)(f)</sup> | 100604385 | 93109911  |
| &nbsp;&nbsp;&nbsp; Series 2023-RPL2, Class A1, 3.25%, 03/25/2063 (Callable 01/25/2047)<sup>(a)(f)</sup> | 54930459 | 49722261  |
| &nbsp;&nbsp;&nbsp; Series 2023-RPL3, Class A1, 3.25%, 09/25/2063 (Callable 05/25/2045)<sup>(a)(f)</sup> | 112945163 | 101992023  |

---

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

87<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD AGGREGATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2024-RPL1, Class A1A, 3.25%, 03/25/2064 (Callable 06/25/2049)<sup>(a)(f)</sup> | $59319081 | $53168066  |
| &nbsp;&nbsp;&nbsp; Series 2024-RPL3, Class A1A, 3.25%, 09/25/2064 (Callable 09/25/2049)<sup>(a)(f)</sup> | 53653421 | 47989224  |
| CIM Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-R2, Class A1, 3.75%, 12/25/2061 (Callable 05/25/2027)<sup>(a)(f)</sup> | 39874831 | 38139977  |
| &nbsp;&nbsp;&nbsp; Series 2022-R3, Class A1, 4.50%, 03/25/2062 (Callable 09/25/2027)<sup>(a)(f)</sup> | 42088121 | 41698772  |
| &nbsp;&nbsp;&nbsp; Series 2023-R2, Class A1, 5.50%, 08/25/2064 (Callable 03/25/2028)<sup>(a)(f)</sup> | 68722038 | 69472476  |
|  Citigroup Mortgage Loan Trust, Inc., Series 2005-9, Class 2A2, 5.50%, 11/25/2035 (Callable 01/25/2026) | 5613 | 3951  |
|  Countrywide Alternative Loan Trust, Series 2006-28CB, Class A17, 6.00%, 10/25/2036 (Callable 01/25/2026) | 387887 | 176890  |
|  Countrywide Asset-Backed Certificates<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-S1, Class A3, 5.12%, 02/25/2035 (Callable 01/25/2026)<sup>(e)</sup> | 34745 | 34687  |
| &nbsp;&nbsp;&nbsp; Series 2005-10, Class AF6, 4.12%, 02/25/2036 (Callable 01/25/2026)<sup>(f)</sup> | 684 | 680  |
| &nbsp;&nbsp;&nbsp; Series 2005-17, Class 1AF5, 5.56%, 05/25/2036 (Callable 01/25/2026)<sup>(f)</sup> | 28177 | 26869  |
|  Credit Suisse Management LLC, Series 2003-AR26, Class 8A1, 5.97%, 11/25/2033 (Callable 01/25/2026)<sup>(f)</sup> | 1694955 | 1638979  |
| FirstKey Homes Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-SFR1, Class A, 1.54%, 08/17/2038<sup>(a)</sup> | 56883183 | 55931175  |
| &nbsp;&nbsp;&nbsp; Series 2021-SFR2, Class A, 1.38%, 09/17/2038<sup>(a)</sup> | 43404078 | 42543041  |
| &nbsp;&nbsp;&nbsp; Series 2022-SFR1, Class A, 4.15%, 05/19/2039<sup>(a)</sup> | 117178000 | 116965954  |
| &nbsp;&nbsp;&nbsp; Series 2022-SFR2, Class A, 4.25%, 07/17/2039<sup>(a)</sup> | 6234174 | 6232228  |
| &nbsp;&nbsp;&nbsp; Series 2022-SFR3, Class A, 4.25%, 07/17/2038<sup>(a)</sup> | 54526892 | 54427173  |
| &nbsp;&nbsp;&nbsp; Home Partners of America Trust, Series 2021-2, Class A, <br>1.90%, 12/17/2026<sup>(a)</sup> | 80719951 | 79026366  |
|  Impac CMB Trust, Series 2004-4, Class 2A2, 5.24%, 09/25/2034 (Callable 01/25/2026)<sup>(e)</sup> | 31012 | 35607  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Imperial Fund Mortgage Trust, Series 2022-NQM3, Class A1, 4.38%, 05/25/2067 (Callable 01/25/2026)<sup>(a)(e)</sup> | $4992808 | $4976017  |
| JP Morgan Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-A7, Class 2A4R, 4.42%, 01/25/2037 (Callable 01/25/2026)<sup>(f)</sup> | 162561 | 130268  |
| &nbsp;&nbsp;&nbsp; Series 2007-A1, Class 5A2, 6.05%, 07/25/2035 (Callable 12/25/2028)<sup>(f)</sup> | 366895 | 365171  |
| &nbsp;&nbsp;&nbsp; Series 2007-A1, Class 5A5, 6.05%, 07/25/2035 (Callable 12/25/2028)<sup>(f)</sup> | 555538 | 554273  |
| &nbsp;&nbsp;&nbsp; Series 2007-A2, Class 2A3, 5.42%, 04/25/2037 (Callable 01/25/2026)<sup>(f)</sup> | 473134 | 351887  |
|  METLIFE SECURITIZATION TRUST, Series 2019-1A, Class A1A, 3.75%, 04/25/2058 (Callable 12/25/2045)<sup>(a)(f)</sup> | 2166015 | 2144574  |
|  Mill City Mortgage Trust, Series 2021-NMR1, Class A1, 1.13%, 11/25/2060 (Callable 02/25/2039)<sup>(a)(f)</sup> | 7107689 | 6857463  |
|  MLCC Mortgage Investors, Inc., Series 2004-F, Class A1A, 5.29%, 12/25/2029 (Callable 01/25/2026)<sup>(f)</sup> | 924358 | 881290  |
|  Morgan Stanley Mortgage Loan Trust, Series 2004-7AR, Class 2A1, 5.50%, 09/25/2034 (Callable 09/25/2026)<sup>(f)</sup> | 403648 | 398728  |
|  New Residential Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-2A, Class A3, 4.00%, 03/25/2057 (Callable 01/25/2032)<sup>(a)(f)</sup> | 3175660 | 3094366  |
| &nbsp;&nbsp;&nbsp; Series 2017-3A, Class A1, 4.00%, 04/25/2057 (Callable 02/25/2033)<sup>(a)(f)</sup> | 4483746 | 4355521  |
| &nbsp;&nbsp;&nbsp; Series 2017-4A, Class A1, 4.00%, 05/25/2057 (Callable 10/25/2031)<sup>(a)(f)</sup> | 6692043 | 6489006  |
| &nbsp;&nbsp;&nbsp; Series 2018-1A, Class A1A, 4.00%, 12/25/2057 (Callable 07/25/2033)<sup>(a)(f)</sup> | 8618568 | 8450417  |
| Onslow Bay Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM2, Class A1, 2.99%, 01/25/2062 (Callable 01/25/2026)<sup>(a)(f)</sup> | 68084921 | 65559610  |
| &nbsp;&nbsp;&nbsp; Series 2024-HYB1, Class A1, 3.64%, 03/25/2053 (Callable 02/25/2041)<sup>(a)(f)</sup> | 28573494 | 28495083  |
| &nbsp;&nbsp;&nbsp; Series 2024-HYB2, Class A1, 3.69%, 04/25/2053 (Callable 08/25/2038)<sup>(a)(f)</sup> | 32845360 | 32571170  |

---

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

88<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD AGGREGATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM15, Class A1, 5.14%, 07/27/2065 (Callable 08/25/2028)<sup>(a)(e)</sup> | $39442974 | $39619079  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM18, Class A1, 5.06%, 09/25/2065 (Callable 09/25/2028)<sup>(a)(f)</sup> | 157084896 | 157600338  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM20, Class A1, 5.02%, 10/25/2065 (Callable 10/25/2028)<sup>(a)(f)</sup> | 63998230 | 64182494  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM23, Class A1, 4.87%, 10/25/2065 (Callable 12/25/2028)<sup>(a)(f)</sup> | 63450000 | 63454056  |
| Progress Residential Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-SFR8, Class A, 1.51%, 10/17/2038<sup>(a)</sup> | 72010327 | 70895629  |
| &nbsp;&nbsp;&nbsp; Series 2023-SFR2, Class A, 4.50%, 10/17/2040<sup>(a)</sup> | 15309675 | 15307381  |
| &nbsp;&nbsp;&nbsp; Series 2024-SFR1, Class A, 3.35%, 02/17/2041<sup>(a)</sup> | 5266308 | 5111576  |
| &nbsp;&nbsp;&nbsp; Series 2025-SFR5, Class A, 3.85%, 10/17/2042<sup>(a)</sup> | 26150000 | 25351505  |
|  RALI Trust, Series 2004-QS6, Class A1, 5.00%, 10/25/2063 | 46 | 46  |
|  Renaissance NIM Trust, Series 2007-1, Class AF3, 5.61%, 04/25/2037 (Callable 12/25/2031)<sup>(e)</sup> | 2482525 | 616147  |
| Rithm Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-1A, Class A1B, 3.50%, 10/25/2059 (Callable 04/25/2042)<sup>(a)(f)</sup> | 7121072 | 6725515  |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM2, Class A1, 3.08%, 03/27/2062 (Callable 01/25/2026)<sup>(a)(f)</sup> | 27872007 | 26514177  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM2, Class A1, 5.12%, 09/25/2064 (Callable 11/25/2028)<sup>(a)(f)</sup> | 41605841 | 41726348  |
|  Starwood Mortgage Residential Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4, Class A1, <br>1.16%, 08/25/2056 (Callable 01/25/2026)<sup>(a)(f)</sup> | 22010225 | 19653254  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-4, Class A1, <br>5.19%, 05/25/2067 (Callable 01/25/2026)<sup>(a)(e)</sup> | 39451803 | 39380869  |
|  Structured Adjustable Rate Mortgage Loan Trust, Series 2004-12, Class 3A1, 5.23%, 09/25/2034 (Callable 01/25/2026)<sup>(f)</sup> | 104210 | 102897  |
|  Thornburg Mortgage Securities Trust, Series 2003-5, Class 3A, 5.05%, 10/25/2043 (Callable 01/25/2026)<sup>(f)</sup> | 1908459 | 1802036  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Towd Point Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-6, Class A1, <br>2.75%, 10/25/2057 (Callable 03/25/2031)<sup>(a)(f)</sup> | $5131405 | $5064656  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1, Class A1, <br>3.00%, 01/25/2058 (Callable 05/25/2028)<sup>(a)(f)</sup> | 249720 | 248210  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-4, Class A1, <br>3.00%, 06/25/2058 (Callable 08/25/2033)<sup>(a)(f)</sup> | 9415942 | 8980225  |
| &nbsp;&nbsp;&nbsp; Series 2018-6, Class A1A, 3.75%, 03/25/2058 (Callable 01/25/2030)<sup>(a)(f)</sup> | 1705140 | 1697249  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class A1, <br>3.75%, 03/25/2058 (Callable 10/25/2029)<sup>(a)(f)</sup> | 15027067 | 14684813  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-4, Class A1, <br>2.90%, 10/25/2059 (Callable 06/25/2034)<sup>(a)(f)</sup> | 41794356 | 40324883  |
| &nbsp;&nbsp;&nbsp; Series 2020-2, Class A1A, 1.64%, 04/25/2060 (Callable 06/25/2034)<sup>(a)(f)</sup> | 103384287 | 94859260  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4, Class A1, <br>1.75%, 10/25/2060 (Callable 07/25/2032)<sup>(a)</sup> | 47994647 | 43994274  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class A1, <br>3.75%, 07/01/2062 (Callable 08/25/2033)<sup>(a)(f)</sup> | 122381507 | 116964351  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3, Class A1, <br>3.75%, 08/01/2062 (Callable 06/25/2031)<sup>(a)(f)</sup> | 118731036 | 113796147  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Class A1, <br>3.75%, 01/25/2063 (Callable 02/25/2035)<sup>(a)</sup> | 47470502 | 46176228  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A1, <br>4.86%, 03/25/2064 (Callable 06/25/2042)<sup>(a)(f)</sup> | 107192649 | 109033672  |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class A1A, 4.86%, 12/25/2064 (Callable 08/25/2028)<sup>(a)(f)</sup> | 138449902 | 140218322  |
| &nbsp;&nbsp;&nbsp; Series 2024-3, Class A1A, 5.03%, 07/25/2065 (Callable 04/25/2034)<sup>(a)(f)</sup> | 67213680 | 67915491  |
| &nbsp;&nbsp;&nbsp; Series 2024-5, Class A1A, 4.61%, 10/25/2064 (Callable 06/25/2033)<sup>(a)(f)</sup> | 138964835 | 139585369  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class A1A, 4.82%, 06/25/2065 (Callable 09/25/2032)<sup>(a)(f)</sup> | 120082536 | 120670604  |
|  WaMu Mortgage Pass Through Certificates<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-AR14, Class A1, 5.21%, 01/25/2035 (Callable 01/25/2026)<sup>(f)</sup> | 2214230 | 2153863  |
| &nbsp;&nbsp;&nbsp; Series 2004-CB2, Class 3A, 6.00%, 08/25/2034 (Callable 01/25/2026) | 1560976 | 1604028  |

---

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

89<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD AGGREGATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2004-CB3, Class 2A, 6.50%, 10/25/2034 (Callable 01/25/2026) | $728086 | $754815  |
| &nbsp;&nbsp;&nbsp; **TOTAL NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $2,735,464,066)** |  | 2744303440  |
|  **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 4.0%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 4.0%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 4.0%** |
| BANK-2017<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-BNK4, Class A3, 3.36%, 05/15/2050 (Callable 04/15/2027) | 30855622 | 30616111  |
| &nbsp;&nbsp;&nbsp; Series 2017-BNK4, Class A4, 3.63%, 05/15/2050 (Callable 04/15/2027) | 44885000 | 44456330  |
| &nbsp;&nbsp;&nbsp; Series 2017-BNK7, Class A5, 3.44%, 09/15/2060 (Callable 09/15/2027) | 350000 | 345565  |
| &nbsp;&nbsp;&nbsp; Series 2017-BNK8, Class A4, 3.49%, 11/15/2050 (Callable 11/15/2027) | 68313000 | 66856826  |
| &nbsp;&nbsp;&nbsp; Series 2017-BNK9, Class A4, 3.54%, 11/15/2054 (Callable 12/15/2029) | 97164483 | 95910002  |
| BANK-2018<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-BN10, Class A5, 3.69%, 02/15/2061 (Callable 02/15/2028) | 11050000 | 10953284  |
| &nbsp;&nbsp;&nbsp; Series 2018-BN12, Class A4, 4.26%, 05/15/2061 (Callable 05/15/2028)<sup>(f)</sup> | 17442008 | 17450938  |
| &nbsp;&nbsp;&nbsp; Series 2018-BN13, Class A5, 4.22%, 08/15/2061 (Callable 08/15/2028)<sup>(f)</sup> | 8565000 | 8577115  |
|  BANK-2019, Series 2019-BN21, Class A5, 2.85%, 10/17/2052 (Callable 10/15/2029) | 39710000 | 37639167  |
|  BANK-2020, Series 2020-BN29, Class A4, 2.00%, 11/15/2053 (Callable 12/15/2030) | 67160000 | 59450919  |
|  BANK-2022, Series 2022-BNK44, Class A5, 5.74%, 11/15/2055 (Callable 11/15/2032)<sup>(f)</sup> | 56200000 | 59851072  |
| BANK5 Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-5YR3, Class A2, 6.26%, 09/15/2056 (Callable 09/15/2028) | 68801548 | 71416668  |
| &nbsp;&nbsp;&nbsp; Series 2024-5YR7, Class A3, 5.77%, 06/15/2057 (Callable 06/15/2029) | 121425000 | 126789909  |
| &nbsp;&nbsp;&nbsp; Series 2025-5YR13, Class A2, 5.03%, 01/15/2058 (Callable 02/15/2030) | 38350000 | 39206371  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2025-5YR14, Class A3, 5.65%, 04/15/2058 (Callable 04/15/2030) | $40030000 | $41892504  |
| &nbsp;&nbsp;&nbsp; Series 2025-5YR17, Class A3, 5.23%, 11/15/2058 (Callable 10/15/2030) | 98250000 | 101384273  |
| BBCMS Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-5C36, Class A2, 5.03%, 08/15/2058 (Callable 07/15/2030) | 35000000 | 35873282  |
| &nbsp;&nbsp;&nbsp; Series 2025-5C38, Class A2, 4.67%, 11/15/2058 (Callable 11/15/2030) | 62175000 | 62805330  |
| Benchmark Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-B6, Class A4, 4.26%, 10/10/2051 (Callable 10/10/2028) | 20140000 | 20075163  |
| &nbsp;&nbsp;&nbsp; Series 2018-B8, Class A5, 4.23%, 01/15/2052 (Callable 12/15/2028) | 24235000 | 24050252  |
| &nbsp;&nbsp;&nbsp; Series 2019-B14, Class A5, 3.05%, 12/15/2062 (Callable 11/15/2029) | 28769000 | 27274980  |
| &nbsp;&nbsp;&nbsp; Series 2020-B21, Class A5, 1.98%, 12/17/2053 (Callable 12/15/2030) | 35697743 | 31610601  |
| &nbsp;&nbsp;&nbsp; Series 2021-B24, Class A5, 2.58%, 03/15/2054 (Callable 03/15/2031) | 26400000 | 23684309  |
| &nbsp;&nbsp;&nbsp; Series 2021-B31, Class A5, 2.67%, 12/15/2054 (Callable 12/15/2031) | 42125000 | 37770931  |
| &nbsp;&nbsp;&nbsp; Series 2023-V3, Class A2, 5.90%, 07/15/2056 (Callable 07/15/2028) | 36950000 | 38201171  |
| &nbsp;&nbsp;&nbsp; Series 2024-V10, Class A2, 4.80%, 09/15/2057 (Callable 10/15/2029) | 82950000 | 84243779  |
| &nbsp;&nbsp;&nbsp; Series 2024-V11, Class A2, 5.42%, 11/15/2057 (Callable 11/15/2029) | 40372648 | 41799095  |
| &nbsp;&nbsp;&nbsp; Series 2025-V13, Class A3, 5.22%, 02/15/2058 (Callable 02/15/2030) | 68500000 | 70498330  |
| &nbsp;&nbsp;&nbsp; Series 2025-V16, Class A2, 4.96%, 08/15/2058 (Callable 08/15/2030) | 28750000 | 29306042  |
| BMO Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-5C7, Class A2, 5.09%, 11/15/2057 (Callable 11/15/2029) | 31475000 | 32171227  |
| &nbsp;&nbsp;&nbsp; Series 2025-5C13, Class A3, 5.23%, 12/15/2058 (Callable 05/15/2032) | 83825000 | 86362274  |

---

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

90<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD AGGREGATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - (Continued)** |
|  Cantor Commercial Real Estate Lending LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-CF1, Class A5, 3.79%, 05/15/2052 (Callable 05/15/2029) | $3950000 | $3879357  |
| &nbsp;&nbsp;&nbsp; Series 2019-CF3, Class A4, 3.01%, 01/15/2053 (Callable 12/15/2029) | 5651725 | 5329590  |
|  CCUBS Commercial Mortgage Trust, Series 2017-C1, Class A4, 3.54%, 11/15/2050 (Callable 12/15/2027)<sup>(f)</sup> | 9000279 | 8847820  |
|  CFCRE Commercial Mortgage Trust, Series 2016-C4, Class A4, 3.28%, 05/10/2058 (Callable 11/10/2026) | 18200026 | 18172886  |
|  Citigroup Commercial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2015-GC35, Class A4, 3.82%, 11/10/2048 (Callable 10/10/2027) | 17180032 | 17118904  |
| &nbsp;&nbsp;&nbsp; Series 2017-P7, Class A4, 3.71%, 04/14/2050 (Callable 04/14/2027) | 12275000 | 12169444  |
| &nbsp;&nbsp;&nbsp; Series 2017-P8, Class A4, 3.47%, 09/15/2050 (Callable 09/15/2027) | 22000000 | 21567260  |
| &nbsp;&nbsp;&nbsp; Series 2019-C7, Class A4, 3.10%, 12/15/2072 (Callable 12/15/2029) | 23480000 | 22355728  |
|  Citigroup/Deutsche Bank Commercial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-C3, Class ASB, 2.76%, 08/10/2049 (Callable 08/10/2026) | 647079 | 645797  |
| &nbsp;&nbsp;&nbsp; Series 2016-CD1, Class A4, 2.72%, 08/10/2049 (Callable 08/10/2027) | 49411454 | 48660019  |
| &nbsp;&nbsp;&nbsp; Series 2017-C6, Class A5, 3.33%, 06/10/2050 (Callable 04/10/2028) | 23800000 | 23470756  |
| &nbsp;&nbsp;&nbsp; Series 2017-CD3, Class A4, 3.63%, 02/10/2050 (Callable 08/10/2027) | 7200000 | 7027693  |
| &nbsp;&nbsp;&nbsp; Series 2018-CD7, Class A4, 4.28%, 08/15/2051 (Callable 08/15/2028) | 7400000 | 7361783  |
| Computershare Corporate Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-C34, Class A4, 3.10%, 06/15/2049 (Callable 05/15/2026) | 10250000 | 10197554  |
| &nbsp;&nbsp;&nbsp; Series 2016-C35, Class A4, 2.93%, 07/15/2048 (Callable 07/15/2026) | 25670000 | 25462376  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2017-C42, Class A4, 3.59%, 12/15/2050 (Callable 12/15/2027) | $7315000 | $7218462  |
| &nbsp;&nbsp;&nbsp; Series 2019-C50, Class ASB, 3.64%, 05/15/2052 (Callable 05/15/2029) | 14009341 | 13938784  |
| &nbsp;&nbsp;&nbsp; Series 2019-C51, Class A4, 3.31%, 06/15/2052 (Callable 06/15/2029) | 22581000 | 21549956  |
| &nbsp;&nbsp;&nbsp; Series 2019-C52, Class A5, 2.89%, 08/15/2052 (Callable 08/15/2029) | 10000000 | 9490657  |
| &nbsp;&nbsp;&nbsp; Series 2019-C54, Class A4, 3.15%, 12/15/2052 (Callable 11/15/2029) | 30610609 | 29273571  |
| CSAIL Commercial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-C7, Class A5, 3.50%, 11/15/2049 (Callable 11/15/2026) | 5000000 | 4963194  |
| &nbsp;&nbsp;&nbsp; Series 2018-CX11, Class A4, 3.77%, 04/15/2051 (Callable 04/15/2028) | 7422119 | 7372256  |
| &nbsp;&nbsp;&nbsp; Series 2018-CX11, Class A5, 4.03%, 04/15/2051 (Callable 04/15/2028)<sup>(f)</sup> | 22023039 | 21931969  |
| &nbsp;&nbsp;&nbsp; Series 2018-CX12, Class A4, 4.22%, 08/15/2051 (Callable 08/15/2028)<sup>(f)</sup> | 18608000 | 18594852  |
| &nbsp;&nbsp;&nbsp; Series 2019-C16, Class A3, 3.33%, 06/15/2052 (Callable 06/15/2029) | 33939000 | 32905914  |
| &nbsp;&nbsp;&nbsp; Series 2019-C17, Class A5, 3.02%, 09/15/2052 (Callable 09/15/2029) | 16475000 | 15562466  |
| &nbsp;&nbsp;&nbsp; Series 2020-C19, Class A3, 2.56%, 03/15/2053 (Callable 03/15/2030) | 9500000 | 8685115  |
|  DBGS Mortgage Trust, Series 2018-C1, Class A4, 4.47%, 10/15/2051 (Callable 10/15/2028) | 19875000 | 19896882  |
|  GS Mortgage Securities Corp. II, Series 2017-GS8, Class A4, 3.47%, 11/10/2050 (Callable 11/10/2027) | 23655000 | 23350404  |
|  JP Morgan Chase Commercial Mortgage Securities, Series 2017-JP7, Class A5, 3.45%, 09/15/2050 (Callable 04/15/2028) | 10500000 | 10366643  |
|  JPMDB Commercial Mortgage Securities Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-C2, Class A4, 3.14%, 06/15/2049 (Callable 05/15/2026) | 19890000 | 19764844  |
| &nbsp;&nbsp;&nbsp; Series 2017-C5, Class A5, 3.69%, 03/15/2050 (Callable 08/15/2027) | 24380000 | 24111964  |

---

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

91<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD AGGREGATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2017-C7, Class A5, 3.41%, 10/15/2050 (Callable 11/15/2027) | $17170000 | $16881942  |
|  Morgan Stanley ABS Capital I, Inc., Series 2021-L7, Class A5, 2.57%, 10/15/2054 (Callable 10/15/2031) | 7295000 | 6515394  |
|  Morgan Stanley Bank of America Merrill Lynch Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-C30, Class A5, 2.86%, 09/15/2049 (Callable 10/15/2026) | 25444000 | 25187545  |
| &nbsp;&nbsp;&nbsp; Series 2016-C31, Class A5, 3.10%, 11/15/2049 (Callable 11/15/2026) | 6025000 | 5951347  |
| &nbsp;&nbsp;&nbsp; Series 2017-C34, Class A4, 3.54%, 11/15/2052 (Callable 10/15/2027) | 41287079 | 40758233  |
| &nbsp;&nbsp;&nbsp; Series 2025-5C1, Class A2, 4.91%, 03/15/2058 (Callable 03/15/2030) | 34075000 | 34718946  |
| Morgan Stanley Capital I, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-UB12, Class A4, 3.60%, 12/15/2049 (Callable 11/15/2026) | 8500000 | 8411524  |
| &nbsp;&nbsp;&nbsp; Series 2018-H3, Class A5, 4.18%, 07/15/2051 (Callable 07/15/2028) | 22101510 | 22072573  |
| &nbsp;&nbsp;&nbsp; Series 2018-H4, Class A3, 4.04%, 12/15/2051 (Callable 01/15/2029) | 8829018 | 8760804  |
| &nbsp;&nbsp;&nbsp; Series 2018-H4, Class A4, 4.31%, 12/15/2051 (Callable 01/15/2029) | 7750000 | 7703821  |
| UBS Commercial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-C11, Class A5, 4.24%, 06/15/2051 (Callable 07/15/2028)<sup>(f)</sup> | 16652859 | 16648296  |
| &nbsp;&nbsp;&nbsp; Series 2019-C17, Class A4, 2.92%, 10/15/2052 (Callable 10/15/2029) | 71060966 | 67439642  |
| &nbsp;&nbsp;&nbsp; Series 2019-C18, Class A4, 3.04%, 12/15/2052 (Callable 12/15/2029) | 6480000 | 6115424  |
| &nbsp;&nbsp;&nbsp; **TOTAL NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $2,267,978,808)** |  | 2246934211  |
| **ASSET-BACKED SECURITIES - 2.1%** | **ASSET-BACKED SECURITIES - 2.1%** |  |
| Financial Holding Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-F, Class A, <br>4.75%, 08/15/2029<sup>(a)</sup> | 35175000 | 35580153  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A, <br>4.85%, 02/15/2030<sup>(a)</sup> | 26025000 | 26495649  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| First National Master Note Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2, Class A, <br>5.77%, 09/15/2029 | $5700000 | $5772556  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A, <br>5.34%, 05/15/2030 | 41875000 | 42705272  |
| &nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust, Series 2023-1, Class A, <br>4.85%, 08/15/2035 (Callable 02/15/2028)<sup>(a)</sup> | 114364000 | 116668034  |
|  Ford Credit Auto Receivables Six LLC, Series 2025-1, Class A, 4.86%, 08/15/2037 (Callable 02/15/2030)<sup>(a)(e)</sup> | 78350000 | 80572171  |
| &nbsp;&nbsp;&nbsp; Ford Credit Floorplan LLC, Series 2024-3, Class A1, <br>4.30%, 09/15/2029<sup>(a)</sup> | 75800000 | 76419165  |
| General Motors Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2, Class A, <br>5.34%, 06/15/2030<sup>(a)</sup> | 25000000 | 25801228  |
| &nbsp;&nbsp;&nbsp; Series 2024-4A, Class A1, 4.73%, 11/15/2029<sup>(a)</sup> | 56274000 | 57053192  |
|  GM Financial Revolving Receivables Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A, <br>5.91%, 10/11/2035 (Callable 11/11/2027)<sup>(a)</sup> | 64950000 | 67308068  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A, <br>4.98%, 12/11/2036 (Callable 03/11/2029)<sup>(a)</sup> | 11752000 | 12090723  |
| Navient Student Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-GA, Class A, 1.58%, 04/15/2070 (Callable 07/15/2030)<sup>(a)</sup> | 10559776 | 9596872  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class A, <br>2.23%, 07/15/2070 (Callable 10/15/2030)<sup>(a)</sup> | 16282275 | 14924665  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BA, Class A, <br>4.16%, 10/15/2070 (Callable 12/15/2030)<sup>(a)</sup> | 38682006 | 38093440  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class A, <br>5.51%, 10/15/2071 (Callable 09/15/2033)<sup>(a)</sup> | 43682400 | 44928999  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A, <br>4.72%, 09/15/2055 (Callable 01/15/2035)<sup>(a)</sup> | 127125243 | 127280959  |
|  Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36%, 04/20/2062 (Callable 01/20/2029)<sup>(a)</sup> | 17189148 | 16264348  |
| &nbsp;&nbsp;&nbsp; SBA Depositor LLC, <br>1.84%, 04/15/2027 (Callable 04/15/2026)<sup>(a)</sup> | 59050000 | 57207132  |
|  SMB Private Education Loan Trust, Series 2024-D, Class A1A, 5.38%, 07/15/2053<sup>(a)</sup> | 103756002 | 105948273  |
|  Synchrony Bank, Series 2025-A2, Class A, 4.49%, 05/15/2031 | 16525000 | 16769453  |

---

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

92<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD AGGREGATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES - (Continued)** | **ASSET-BACKED SECURITIES - (Continued)** | **ASSET-BACKED SECURITIES - (Continued)** |
|  Towd Point Asset Trust, Series 2021-SL1, Class A1, 1.05%, 11/20/2061<sup>(a)</sup> | $3451777 | $3364907  |
| Towd Point Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-MH1, Class A1, 2.25%, 02/25/2060 (Callable 01/25/2026)<sup>(a)(f)</sup> | 4297051 | 4214389  |
| &nbsp;&nbsp;&nbsp; Series 2020-MH1, Class A1A, 2.18%, 02/25/2060 (Callable 01/25/2026)<sup>(a)(f)</sup> | 6740999 | 6608987  |
|  Toyota Auto Loan Extended Note Trust, Series 2022-1A, Class A, 3.82%, 04/25/2035 (Callable 04/25/2027)<sup>(a)</sup> | 25625000 | 25610617  |
| Verizon Master Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5, Class A, <br>5.00%, 06/21/2032 (Callable 06/20/2029)<sup>(a)</sup> | 56365000 | 58124608  |
| &nbsp;&nbsp;&nbsp; Series 2024-8, Class A1A, 4.62%, 11/20/2030 (Callable 11/20/2027) | 79775000 | 80953915  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $1,140,695,074)** |  | 1156357775  |
|  **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.9%**<br>|  |  |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K071, Class A2, <br>3.29%, 11/25/2027 (Callable 11/25/2027) | 25854000 | 25598014  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K072, Class A2, <br>3.44%, 12/25/2027 (Callable 12/25/2027) | 6050000 | 6005914  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K073, Class A2, <br>3.35%, 01/25/2028 (Callable 01/25/2028) | 1350000 | 1337699  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K074, Class A2, <br>3.60%, 01/25/2028 (Callable 01/25/2028) | 21899299 | 21798223  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K076, Class A2, <br>3.90%, 04/25/2028 (Callable 04/25/2028) | 70395000 | 70484409  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K077, Class A2, <br>3.85%, 05/25/2028 (Callable 05/25/2028)<sup>(f)</sup> | 41215000 | 41224838  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K078, Class A2, <br>3.85%, 06/25/2028 (Callable 06/25/2028) | 26488633 | 26497165  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K080, Class A2, <br>3.93%, 07/25/2028 (Callable 07/25/2028)<sup>(f)</sup> | 14950000 | 14976049  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K082, Class A2, <br>3.92%, 09/25/2028 (Callable 09/25/2028)<sup>(f)</sup> | 56545000 | 56678757  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K083, Class A2, <br>4.05%, 09/25/2028 (Callable 09/25/2028)<sup>(f)</sup> | $1375000 | $1381707  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-1510, Class A2, <br>3.72%, 01/25/2031 (Callable 01/25/2031) | 39850000 | 39180524  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K156, Class A3, <br>3.70%, 06/25/2033 (Callable 06/25/2033)<sup>(f)</sup> | 11088000 | 10639548  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K752, Class A2, <br>4.28%, 07/25/2030 (Callable 07/25/2030) | 90775000 | 91653412  |
|  Federal National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-M47, Class A2, 1.25%, 10/25/2032<sup>(f)</sup> | 66288000 | 58134304  |
| &nbsp;&nbsp;&nbsp; Series 2022-M10, Class A2, 1.93%, 01/25/2032<sup>(f)</sup> | 16975000 | 15022075  |
| &nbsp;&nbsp;&nbsp; **TOTAL AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $484,215,776)** |  | 480612638  |
| **MUNICIPAL BONDS - 0.5%**<br>|  |  |
|  Atlanta Independent School System, 5.56%, 03/01/2026 | 4465000 | 4475988  |
|  California Community Choice Financing Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.95%, 08/01/2029 | 3155000 | 3224319  |
| &nbsp;&nbsp;&nbsp; 6.13%, 04/01/2030 | 5000000 | 5191556  |
|  California Qualified School Bond Joint Powers Authority, 7.16%, 03/01/2027 | 2265000 | 2311216  |
|  Colorado Housing and Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 11/01/2053 (Callable 05/01/2032) | 25290000 | 27090823  |
| &nbsp;&nbsp;&nbsp; 6.25%, 11/01/2055 (Callable 05/01/2033) | 15375000 | 16326497  |
|  Dallas Fort Worth International Airport<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.25%, 11/01/2031 (Callable 11/01/2030) | 2500000 | 2252833  |
| &nbsp;&nbsp;&nbsp; 2.42%, 11/01/2032 (Callable 11/01/2030) | 5000000 | 4451792  |
| &nbsp;&nbsp;&nbsp; 2.52%, 11/01/2033 (Callable 11/01/2030) | 1220000 | 1071374  |
|  Idaho Housing & Finance Association, 6.50%, 01/01/2065 (Callable 07/01/2032) | 14850000 | 15899191  |
| &nbsp;&nbsp;&nbsp; Kentucky Housing Corp., <br>3.50%, 01/01/2040 (Callable 02/02/2026) | 370000 | 369052  |
|  Maine State Housing Authority, 2.60%, 11/15/2046 (Callable 11/15/2030) | 10000000 | 7060209  |

---

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

93<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD AGGREGATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
|  Maryland Economic Development Corp., 4.00%, 04/01/2034 (Callable 01/01/2034) | $17955000 | $13289620  |
|  Massachusetts Educational Financing Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.85%, 05/25/2033 | 5750119 | 5702552  |
| &nbsp;&nbsp;&nbsp; 6.07%, 07/01/2033 | 7855000 | 8204528  |
| Minnesota Housing Finance Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.73%, 08/01/2046 (Callable 02/02/2026) | 1706110 | 1483408  |
| &nbsp;&nbsp;&nbsp; 3.20%, 06/01/2047 (Callable 07/01/2026) | 3519965 | 3195594  |
| &nbsp;&nbsp;&nbsp; 3.00%, 10/01/2047 (Callable 01/01/2027) | 4420817 | 3971153  |
|  New Hampshire Business Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 04/01/2028 (Callable 01/01/2028) | 45000000 | 20430581  |
| &nbsp;&nbsp;&nbsp; 3.30%, 04/01/2032 (Callable 01/01/2032) | 35000000 | 25457740  |
| &nbsp;&nbsp;&nbsp; 2.87%, 07/01/2035 (Callable 01/01/2035) | 16885000 | 12136286  |
|  New Hampshire Health and Education Facilities Authority Act, 5.04%, 11/01/2034 | 7000000 | 7043851  |
|  New Jersey Higher Education Student Assistance Authority, 3.50%, 12/01/2039 (Callable 12/01/2028)<sup>(g)</sup> | 6445000 | 6247737  |
|  New York State Dormitory Authority, 2.22%, 07/01/2035 | 15000000 | 12632049  |
|  North Carolina Housing Finance Agency, 6.50%, 01/01/2055 (Callable 07/01/2032) | 12035000 | 12661010  |
|  State Public School Building Authority, 2.97%, 04/01/2027 | 5550000 | 5487230  |
| &nbsp;&nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp., <br>3.92%, 12/31/2049 | 8800000 | 7039634  |
|  West Contra Costa Unified School District, 6.25%, 08/01/2030 | 1785000 | 1944533  |
|  Western Michigan University Homer Stryker MD School of Medicine, 4.75%, 11/15/2028 | 11275000 | 11578236  |
| &nbsp;&nbsp;&nbsp; Westvaco Corp., <br>7.67%, 01/15/2027<sup>(a)</sup> | 8000000 | 8251080  |
| &nbsp;&nbsp;&nbsp; **TOTAL MUNICIPAL BONDS** <br>**(Cost $305,311,598)** |  | 256481672  |
| **OTHER GOVERNMENT RELATED SECURITIES - 0.2%** | **OTHER GOVERNMENT RELATED SECURITIES - 0.2%** | **OTHER GOVERNMENT RELATED SECURITIES - 0.2%** |
| Electricite de France SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.65%, 04/22/2029 (Callable 03/22/2029)<sup>(a)</sup> | 22000000 | 22923218  |
| &nbsp;&nbsp;&nbsp; 5.95%, 04/22/2034 (Callable 01/22/2034)<sup>(a)</sup> | 12000000 | 12775954  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Freeport Indonesia PT, <br>5.32%, 04/14/2032 (Callable 01/01/2032)<sup>(a)</sup> | $15000000 | $15293505  |
| NBN Co. Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.63%, 05/05/2031 (Callable 02/05/2031)<sup>(a)</sup> | 18875000 | 17361564  |
| &nbsp;&nbsp;&nbsp; 2.50%, 01/08/2032 (Callable 10/08/2031)<sup>(a)</sup> | 46650000 | 41856378  |
| Petroleos Mexicanos<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.95%, 01/28/2031 (Callable 10/28/2030) | 558000 | 540056  |
| &nbsp;&nbsp;&nbsp; 6.70%, 02/16/2032 (Callable 11/16/2031) | 1020000 | 1017277  |
| &nbsp;&nbsp;&nbsp; 6.35%, 02/12/2048 | 8500000 | 6671567  |
| &nbsp;&nbsp;&nbsp; **TOTAL OTHER GOVERNMENT RELATED SECURITIES** <br>**(Cost $123,670,963)** |  | 118439519  |
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **Money Market Funds - 1.8%** | **Money Market Funds - 1.8%** |  |
|  First American Government Obligations Fund - Class U, 3.69%<sup>(h)</sup> | 1029178642 | 1029178642  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $1,029,178,642)** |  | 1029178642  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.2%**<br>**(Cost $57,398,847,582)** |  | $55868748218  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.2)% |  | (127023969)  |
| **TOTAL NET ASSETS - 100.0%** |  | $55741724249 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

CMT - Constant Maturity Treasury

GNMA - Government National Mortgage Association

LIBOR - London Interbank Offered Rate

LLC - Limited Liability Company

LP - Limited Partnership

PIK - Payment in Kind

PLC - Public Limited Company

REIT - Real Estate Investment Trust

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of December 31, 2025, the value of these securities total $11,034,604,772 or 19.8% of the Fund's net assets.

<sup>(b)</sup> Securities referencing LIBOR are expected to transition to an alternative reference rate by the security's next scheduled coupon reset date.

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

94<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD AGGREGATE BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

<sup>(c)</sup> Issuer is currently in default.

<sup>(d)</sup> Coupon rate may be variable or floating based on components other than reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of December 31, 2025.

<sup>(e)</sup> Step coupon bond. The rate disclosed is as of December 31, 2025.

<sup>(f)</sup> Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of December 31, 2025.

<sup>(g)</sup> Security subject to the Alternative Minimum Tax ("AMT"). As of December 31, 2025, the total value of securities subject to the AMT was $6,247,737 or 0.0% of net assets.

<sup>(h)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

95<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Baird Aggregate Bond Fund** 

**Summary of Fair Value Disclosure** 

**as of December 31, 2025** 

Baird Aggregate Bond Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the year, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

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

---

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

---

---

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

---

The following is a summary of the fair valuation hierarchy of the Fund's securities as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $20509119877 | $— | $20509119877  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 16871232265 |  | 16871232265  |
| &nbsp;&nbsp;&nbsp; Agency Residential Mortgage-Backed Securities |  | 10456088179 |  | 10456088179  |
| &nbsp;&nbsp;&nbsp; Non-Agency Residential Mortgage-Backed Securities |  | 2744303440 |  | 2744303440  |
| &nbsp;&nbsp;&nbsp; Non-Agency Commercial Mortgage-Backed Securities |  | 2246934211 |  | 2246934211  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 1156357775 |  | 1156357775  |
| &nbsp;&nbsp;&nbsp; Agency Commercial Mortgage-Backed Securities |  | 480612638 |  | 480612638  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds |  | 256481672 |  | 256481672  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Government Related <br>Securities |  | 118439519 |  | 118439519  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 1029178642 |  |  | 1029178642  |
| **Total Investments** | $1029178642 | $54839569576 | $— | $55868748218 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting year, as compared to the security classifications from the prior year's core financial statements. See the Fund's Valuation Policy in Note 2a to the financial statements.

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

96<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE PLUS BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - 44.3%**<br>|  |  |
| **Financials - 19.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; 200 Park Funding Trust, <br>5.74%, 02/15/2055 (Callable 08/15/2054)<sup>(a)</sup> | $10000000 | $9981294  |
| ABN AMRO Bank NV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 04/18/2026<sup>(a)</sup> | 47025000 | 47088811  |
| &nbsp;&nbsp;&nbsp; 1.54% to 06/16/2026 then 1 yr. CMT Rate + 0.80%, 06/16/2027 (Callable 06/16/2026)<sup>(a)</sup> | 12250000 | 12101542  |
| &nbsp;&nbsp;&nbsp; 4.99% to 12/03/2027 then 1 yr. CMT Rate + 0.78%, 12/03/2028 (Callable 12/03/2027)<sup>(a)</sup> | 31353000 | 31901137  |
| &nbsp;&nbsp;&nbsp; 5.52% to 12/03/2034 then 1 yr. CMT Rate + 1.25%, 12/03/2035 (Callable 12/03/2034)<sup>(a)</sup> | 22000000 | 22757898  |
| &nbsp;&nbsp;&nbsp; 3.32% to 03/13/2032 then 5 yr. CMT Rate + 1.90%, 03/13/2037 (Callable 12/13/2031)<sup>(a)</sup> | 31325000 | 28690227  |
| &nbsp;&nbsp;&nbsp; AEGON Funding Co. LLC, <br>5.50%, 04/16/2027 (Callable 03/16/2027)<sup>(a)</sup> | 10000000 | 10159249  |
|  AerCap Ireland Capital DAC / AerCap Global Aviation Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.45%, 04/15/2027 (Callable 03/15/2027) | 38501000 | 39555347  |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/06/2028 (Callable 05/06/2028) | 10000000 | 10356988  |
| &nbsp;&nbsp;&nbsp; 3.00%, 10/29/2028 (Callable 08/29/2028) | 60085000 | 58272174  |
| &nbsp;&nbsp;&nbsp; 4.63%, 09/10/2029 (Callable 08/10/2029) | 7575000 | 7655992  |
| Agree LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.90%, 10/01/2030 (Callable 07/01/2030) | 12809000 | 11996086  |
| &nbsp;&nbsp;&nbsp; 5.63%, 06/15/2034 (Callable 03/15/2034) | 12000000 | 12569612  |
| AIB Group PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.61% to 09/13/2028 then SOFR + 2.33%, 09/13/2029 (Callable 09/13/2028)<sup>(a)</sup> | 59178000 | 62862439  |
| &nbsp;&nbsp;&nbsp; 5.32% to 05/15/2030 then SOFR + 1.65%, 05/15/2031 (Callable 05/15/2030)<sup>(a)</sup> | 5800000 | 5990681  |
| &nbsp;&nbsp;&nbsp; 5.87% to 03/28/2034 then SOFR + 1.91%, 03/28/2035 (Callable 03/28/2034)<sup>(a)</sup> | 41350000 | 43703652  |
|  AIG SunAmerica Global Financing X, 6.90%, 03/15/2032<sup>(a)</sup> | 10549000 | 11711107  |
|  Air Lease Corp., 5.85%, 12/15/2027 (Callable 11/15/2027) | 10000000 | 10282493  |
| Aircastle Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.85%, 01/26/2028 (Callable 11/26/2027)<sup>(a)</sup> | 8025000 | 7798978  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 6.50%, 07/18/2028 (Callable 06/18/2028)<sup>(a)</sup> | $5000000 | $5258511  |
| &nbsp;&nbsp;&nbsp; 5.95%, 02/15/2029 (Callable 01/15/2029)<sup>(a)</sup> | 15500000 | 16142284  |
| Aircastle Ltd. / Aircastle Ireland DAC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/15/2030 (Callable 02/15/2030)<sup>(a)</sup> | 14267000 | 14574997  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/15/2030 (Callable 08/15/2030)<sup>(a)</sup> | 12000000 | 12121272  |
| &nbsp;&nbsp;&nbsp; 5.75%, 10/01/2031 (Callable 08/01/2031)<sup>(a)</sup> | 12250000 | 12786133  |
| Ally Financial, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.99% to 06/13/2028 then SOFR + 3.26%, 06/13/2029 (Callable 06/13/2028) | 16891000 | 17840891  |
| &nbsp;&nbsp;&nbsp; 6.85% to 01/03/2029 then SOFR + 2.82%, 01/03/2030 (Callable 01/03/2029) | 10000000 | 10615033  |
|  American International Group, Inc., 5.13%, 03/27/2033 (Callable 12/27/2032) | 6000000 | 6181614  |
| American National Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 12/15/2028<sup>(a)</sup> | 10000000 | 10037882  |
| &nbsp;&nbsp;&nbsp; 5.55%, 01/28/2030<sup>(a)</sup> | 25000000 | 25695981  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/03/2030<sup>(a)</sup> | 11500000 | 11696090  |
| American National Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 10/01/2029 (Callable 09/01/2029) | 12000000 | 12425715  |
| &nbsp;&nbsp;&nbsp; 6.00%, 07/15/2035 (Callable 04/15/2035) | 20000000 | 20314898  |
|  Americold Realty Operating Partnership LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.60%, 05/15/2032 (Callable 03/15/2032) | 27738000 | 27963046  |
| &nbsp;&nbsp;&nbsp; 5.41%, 09/12/2034 (Callable 06/12/2034) | 35000000 | 34212298  |
| &nbsp;&nbsp;&nbsp; AmFam Holdings, Inc., <br>2.81%, 03/11/2031 (Callable 12/11/2030)<sup>(a)</sup> | 7000000 | 6153876  |
| &nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co., <br>5.55%, 02/15/2055 (Callable 08/15/2054) | 14250000 | 13730334  |
| Assurant, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 03/27/2028 (Callable 12/27/2027) | 4250000 | 4302183  |
| &nbsp;&nbsp;&nbsp; 3.70%, 02/22/2030 (Callable 11/22/2029) | 7000000 | 6798034  |
| &nbsp;&nbsp;&nbsp; Athene Global Funding, <br>4.83%, 05/09/2028<sup>(a)</sup> | 10730000 | 10819645  |
|  Australia & New Zealand Banking Group Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.74%, 12/08/2032<sup>(a)</sup> | 33000000 | 36553235  |
| &nbsp;&nbsp;&nbsp; 5.20% to 09/30/2034 then 1 yr. CMT Rate + 1.47%, 09/30/2035 (Callable 09/30/2034)<sup>(a)</sup> | 70350000 | 70811645  |

---

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

97<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE PLUS BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - (Continued)** | **Financials - (Continued)** | **Financials - (Continued)** |
| &nbsp;&nbsp;&nbsp; 2.57% to 11/25/2030 then 5 yr. CMT Rate + 1.70%, 11/25/2035 (Callable 11/25/2030)<sup>(a)</sup> | $13000000 | $11702989  |
| Aviation Capital Group LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 04/15/2028 (Callable 03/15/2028)<sup>(a)</sup> | 18379000 | 19091332  |
| &nbsp;&nbsp;&nbsp; 5.38%, 07/15/2029 (Callable 06/15/2029)<sup>(a)</sup> | 37152000 | 38057518  |
| &nbsp;&nbsp;&nbsp; 5.13%, 04/10/2030 (Callable 03/10/2030)<sup>(a)</sup> | 10000000 | 10163252  |
| &nbsp;&nbsp;&nbsp; 6.38%, 07/15/2030 (Callable 05/15/2030)<sup>(a)</sup> | 36120000 | 38618444  |
| &nbsp;&nbsp;&nbsp; 4.80%, 10/24/2030 (Callable 09/24/2030)<sup>(a)</sup> | 16279000 | 16304388  |
| Avolon Holdings Funding Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 01/15/2028 (Callable 12/15/2027)<sup>(a)</sup> | 16000000 | 16193791  |
| &nbsp;&nbsp;&nbsp; 6.38%, 05/04/2028 (Callable 04/04/2028)<sup>(a)</sup> | 10000000 | 10422171  |
| &nbsp;&nbsp;&nbsp; 5.38%, 05/30/2030 (Callable 04/30/2030)<sup>(a)</sup> | 12000000 | 12328483  |
| Banco Santander SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.72% to 09/14/2026 then 1 yr. CMT Rate + 0.90%, 09/14/2027 (Callable 09/14/2026) | 10000000 | 9830901  |
| &nbsp;&nbsp;&nbsp; 6.61%, 11/07/2028 | 8400000 | 8963616  |
| &nbsp;&nbsp;&nbsp; 5.54% to 03/14/2029 then 1 yr. CMT Rate + 1.45%, 03/14/2030 (Callable 03/14/2029) | 10000000 | 10347986  |
| &nbsp;&nbsp;&nbsp; 2.75%, 12/03/2030 | 5000000 | 4549219  |
| &nbsp;&nbsp;&nbsp; 3.23% to 11/22/2031 then 1 yr. CMT Rate + 1.60%, 11/22/2032 (Callable 08/22/2031) | 35000000 | 32067478  |
| &nbsp;&nbsp;&nbsp; 6.92%, 08/08/2033 | 7842000 | 8699589  |
| &nbsp;&nbsp;&nbsp; 6.35%, 03/14/2034 | 35000000 | 37771972  |
| Bank of America Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.73% to 07/22/2026 then SOFR + 0.96%, 07/22/2027 (Callable 07/22/2026) | 6000000 | 5923826  |
| &nbsp;&nbsp;&nbsp; 6.20% to 11/10/2027 then SOFR + 1.99%, 11/10/2028 (Callable 11/10/2027) | 12000000 | 12471718  |
| &nbsp;&nbsp;&nbsp; 3.42% to 12/20/2027 then 3 mo. Term SOFR + 1.30%, 12/20/2028 (Callable 12/20/2027) | 19539000 | 19316701  |
| &nbsp;&nbsp;&nbsp; 5.20% to 04/25/2028 then SOFR + 1.63%, 04/25/2029 (Callable 04/25/2028) | 15000000 | 15377107  |
| &nbsp;&nbsp;&nbsp; 2.09% to 06/14/2028 then SOFR + 1.06%, 06/14/2029 (Callable 06/14/2028) | 12000000 | 11450516  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 4.27% to 07/23/2028 then 3 mo. Term SOFR + 1.57%, 07/23/2029 (Callable 07/23/2028) | $10000000 | $10049378  |
| &nbsp;&nbsp;&nbsp; 2.50% to 02/13/2030 then 3 mo. Term SOFR + 1.25%, 02/13/2031 (Callable 02/13/2030) | 7000000 | 6525714  |
| &nbsp;&nbsp;&nbsp; 2.59% to 04/29/2030 then SOFR + 2.15%, 04/29/2031 (Callable 04/29/2030) | 35000000 | 32635072  |
| &nbsp;&nbsp;&nbsp; 1.90% to 07/23/2030 then SOFR + 1.53%, 07/23/2031 (Callable 07/23/2030) | 10000000 | 8992497  |
| &nbsp;&nbsp;&nbsp; 2.97% to 02/04/2032 then SOFR + 1.33%, 02/04/2033 (Callable 02/04/2032) | 13750000 | 12592672  |
| &nbsp;&nbsp;&nbsp; 7.75%, 05/14/2038 | 725000 | 882037  |
| Bank of Ireland Group PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.03% to 09/30/2026 then 1 yr. CMT Rate + 1.10%, 09/30/2027 (Callable 09/30/2026)<sup>(a)</sup> | 10202000 | 10041470  |
| &nbsp;&nbsp;&nbsp; 5.60% (SOFR + 1.62%), 03/20/2030 (Callable 03/20/2029)<sup>(a)</sup> | 89609000 | 93105183  |
| Bank of Montreal<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.37%, 06/04/2027 | 15000000 | 15314564  |
| &nbsp;&nbsp;&nbsp; 4.57% to 09/10/2026 then SOFR + 0.88%, 09/10/2027 (Callable 09/10/2026) | 15350000 | 15408308  |
| &nbsp;&nbsp;&nbsp; 5.00% to 01/27/2028 then SOFR + 0.67%, 01/27/2029 (Callable 01/27/2028) | 11000000 | 11211487  |
| &nbsp;&nbsp;&nbsp; 3.80% to 12/15/2027 then 5 yr. Swap Rate USD + 1.43%, 12/15/2032 (Callable 12/15/2027) | 5000000 | 4941397  |
| &nbsp;&nbsp;&nbsp; 3.09% to 01/10/2032 then 5 yr. CMT Rate + 1.40%, 01/10/2037 (Callable 01/10/2032) | 37455000 | 33720908  |
| Bank of Nova Scotia<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 06/04/2027 | 25000000 | 25530072  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/12/2028 | 7000000 | 7211373  |
| &nbsp;&nbsp;&nbsp; 4.93% to 02/14/2028 then SOFR + 0.89%, 02/14/2029 (Callable 02/14/2028) | 32000000 | 32622309  |
| &nbsp;&nbsp;&nbsp; 4.74% to 11/10/2031 then SOFR + 1.44%, 11/10/2032 (Callable 11/10/2031) | 7775000 | 7869822  |
| &nbsp;&nbsp;&nbsp; 4.59% to 05/04/2032 then 5 yr. CMT Rate + 2.05%, 05/04/2037 (Callable 02/04/2032) | 24400000 | 23788847  |
| &nbsp;&nbsp;&nbsp; Banque Federative du Credit <br>Mutuel SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 07/13/2027<sup>(a)</sup> | 15000000 | 15153489  |
| &nbsp;&nbsp;&nbsp; 5.19%, 02/16/2028<sup>(a)</sup> | 15000000 | 15342579  |

---

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

98<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE PLUS BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - (Continued)** | **Financials - (Continued)** | **Financials - (Continued)** |
| &nbsp;&nbsp;&nbsp; 5.79%, 07/13/2028<sup>(a)</sup> | $6000000 | $6232687  |
| Barclays PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.34%, 01/10/2028 (Callable 01/08/2027) | 10000000 | 10024350  |
| &nbsp;&nbsp;&nbsp; 4.48% to 11/11/2028 then SOFR + 1.08%, 11/11/2029 (Callable 11/11/2028) | 5466000 | 5498277  |
| &nbsp;&nbsp;&nbsp; 5.69% to 03/12/2029 then SOFR + 1.74%, 03/12/2030 (Callable 03/12/2029) | 8003000 | 8334375  |
| &nbsp;&nbsp;&nbsp; 4.94% to 09/10/2029 then SOFR + 1.56%, 09/10/2030 (Callable 09/10/2029) | 41750000 | 42604887  |
| &nbsp;&nbsp;&nbsp; 5.37% to 02/25/2030 then SOFR + 1.23%, 02/25/2031 (Callable 02/25/2030) | 30647000 | 31701531  |
| &nbsp;&nbsp;&nbsp; 2.65% to 06/24/2030 then 1 yr. CMT Rate + 1.90%, 06/24/2031 (Callable 06/24/2030) | 2150000 | 1992192  |
| &nbsp;&nbsp;&nbsp; 7.44% to 11/02/2032 then 1 yr. CMT Rate + 3.50%, 11/02/2033 (Callable 11/02/2032) | 10000000 | 11450657  |
| &nbsp;&nbsp;&nbsp; 6.22% to 05/09/2033 then SOFR + 2.98%, 05/09/2034 (Callable 05/09/2033) | 31650000 | 34106841  |
| &nbsp;&nbsp;&nbsp; 6.69% to 09/13/2033 then SOFR + 2.62%, 09/13/2034 (Callable 09/13/2033) | 20000000 | 22153051  |
| &nbsp;&nbsp;&nbsp; 5.34% to 09/10/2034 then SOFR + 1.91%, 09/10/2035 (Callable 09/10/2034) | 15000000 | 15275938  |
| &nbsp;&nbsp;&nbsp; 5.79% to 02/25/2035 then SOFR + 1.59%, 02/25/2036 (Callable 02/25/2035) | 26700000 | 27980720  |
| &nbsp;&nbsp;&nbsp; Beacon Funding Trust, <br>6.27%, 08/15/2054 (Callable 02/15/2054)<sup>(a)</sup> | 25675000 | 26153270  |
| &nbsp;&nbsp;&nbsp; Belrose Funding Trust II, <br>6.79%, 05/15/2055 (Callable 11/15/2054)<sup>(a)</sup> | 11600000 | 12096532  |
| BGC Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 05/25/2028 (Callable 04/25/2028) | 15000000 | 16020015  |
| &nbsp;&nbsp;&nbsp; 6.60%, 06/10/2029 (Callable 05/10/2029) | 25000000 | 26088180  |
| BNP Paribas SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 05/12/2026<sup>(a)</sup> | 16910000 | 16907015  |
| &nbsp;&nbsp;&nbsp; 1.32% to 01/13/2026 then SOFR + 1.00%, 01/13/2027 (Callable 01/13/2026)<sup>(a)</sup> | 8000000 | 7992426  |
| &nbsp;&nbsp;&nbsp; 1.90% to 09/30/2027 then SOFR + 1.61%, 09/30/2028 (Callable 09/30/2027)<sup>(a)</sup> | 16000000 | 15397416  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 4.79% to 05/09/2028 then SOFR + 1.45%, 05/09/2029 (Callable 05/09/2028)<sup>(a)</sup> | $6825000 | $6903491  |
| &nbsp;&nbsp;&nbsp; 2.16% to 09/15/2028 then SOFR + 1.22%, 09/15/2029 (Callable 09/15/2028)<sup>(a)</sup> | 12296000 | 11631216  |
| &nbsp;&nbsp;&nbsp; 5.28% to 11/19/2029 then SOFR + 1.28%, 11/19/2030 (Callable 11/19/2029)<sup>(a)</sup> | 47000000 | 48412499  |
| &nbsp;&nbsp;&nbsp; 3.05% to 01/13/2030 then SOFR + 1.51%, 01/13/2031 (Callable 01/13/2030)<sup>(a)</sup> | 10500000 | 9948840  |
| &nbsp;&nbsp;&nbsp; 5.09% to 05/09/2030 then SOFR + 1.68%, 05/09/2031 (Callable 05/09/2030)<sup>(a)</sup> | 20000000 | 20431178  |
| &nbsp;&nbsp;&nbsp; 2.87% to 04/19/2031 then 3 mo. Term SOFR + 1.39%, 04/19/2032 (Callable 04/19/2031)<sup>(a)</sup> | 25000000 | 22845340  |
| &nbsp;&nbsp;&nbsp; 2.59% to 08/12/2030 then 5 yr. CMT Rate + 2.05%, 08/12/2035 (Callable 08/12/2030)<sup>(a)</sup> | 5000000 | 4523968  |
| &nbsp;&nbsp;&nbsp; 5.91% to 11/19/2034 then SOFR + 1.92%, 11/19/2035 (Callable 11/19/2034)<sup>(a)</sup> | 18000000 | 18719272  |
| BPCE SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88% to 01/14/2030 then SOFR + 1.68%, 01/14/2031 (Callable 01/14/2030)<sup>(a)</sup> | 7000000 | 7318491  |
| &nbsp;&nbsp;&nbsp; 2.28% to 01/20/2031 then SOFR + 1.31%, 01/20/2032 (Callable 01/20/2031)<sup>(a)</sup> | 6180000 | 5481182  |
| &nbsp;&nbsp;&nbsp; 3.12% to 10/19/2031 then SOFR + 1.73%, 10/19/2032 (Callable 10/19/2031)<sup>(a)</sup> | 51889000 | 46614279  |
| &nbsp;&nbsp;&nbsp; 7.00% to 10/19/2033 then SOFR + 2.59%, 10/19/2034 (Callable 10/19/2033)<sup>(a)</sup> | 22896000 | 25532525  |
| &nbsp;&nbsp;&nbsp; 6.51% to 01/18/2034 then SOFR + 2.79%, 01/18/2035 (Callable 01/18/2034)<sup>(a)</sup> | 18330000 | 19465066  |
| &nbsp;&nbsp;&nbsp; 5.94% to 05/30/2034 then SOFR + 1.85%, 05/30/2035 (Callable 05/30/2034)<sup>(a)</sup> | 10000000 | 10448862  |
| &nbsp;&nbsp;&nbsp; 6.03% to 05/28/2035 then SOFR + 1.96%, 05/28/2036 (Callable 05/28/2035)<sup>(a)</sup> | 12000000 | 12610828  |
|  Brighthouse Financial Global Funding, 5.55%, 04/09/2027<sup>(a)</sup> | 20000000 | 20282062  |
| &nbsp;&nbsp;&nbsp; Broadstone Net Lease LLC, <br>5.00%, 11/01/2032 (Callable 09/01/2032) | 4000000 | 4011582  |
| &nbsp;&nbsp;&nbsp; Brown & Brown, Inc., <br>4.50%, 03/15/2029 (Callable 12/15/2028) | 11840000 | 11889839  |

---

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

99<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE PLUS BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - (Continued)** | **Financials - (Continued)** | **Financials - (Continued)** |
|  Canadian Imperial Bank of Commerce<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.86% to 03/31/2028 then SOFR + 1.03%, 03/30/2029 (Callable 03/31/2028) | $16000000 | $16269146  |
| &nbsp;&nbsp;&nbsp; 4.63% to 09/11/2029 then SOFR + 1.34%, 09/11/2030 (Callable 09/11/2029) | 5425000 | 5502953  |
| &nbsp;&nbsp;&nbsp; 5.25% to 01/13/2030 then SOFR + 1.11%, 01/13/2031 (Callable 01/13/2030) | 12000000 | 12383731  |
| &nbsp;&nbsp;&nbsp; 4.58% to 09/08/2030 then SOFR + 1.17%, 09/08/2031 (Callable 09/08/2030) | 15000000 | 15127853  |
| Cantor Fitzgerald LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/14/2027 (Callable 01/14/2027)<sup>(a)</sup> | 5000000 | 4992908  |
| &nbsp;&nbsp;&nbsp; 7.20%, 12/12/2028 (Callable 11/12/2028)<sup>(a)</sup> | 25000000 | 26548537  |
| Capital One Financial Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 07/28/2026 (Callable 06/28/2026) | 5000000 | 4989821  |
| &nbsp;&nbsp;&nbsp; 3.80%, 01/31/2028 (Callable 12/31/2027) | 6960000 | 6934253  |
| &nbsp;&nbsp;&nbsp; 5.47% to 02/01/2028 then SOFR + 2.08%, 02/01/2029 (Callable 02/01/2028) | 10000000 | 10270673  |
| &nbsp;&nbsp;&nbsp; 6.31% to 06/08/2028 then SOFR + 2.64%, 06/08/2029 (Callable 06/08/2028) | 10600000 | 11127700  |
| &nbsp;&nbsp;&nbsp; 5.70% to 02/01/2029 then SOFR + 1.91%, 02/01/2030 (Callable 02/01/2029) | 10000000 | 10404067  |
| &nbsp;&nbsp;&nbsp; 3.27% to 03/01/2029 then SOFR + 1.79%, 03/01/2030 (Callable 03/01/2029) | 18250000 | 17718398  |
| &nbsp;&nbsp;&nbsp; 4.49% to 09/11/2030 then SOFR + 1.25%, 09/11/2031 (Callable 09/11/2030) | 13000000 | 12990354  |
| &nbsp;&nbsp;&nbsp; 5.27% to 05/10/2032 then SOFR + 2.37%, 05/10/2033 (Callable 05/10/2032) | 18775000 | 19283480  |
| &nbsp;&nbsp;&nbsp; 6.38% to 06/08/2033 then SOFR + 2.86%, 06/08/2034 (Callable 06/08/2033) | 15000000 | 16238583  |
| &nbsp;&nbsp;&nbsp; 7.96% to 11/02/2033 then SOFR + 3.37%, 11/02/2034 (Callable 11/02/2033) | 25000000 | 29484966  |
| Capital One NA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.97% to 08/09/2028 then 5 yr. Mid Swap Rate USD + 1.73%, 08/09/2028 | 28280000 | 29382551  |
| &nbsp;&nbsp;&nbsp; 4.65%, 09/13/2028 (Callable 06/13/2028) | 33225000 | 33726495  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Centene Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 12/15/2027 (Callable 01/17/2026) | $15000000 | $14911543  |
| &nbsp;&nbsp;&nbsp; 2.45%, 07/15/2028 (Callable 05/15/2028) | 27000000 | 25284487  |
| &nbsp;&nbsp;&nbsp; 4.63%, 12/15/2029 (Callable 02/01/2026) | 24388000 | 23658094  |
| &nbsp;&nbsp;&nbsp; 3.38%, 02/15/2030 (Callable 01/17/2026) | 4175000 | 3841968  |
| &nbsp;&nbsp;&nbsp; 3.00%, 10/15/2030 (Callable 07/15/2030) | 10000000 | 8945380  |
| &nbsp;&nbsp;&nbsp; 2.50%, 03/01/2031 (Callable 12/01/2030) | 74850000 | 64620366  |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp., <br>2.90%, 03/03/2032 (Callable 12/03/2031) | 5000000 | 4587857  |
|  Citadel Securities Global Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/18/2030 (Callable 05/18/2030)<sup>(a)</sup> | 8000000 | 8216657  |
| &nbsp;&nbsp;&nbsp; 6.20%, 06/18/2035 (Callable 03/18/2035)<sup>(a)</sup> | 5000000 | 5271032  |
| Citigroup, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.89% to 01/10/2027 then 3 mo. Term SOFR + 1.82%, 01/10/2028 (Callable 01/10/2027) | 25694000 | 25648561  |
| &nbsp;&nbsp;&nbsp; 5.17% to 02/13/2029 then SOFR + 1.36%, 02/13/2030 (Callable 02/13/2029) | 10450000 | 10732670  |
| &nbsp;&nbsp;&nbsp; 4.54% to 09/19/2029 then SOFR + 1.34%, 09/19/2030 (Callable 09/19/2029) | 30000000 | 30260563  |
| &nbsp;&nbsp;&nbsp; 4.41% to 03/31/2030 then SOFR + 3.91%, 03/31/2031 (Callable 03/31/2030) | 10000000 | 10005684  |
| &nbsp;&nbsp;&nbsp; 4.95% to 05/07/2030 then SOFR + 1.46%, 05/07/2031 (Callable 05/07/2030) | 6750000 | 6899697  |
| &nbsp;&nbsp;&nbsp; 2.57% to 06/03/2030 then SOFR + 2.11%, 06/03/2031 (Callable 06/03/2030) | 80000000 | 74196772  |
| &nbsp;&nbsp;&nbsp; 4.50% to 09/11/2030 then SOFR + 1.17%, 09/11/2031 (Callable 09/11/2030) | 10000000 | 10043337  |
| &nbsp;&nbsp;&nbsp; 2.56% to 05/01/2031 then SOFR + 1.17%, 05/01/2032 (Callable 05/01/2031) | 5000000 | 4540977  |
| &nbsp;&nbsp;&nbsp; 6.27% to 11/17/2032 then SOFR + 2.34%, 11/17/2033 (Callable 11/17/2032) | 5000000 | 5451464  |
| &nbsp;&nbsp;&nbsp; 5.33% to 03/27/2035 then SOFR + 1.47%, 03/27/2036 (Callable 03/27/2035) | 32000000 | 32799445  |
| Citizens Financial Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.85%, 07/27/2026 (Callable 04/27/2026) | 23400000 | 23236185  |

---

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

100<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE PLUS BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - (Continued)** | **Financials - (Continued)** | **Financials - (Continued)** |
| &nbsp;&nbsp;&nbsp; 5.84% to 01/23/2029 then SOFR + 2.01%, 01/23/2030 (Callable 01/23/2029) | $33838000 | $35314130  |
| &nbsp;&nbsp;&nbsp; 3.25%, 04/30/2030 (Callable 01/30/2030) | 40000000 | 38202310  |
| &nbsp;&nbsp;&nbsp; CNA Financial Corp., <br>5.50%, 06/15/2033 (Callable 03/15/2033) | 14250000 | 14781496  |
| &nbsp;&nbsp;&nbsp; CNO Financial Group, Inc., <br>6.45%, 06/15/2034 (Callable 03/15/2034) | 15000000 | 15894756  |
| CNO Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 06/04/2027<sup>(a)</sup> | 18000000 | 18400409  |
| &nbsp;&nbsp;&nbsp; 4.38%, 09/08/2028<sup>(a)</sup> | 17650000 | 17679893  |
| &nbsp;&nbsp;&nbsp; 2.65%, 01/06/2029<sup>(a)</sup> | 11970000 | 11385331  |
| &nbsp;&nbsp;&nbsp; 4.70%, 12/11/2030<sup>(a)</sup> | 40000000 | 40084665  |
| Commonwealth Bank of Australia<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.69%, 03/11/2031<sup>(a)</sup> | 32454000 | 29583488  |
| &nbsp;&nbsp;&nbsp; 3.78%, 03/14/2032<sup>(a)</sup> | 12450000 | 11867621  |
| &nbsp;&nbsp;&nbsp; 5.84%, 03/13/2034<sup>(a)</sup> | 8800000 | 9290630  |
| &nbsp;&nbsp;&nbsp; 3.61% to 09/12/2029 then 5 yr. CMT Rate + 2.05%, 09/12/2034 (Callable 09/12/2029)<sup>(a)</sup> | 35000000 | 33782603  |
|  Compeer Financial FLCA/Compeer Financial PCA, 3.38% to 06/01/2031 then SOFR + 1.97%, 06/01/2036 (Callable 06/01/2031)<sup>(a)</sup> | 5500000 | 4396280  |
|  Constellation Global Funding, 4.85%, 10/22/2030<sup>(a)</sup> | 32500000 | 32256412  |
| Cooperatieve Rabobank UA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 07/21/2026 | 36000000 | 35918399  |
| &nbsp;&nbsp;&nbsp; 4.66% to 08/22/2027 then 1 yr. CMT Rate + 1.75%, 08/22/2028 (Callable 08/22/2027)<sup>(a)</sup> | 12760000 | 12890178  |
| &nbsp;&nbsp;&nbsp; 5.56% to 02/28/2028 then 1 yr. CMT Rate + 1.40%, 02/28/2029 (Callable 02/28/2028)<sup>(a)</sup> | 5301000 | 5456465  |
| Corebridge Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 01/07/2028<sup>(a)</sup> | 12000000 | 12199439  |
| &nbsp;&nbsp;&nbsp; 5.20%, 01/12/2029<sup>(a)</sup> | 5900000 | 6055297  |
| &nbsp;&nbsp;&nbsp; 5.20%, 06/24/2029<sup>(a)</sup> | 6000000 | 6164281  |
| Credit Agricole SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63% to 09/11/2027 then SOFR + 1.21%, 09/11/2028 (Callable 09/11/2027)<sup>(a)</sup> | 8000000 | 8062097  |
| &nbsp;&nbsp;&nbsp; 5.23% to 01/09/2028 then SOFR + 1.13%, 01/09/2029 (Callable 01/09/2028)<sup>(a)</sup> | 13000000 | 13277832  |
| &nbsp;&nbsp;&nbsp; 6.32% to 10/03/2028 then SOFR + 1.86%, 10/03/2029 (Callable 10/03/2028)<sup>(a)</sup> | 15000000 | 15814788  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 3.25%, 01/14/2030<sup>(a)</sup> | $13043000 | $12413196  |
| &nbsp;&nbsp;&nbsp; 5.51%, 07/05/2033<sup>(a)</sup> | 5000000 | 5242593  |
| &nbsp;&nbsp;&nbsp; 6.25% to 01/10/2034 then SOFR + 2.67%, 01/10/2035 (Callable 01/10/2034)<sup>(a)</sup> | 52000000 | 55300924  |
| Danske Bank AS<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.30% to 04/01/2027 then 1 yr. CMT Rate + 1.75%, 04/01/2028 (Callable 04/01/2027)<sup>(a)</sup> | 21636000 | 21685965  |
| &nbsp;&nbsp;&nbsp; 5.71% to 03/01/2029 then 1 yr. CMT Rate + 1.40%, 03/01/2030 (Callable 03/01/2029)<sup>(a)</sup> | 20800000 | 21626140  |
| &nbsp;&nbsp;&nbsp; 4.61% to 10/02/2029 then 1 yr. CMT Rate + 1.10%, 10/02/2030 (Callable 10/02/2029)<sup>(a)</sup> | 20000000 | 20186497  |
| Deutsche Bank AG/New York NY<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.15% to 07/13/2026 then SOFR + 2.52%, 07/13/2027 (Callable 07/13/2026) | 12000000 | 12183869  |
| &nbsp;&nbsp;&nbsp; 2.31% to 11/16/2026 then SOFR + 1.22%, 11/16/2027 (Callable 11/16/2026) | 6000000 | 5903201  |
| &nbsp;&nbsp;&nbsp; 5.37% to 01/10/2028 then SOFR + 1.21%, 01/10/2029 (Callable 01/10/2028) | 2980000 | 3042095  |
| &nbsp;&nbsp;&nbsp; 6.72% to 01/18/2028 then SOFR + 3.18%, 01/18/2029 (Callable 01/18/2028) | 5000000 | 5235992  |
| &nbsp;&nbsp;&nbsp; 6.82% to 11/20/2028 then SOFR + 2.51%, 11/20/2029 (Callable 11/20/2028) | 25000000 | 26662741  |
| &nbsp;&nbsp;&nbsp; 5.00% to 09/11/2029 then SOFR + 1.70%, 09/11/2030 (Callable 09/11/2029) | 8000000 | 8127215  |
| &nbsp;&nbsp;&nbsp; 5.30% to 05/09/2030 then SOFR + 1.72%, 05/09/2031 (Callable 05/09/2030) | 7020000 | 7198652  |
| &nbsp;&nbsp;&nbsp; 5.88% to 07/08/2030 then SOFR + 5.44%, 07/08/2031 (Callable 04/08/2030) | 1111000 | 1153559  |
| &nbsp;&nbsp;&nbsp; 3.55% to 09/18/2030 then SOFR + 3.04%, 09/18/2031 (Callable 09/18/2030) | 18750000 | 17872521  |
| &nbsp;&nbsp;&nbsp; 3.73% to 01/14/2031 then SOFR + 2.76%, 01/14/2032 (Callable 10/14/2030) | 46714000 | 44193309  |
| &nbsp;&nbsp;&nbsp; 3.04% to 05/28/2031 then SOFR + 1.72%, 05/28/2032 (Callable 05/28/2031) | 5500000 | 5055191  |
| &nbsp;&nbsp;&nbsp; 3.74% to 01/07/2032 then SOFR + 2.26%, 01/07/2033 (Callable 10/07/2031) | 67758000 | 63043936  |
| &nbsp;&nbsp;&nbsp; 7.08% to 02/10/2033 then SOFR + 3.65%, 02/10/2034 (Callable 11/10/2032) | 4000000 | 4400624  |

---

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

101<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE PLUS BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - (Continued)** | **Financials - (Continued)** | **Financials - (Continued)** |
| Digital Realty Trust LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.45%, 07/15/2028 (Callable 04/15/2028) | $7000000 | $7047382  |
| &nbsp;&nbsp;&nbsp; 3.60%, 07/01/2029 (Callable 04/01/2029) | 41950000 | 41113665  |
|  DNB Bank ASA, 4.38% to 11/04/2030 then SOFR + 1.05%, 11/04/2031 (Callable 11/04/2030)<sup>(a)</sup> | 15000000 | 14956545  |
| Elevance Health, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 02/15/2035 (Callable 11/15/2034) | 7000000 | 7161519  |
| &nbsp;&nbsp;&nbsp; 6.10%, 10/15/2052 (Callable 04/15/2052) | 3078000 | 3182436  |
| &nbsp;&nbsp;&nbsp; 5.13%, 02/15/2053 (Callable 08/15/2052) | 5200000 | 4710663  |
| &nbsp;&nbsp;&nbsp; 5.70%, 02/15/2055 (Callable 08/15/2054) | 9000000 | 8810274  |
|  EQT AB, 5.85%, 05/08/2035 (Callable 02/08/2035)<sup>(a)</sup> | 17800000 | 18290121  |
|  Equitable Financial Life Global Funding, 5.45%, 03/03/2028<sup>(a)</sup> | 4620000 | 4740925  |
| &nbsp;&nbsp;&nbsp; Equitable Holdings, Inc., <br>4.57%, 02/15/2029 (Callable 11/15/2028)<sup>(a)</sup> | 1284000 | 1290699  |
| Extra Space Storage LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 12/15/2027 (Callable 09/15/2027) | 2575000 | 2567366  |
| &nbsp;&nbsp;&nbsp; 5.70%, 04/01/2028 (Callable 03/01/2028) | 3650000 | 3772069  |
| &nbsp;&nbsp;&nbsp; 2.20%, 10/15/2030 (Callable 07/15/2030) | 6950000 | 6295718  |
| &nbsp;&nbsp;&nbsp; 2.55%, 06/01/2031 (Callable 03/01/2031) | 11000000 | 9950964  |
|  Federation des Caisses Desjardins du Quebec<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.55%, 08/23/2027<sup>(a)</sup> | 14000000 | 14149116  |
| &nbsp;&nbsp;&nbsp; 5.70%, 03/14/2028<sup>(a)</sup> | 22000000 | 22785950  |
| &nbsp;&nbsp;&nbsp; 4.57%, 08/26/2030<sup>(a)</sup> | 13800000 | 13905136  |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp, <br>4.77% to 07/28/2029 then SOFR + 2.13%, 07/28/2030 (Callable 07/28/2029) | 4000000 | 4050566  |
|  First Citizens BancShares, Inc./NC, 5.23% to 03/12/2030 then SOFR + 1.41%, 03/12/2031 (Callable 03/12/2030) | 12500000 | 12702412  |
| &nbsp;&nbsp;&nbsp; First Industrial LP, <br>5.25%, 01/15/2031 (Callable 12/15/2030) | 6000000 | 6130577  |
| &nbsp;&nbsp;&nbsp; First Republic Bank, <br>4.63%, 02/13/2047 (Callable 08/13/2046)<sup>(b)</sup> | 1850000 | 185  |
|  Five Corners Funding Trust II, 2.85%, 05/15/2030 (Callable 02/15/2030)<sup>(a)</sup> | 15000000 | 14132465  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Five Corners Funding Trust III, 5.79%, 02/15/2033 (Callable 11/15/2032)<sup>(a)</sup> | $5800000 | $6122537  |
|  Five Corners Funding Trust IV, 6.00%, 02/15/2053 (Callable 08/15/2052)<sup>(a)</sup> | 6800000 | 6987750  |
| FMR LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.95%, 02/01/2033<sup>(a)</sup> | 4235000 | 4268821  |
| &nbsp;&nbsp;&nbsp; 6.50%, 12/14/2040<sup>(a)</sup> | 1820000 | 2021329  |
|  FNB Corp./PA, 5.72% to 12/11/2029 then SOFR + 1.93%, 12/11/2030 (Callable 12/11/2029) | 25000000 | 25531096  |
|  Globe Life, Inc., 4.55%, 09/15/2028 (Callable 06/15/2028) | 9350000 | 9438377  |
|  Goldman Sachs Bank USA/New York NY, 5.41% to 05/21/2026 then SOFR + 0.75%, 05/21/2027 (Callable 05/21/2026) | 5000000 | 5026025  |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Capital I, <br>6.35%, 02/15/2034 | 125000 | 132860  |
| Goldman Sachs Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.69% to 06/05/2027 then 3 mo. Term SOFR + 1.77%, 06/05/2028 (Callable 06/05/2027) | 11000000 | 10942429  |
| &nbsp;&nbsp;&nbsp; 3.81% to 04/23/2028 then 3 mo. Term SOFR + 1.42%, 04/23/2029 (Callable 04/23/2028) | 17875000 | 17776002  |
| &nbsp;&nbsp;&nbsp; 4.22% to 05/01/2028 then 3 mo. Term SOFR + 1.56%, 05/01/2029 (Callable 05/01/2028) | 31050000 | 31122289  |
| &nbsp;&nbsp;&nbsp; 5.05% to 07/23/2029 then SOFR + 1.21%, 07/23/2030 (Callable 07/23/2029) | 25000000 | 25633866  |
| &nbsp;&nbsp;&nbsp; 4.69% to 10/23/2029 then SOFR + 1.14%, 10/23/2030 (Callable 10/23/2029) | 10000000 | 10142910  |
| &nbsp;&nbsp;&nbsp; 5.22% to 04/23/2030 then SOFR + 1.58%, 04/23/2031 (Callable 04/23/2030) | 15000000 | 15503271  |
| &nbsp;&nbsp;&nbsp; 1.99% to 01/27/2031 then SOFR + 1.09%, 01/27/2032 (Callable 01/27/2031) | 45000000 | 40010719  |
| &nbsp;&nbsp;&nbsp; 2.62% to 04/22/2031 then SOFR + 1.28%, 04/22/2032 (Callable 04/22/2031) | 10000000 | 9126582  |
| &nbsp;&nbsp;&nbsp; 2.38% to 07/21/2031 then SOFR + 1.25%, 07/21/2032 (Callable 07/21/2031) | 11332000 | 10160044  |
| &nbsp;&nbsp;&nbsp; 6.75%, 10/01/2037 | 300000 | 335724  |
|  Goodman US Finance Six LLC, 5.13%, 10/07/2034 (Callable 07/07/2034)<sup>(a)</sup> | 10000000 | 10066099  |
|  Guardian Life Insurance Co. of America<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 06/19/2064<sup>(a)</sup> | 6715000 | 5764193  |

---

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

102<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE PLUS BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - (Continued)** | **Financials - (Continued)** | **Financials - (Continued)** |
| &nbsp;&nbsp;&nbsp; 3.70%, 01/22/2070 (Callable 07/22/2069)<sup>(a)</sup> | $4510000 | $3028994  |
| &nbsp;&nbsp;&nbsp; 4.85%, 01/24/2077<sup>(a)</sup> | 16363000 | 13469554  |
|  Hanover Insurance Group, Inc., 5.50%, 09/01/2035 (Callable 06/01/2035) | 13575000 | 13794228  |
|  Hartford Insurance Group, Inc., 6.10%, 10/01/2041 | 2925000 | 3128890  |
| &nbsp;&nbsp;&nbsp; Healthpeak OP LLC, <br>5.25%, 12/15/2032 (Callable 09/15/2032) | 10000000 | 10264722  |
|  Henneman Trust, 6.58%, 05/15/2055 (Callable 11/15/2054)<sup>(a)</sup> | 13098000 | 13675365  |
| &nbsp;&nbsp;&nbsp; High Street Funding Trust II, <br>4.68%, 02/15/2048 (Callable 11/15/2047)<sup>(a)</sup> | 7000000 | 6070180  |
|  High Street Funding Trust III, 5.81%, 02/15/2055 (Callable 08/15/2054)<sup>(a)</sup> | 14350000 | 14337632  |
|  Horace Mann Educators Corp., 4.70%, 10/01/2030 (Callable 09/01/2030) | 19200000 | 19052822  |
|  Horizon Mutual Holdings, Inc., 6.20%, 11/15/2034 (Callable 08/15/2034)<sup>(a)</sup> | 10000000 | 9693014  |
| Host Hotels & Resorts LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.70%, 06/15/2032 (Callable 04/15/2032) | 20000000 | 20909759  |
| &nbsp;&nbsp;&nbsp; 5.70%, 07/01/2034 (Callable 04/01/2034) | 15000000 | 15523263  |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/15/2035 (Callable 01/15/2035) | 4000000 | 4055622  |
| HSBC Holdings PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.21% to 08/11/2027 then SOFR + 2.61%, 08/11/2028 (Callable 08/11/2027) | 4014000 | 4082376  |
| &nbsp;&nbsp;&nbsp; 2.01% to 09/22/2027 then SOFR + 1.73%, 09/22/2028 (Callable 09/22/2027) | 22654000 | 21866902  |
| &nbsp;&nbsp;&nbsp; 7.39% to 11/03/2027 then SOFR + 3.35%, 11/03/2028 (Callable 11/03/2027) | 15000000 | 15859654  |
| &nbsp;&nbsp;&nbsp; 5.13% to 11/19/2027 then SOFR + 1.04%, 11/19/2028 (Callable 11/19/2027) | 15000000 | 15280997  |
| &nbsp;&nbsp;&nbsp; 4.90% to 03/03/2028 then SOFR + 1.03%, 03/03/2029 (Callable 03/03/2028) | 20000000 | 20297758  |
| &nbsp;&nbsp;&nbsp; 6.16% to 03/09/2028 then SOFR + 1.97%, 03/09/2029 (Callable 03/09/2028) | 6000000 | 6248710  |
| &nbsp;&nbsp;&nbsp; 4.58% to 06/19/2028 then 3 mo. Term SOFR + 1.80%, 06/19/2029 (Callable 06/19/2028) | 19471000 | 19657527  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 2.21% to 08/17/2028 then SOFR + 1.29%, 08/17/2029 (Callable 08/17/2028) | $10000000 | $9514927  |
| &nbsp;&nbsp;&nbsp; 3.97% to 05/22/2029 then 3 mo. Term SOFR + 1.87%, 05/22/2030 (Callable 05/22/2029) | 4775000 | 4720038  |
| &nbsp;&nbsp;&nbsp; 5.29% to 11/19/2029 then SOFR + 1.29%, 11/19/2030 (Callable 11/19/2029) | 10000000 | 10325980  |
| &nbsp;&nbsp;&nbsp; 5.13% to 03/03/2030 then SOFR + 1.29%, 03/03/2031 (Callable 03/03/2030) | 10200000 | 10462301  |
| &nbsp;&nbsp;&nbsp; 2.80% to 05/24/2031 then SOFR + 1.19%, 05/24/2032 (Callable 05/24/2031) | 31529000 | 28874824  |
| &nbsp;&nbsp;&nbsp; 5.79% to 05/13/2035 then SOFR + 1.88%, 05/13/2036 (Callable 05/13/2035) | 12000000 | 12704192  |
| Humana, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 04/15/2031 (Callable 02/15/2031) | 8150000 | 8432605  |
| &nbsp;&nbsp;&nbsp; 5.95%, 03/15/2034 (Callable 12/15/2033) | 30000000 | 31532202  |
| &nbsp;&nbsp;&nbsp; 5.55%, 05/01/2035 (Callable 02/01/2035) | 8925000 | 9132530  |
| &nbsp;&nbsp;&nbsp; 8.15%, 06/15/2038 | 8983000 | 10885095  |
| Huntington Bancshares, Inc./OH<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.21% to 08/21/2028 then SOFR + 2.02%, 08/21/2029 (Callable 08/21/2028) | 8327000 | 8735292  |
| &nbsp;&nbsp;&nbsp; 5.27% to 01/15/2030 then SOFR + 1.28%, 01/15/2031 (Callable 01/15/2030) | 5000000 | 5148963  |
| &nbsp;&nbsp;&nbsp; ING Groep NV, 5.55% to 03/19/2034 then SOFR + <br>1.77%, 03/19/2035 (Callable 03/19/2034) | 15125000 | 15760210  |
|  Invitation Homes Operating Partnership LP, 5.45%, 08/15/2030 (Callable 06/15/2030) | 15000000 | 15616826  |
|  Jackson Financial, Inc., 3.13%, 11/23/2031 (Callable 08/23/2031) | 15000000 | 13656208  |
|  Jackson National Life Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 01/13/2027<sup>(a)</sup> | 10000000 | 10080881  |
| &nbsp;&nbsp;&nbsp; 5.55%, 07/02/2027<sup>(a)</sup> | 20000000 | 20418326  |
| &nbsp;&nbsp;&nbsp; 4.55%, 09/09/2030<sup>(a)</sup> | 15000000 | 14952795  |
|  Jane Street Group / JSG Finance, Inc., 6.13%, 11/01/2032 (Callable 11/01/2027)<sup>(a)</sup> | 1500000 | 1526469  |
|  Janus Henderson US Holdings, Inc., 5.45%, 09/10/2034 (Callable 06/10/2034) | 20000000 | 20360002  |
| Jefferies Financial Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.85%, 01/15/2027 | 14625000 | 14723589  |

---

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

103<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE PLUS BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - (Continued)** | **Financials - (Continued)** | **Financials - (Continued)** |
| &nbsp;&nbsp;&nbsp; 6.45%, 06/08/2027 | $1300000 | $1341504  |
| &nbsp;&nbsp;&nbsp; 5.88%, 07/21/2028 (Callable 06/21/2028) | 26171000 | 27201864  |
| &nbsp;&nbsp;&nbsp; 4.15%, 01/23/2030 | 30200000 | 29813427  |
| &nbsp;&nbsp;&nbsp; 6.20%, 04/14/2034 (Callable 01/14/2034) | 23000000 | 24320430  |
| JPMorgan Chase & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.47% to 09/22/2026 then SOFR + 0.77%, 09/22/2027 (Callable 09/22/2026) | 10000000 | 9818081  |
| &nbsp;&nbsp;&nbsp; 4.98% to 07/22/2027 then SOFR + 0.93%, 07/22/2028 (Callable 07/22/2027) | 55000000 | 55829764  |
| &nbsp;&nbsp;&nbsp; 4.51% to 10/22/2027 then SOFR + 0.86%, 10/22/2028 (Callable 10/22/2027) | 25000000 | 25244815  |
| &nbsp;&nbsp;&nbsp; 3.51% to 01/23/2028 then 3 mo. Term SOFR + 1.21%, 01/23/2029 (Callable 01/23/2028) | 51000000 | 50526970  |
| &nbsp;&nbsp;&nbsp; 4.92% to 01/24/2028 then SOFR + 0.80%, 01/24/2029 (Callable 01/24/2028) | 16700000 | 17015914  |
| &nbsp;&nbsp;&nbsp; 2.07% to 06/01/2028 then SOFR + 1.02%, 06/01/2029 (Callable 06/01/2028) | 18000000 | 17192935  |
| &nbsp;&nbsp;&nbsp; 2.52% to 04/22/2030 then SOFR + 2.04%, 04/22/2031 (Callable 04/22/2030) | 30500000 | 28436343  |
| &nbsp;&nbsp;&nbsp; 1.95% to 02/04/2031 then SOFR + 1.07%, 02/04/2032 (Callable 02/04/2031) | 5000000 | 4464366  |
| &nbsp;&nbsp;&nbsp; 2.58% to 04/22/2031 then 3 mo. Term SOFR + 1.25%, 04/22/2032 (Callable 04/22/2031) | 15000000 | 13722746  |
| &nbsp;&nbsp;&nbsp; 5.77% to 04/22/2034 then SOFR + 1.49%, 04/22/2035 (Callable 04/22/2034) | 13500000 | 14408977  |
| &nbsp;&nbsp;&nbsp; 5.29% to 07/22/2034 then SOFR + 1.46%, 07/22/2035 (Callable 07/22/2034) | 7175000 | 7414513  |
| &nbsp;&nbsp;&nbsp; 4.95% to 10/22/2034 then SOFR + 1.34%, 10/22/2035 (Callable 10/22/2034) | 5725000 | 5794035  |
| KBC Group NV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.80% to 01/19/2028 then 1 yr. CMT Rate + 2.10%, 01/19/2029 (Callable 01/19/2028)<sup>(a)</sup> | 26451000 | 27323437  |
| &nbsp;&nbsp;&nbsp; 4.93% to 10/16/2029 then 1 yr. CMT Rate + 1.07%, 10/16/2030 (Callable 10/16/2029)<sup>(a)</sup> | 29995000 | 30571662  |
|  Kemper Corp., 3.80%, 02/23/2032 (Callable 11/23/2031) | 6000000 | 5539715  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| KeyBank NA, 3.40%, 05/20/2026 | $21575000 | $21526271  |
| Liberty Mutual Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/15/2035<sup>(a)</sup> | 750000 | 807558  |
| &nbsp;&nbsp;&nbsp; 3.95%, 10/15/2050 (Callable 04/15/2050)<sup>(a)</sup> | 900000 | 668327  |
|  Liberty Mutual Insurance Co., 7.70%, 10/15/2097<sup>(a)</sup> | 375000 | 421965  |
| Lincoln National Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.33%, 08/15/2030 (Callable 05/15/2030)<sup>(a)</sup> | 33383000 | 30315943  |
| &nbsp;&nbsp;&nbsp; 3.40%, 01/15/2031 (Callable 10/15/2030) | 4100000 | 3900051  |
| &nbsp;&nbsp;&nbsp; 5.35%, 11/15/2035 (Callable 08/15/2035) | 13000000 | 13144067  |
| &nbsp;&nbsp;&nbsp; 6.30%, 10/09/2037 | 2190000 | 2357317  |
|  Lineage OP LP, 5.25%, 07/15/2030 (Callable 06/15/2030)<sup>(a)</sup> | 14250000 | 14386701  |
| Lloyds Banking Group PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 01/11/2027 | 7800000 | 7788257  |
| &nbsp;&nbsp;&nbsp; 4.38%, 03/22/2028 | 15000000 | 15096076  |
| &nbsp;&nbsp;&nbsp; 3.57% to 11/07/2027 then 3 mo. LIBOR USD + 1.21%, 11/07/2028 (Callable 11/07/2027)<sup>(c)</sup> | 39477000 | 39169377  |
| &nbsp;&nbsp;&nbsp; 5.09% to 11/26/2027 then 1 yr. CMT Rate + 0.85%, 11/26/2028 (Callable 11/26/2027) | 25363000 | 25849201  |
| &nbsp;&nbsp;&nbsp; 5.87% to 03/06/2028 then 1 yr. CMT Rate + 1.70%, 03/06/2029 (Callable 03/06/2028) | 11300000 | 11718925  |
| &nbsp;&nbsp;&nbsp; 5.72% to 06/05/2029 then 1 yr. CMT Rate + 1.07%, 06/05/2030 (Callable 06/05/2029) | 10000000 | 10470421  |
| &nbsp;&nbsp;&nbsp; 4.43% to 11/04/2030 then 1 yr. CMT Rate + 0.82%, 11/04/2031 (Callable 11/04/2030) | 14450000 | 14416766  |
| &nbsp;&nbsp;&nbsp; 5.68% to 01/05/2034 then 1 yr. CMT Rate + 1.75%, 01/05/2035 (Callable 01/05/2034) | 30000000 | 31630682  |
| LPL Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 11/17/2028 (Callable 10/17/2028) | 7725000 | 8246920  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/15/2029 (Callable 02/01/2026)<sup>(a)</sup> | 53382000 | 52525714  |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/15/2030 (Callable 02/15/2030) | 10000000 | 10243570  |
| &nbsp;&nbsp;&nbsp; 4.38%, 05/15/2031 (Callable 05/15/2026)<sup>(a)</sup> | 4000000 | 3894873  |
| &nbsp;&nbsp;&nbsp; 6.00%, 05/20/2034 (Callable 02/20/2034) | 35556000 | 37461156  |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/15/2035 (Callable 03/15/2035) | 8500000 | 8761773  |

---

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

104<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE PLUS BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - (Continued)** | **Financials - (Continued)** | **Financials - (Continued)** |
|  M&T Bank Corp., 7.41% to 10/30/2028 then SOFR + 2.80%, 10/30/2029 (Callable 10/30/2028) | $26406000 | $28659882  |
| Macquarie Airfinance Holdings Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/27/2028 (Callable 02/27/2028)<sup>(a)</sup> | 29220000 | 29671688  |
| &nbsp;&nbsp;&nbsp; 6.40%, 03/26/2029 (Callable 02/26/2029)<sup>(a)</sup> | 20659000 | 21663498  |
| &nbsp;&nbsp;&nbsp; 5.15%, 03/17/2030 (Callable 02/17/2030)<sup>(a)</sup> | 24217000 | 24566207  |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/26/2031 (Callable 01/26/2031)<sup>(a)</sup> | 8605000 | 9211762  |
| Macquarie Bank Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.62%, 06/03/2030<sup>(a)</sup> | 28805000 | 27583290  |
| &nbsp;&nbsp;&nbsp; 6.80%, 01/18/2033<sup>(a)</sup> | 10000000 | 10941629  |
| &nbsp;&nbsp;&nbsp; 5.64% to 08/13/2035 then 1 yr. CMT Rate + 1.45%, 08/13/2036 (Callable 08/13/2035)<sup>(a)</sup> | 12000000 | 12183868  |
| Macquarie Group Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.76% to 11/28/2027 then 3 mo. Term SOFR + 1.63%, 11/28/2028 (Callable 11/28/2027)<sup>(a)</sup> | 6440000 | 6391508  |
| &nbsp;&nbsp;&nbsp; 2.69% to 06/23/2031 then SOFR + 1.44%, 06/23/2032 (Callable 06/23/2031)<sup>(a)</sup> | 16751000 | 15249785  |
| &nbsp;&nbsp;&nbsp; 2.87% to 01/14/2032 then SOFR + 1.53%, 01/14/2033 (Callable 01/14/2032)<sup>(a)</sup> | 19560000 | 17709901  |
| &nbsp;&nbsp;&nbsp; 6.26% to 12/07/2033 then SOFR + 2.30%, 12/07/2034 (Callable 12/07/2033)<sup>(a)</sup> | 9477000 | 10336069  |
| &nbsp;&nbsp;&nbsp; Manulife Financial Corp., <br>2.48%, 05/19/2027 (Callable 03/19/2027) | 15225000 | 14928604  |
|  Maple Grove Funding Trust I, 4.16%, 08/15/2051 (Callable 02/15/2051)<sup>(a)</sup> | 15000000 | 10565375  |
| &nbsp;&nbsp;&nbsp; Marex Group PLC, <br>6.40%, 11/04/2029 (Callable 10/04/2029) | 15000000 | 15566417  |
|  Marsh & McLennan Cos., Inc., 5.45%, 03/15/2053 (Callable 09/15/2052) | 4000000 | 3892512  |
|  Massachusetts Mutual Life Insurance Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 12/01/2041<sup>(a)</sup> | 9000000 | 8378406  |
| &nbsp;&nbsp;&nbsp; 5.08% (3 mo. LIBOR USD + 3.19%), 02/15/2069 (Callable 02/15/2049)<sup>(a)(c)</sup> | 26000000 | 23017212  |
| &nbsp;&nbsp;&nbsp; 3.73%, 10/15/2070<sup>(a)</sup> | 19253000 | 12494610  |
| &nbsp;&nbsp;&nbsp; 4.90%, 04/01/2077<sup>(a)</sup> | 13000000 | 10502118  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  MBIA Insurance Corp., 15.43% (3 mo. Term SOFR + 11.52%), 01/15/2033 (Callable 01/15/2028)<sup>(a)(b)</sup> | $700000 | $7000  |
| MetLife, Inc., 4.88%, 11/13/2043 | 3375000 | 3155859  |
| Metropolitan Life Global Funding I<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.95%, 04/09/2030<sup>(a)</sup> | 9025000 | 8567990  |
| &nbsp;&nbsp;&nbsp; 5.15%, 03/28/2033<sup>(a)</sup> | 12656000 | 13042717  |
|  Mitsubishi UFJ Financial Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.54% to 07/20/2026 then 1 yr. CMT Rate + 0.75%, 07/20/2027 (Callable 07/20/2026) | 24400000 | 24059568  |
| &nbsp;&nbsp;&nbsp; 5.48% to 02/22/2030 then 1 yr. CMT Rate + 1.53%, 02/22/2031 (Callable 02/22/2030) | 3000000 | 3130816  |
| &nbsp;&nbsp;&nbsp; 5.16% to 04/24/2030 then 1 yr. CMT Rate + 1.17%, 04/24/2031 (Callable 04/24/2030) | 5500000 | 5672891  |
| Mizuho Financial Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.23% to 05/22/2026 then 1 yr. CMT Rate + 0.67%, 05/22/2027 (Callable 05/22/2026) | 10000000 | 9889647  |
| &nbsp;&nbsp;&nbsp; 3.17%, 09/11/2027 | 22000000 | 21744341  |
| &nbsp;&nbsp;&nbsp; 4.02%, 03/05/2028 | 2650000 | 2658160  |
| &nbsp;&nbsp;&nbsp; 5.78% to 07/06/2028 then 1 yr. CMT Rate + 1.65%, 07/06/2029 (Callable 07/06/2028) | 14719000 | 15312743  |
| &nbsp;&nbsp;&nbsp; 1.98% to 09/08/2030 then 3 mo. Term SOFR + 1.53%, 09/08/2031 (Callable 09/08/2030) | 7250000 | 6514354  |
| Molina Healthcare, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 02/15/2031 (Callable 12/15/2027)<sup>(a)</sup> | 13950000 | 14327068  |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/15/2033 (Callable 01/15/2028)<sup>(a)</sup> | 5000000 | 5097324  |
| Morgan Stanley<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.59%, 07/22/2028 (Callable 07/22/2027)<sup>(d)</sup> | 22350000 | 22197856  |
| &nbsp;&nbsp;&nbsp; 6.30% to 10/18/2027 then SOFR + 2.24%, 10/18/2028 (Callable 10/18/2027) | 25000000 | 25974798  |
| &nbsp;&nbsp;&nbsp; 3.77% to 01/24/2028 then 3 mo. Term SOFR + 1.40%, 01/24/2029 (Callable 01/24/2028) | 8586000 | 8540027  |
| &nbsp;&nbsp;&nbsp; 5.12% to 02/01/2028 then SOFR + 1.73%, 02/01/2029 (Callable 02/01/2028) | 10000000 | 10210228  |
| &nbsp;&nbsp;&nbsp; 4.99% (SOFR + 1.38%), 04/12/2029 (Callable 04/12/2028) | 15000000 | 15301837  |

---

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

105<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE PLUS BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - (Continued)** | **Financials - (Continued)** | **Financials - (Continued)** |
| &nbsp;&nbsp;&nbsp; 5.16% to 04/20/2028 then SOFR + 1.59%, 04/20/2029 (Callable 04/20/2028) | $15000000 | $15342573  |
| &nbsp;&nbsp;&nbsp; 4.36% to 10/22/2030 then SOFR + 1.07%, 10/22/2031 (Callable 10/22/2030) | 15000000 | 14965162  |
| &nbsp;&nbsp;&nbsp; 2.24% to 07/21/2031 then SOFR + 1.18%, 07/21/2032 (Callable 07/21/2031) | 9705000 | 8632159  |
| &nbsp;&nbsp;&nbsp; 6.34% to 10/18/2032 then SOFR + 2.56%, 10/18/2033 (Callable 10/18/2032) | 5000000 | 5486312  |
| &nbsp;&nbsp;&nbsp; 5.42% to 07/21/2033 then SOFR + 1.88%, 07/21/2034 (Callable 07/21/2033) | 8600000 | 8960838  |
|  Morgan Stanley Bank NA, 5.50% to 05/26/2027 then SOFR + 0.87%, 05/26/2028 (Callable 05/26/2027) | 17000000 | 17340801  |
|  Mutual of Omaha Cos. Global Funding, 4.75%, 10/15/2029<sup>(a)</sup> | 12675000 | 12881974  |
| National Australia Bank Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.33%, 08/21/2030<sup>(a)</sup> | 60200000 | 54670664  |
| &nbsp;&nbsp;&nbsp; 2.99%, 05/21/2031<sup>(a)</sup> | 24495000 | 22550590  |
| &nbsp;&nbsp;&nbsp; 6.43%, 01/12/2033<sup>(a)</sup> | 12025000 | 13064846  |
| &nbsp;&nbsp;&nbsp; 3.93% to 08/02/2029 then 5 yr. CMT Rate + 1.88%, 08/02/2034 (Callable 08/02/2029)<sup>(a)</sup> | 5000000 | 4872959  |
| &nbsp;&nbsp;&nbsp; 5.90% to 01/14/2035 then 1 yr. CMT Rate + 1.30%, 01/14/2036 (Callable 01/14/2035)<sup>(a)</sup> | 6000000 | 6318640  |
| &nbsp;&nbsp;&nbsp; 3.35% to 01/12/2032 then 5 yr. CMT Rate + 1.70%, 01/12/2037 (Callable 01/12/2032)<sup>(a)</sup> | 14000000 | 12815326  |
| National Bank of Canada<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.95% to 02/01/2027 then SOFR + 0.80%, 02/01/2028 (Callable 02/01/2027) | 15000000 | 15148833  |
| &nbsp;&nbsp;&nbsp; 5.60%, 12/18/2028 | 20000000 | 20884610  |
| &nbsp;&nbsp;&nbsp; 4.50%, 10/10/2029 | 10000000 | 10110976  |
| Nationwide Building Society<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/14/2026<sup>(a)</sup> | 63394000 | 63282189  |
| &nbsp;&nbsp;&nbsp; 6.56% to 10/18/2026 then SOFR + 1.91%, 10/18/2027 (Callable 10/18/2026)<sup>(a)</sup> | 8000000 | 8151222  |
| &nbsp;&nbsp;&nbsp; 4.30% to 03/08/2028 then 3 mo. LIBOR USD + 1.45%, 03/08/2029 (Callable 03/08/2028)<sup>(a)(c)</sup> | 18250000 | 18275018  |
| &nbsp;&nbsp;&nbsp; 4.65% to 07/14/2028 then SOFR + 1.06%, 07/14/2029 (Callable 07/14/2028)<sup>(a)</sup> | 25530000 | 25779350  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 3.96% to 07/18/2029 then 3 mo. LIBOR USD + 1.86%, 07/18/2030 (Callable 07/18/2029)<sup>(a)(c)</sup> | $20825000 | $20547037  |
| &nbsp;&nbsp;&nbsp; 5.54% to 07/14/2035 then SOFR + 1.65%, 07/14/2036 (Callable 07/14/2035)<sup>(a)</sup> | 19525000 | 20202485  |
|  Nationwide Financial Services, Inc., 3.90%, 11/30/2049 (Callable 05/30/2049)<sup>(a)</sup> | 17500000 | 13296613  |
| Nationwide Mutual Insurance Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.25%, 12/01/2031<sup>(a)</sup> | 7000000 | 8163604  |
| &nbsp;&nbsp;&nbsp; 7.88%, 04/01/2033<sup>(a)</sup> | 5600000 | 6343882  |
| &nbsp;&nbsp;&nbsp; 9.38%, 08/15/2039<sup>(a)</sup> | 23409000 | 31370978  |
| NatWest Group PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.64% to 06/14/2026 then 1 yr. CMT Rate + 0.90%, 06/14/2027 (Callable 06/14/2026) | 11725000 | 11597877  |
| &nbsp;&nbsp;&nbsp; 4.89% to 05/18/2028 then 3 mo. LIBOR USD + 1.75%, 05/18/2029 (Callable 05/18/2028)<sup>(c)</sup> | 5150000 | 5238135  |
| &nbsp;&nbsp;&nbsp; 5.81% to 09/13/2028 then 1 yr. CMT Rate + 1.95%, 09/13/2029 (Callable 09/13/2028) | 32500000 | 33863059  |
| &nbsp;&nbsp;&nbsp; 4.45% to 05/08/2029 then 3 mo. LIBOR USD + 1.87%, 05/08/2030 (Callable 05/08/2029)<sup>(c)</sup> | 11000000 | 11045009  |
| &nbsp;&nbsp;&nbsp; 4.96% to 08/15/2029 then 1 yr. CMT Rate + 1.22%, 08/15/2030 (Callable 08/15/2029) | 22500000 | 22980922  |
| &nbsp;&nbsp;&nbsp; 5.78% to 03/01/2034 then 1 yr. CMT Rate + 1.50%, 03/01/2035 (Callable 03/01/2034) | 8700000 | 9216732  |
| &nbsp;&nbsp;&nbsp; NatWest Markets PLC, <br>5.42%, 05/17/2027<sup>(a)</sup> | 25000000 | 25502704  |
|  New York Life Global Funding, 5.00%, 06/06/2029<sup>(a)</sup> | 11700000 | 12014658  |
| New York Life Insurance Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 11/15/2039<sup>(a)</sup> | 25105000 | 28719484  |
| &nbsp;&nbsp;&nbsp; 4.45%, 05/15/2069 (Callable 11/15/2068)<sup>(a)</sup> | 14500000 | 11351844  |
| NLG Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 01/23/2030<sup>(a)</sup> | 9800000 | 10082330  |
| &nbsp;&nbsp;&nbsp; 4.35%, 09/15/2030<sup>(a)</sup> | 18825000 | 18602307  |
|  NNN REIT, Inc., 5.50%, 06/15/2034 (Callable 03/15/2034) | 5700000 | 5911082  |
| Nomura Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.59%, 07/02/2027 | 15000000 | 15324144  |
| &nbsp;&nbsp;&nbsp; 2.17%, 07/14/2028 | 30000000 | 28556889  |
| &nbsp;&nbsp;&nbsp; 2.71%, 01/22/2029 | 9600000 | 9162644  |

---

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

106<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE PLUS BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - (Continued)** | **Financials - (Continued)** | **Financials - (Continued)** |
| Old Republic International Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/28/2034 (Callable 12/28/2033) | $10000000 | $10405508  |
| &nbsp;&nbsp;&nbsp; 3.85%, 06/11/2051 (Callable 12/11/2050) | 12550000 | 9113670  |
|  Peachtree Corners Funding Trust II, 6.01%, 05/15/2035 (Callable 02/15/2035)<sup>(a)</sup> | 10475000 | 11056608  |
|  Penn Mutual Life Insurance Co., 3.80%, 04/29/2061<sup>(a)</sup> | 9700000 | 6456622  |
|  Phillips Edison Grocery Center Operating Partnership I LP, 4.95%, 01/15/2035 (Callable 10/15/2034) | 10000000 | 9877616  |
| &nbsp;&nbsp;&nbsp; Pine Street Trust III, <br>6.22%, 05/15/2054 (Callable 11/15/2053)<sup>(a)</sup> | 10000000 | 10170029  |
| Pricoa Global Funding I<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.10%, 05/30/2028<sup>(a)</sup> | 4700000 | 4818031  |
| &nbsp;&nbsp;&nbsp; 4.65%, 08/27/2031<sup>(a)</sup> | 6650000 | 6741104  |
|  Principal Financial Group, Inc., 4.11%, 02/15/2028 (Callable 11/15/2027)<sup>(a)</sup> | 9000000 | 8988485  |
|  Principal Life Global Funding II, 5.10%, 01/25/2029<sup>(a)</sup> | 10000000 | 10245374  |
|  Prologis LP, 5.25%, 06/15/2053 (Callable 12/15/2052) | 6600000 | 6295525  |
| Protective Life Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.30%, 09/30/2028 (Callable 06/30/2028)<sup>(a)</sup> | 4105000 | 4117255  |
| &nbsp;&nbsp;&nbsp; 5.35%, 12/15/2035 (Callable 09/15/2035)<sup>(a)</sup> | 28300000 | 28663577  |
|  Protective Life Global Funding, 5.22%, 06/12/2029<sup>(a)</sup> | 15850000 | 16337748  |
|  Raymond James Financial, Inc., 4.95%, 07/15/2046 | 15000000 | 13757935  |
| &nbsp;&nbsp;&nbsp; Realty Income Corp., <br>5.38%, 09/01/2054 (Callable 03/01/2054) | 7000000 | 6771931  |
|  Regions Bank/Birmingham AL, 6.45%, 06/26/2037 | 3864000 | 4186039  |
|  Rexford Industrial Realty LP, 2.13%, 12/01/2030 (Callable 09/01/2030) | 13000000 | 11645473  |
| &nbsp;&nbsp;&nbsp; Rocket Cos., Inc., <br>6.13%, 08/01/2030 (Callable 08/01/2027)<sup>(a)</sup> | 5000000 | 5170050  |
|  Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc., 2.88%, 10/15/2026 (Callable 02/01/2026)<sup>(a)</sup> | 10000000 | 9854135  |
|  Sammons Financial Group Global Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.05%, 01/10/2028<sup>(a)</sup> | 16500000 | 16760373  |
| &nbsp;&nbsp;&nbsp; 5.10%, 12/10/2029<sup>(a)</sup> | 11650000 | 11952279  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 4.80%, 12/12/2030<sup>(a)</sup> | $40000000 | $40120171  |
|  Sammons Financial Group, Inc., 3.35%, 04/16/2031 (Callable 01/16/2031)<sup>(a)</sup> | 25000000 | 23195822  |
| Santander Holdings USA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.35% to 09/06/2029 then SOFR + 1.94%, 09/06/2030 (Callable 09/06/2029) | 4500000 | 4606698  |
| &nbsp;&nbsp;&nbsp; 6.34% to 05/31/2034 then SOFR + 2.14%, 05/31/2035 (Callable 05/31/2034) | 15000000 | 16114458  |
| Santander UK Group Holdings PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.67% to 06/14/2026 then SOFR + 0.99%, 06/14/2027 (Callable 06/14/2026) | 20000000 | 19777407  |
| &nbsp;&nbsp;&nbsp; 6.53% to 01/10/2028 then SOFR + 2.60%, 01/10/2029 (Callable 01/10/2028) | 10014000 | 10466205  |
| &nbsp;&nbsp;&nbsp; 4.32% to 09/22/2028 then SOFR + 1.07%, 09/22/2029 (Callable 09/22/2028) | 14960000 | 14980706  |
| &nbsp;&nbsp;&nbsp; 5.69% to 04/15/2030 then SOFR + 1.52%, 04/15/2031 (Callable 04/15/2030) | 3550000 | 3703825  |
| &nbsp;&nbsp;&nbsp; 5.14% to 09/22/2035 then SOFR + 1.58%, 09/22/2036 (Callable 09/22/2035) | 13925000 | 13877314  |
|  SMBC Aviation Capital Finance DAC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.30%, 06/15/2028 (Callable 04/15/2028)<sup>(a)</sup> | 8435000 | 8062845  |
| &nbsp;&nbsp;&nbsp; 5.30%, 04/03/2029 (Callable 03/03/2029)<sup>(a)</sup> | 10000000 | 10282863  |
| &nbsp;&nbsp;&nbsp; 5.70%, 07/25/2033 (Callable 04/25/2033)<sup>(a)</sup> | 35000000 | 36617355  |
| &nbsp;&nbsp;&nbsp; 5.55%, 04/03/2034 (Callable 01/03/2034)<sup>(a)</sup> | 57037000 | 58913074  |
| Societe Generale SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/19/2026<sup>(a)</sup> | 10572000 | 10556177  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/19/2027<sup>(a)</sup> | 18000000 | 18206182  |
| &nbsp;&nbsp;&nbsp; 6.45% to 01/10/2028 then 1 yr. CMT Rate + 2.55%, 01/10/2029 (Callable 01/10/2028)<sup>(a)</sup> | 14275000 | 14850730  |
| &nbsp;&nbsp;&nbsp; 5.50% to 04/13/2028 then 1 yr. CMT Rate + 1.20%, 04/13/2029 (Callable 04/13/2028)<sup>(a)</sup> | 13975000 | 14315984  |
| &nbsp;&nbsp;&nbsp; 5.63% to 01/19/2029 then 1 yr. CMT Rate + 1.75%, 01/19/2030 (Callable 01/19/2029)<sup>(a)</sup> | 7475000 | 7714863  |
| &nbsp;&nbsp;&nbsp; 5.51% to 05/22/2030 then SOFR + 1.65%, 05/22/2031 (Callable 05/22/2030)<sup>(a)</sup> | 13575000 | 14002255  |

---

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

107<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE PLUS BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - (Continued)** | **Financials - (Continued)** | **Financials - (Continued)** |
| &nbsp;&nbsp;&nbsp; 2.89% to 06/09/2031 then 1 yr. CMT Rate + 1.30%, 06/09/2032 (Callable 06/09/2031)<sup>(a)</sup> | $18760000 | $16997190  |
| &nbsp;&nbsp;&nbsp; 6.07% to 01/19/2034 then 1 yr. CMT Rate + 2.10%, 01/19/2035 (Callable 01/19/2034)<sup>(a)</sup> | 4000000 | 4228724  |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/01/2041<sup>(a)</sup> | 9200000 | 6835689  |
| &nbsp;&nbsp;&nbsp; 4.03% to 01/21/2042 then 1 yr. CMT Rate + 1.90%, 01/21/2043 (Callable 01/21/2042)<sup>(a)</sup> | 3600000 | 2777846  |
| &nbsp;&nbsp;&nbsp; 7.13% to 01/19/2054 then 1 yr. CMT Rate + 2.95%, 01/19/2055 (Callable 01/19/2054)<sup>(a)</sup> | 13000000 | 13643219  |
| Standard Chartered PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.46% to 01/14/2026 then 1 yr. CMT Rate + 1.00%, 01/14/2027 (Callable 01/14/2026)<sup>(a)</sup> | 15000000 | 14985686  |
| &nbsp;&nbsp;&nbsp; 2.61% to 01/12/2027 then 1 yr. CMT Rate + 1.18%, 01/12/2028 (Callable 01/12/2027)<sup>(a)</sup> | 18000000 | 17717628  |
| &nbsp;&nbsp;&nbsp; 7.77% to 11/16/2027 then 1 yr. CMT Rate + 3.45%, 11/16/2028 (Callable 11/16/2027)<sup>(a)</sup> | 15000000 | 15973561  |
| &nbsp;&nbsp;&nbsp; 6.30% to 01/09/2028 then 1 yr. CMT Rate + 2.45%, 01/09/2029 (Callable 01/09/2028)<sup>(a)</sup> | 4000000 | 4156919  |
| &nbsp;&nbsp;&nbsp; 5.55% to 01/21/2028 then 1 yr. CMT Rate + 1.05%, 01/21/2029 (Callable 01/21/2028)<sup>(a)</sup> | 15000000 | 15394657  |
| &nbsp;&nbsp;&nbsp; 7.02% to 02/08/2029 then 1 yr. CMT Rate + 2.20%, 02/08/2030 (Callable 02/08/2029)<sup>(a)</sup> | 3000000 | 3228413  |
| &nbsp;&nbsp;&nbsp; 5.01% to 10/15/2029 then 1 yr. CMT Rate + 1.15%, 10/15/2030 (Callable 10/15/2029)<sup>(a)</sup> | 30000000 | 30611089  |
| &nbsp;&nbsp;&nbsp; 2.68% to 06/29/2031 then 1 yr. CMT Rate + 1.20%, 06/29/2032 (Callable 06/29/2031)<sup>(a)</sup> | 38925000 | 35241142  |
| &nbsp;&nbsp;&nbsp; 5.91% to 05/14/2034 then 1 yr. CMT Rate + 1.45%, 05/14/2035 (Callable 05/14/2034)<sup>(a)</sup> | 32750000 | 34637492  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 6.23% to 01/21/2035 then 1 yr. CMT Rate + 1.43%, 01/21/2036 (Callable 01/21/2035)<sup>(a)</sup> | $20000000 | $21771996  |
| &nbsp;&nbsp;&nbsp; 5.40% to 08/12/2035 then 1 yr. CMT Rate + 1.20%, 08/12/2036 (Callable 08/12/2035)<sup>(a)</sup> | 5000000 | 5105588  |
| &nbsp;&nbsp;&nbsp; Stifel Financial Corp., <br>4.00%, 05/15/2030 (Callable 02/15/2030) | 6325000 | 6194714  |
|  Sumitomo Mitsui Financial Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.52%, 01/13/2028 | 30000000 | 30916121  |
| &nbsp;&nbsp;&nbsp; 5.80%, 07/13/2028 | 10000000 | 10417476  |
| &nbsp;&nbsp;&nbsp; 5.85%, 07/13/2030 | 23375000 | 24860908  |
| &nbsp;&nbsp;&nbsp; 1.71%, 01/12/2031 | 4008000 | 3529060  |
| Svenska Handelsbanken AB<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.42% to 06/11/2026 then 1 yr. CMT Rate + 0.63%, 06/11/2027 (Callable 06/11/2026)<sup>(a)</sup> | 10000000 | 9885373  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/15/2028<sup>(a)</sup> | 22195000 | 22939516  |
| &nbsp;&nbsp;&nbsp; Swedbank AB, <br>5.41%, 03/14/2029<sup>(a)</sup> | 19000000 | 19669581  |
| &nbsp;&nbsp;&nbsp; Symetra Life Insurance Co., <br>6.55%, 10/01/2055 (Callable 04/01/2055)<sup>(a)</sup> | 25998000 | 26995948  |
| &nbsp;&nbsp;&nbsp; Synchrony Bank, <br>5.63%, 08/23/2027 (Callable 07/23/2027) | 19618000 | 20010259  |
| Synchrony Financial<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.95%, 12/01/2027 (Callable 09/01/2027) | 43000000 | 42800852  |
| &nbsp;&nbsp;&nbsp; 5.15%, 03/19/2029 (Callable 12/19/2028) | 35000000 | 35496448  |
| &nbsp;&nbsp;&nbsp; 5.02% (SOFR + 1.40%), 07/29/2029 (Callable 07/29/2028) | 7550000 | 7647501  |
| &nbsp;&nbsp;&nbsp; 5.45% to 03/06/2030 then SOFR + 1.68%, 03/06/2031 (Callable 03/06/2030) | 14525000 | 14903244  |
| &nbsp;&nbsp;&nbsp; 2.88%, 10/28/2031 (Callable 07/28/2031) | 26173000 | 23505546  |
| &nbsp;&nbsp;&nbsp; 7.25%, 02/02/2033 (Callable 11/02/2032) | 12000000 | 12908821  |
| &nbsp;&nbsp;&nbsp; 6.00% to 07/29/2035 then SOFR + 2.07%, 07/29/2036 (Callable 07/29/2035) | 7869000 | 8093959  |
| &nbsp;&nbsp;&nbsp; Synovus Financial Corp., <br>6.17% to 11/01/2029 then SOFR + 2.35%, 11/01/2030 (Callable 11/01/2029) | 15000000 | 15582645  |
| Trinity Acquisition PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.40%, 03/15/2026 (Callable 02/01/2026) | 15776000 | 15779180  |
| &nbsp;&nbsp;&nbsp; 6.13%, 08/15/2043 | 23630000 | 23829747  |

---

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

108<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE PLUS BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - (Continued)** | **Financials - (Continued)** | **Financials - (Continued)** |
| Truist Financial Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.87% to 01/26/2028 then SOFR + 1.44%, 01/26/2029 (Callable 01/26/2028) | $10000000 | $10161358  |
| &nbsp;&nbsp;&nbsp; 7.16% to 10/30/2028 then SOFR + 2.45%, 10/30/2029 (Callable 10/30/2028) | 8000000 | 8632839  |
|  Trustage Financial Group, Inc., 4.63%, 04/15/2032 (Callable 01/15/2032)<sup>(a)</sup> | 13062000 | 12597684  |
| UBS Group AG<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.71% (1 yr. CMT Rate + 1.55%), 01/12/2027 (Callable 01/12/2026)<sup>(a)</sup> | 30000000 | 30011396  |
| &nbsp;&nbsp;&nbsp; 1.31% to 02/02/2026 then SOFR + 0.98%, 02/02/2027 (Callable 02/02/2026)<sup>(a)</sup> | 19400000 | 19341127  |
| &nbsp;&nbsp;&nbsp; 1.49% to 08/10/2026 then 1 yr. CMT Rate + 0.85%, 08/10/2027 (Callable 08/10/2026)<sup>(a)</sup> | 10000000 | 9840979  |
| &nbsp;&nbsp;&nbsp; 4.28%, 01/09/2028 (Callable 01/09/2027)<sup>(a)</sup> | 24750000 | 24788096  |
| &nbsp;&nbsp;&nbsp; 3.87% to 01/12/2028 then 3 mo. LIBOR USD + 1.41%, 01/12/2029 (Callable 01/12/2028)<sup>(a)(c)</sup> | 43850000 | 43611742  |
| &nbsp;&nbsp;&nbsp; 6.25% to 09/22/2028 then 1 yr. CMT Rate + 1.80%, 09/22/2029 (Callable 09/22/2028)<sup>(a)</sup> | 5000000 | 5266484  |
| &nbsp;&nbsp;&nbsp; 4.19% to 04/01/2030 then SOFR + 3.73%, 04/01/2031 (Callable 04/01/2030)<sup>(a)</sup> | 20000000 | 19829669  |
| &nbsp;&nbsp;&nbsp; 2.10% to 02/11/2031 then 1 yr. CMT Rate + 1.00%, 02/11/2032 (Callable 02/11/2031)<sup>(a)</sup> | 21550000 | 19118695  |
| &nbsp;&nbsp;&nbsp; 3.09% to 05/14/2031 then SOFR + 1.73%, 05/14/2032 (Callable 05/14/2031)<sup>(a)</sup> | 12500000 | 11609237  |
| &nbsp;&nbsp;&nbsp; 4.99% to 08/05/2032 then 1 yr. CMT Rate + 2.40%, 08/05/2033 (Callable 08/05/2032)<sup>(a)</sup> | 3000000 | 3047595  |
| &nbsp;&nbsp;&nbsp; 4.84% to 11/06/2032 then SOFR + 1.29%, 11/06/2033 (Callable 11/06/2032)<sup>(a)</sup> | 15500000 | 15536035  |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc., <br>4.63%, 07/15/2035 | 12175000 | 12022406  |
|  US Bancorp, 4.65% to 02/01/2028 then SOFR + 1.23%, 02/01/2029 (Callable 02/01/2028) | 3684000 | 3731495  |
|  Voya Financial, Inc., 5.00%, 09/20/2034 (Callable 06/20/2034) | 8500000 | 8451161  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Voya Global Funding, <br>4.60%, 11/24/2030<sup>(a)</sup> | $10000000 | $10057399  |
| Wells Fargo & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.71% to 04/22/2027 then SOFR + 1.07%, 04/22/2028 (Callable 04/22/2027) | 10000000 | 10208557  |
| &nbsp;&nbsp;&nbsp; 3.58% to 05/22/2027 then 3 mo. Term SOFR + 1.57%, 05/22/2028 (Callable 05/22/2027) | 22095000 | 21952244  |
| &nbsp;&nbsp;&nbsp; 4.81% to 07/25/2027 then SOFR + 1.98%, 07/25/2028 (Callable 07/25/2027) | 5500000 | 5562484  |
| &nbsp;&nbsp;&nbsp; 4.97% (SOFR + 1.37%), 04/23/2029 (Callable 04/23/2028) | 20000000 | 20378745  |
| &nbsp;&nbsp;&nbsp; 5.57% to 07/25/2028 then SOFR + 1.74%, 07/25/2029 (Callable 07/25/2028) | 22955000 | 23784536  |
| &nbsp;&nbsp;&nbsp; 6.30% to 10/23/2028 then SOFR + 1.79%, 10/23/2029 (Callable 10/23/2028) | 12800000 | 13528992  |
| &nbsp;&nbsp;&nbsp; 3.35% to 03/02/2032 then SOFR + 1.50%, 03/02/2033 (Callable 03/02/2032) | 5000000 | 4672994  |
| &nbsp;&nbsp;&nbsp; 5.56% to 07/25/2033 then SOFR + 1.99%, 07/25/2034 (Callable 07/25/2033) | 28000000 | 29401538  |
| &nbsp;&nbsp;&nbsp; 5.50% to 01/23/2034 then SOFR + 1.78%, 01/23/2035 (Callable 01/23/2034) | 7000000 | 7316361  |
| &nbsp;&nbsp;&nbsp; 3.07% to 04/30/2040 then SOFR + 2.53%, 04/30/2041 (Callable 04/30/2040) | 35000000 | 27220228  |
| &nbsp;&nbsp;&nbsp; Western & Southern Financial Group, Inc., <br>5.75%, 07/15/2033<sup>(a)</sup> | 19347000 | 20241841  |
|  Western-Southern Global Funding, 4.70%, 12/10/2032<sup>(a)</sup> | 20000000 | 19914380  |
| Westpac Banking Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.32% to 11/23/2026 then 5 yr. Mid Swap Rate USD + 2.24%, 11/23/2031 (Callable 11/23/2026) | 10000000 | 9993713  |
| &nbsp;&nbsp;&nbsp; 5.41% to 08/10/2032 then 1 yr. CMT Rate + 2.68%, 08/10/2033 (Callable 08/10/2032) | 3000000 | 3104849  |
| &nbsp;&nbsp;&nbsp; 6.82%, 11/17/2033 | 6000000 | 6722328  |
| &nbsp;&nbsp;&nbsp; 4.11% to 07/24/2029 then 5 yr. CMT Rate + 2.00%, 07/24/2034 (Callable 07/24/2029) | 10000000 | 9843494  |
| &nbsp;&nbsp;&nbsp; 2.67% to 11/15/2030 then 5 yr. CMT Rate + 1.75%, 11/15/2035 (Callable 11/15/2030) | 40000000 | 36258404  |

---

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

109<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE PLUS BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - (Continued)** | **Financials - (Continued)** | **Financials - (Continued)** |
| &nbsp;&nbsp;&nbsp; 5.62% to 11/20/2034 then 1 yr. CMT Rate + 1.20%, 11/20/2035 (Callable 11/20/2034) | $32775000 | $33911982  |
| Willis North America, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.95%, 09/15/2029 (Callable 06/15/2029) | 10600000 | 10093544  |
| &nbsp;&nbsp;&nbsp; 5.35%, 05/15/2033 (Callable 02/15/2033) | 6000000 | 6199557  |
| &nbsp;&nbsp;&nbsp; 5.05%, 09/15/2048 (Callable 03/15/2048) | 15000000 | 13509848  |
| &nbsp;&nbsp;&nbsp; 5.90%, 03/05/2054 (Callable 09/05/2053) | 5000000 | 5010282  |
|  WP Carey, Inc., 5.38%, 06/30/2034 (Callable 03/30/2034) | 5550000 | 5744150  |
|  |  | 8455269409  |
| **Industrials - 23.8%**<br>|  |  |
|  1011778 BC ULC / New Red Finance, Inc., 6.13%, 06/15/2029 (Callable 06/15/2026)<sup>(a)</sup> | 5000000 | 5132908  |
|  180 Medical, Inc., 3.88%, 10/15/2029 (Callable 01/12/2026)<sup>(a)</sup> | 500000 | 486956  |
| &nbsp;&nbsp;&nbsp; AAR Escrow Issuer LLC, <br>6.75%, 03/15/2029 (Callable 03/15/2026)<sup>(a)</sup> | 250000 | 258689  |
|  AbbVie, Inc., 4.30%, 05/14/2036 (Callable 11/14/2035) | 3825000 | 3676917  |
| &nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc., <br>7.38%, 03/15/2033 (Callable 03/15/2028)<sup>(a)</sup> | 1000000 | 1009994  |
|  Acushnet Co., 5.63%, 12/01/2033 (Callable 12/01/2028)<sup>(a)</sup> | 1000000 | 1011236  |
| &nbsp;&nbsp;&nbsp; ADT Security Corp., <br>4.13%, 08/01/2029 (Callable 08/01/2028)<sup>(a)</sup> | 2250000 | 2194419  |
| &nbsp;&nbsp;&nbsp; Advance Auto Parts, Inc., <br>3.90%, 04/15/2030 (Callable 01/15/2030) | 5000000 | 4588690  |
|  Advanced Drainage Systems, Inc., 6.38%, 06/15/2030 (Callable 01/17/2026)<sup>(a)</sup> | 1500000 | 1533826  |
| Adventist Health System/West<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.95%, 03/01/2029 (Callable 12/01/2028) | 7250000 | 6888987  |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/01/2049 (Callable 09/01/2048) | 8900000 | 6127868  |
|  AECOM, 6.00%, 08/01/2033 (Callable 08/01/2028)<sup>(a)</sup> | 25675000 | 26313280  |
| Aker BP ASA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.60%, 06/13/2028 (Callable 05/13/2028)<sup>(a)</sup> | 4000000 | 4119278  |
| &nbsp;&nbsp;&nbsp; 3.75%, 01/15/2030 (Callable 10/15/2029)<sup>(a)</sup> | 3000000 | 2903913  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/15/2031 (Callable 10/15/2030)<sup>(a)</sup> | $10440000 | $10074990  |
| &nbsp;&nbsp;&nbsp; 3.10%, 07/15/2031 (Callable 04/15/2031)<sup>(a)</sup> | 27958000 | 25680236  |
| &nbsp;&nbsp;&nbsp; 5.13%, 10/01/2034 (Callable 07/01/2034)<sup>(a)</sup> | 42125000 | 41285414  |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/30/2035 (Callable 07/30/2035)<sup>(a)</sup> | 18500000 | 18108316  |
|  Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/15/2029 (Callable 02/01/2026)<sup>(a)</sup> | 1500000 | 1440513  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/31/2031 (Callable 11/15/2027)<sup>(a)</sup> | 3000000 | 3033372  |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/15/2033 (Callable 03/15/2028)<sup>(a)</sup> | 1000000 | 1028013  |
| Alcon Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 09/23/2029 (Callable 06/23/2029)<sup>(a)</sup> | 6110000 | 5854517  |
| &nbsp;&nbsp;&nbsp; 2.60%, 05/27/2030 (Callable 02/27/2030)<sup>(a)</sup> | 6475000 | 6024743  |
|  Alimentation Couche-Tard, Inc., 2.95%, 01/25/2030 (Callable 10/25/2029)<sup>(a)</sup> | 6500000 | 6163926  |
|  Allegion PLC, 3.50%, 10/01/2029 (Callable 07/01/2029) | 12275000 | 11976233  |
| &nbsp;&nbsp;&nbsp; Allison Transmission, Inc., <br>5.88%, 12/01/2033 (Callable 12/01/2028)<sup>(a)</sup> | 3000000 | 3048995  |
| Alpek SAB de CV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 09/18/2029 (Callable 06/18/2029)<sup>(a)</sup> | 6000000 | 5617355  |
| &nbsp;&nbsp;&nbsp; 3.25%, 02/25/2031 (Callable 11/25/2030)<sup>(a)</sup> | 10000000 | 8506566  |
| Ambipar Lux Sarl<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.88%, 02/06/2031 (Callable 02/06/2027)<sup>(a)</sup> | 500000 | 110000  |
| &nbsp;&nbsp;&nbsp; 10.88%, 02/05/2033 (Callable 02/05/2029)<sup>(a)</sup> | 1000000 | 175000  |
| &nbsp;&nbsp;&nbsp; Amcor Group Finance PLC, <br>5.45%, 05/23/2029 (Callable 04/23/2029) | 12500000 | 12929267  |
| &nbsp;&nbsp;&nbsp; America Movil SAB de CV, <br>2.88%, 05/07/2030 (Callable 02/07/2030) | 28000000 | 26391736  |
| &nbsp;&nbsp;&nbsp; American Tower Corp., <br>4.70%, 12/15/2032 (Callable 10/15/2032) | 18775000 | 18817511  |
| Amgen, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.15%, 02/21/2040 (Callable 08/21/2039) | 5000000 | 3952590  |
| &nbsp;&nbsp;&nbsp; 4.40%, 05/01/2045 (Callable 11/01/2044) | 8000000 | 6866503  |
| &nbsp;&nbsp;&nbsp; 5.65%, 03/02/2053 (Callable 09/02/2052) | 21700000 | 21339928  |

---

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

110<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE PLUS BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Industrials - (Continued)** | **Industrials - (Continued)** | **Industrials - (Continued)** |
| Amrize Finance US LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/22/2026 (Callable 06/22/2026) | $12565000 | $12492994  |
| &nbsp;&nbsp;&nbsp; 4.95%, 04/07/2030 (Callable 03/07/2030) | 10000000 | 10232808  |
| &nbsp;&nbsp;&nbsp; 7.13%, 07/15/2036 | 1500000 | 1722993  |
| &nbsp;&nbsp;&nbsp; Amsted Industries, Inc., <br>6.38%, 03/15/2033 (Callable 03/15/2028)<sup>(a)</sup> | 1000000 | 1029989  |
| Anglo American Capital PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 04/10/2027<sup>(a)</sup> | 12033000 | 12126417  |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/15/2028 (Callable 12/15/2027)<sup>(a)</sup> | 11000000 | 11065720  |
| &nbsp;&nbsp;&nbsp; 5.63%, 04/01/2030 (Callable 01/01/2030)<sup>(a)</sup> | 3000000 | 3134819  |
| &nbsp;&nbsp;&nbsp; 2.63%, 09/10/2030 (Callable 06/10/2030)<sup>(a)</sup> | 16025000 | 14785958  |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/02/2033 (Callable 02/02/2033)<sup>(a)</sup> | 12450000 | 12899569  |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/05/2034 (Callable 01/05/2034)<sup>(a)</sup> | 15000000 | 15749479  |
| &nbsp;&nbsp;&nbsp; 3.95%, 09/10/2050 (Callable 03/10/2050)<sup>(a)</sup> | 10000000 | 7526597  |
| &nbsp;&nbsp;&nbsp; 6.00%, 04/05/2054 (Callable 10/05/2053)<sup>(a)</sup> | 5000000 | 5020097  |
| &nbsp;&nbsp;&nbsp; Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., <br>4.90%, 02/01/2046 (Callable 08/01/2045) | 56166000 | 52186200  |
|  Anheuser-Busch InBev Worldwide, Inc., 5.45%, 01/23/2039 (Callable 07/23/2038) | 9975000 | 10347882  |
|  Antero Midstream Partners LP / Antero Midstream Finance Corp., 6.63%, 02/01/2032 (Callable 02/01/2027)<sup>(a)</sup> | 3000000 | 3105252  |
| Antofagasta PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.38%, 10/14/2030 (Callable 07/14/2030)<sup>(a)</sup> | 6000000 | 5437759  |
| &nbsp;&nbsp;&nbsp; 6.25%, 05/02/2034 (Callable 02/02/2034)<sup>(a)</sup> | 16719000 | 18008035  |
| &nbsp;&nbsp;&nbsp; 5.63%, 09/09/2035 (Callable 06/09/2035)<sup>(a)</sup> | 16375000 | 16858062  |
| &nbsp;&nbsp;&nbsp; AP Moller - Maersk AS, <br>4.50%, 06/20/2029 (Callable 03/20/2029)<sup>(a)</sup> | 20575000 | 20787354  |
| &nbsp;&nbsp;&nbsp; AptarGroup, Inc., <br>3.60%, 03/15/2032 (Callable 12/15/2031) | 14650000 | 13695664  |
| &nbsp;&nbsp;&nbsp; Aramark Services, Inc., <br>5.00%, 02/01/2028 (Callable 02/01/2026)<sup>(a)</sup> | 1000000 | 999863  |
| ArcelorMittal SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.55%, 03/11/2026 | 30930000 | 30940697  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 4.25%, 07/16/2029 | $15000000 | $15028376  |
| &nbsp;&nbsp;&nbsp; 6.80%, 11/29/2032 (Callable 08/29/2032) | 28467000 | 31919678  |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/17/2034 (Callable 03/17/2034) | 4500000 | 4844580  |
| &nbsp;&nbsp;&nbsp; 7.00%, 10/15/2039<sup>(e)</sup> | 11096000 | 12546912  |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/01/2041<sup>(e)</sup> | 6000000 | 6578568  |
| &nbsp;&nbsp;&nbsp; 6.35%, 06/17/2054 (Callable 12/17/2053) | 25900000 | 27401324  |
| &nbsp;&nbsp;&nbsp; Arcos Dorados BV, <br>6.38%, 01/29/2032 (Callable 11/29/2031)<sup>(a)</sup> | 12000000 | 12706560  |
| Arcosa, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 04/15/2029 (Callable 01/17/2026)<sup>(a)</sup> | 3000000 | 2948783  |
| &nbsp;&nbsp;&nbsp; 6.88%, 08/15/2032 (Callable 08/15/2027)<sup>(a)</sup> | 1000000 | 1054130  |
| Ashtead Capital, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/2028 (Callable 01/12/2026)<sup>(a)</sup> | 9000000 | 8904340  |
| &nbsp;&nbsp;&nbsp; 4.25%, 11/01/2029 (Callable 01/12/2026)<sup>(a)</sup> | 4100000 | 4053162  |
| &nbsp;&nbsp;&nbsp; 2.45%, 08/12/2031 (Callable 05/12/2031)<sup>(a)</sup> | 23840000 | 21296966  |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/11/2032 (Callable 05/11/2032)<sup>(a)</sup> | 17450000 | 18040769  |
| &nbsp;&nbsp;&nbsp; 5.55%, 05/30/2033 (Callable 02/28/2033)<sup>(a)</sup> | 5000000 | 5166391  |
| &nbsp;&nbsp;&nbsp; 5.95%, 10/15/2033 (Callable 07/15/2033)<sup>(a)</sup> | 9000000 | 9535948  |
| &nbsp;&nbsp;&nbsp; 5.80%, 04/15/2034 (Callable 01/15/2034)<sup>(a)</sup> | 6700000 | 7034295  |
|  AT&T Reign II Multi-Property Lease-Backed Pass-Through Trust, 6.09%, 12/15/2044<sup>(a)</sup> | 39225000 | 39697571  |
| AT&T, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.30%, 02/15/2030 (Callable 11/15/2029) | 10980000 | 11002813  |
| &nbsp;&nbsp;&nbsp; 2.55%, 12/01/2033 (Callable 09/01/2033) | 14329000 | 12251164  |
| &nbsp;&nbsp;&nbsp; 4.65%, 06/01/2044 (Callable 12/01/2043) | 9700000 | 8422324  |
| &nbsp;&nbsp;&nbsp; 5.70%, 11/01/2054 (Callable 05/01/2054) | 10000000 | 9625080  |
| &nbsp;&nbsp;&nbsp; 3.55%, 09/15/2055 (Callable 03/15/2055) | 40029000 | 26762701  |
| &nbsp;&nbsp;&nbsp; 6.05%, 08/15/2056 (Callable 02/15/2056) | 13750000 | 13875354  |
| &nbsp;&nbsp;&nbsp; 3.80%, 12/01/2057 (Callable 06/01/2057) | 25315000 | 17480933  |
| &nbsp;&nbsp;&nbsp; 3.65%, 09/15/2059 (Callable 03/15/2059) | 31734000 | 21039330  |
| &nbsp;&nbsp;&nbsp; AutoNation, Inc., <br>4.45%, 01/15/2029 (Callable 12/15/2028) | 19550000 | 19615879  |

---

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

111<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE PLUS BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Industrials - (Continued)** | **Industrials - (Continued)** | **Industrials - (Continued)** |
| &nbsp;&nbsp;&nbsp; Avery Dennison Corp., <br>2.65%, 04/30/2030 (Callable 02/01/2030) | $10175000 | $9500480  |
| Ball Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/15/2029 (Callable 05/15/2026) | 5000000 | 5146180  |
| &nbsp;&nbsp;&nbsp; 2.88%, 08/15/2030 (Callable 05/15/2030) | 5000000 | 4623663  |
| &nbsp;&nbsp;&nbsp; 3.13%, 09/15/2031 (Callable 06/15/2031) | 11000000 | 10124254  |
| Baxter International, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.27%, 12/01/2028 (Callable 10/01/2028) | 10229000 | 9664709  |
| &nbsp;&nbsp;&nbsp; 5.65%, 12/15/2035 (Callable 09/15/2035) | 32325000 | 32809546  |
| Bayer US Finance II LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/25/2038 (Callable 12/25/2037)<sup>(a)</sup> | 12000000 | 11020342  |
| &nbsp;&nbsp;&nbsp; 4.40%, 07/15/2044 (Callable 01/15/2044)<sup>(a)</sup> | 5125000 | 4149077  |
| &nbsp;&nbsp;&nbsp; Becton Dickinson & Co., <br>4.88%, 05/15/2044 (Callable 11/15/2043) | 5455000 | 4856430  |
|  Bell Telephone Co. of Canada or Bell Canada, 5.10%, 05/11/2033 (Callable 02/11/2033) | 7000000 | 7111542  |
| Berry Global, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 07/15/2026 (Callable 02/01/2026)<sup>(a)</sup> | 13027000 | 13029399  |
| &nbsp;&nbsp;&nbsp; 5.80%, 06/15/2031 (Callable 04/15/2031) | 25775000 | 27230901  |
| &nbsp;&nbsp;&nbsp; 5.65%, 01/15/2034 (Callable 10/15/2033) | 15225000 | 15887941  |
| &nbsp;&nbsp;&nbsp; Bimbo Bakeries USA, Inc., <br>4.00%, 05/17/2051 (Callable 11/17/2050)<sup>(a)</sup> | 5000000 | 3823930  |
| Boardwalk Pipelines LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.95%, 06/01/2026 (Callable 03/01/2026) | 26406000 | 26486873  |
| &nbsp;&nbsp;&nbsp; 4.80%, 05/03/2029 (Callable 02/03/2029) | 28916000 | 29298138  |
| &nbsp;&nbsp;&nbsp; 3.60%, 09/01/2032 (Callable 06/01/2032) | 15000000 | 14012817  |
| &nbsp;&nbsp;&nbsp; 5.38%, 02/15/2036 (Callable 11/15/2035) | 30000000 | 30216440  |
| Boeing Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.20%, 02/04/2026 (Callable 01/12/2026) | 25550000 | 25501416  |
| &nbsp;&nbsp;&nbsp; 5.15%, 05/01/2030 (Callable 02/01/2030) | 26000000 | 26741568  |
|  Bon Secours Mercy Health, Inc., 3.46%, 06/01/2030 (Callable 12/01/2029) | 16330000 | 15935003  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Boost Newco Borrower LLC, 7.50%, 01/15/2031 (Callable 01/15/2027)<sup>(a)</sup> | $1000000 | $1062805  |
| Booz Allen Hamilton, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 09/01/2028 (Callable 02/01/2026)<sup>(a)</sup> | 1000000 | 981929  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2029 (Callable 01/12/2026)<sup>(a)</sup> | 15280000 | 14943140  |
| &nbsp;&nbsp;&nbsp; Boral Finance Pty Ltd., <br>3.75%, 05/01/2028 (Callable 02/01/2028)<sup>(a)</sup> | 1440000 | 1407586  |
| &nbsp;&nbsp;&nbsp; BorgWarner, Inc., <br>4.95%, 08/15/2029 (Callable 07/15/2029) | 4800000 | 4915421  |
|  BP Capital Markets America, Inc., 4.81%, 02/13/2033 (Callable 11/13/2032) | 4575000 | 4640613  |
| Braskem Netherlands Finance BV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.50%, 01/12/2031 (Callable 11/12/2030)<sup>(a)</sup> | 10000000 | 3915750  |
| &nbsp;&nbsp;&nbsp; 8.00%, 10/15/2034 (Callable 07/15/2034)<sup>(a)</sup> | 2000000 | 775000  |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co., <br>3.70%, 03/15/2052 (Callable 09/15/2051) | 6425000 | 4736317  |
|  British Telecommunications PLC, 9.63%, 12/15/2030<sup>(e)</sup> | 66379000 | 81098032  |
| Broadcom, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/15/2029 (Callable 02/15/2029)<sup>(a)</sup> | 4000000 | 3985873  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/15/2030 (Callable 01/15/2030) | 9000000 | 9271028  |
| &nbsp;&nbsp;&nbsp; 4.15%, 11/15/2030 (Callable 08/15/2030) | 16000000 | 15949026  |
| &nbsp;&nbsp;&nbsp; 2.45%, 02/15/2031 (Callable 11/15/2030) | 7250000 | 6636851  |
| &nbsp;&nbsp;&nbsp; 5.15%, 11/15/2031 (Callable 09/15/2031) | 14250000 | 14805819  |
| &nbsp;&nbsp;&nbsp; 4.15%, 04/15/2032 (Callable 01/15/2032)<sup>(a)</sup> | 12000000 | 11751782  |
| &nbsp;&nbsp;&nbsp; 3.47%, 04/15/2034 (Callable 01/15/2034) | 10000000 | 9138625  |
| &nbsp;&nbsp;&nbsp; 3.14%, 11/15/2035 (Callable 08/15/2035)<sup>(a)</sup> | 13250000 | 11437868  |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/15/2041 (Callable 08/15/2040) | 16000000 | 13050129  |
| &nbsp;&nbsp;&nbsp; Builders FirstSource, Inc., <br>6.75%, 05/15/2035 (Callable 05/15/2030)<sup>(a)</sup> | 1000000 | 1045514  |
| Bunge Ltd. Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 04/21/2026 (Callable 03/21/2026) | 15000000 | 14907219  |
| &nbsp;&nbsp;&nbsp; 3.25%, 08/15/2026 (Callable 05/15/2026) | 6613000 | 6584652  |
| &nbsp;&nbsp;&nbsp; 4.90%, 04/21/2027 (Callable 03/21/2027) | 7725000 | 7812236  |
| &nbsp;&nbsp;&nbsp; 3.75%, 09/25/2027 (Callable 06/25/2027) | 23800000 | 23702995  |

---

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

112<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE PLUS BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Industrials - (Continued)** | **Industrials - (Continued)** | **Industrials - (Continued)** |
| &nbsp;&nbsp;&nbsp; 3.20%, 04/21/2031 (Callable 01/01/2031) | $55139000 | $51954817  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/21/2032 (Callable 01/01/2032) | 22000000 | 22637223  |
|  Burlington Northern Santa Fe LLC, 4.15%, 04/01/2045 (Callable 10/01/2044) | 3100000 | 2610167  |
| &nbsp;&nbsp;&nbsp; Burlington Resources LLC, <br>5.95%, 10/15/2036 | 845000 | 906037  |
| &nbsp;&nbsp;&nbsp; Cameron LNG LLC, <br>3.70%, 01/15/2039 (Callable 07/15/2038)<sup>(a)</sup> | 15000000 | 12816373  |
| Canadian Pacific Railway Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.70%, 05/01/2048 (Callable 11/01/2047) | 12000000 | 10607745  |
| &nbsp;&nbsp;&nbsp; 3.50%, 05/01/2050 (Callable 11/01/2049) | 13000000 | 9397289  |
|  Canpack SA / Canpack US LLC, 3.88%, 11/15/2029 (Callable 01/12/2026)<sup>(a)</sup> | 15000000 | 14351682  |
| Carlisle Cos., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 12/01/2027 (Callable 09/01/2027) | 4600000 | 4576085  |
| &nbsp;&nbsp;&nbsp; 2.75%, 03/01/2030 (Callable 12/01/2029) | 21832000 | 20597100  |
| Carnival Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/01/2028 (Callable 05/01/2028)<sup>(a)</sup> | 22000000 | 21676409  |
| &nbsp;&nbsp;&nbsp; 5.13%, 05/01/2029 (Callable 02/01/2029)<sup>(a)</sup> | 10000000 | 10110894  |
| &nbsp;&nbsp;&nbsp; Carpenter Technology Corp., <br>5.63%, 03/01/2034 (Callable 03/01/2029)<sup>(a)</sup> | 1000000 | 1015394  |
| Carrier Global Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.49%, 02/15/2027 (Callable 12/15/2026) | 12845000 | 12637816  |
| &nbsp;&nbsp;&nbsp; 2.70%, 02/15/2031 (Callable 11/15/2030) | 14700000 | 13639595  |
| CBRE Services, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 01/15/2033 (Callable 11/15/2032) | 10725000 | 10791215  |
| &nbsp;&nbsp;&nbsp; 5.95%, 08/15/2034 (Callable 05/15/2034) | 5000000 | 5351501  |
| &nbsp;&nbsp;&nbsp; CCL Industries, Inc., <br>3.05%, 06/01/2030 (Callable 03/01/2030)<sup>(a)</sup> | 19725000 | 18609261  |
|  CCO Holdings LLC / CCO Holdings Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/01/2030 (Callable 02/01/2026)<sup>(a)</sup> | 20000000 | 19102190  |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/15/2030 (Callable 02/01/2026)<sup>(a)</sup> | 10000000 | 9415119  |
| &nbsp;&nbsp;&nbsp; 7.38%, 03/01/2031 (Callable 03/01/2026)<sup>(a)</sup> | 17799000 | 18163658  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| CDW LLC / CDW Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.28%, 12/01/2028 (Callable 10/01/2028) | $9829000 | $9551690  |
| &nbsp;&nbsp;&nbsp; 5.10%, 03/01/2030 (Callable 02/01/2030) | 9040000 | 9211721  |
| &nbsp;&nbsp;&nbsp; 3.57%, 12/01/2031 (Callable 09/01/2031) | 15000000 | 13988576  |
| &nbsp;&nbsp;&nbsp; 5.55%, 08/22/2034 (Callable 05/22/2034) | 18100000 | 18473551  |
| &nbsp;&nbsp;&nbsp; Celanese US Holdings LLC, <br>6.83%, 07/15/2029 (Callable 05/15/2029)<sup>(e)</sup> | 14876000 | 15605978  |
| &nbsp;&nbsp;&nbsp; Cellnex Finance Co. SA, <br>3.88%, 07/07/2041 (Callable 04/07/2041)<sup>(a)</sup> | 28000000 | 22211940  |
| &nbsp;&nbsp;&nbsp; CF Industries, Inc., <br>5.38%, 03/15/2044 | 10922000 | 10256365  |
| &nbsp;&nbsp;&nbsp; Charles River Laboratories International, Inc., <br>4.00%, 03/15/2031 (Callable 03/15/2026)<sup>(a)</sup> | 3000000 | 2843647  |
|  Charter Communications Operating LLC, 6.38%, 10/23/2035 (Callable 04/23/2035) | 61962000 | 64021912  |
|  Charter Communications Operating LLC / Charter Communications Operating Capital<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.55%, 06/01/2034 (Callable 03/01/2034) | 10000000 | 10538501  |
| &nbsp;&nbsp;&nbsp; 5.38%, 04/01/2038 (Callable 10/01/2037) | 6000000 | 5539937  |
| &nbsp;&nbsp;&nbsp; 3.70%, 04/01/2051 (Callable 10/01/2050) | 6700000 | 4233740  |
| &nbsp;&nbsp;&nbsp; 3.85%, 04/01/2061 (Callable 10/01/2060) | 12075000 | 7230602  |
| &nbsp;&nbsp;&nbsp; 4.40%, 12/01/2061 (Callable 06/01/2061) | 10000000 | 6566919  |
| Cheniere Energy Partners LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 01/31/2032 (Callable 01/31/2027) | 3500000 | 3228754  |
| &nbsp;&nbsp;&nbsp; 5.95%, 06/30/2033 (Callable 12/30/2032) | 13000000 | 13805325  |
| &nbsp;&nbsp;&nbsp; 5.75%, 08/15/2034 (Callable 02/15/2034) | 6000000 | 6276658  |
| &nbsp;&nbsp;&nbsp; 5.55%, 10/30/2035 (Callable 04/30/2035)<sup>(a)</sup> | 5000000 | 5125107  |
|  Choice Hotels International, Inc., 5.85%, 08/01/2034 (Callable 05/01/2034) | 7000000 | 7148285  |
| &nbsp;&nbsp;&nbsp; Cia Cervecerias Unidas SA, <br>3.35%, 01/19/2032 (Callable 10/19/2031)<sup>(a)</sup> | 20000000 | 18143056  |
|  Cia de Minas Buenaventura SAA, 6.80%, 02/04/2032 (Callable 02/04/2028)<sup>(a)</sup> | 7875000 | 8191024  |
| Cigna Group<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.40%, 03/15/2030 (Callable 12/15/2029) | 8559000 | 7950022  |

---

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

113<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE PLUS BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Industrials - (Continued)** | **Industrials - (Continued)** | **Industrials - (Continued)** |
| &nbsp;&nbsp;&nbsp; 4.88%, 09/15/2032 (Callable 07/15/2032) | $16450000 | $16690039  |
| &nbsp;&nbsp;&nbsp; 4.80%, 08/15/2038 (Callable 02/15/2038) | 7600000 | 7299574  |
|  CIMIC Finance USA Pty Ltd., 7.00%, 03/25/2034 (Callable 12/25/2033)<sup>(a)</sup> | 10000000 | 10875179  |
| Clean Harbors, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 07/15/2029 (Callable 02/01/2026)<sup>(a)</sup> | 100000 | 100098  |
| &nbsp;&nbsp;&nbsp; 6.38%, 02/01/2031 (Callable 02/01/2026)<sup>(a)</sup> | 1000000 | 1028983  |
| &nbsp;&nbsp;&nbsp; 5.75%, 10/15/2033 (Callable 10/15/2028)<sup>(a)</sup> | 2000000 | 2052000  |
| CNH Industrial Capital LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.88%, 01/15/2026 | 14250000 | 14238341  |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/21/2028 (Callable 02/21/2028) | 10000000 | 10116884  |
| &nbsp;&nbsp;&nbsp; CNH Industrial NV, <br>3.85%, 11/15/2027 (Callable 08/15/2027) | 26114000 | 26020415  |
| &nbsp;&nbsp;&nbsp; Colonial Enterprises, Inc., <br>5.63%, 11/15/2035 (Callable 08/15/2035)<sup>(a)</sup> | 8350000 | 8428926  |
|  Columbia Pipeline Group, Inc., 5.80%, 06/01/2045 (Callable 12/01/2044) | 4733000 | 4691153  |
|  Columbia Pipelines Operating Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 08/15/2043 (Callable 02/15/2043)<sup>(a)</sup> | 5000000 | 5296684  |
| &nbsp;&nbsp;&nbsp; 6.54%, 11/15/2053 (Callable 05/15/2053)<sup>(a)</sup> | 3400000 | 3635671  |
| Comcast Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/15/2033 | 6500000 | 6368875  |
| &nbsp;&nbsp;&nbsp; 4.40%, 08/15/2035 (Callable 02/15/2035) | 13575000 | 12994180  |
| &nbsp;&nbsp;&nbsp; 3.20%, 07/15/2036 (Callable 01/15/2036) | 15000000 | 12823191  |
| &nbsp;&nbsp;&nbsp; 5.35%, 05/15/2053 (Callable 11/15/2052) | 8000000 | 7209857  |
| &nbsp;&nbsp;&nbsp; 2.94%, 11/01/2056 (Callable 05/01/2056) | 2622000 | 1479285  |
| &nbsp;&nbsp;&nbsp; 2.99%, 11/01/2063 (Callable 05/01/2063) | 10984000 | 5978158  |
| Commercial Metals Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/15/2033 (Callable 11/15/2028)<sup>(a)</sup> | 9000000 | 9202788  |
| &nbsp;&nbsp;&nbsp; 6.00%, 12/15/2035 (Callable 12/15/2030)<sup>(a)</sup> | 1000000 | 1026232  |
| &nbsp;&nbsp;&nbsp; CommonSpirit Health, <br>2.78%, 10/01/2030 (Callable 04/01/2030) | 20400000 | 19001180  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Conagra Brands, Inc., <br>5.30%, 11/01/2038 (Callable 05/01/2038) | $6625000 | $6344413  |
| &nbsp;&nbsp;&nbsp; Concentrix Corp., <br>6.60%, 08/02/2028 (Callable 07/02/2028) | 69277000 | 71479147  |
|  Constellation Software, Inc./Canada, 5.16%, 02/16/2029 (Callable 01/16/2029)<sup>(a)</sup> | 8000000 | 8156746  |
|  Corning, Inc., 4.38%, 11/15/2057 (Callable 05/15/2057) | 10000000 | 8103358  |
| Cox Communications, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.45%, 09/01/2034 (Callable 06/01/2034)<sup>(a)</sup> | 10000000 | 9856276  |
| &nbsp;&nbsp;&nbsp; 4.80%, 02/01/2035 (Callable 08/01/2034)<sup>(a)</sup> | 13047000 | 12169572  |
| &nbsp;&nbsp;&nbsp; 4.70%, 12/15/2042<sup>(a)</sup> | 1670000 | 1329907  |
| &nbsp;&nbsp;&nbsp; 3.60%, 06/15/2051 (Callable 12/15/2050)<sup>(a)</sup> | 22900000 | 14077282  |
| Crown Castle, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.60%, 06/01/2029 (Callable 05/01/2029) | 21800000 | 22629270  |
| &nbsp;&nbsp;&nbsp; 5.10%, 05/01/2033 (Callable 02/01/2033) | 5000000 | 5050924  |
| &nbsp;&nbsp;&nbsp; CSN Resources SA, <br>8.88%, 12/05/2030 (Callable 12/05/2026)<sup>(a)</sup> | 15000000 | 13936650  |
| CSX Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.22%, 04/30/2040 | 475000 | 523037  |
| &nbsp;&nbsp;&nbsp; 4.65%, 03/01/2068 (Callable 09/01/2067) | 9000000 | 7398711  |
| CVS Health Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 08/15/2029 (Callable 05/15/2029) | 11800000 | 11396052  |
| &nbsp;&nbsp;&nbsp; 5.30%, 06/01/2033 (Callable 03/01/2033) | 4225000 | 4363810  |
| &nbsp;&nbsp;&nbsp; 4.78%, 03/25/2038 (Callable 09/25/2037) | 45075000 | 42679110  |
| &nbsp;&nbsp;&nbsp; 5.05%, 03/25/2048 (Callable 09/25/2047) | 32600000 | 28851998  |
| &nbsp;&nbsp;&nbsp; 5.88%, 06/01/2053 (Callable 12/01/2052) | 6000000 | 5849148  |
| &nbsp;&nbsp;&nbsp; 6.05%, 06/01/2054 (Callable 12/01/2053) | 11000000 | 10991536  |
| &nbsp;&nbsp;&nbsp; CVS Pass-Through Trust, <br>7.51%, 01/10/2032<sup>(a)</sup> | 15918715 | 16904756  |
| &nbsp;&nbsp;&nbsp; Darling Ingredients, Inc., <br>6.00%, 06/15/2030 (Callable 01/12/2026)<sup>(a)</sup> | 1500000 | 1524648  |
| DCP Midstream Operating LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 07/15/2027 (Callable 04/15/2027) | 17000000 | 17323494  |
| &nbsp;&nbsp;&nbsp; 5.13%, 05/15/2029 (Callable 02/15/2029) | 18264000 | 18694109  |
| &nbsp;&nbsp;&nbsp; 3.25%, 02/15/2032 (Callable 08/15/2031) | 10000000 | 9205389  |

---

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

114<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE PLUS BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Industrials - (Continued)** | **Industrials - (Continued)** | **Industrials - (Continued)** |
| Dell International LLC / EMC Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 10/01/2026 (Callable 08/01/2026) | $8395000 | $8434376  |
| &nbsp;&nbsp;&nbsp; 5.30%, 10/01/2029 (Callable 07/01/2029) | 5300000 | 5474166  |
| &nbsp;&nbsp;&nbsp; 3.45%, 12/15/2051 (Callable 06/15/2051) | 7227000 | 4941450  |
| &nbsp;&nbsp;&nbsp; DENTSPLY SIRONA, Inc., <br>3.25%, 06/01/2030 (Callable 03/01/2030) | 53520000 | 49483969  |
| Diamondback Energy, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 04/18/2034 (Callable 01/18/2034) | 7000000 | 7179344  |
| &nbsp;&nbsp;&nbsp; 5.55%, 04/01/2035 (Callable 01/01/2035) | 7175000 | 7388685  |
| Dignity Health, 5.27%, 11/01/2064 | 7625000 | 6856306  |
|  DT Midstream, Inc., 4.13%, 06/15/2029 (Callable 02/01/2026)<sup>(a)</sup> | 16211000 | 16006243  |
| &nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc., <br>5.32%, 11/15/2038 (Callable 05/15/2038) | 10492000 | 10538095  |
| DXC Technology Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.80%, 09/15/2026 (Callable 08/15/2026) | 11988000 | 11786152  |
| &nbsp;&nbsp;&nbsp; 2.38%, 09/15/2028 (Callable 07/15/2028) | 60000000 | 56592618  |
| Eagle Materials, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 07/01/2031 (Callable 04/01/2031) | 15000000 | 13634972  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/2036 (Callable 12/15/2035) | 7250000 | 7117499  |
|  Eastern Energy Gas Holdings LLC, 5.65%, 10/15/2054 (Callable 04/15/2054) | 5500000 | 5339181  |
| Eaton Corp., 4.00%, 11/02/2032 | 3660000 | 3587508  |
| &nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp., <br>4.30%, 06/15/2028 (Callable 03/15/2028) | 12111000 | 12186138  |
| Element Fleet Management Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.27%, 06/26/2026 (Callable 05/26/2026)<sup>(a)</sup> | 15600000 | 15738409  |
| &nbsp;&nbsp;&nbsp; 6.32%, 12/04/2028 (Callable 11/04/2028)<sup>(a)</sup> | 50400000 | 53174455  |
| &nbsp;&nbsp;&nbsp; 5.04%, 03/25/2030 (Callable 02/25/2030)<sup>(a)</sup> | 9275000 | 9488351  |
| &nbsp;&nbsp;&nbsp; 4.64%, 11/24/2030 (Callable 10/24/2030)<sup>(a)</sup> | 16850000 | 16911996  |
|  Embraer Netherlands Finance BV, 5.98%, 02/11/2035 (Callable 11/11/2034) | 8000000 | 8501200  |
| Enbridge Energy Partners LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 04/15/2038 | 4500000 | 5301130  |
| &nbsp;&nbsp;&nbsp; 7.38%, 10/15/2045 (Callable 04/15/2045) | 23298000 | 27068639  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Energy Transfer LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.20%, 04/15/2027 (Callable 01/15/2027) | $8650000 | $8654427  |
| &nbsp;&nbsp;&nbsp; 5.63%, 05/01/2027 (Callable 01/17/2026)<sup>(a)</sup> | 9107000 | 9106256  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/01/2027 (Callable 03/01/2027) | 4653000 | 4728711  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2027 (Callable 07/01/2027) | 15000000 | 14977640  |
| &nbsp;&nbsp;&nbsp; 4.95%, 05/15/2028 (Callable 02/15/2028) | 1620000 | 1646670  |
| &nbsp;&nbsp;&nbsp; 4.95%, 06/15/2028 (Callable 03/15/2028) | 4693000 | 4772000  |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/01/2029 (Callable 02/01/2026)<sup>(a)</sup> | 8900000 | 8997106  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/15/2029 (Callable 01/15/2029) | 18925000 | 19458031  |
| &nbsp;&nbsp;&nbsp; 4.15%, 09/15/2029 (Callable 06/15/2029) | 16585000 | 16490540  |
| &nbsp;&nbsp;&nbsp; 7.38%, 02/01/2031 (Callable 02/01/2026)<sup>(a)</sup> | 12297000 | 12776355  |
| &nbsp;&nbsp;&nbsp; 5.70%, 04/01/2035 (Callable 01/01/2035) | 10000000 | 10369818  |
| &nbsp;&nbsp;&nbsp; 6.63%, 10/15/2036 | 3575000 | 3886993  |
| &nbsp;&nbsp;&nbsp; 6.50%, 02/01/2042 (Callable 08/01/2041) | 18727000 | 19784707  |
| &nbsp;&nbsp;&nbsp; 6.10%, 02/15/2042 | 1000000 | 1002851  |
| &nbsp;&nbsp;&nbsp; 5.95%, 10/01/2043 (Callable 04/01/2043) | 2702000 | 2653013  |
| &nbsp;&nbsp;&nbsp; 5.15%, 03/15/2045 (Callable 09/15/2044) | 5000000 | 4434587  |
| &nbsp;&nbsp;&nbsp; 5.40%, 10/01/2047 (Callable 04/01/2047) | 7550000 | 6806383  |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/15/2048 (Callable 12/15/2047) | 5000000 | 4864720  |
| &nbsp;&nbsp;&nbsp; 6.20%, 04/01/2055 (Callable 10/01/2054) | 5000000 | 4917457  |
| Eni SpA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 05/09/2029 (Callable 02/09/2029)<sup>(a)</sup> | 18250000 | 18259436  |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/15/2034 (Callable 02/15/2034)<sup>(a)</sup> | 6100000 | 6302140  |
| &nbsp;&nbsp;&nbsp; 5.75%, 05/19/2035 (Callable 02/19/2035)<sup>(a)</sup> | 7000000 | 7339367  |
| &nbsp;&nbsp;&nbsp; 5.95%, 05/15/2054 (Callable 11/15/2053)<sup>(a)</sup> | 6000000 | 5967488  |
|  Enpro, Inc., 6.13%, 06/01/2033 (Callable 06/01/2028)<sup>(a)</sup> | 1000000 | 1031825  |
|  Enterprise Products Operating LLC, 3.95%, 01/31/2060 (Callable 07/31/2059) | 14475000 | 10610149  |
| EQT Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 04/01/2029 (Callable 04/01/2026) | 7000000 | 7245186  |
| &nbsp;&nbsp;&nbsp; 7.00%, 02/01/2030 (Callable 11/01/2029)<sup>(e)</sup> | 28813000 | 31316856  |

---

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

115<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE PLUS BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Industrials - (Continued)** | **Industrials - (Continued)** | **Industrials - (Continued)** |
| &nbsp;&nbsp;&nbsp; 7.50%, 06/01/2030 (Callable 12/01/2029) | $8606000 | $9473606  |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/15/2031 (Callable 07/15/2030) | 17900000 | 18034308  |
| &nbsp;&nbsp;&nbsp; 3.63%, 05/15/2031 (Callable 05/15/2030)<sup>(a)</sup> | 100000 | 94141  |
|  Equifax, Inc., 5.10%, 06/01/2028 (Callable 05/01/2028) | 15000000 | 15330354  |
|  Equinix, Inc., 3.20%, 11/18/2029 (Callable 08/18/2029) | 15000000 | 14410926  |
| &nbsp;&nbsp;&nbsp; EquipmentShare.com, Inc., <br>8.63%, 05/15/2032 (Callable 05/15/2027)<sup>(a)</sup> | 500000 | 528136  |
| &nbsp;&nbsp;&nbsp; Excelerate Energy LP, <br>8.00%, 05/15/2030 (Callable 05/15/2027)<sup>(a)</sup> | 7500000 | 7926570  |
|  Fair Isaac Corp., 6.00%, 05/15/2033 (Callable 05/15/2028)<sup>(a)</sup> | 100000 | 102724  |
| FedEx Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.90%, 02/01/2035 | 7000000 | 6456378  |
| &nbsp;&nbsp;&nbsp; 4.95%, 10/17/2048 (Callable 04/17/2048) | 13500000 | 11837489  |
| &nbsp;&nbsp;&nbsp; Ferguson Enterprises, Inc., <br>5.00%, 10/03/2034 (Callable 07/03/2034) | 8000000 | 8085756  |
| &nbsp;&nbsp;&nbsp; Ferguson Finance PLC, <br>4.50%, 10/24/2028 (Callable 07/24/2028)<sup>(a)</sup> | 37052000 | 37332574  |
|  Fibercop SpA, 7.20%, 07/18/2036 (Callable 04/18/2036)<sup>(a)</sup> | 2378000 | 2366704  |
| Fiserv, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 07/01/2029 (Callable 04/01/2029) | 20804000 | 20188354  |
| &nbsp;&nbsp;&nbsp; 5.63%, 08/21/2033 (Callable 05/21/2033) | 35000000 | 36144209  |
| &nbsp;&nbsp;&nbsp; 5.45%, 03/15/2034 (Callable 12/15/2033) | 2000000 | 2030675  |
| &nbsp;&nbsp;&nbsp; 5.15%, 08/12/2034 (Callable 05/12/2034) | 26800000 | 26652318  |
| &nbsp;&nbsp;&nbsp; 4.40%, 07/01/2049 (Callable 01/01/2049) | 12500000 | 9843093  |
|  Flex Intermediate Holdco LLC, 3.36%, 06/30/2031 (Callable 12/30/2030)<sup>(a)</sup> | 30000000 | 27634999  |
| Flex Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 02/01/2026 (Callable 01/01/2026) | 28300000 | 28275387  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/2028 (Callable 12/15/2027) | 10000000 | 10324965  |
| &nbsp;&nbsp;&nbsp; 4.88%, 05/12/2030 (Callable 02/12/2030) | 17550000 | 17820013  |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/15/2032 (Callable 11/15/2031) | 57389000 | 58566878  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Flowserve Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 10/01/2030 (Callable 07/01/2030) | $7075000 | $6750979  |
| &nbsp;&nbsp;&nbsp; 2.80%, 01/15/2032 (Callable 10/15/2031) | 5000000 | 4479113  |
| Ford Motor Credit Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.70%, 08/10/2026 (Callable 07/10/2026) | 15000000 | 14855075  |
| &nbsp;&nbsp;&nbsp; 5.80%, 03/05/2027 (Callable 02/05/2027) | 9000000 | 9113078  |
| &nbsp;&nbsp;&nbsp; 5.92%, 03/20/2028 (Callable 02/20/2028) | 15600000 | 15966005  |
| &nbsp;&nbsp;&nbsp; 5.80%, 03/08/2029 (Callable 02/08/2029) | 18000000 | 18402177  |
| &nbsp;&nbsp;&nbsp; 5.73%, 09/05/2030 (Callable 08/05/2030) | 19000000 | 19313978  |
| Fortescue Treasury Pty Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 04/01/2031 (Callable 01/01/2031)<sup>(a)</sup> | 560000 | 541458  |
| &nbsp;&nbsp;&nbsp; 6.13%, 04/15/2032 (Callable 01/15/2032)<sup>(a)</sup> | 10000000 | 10409563  |
| Fortune Brands Innovations, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 09/15/2029 (Callable 06/15/2029) | 14000000 | 13464462  |
| &nbsp;&nbsp;&nbsp; 5.88%, 06/01/2033 (Callable 03/01/2033) | 16000000 | 16929457  |
| Foundry JV Holdco LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.15%, 01/25/2032 (Callable 11/25/2031)<sup>(a)</sup> | 10000000 | 10613116  |
| &nbsp;&nbsp;&nbsp; 5.88%, 01/25/2034 (Callable 10/25/2033)<sup>(a)</sup> | 3000000 | 3086115  |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/25/2035 (Callable 10/25/2034)<sup>(a)</sup> | 18774000 | 19955587  |
| Freeport-McMoRan, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2027 (Callable 02/01/2026) | 12000000 | 12003456  |
| &nbsp;&nbsp;&nbsp; 4.13%, 03/01/2028 (Callable 02/01/2026) | 11550000 | 11519263  |
| &nbsp;&nbsp;&nbsp; 4.38%, 08/01/2028 (Callable 02/01/2026) | 6545000 | 6547540  |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/01/2029 (Callable 02/01/2026) | 14415000 | 14660919  |
| &nbsp;&nbsp;&nbsp; 4.25%, 03/01/2030 (Callable 02/01/2026) | 29799000 | 29591069  |
| &nbsp;&nbsp;&nbsp; 4.63%, 08/01/2030 (Callable 02/01/2026) | 3000000 | 3024038  |
|  Fresenius Medical Care US Finance III, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 06/15/2029 (Callable 03/15/2029)<sup>(a)</sup> | 43130000 | 42096300  |
| &nbsp;&nbsp;&nbsp; 2.38%, 02/16/2031 (Callable 11/16/2030)<sup>(a)</sup> | 46700000 | 41519107  |
| &nbsp;&nbsp;&nbsp; 3.00%, 12/01/2031 (Callable 09/01/2031)<sup>(a)</sup> | 13625000 | 12295299  |
|  Gartner, Inc., 4.95%, 03/20/2031 (Callable 02/20/2031) | 12000000 | 12067748  |

---

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

116<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE PLUS BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Industrials - (Continued)** | **Industrials - (Continued)** | **Industrials - (Continued)** |
| General Motors Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.35%, 04/15/2028 (Callable 03/15/2028) | $18700000 | $19160448  |
| &nbsp;&nbsp;&nbsp; 5.63%, 04/15/2030 (Callable 03/15/2030) | 7825000 | 8159950  |
| General Motors Financial Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.25%, 01/08/2026 | 18125000 | 18116111  |
| &nbsp;&nbsp;&nbsp; 5.40%, 04/06/2026 | 10000000 | 10034830  |
| &nbsp;&nbsp;&nbsp; 2.35%, 02/26/2027 (Callable 01/26/2027) | 10900000 | 10681901  |
| &nbsp;&nbsp;&nbsp; 5.05%, 04/04/2028 | 12500000 | 12734187  |
| &nbsp;&nbsp;&nbsp; 5.80%, 06/23/2028 (Callable 05/23/2028) | 10000000 | 10365360  |
| &nbsp;&nbsp;&nbsp; 5.80%, 01/07/2029 (Callable 12/07/2028) | 15000000 | 15645837  |
| &nbsp;&nbsp;&nbsp; 5.55%, 07/15/2029 (Callable 06/15/2029) | 14000000 | 14523068  |
| &nbsp;&nbsp;&nbsp; 4.90%, 10/06/2029 (Callable 09/06/2029) | 8000000 | 8132876  |
| &nbsp;&nbsp;&nbsp; 5.45%, 07/15/2030 (Callable 06/15/2030) | 10875000 | 11302813  |
| &nbsp;&nbsp;&nbsp; Genesee & Wyoming, Inc., <br>6.25%, 04/15/2032 (Callable 04/15/2027)<sup>(a)</sup> | 4000000 | 4125012  |
|  Genpact Luxembourg SARL/Genpact USA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.75%, 04/10/2026 (Callable 03/10/2026) | 29775000 | 29579099  |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/04/2029 (Callable 05/04/2029) | 36925000 | 38592279  |
|  Genpact UK Finco PLC / Genpact USA, Inc., 4.95%, 11/18/2030 (Callable 10/18/2030) | 7500000 | 7504016  |
| &nbsp;&nbsp;&nbsp; Genuine Parts Co., <br>4.95%, 08/15/2029 (Callable 07/15/2029) | 9150000 | 9322757  |
| GFL Environmental, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/01/2028 (Callable 03/01/2028)<sup>(a)</sup> | 22000000 | 21633476  |
| &nbsp;&nbsp;&nbsp; 6.75%, 01/15/2031 (Callable 01/15/2027)<sup>(a)</sup> | 3000000 | 3147492  |
|  Glencore Finance (Canada) Ltd., 6.00%, 11/15/2041<sup>(a)</sup> | 9400000 | 9720639  |
|  Glencore Finance Canada Ltd., 5.55%, 10/25/2042<sup>(a)(e)</sup> | 3543000 | 3437941  |
| Glencore Funding LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/27/2027 (Callable 12/27/2026)<sup>(a)</sup> | 17000000 | 16984541  |
| &nbsp;&nbsp;&nbsp; 4.88%, 03/12/2029 (Callable 12/12/2028)<sup>(a)</sup> | 18000000 | 18297584  |
| &nbsp;&nbsp;&nbsp; 5.37%, 04/04/2029 (Callable 03/04/2029)<sup>(a)</sup> | 5000000 | 5162753  |
| &nbsp;&nbsp;&nbsp; 2.50%, 09/01/2030 (Callable 06/01/2030)<sup>(a)</sup> | 5615000 | 5149151  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.70%, 05/08/2033 (Callable 02/08/2033)<sup>(a)</sup> | $12500000 | $13188719  |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/06/2033 (Callable 07/06/2033)<sup>(a)</sup> | 10000000 | 11060021  |
| &nbsp;&nbsp;&nbsp; 5.67%, 04/01/2035 (Callable 01/01/2035)<sup>(a)</sup> | 22321000 | 23351287  |
| &nbsp;&nbsp;&nbsp; 3.88%, 04/27/2051 (Callable 10/27/2050)<sup>(a)</sup> | 7500000 | 5574108  |
| &nbsp;&nbsp;&nbsp; 3.38%, 09/23/2051 (Callable 03/23/2051)<sup>(a)</sup> | 4000000 | 2701634  |
| &nbsp;&nbsp;&nbsp; 5.89%, 04/04/2054 (Callable 10/04/2053)<sup>(a)</sup> | 6775000 | 6763301  |
| Global Payments, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 04/01/2026 (Callable 02/01/2026) | 10035000 | 10037045  |
| &nbsp;&nbsp;&nbsp; 2.90%, 05/15/2030 (Callable 02/15/2030) | 5000000 | 4639803  |
| &nbsp;&nbsp;&nbsp; 4.88%, 11/15/2030 (Callable 10/15/2030) | 25000000 | 25055137  |
|  Goat Holdco LLC, 6.75%, 02/01/2032 (Callable 02/01/2028)<sup>(a)</sup> | 1000000 | 1024981  |
| &nbsp;&nbsp;&nbsp; Grand Canyon University, <br>5.13%, 10/01/2028 (Callable 08/01/2028) | 6514000 | 6462548  |
| Graphic Packaging International LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/15/2028 (Callable 09/15/2027)<sup>(a)</sup> | 5000000 | 4841627  |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/01/2029 (Callable 09/01/2028)<sup>(a)</sup> | 5000000 | 4783170  |
| Gruma SAB de CV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.39%, 12/09/2034 (Callable 10/09/2034)<sup>(a)</sup> | 10000000 | 10279900  |
| &nbsp;&nbsp;&nbsp; 5.76%, 12/09/2054 (Callable 06/09/2054)<sup>(a)</sup> | 6150000 | 6169957  |
| Grupo Bimbo SAB de CV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 06/27/2044<sup>(a)</sup> | 9575000 | 8703680  |
| &nbsp;&nbsp;&nbsp; 4.70%, 11/10/2047 (Callable 05/10/2047)<sup>(a)</sup> | 25671000 | 22191514  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/06/2049<sup>(a)</sup> | 19500000 | 14971301  |
|  Gulfstream Natural Gas System LLC, 5.60%, 07/23/2035 (Callable 04/23/2035)<sup>(a)</sup> | 5000000 | 5133603  |
| &nbsp;&nbsp;&nbsp; Harbour Energy PLC, <br>6.33%, 04/01/2035 (Callable 01/01/2035)<sup>(a)</sup> | 10000000 | 10143168  |
|  HB Fuller Co., 4.00%, 02/15/2027 (Callable 11/15/2026) | 6725000 | 6716376  |
| HCA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 09/01/2026 (Callable 03/01/2026) | 1000000 | 1002180  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2027 (Callable 08/15/2026) | 16500000 | 16536761  |
| &nbsp;&nbsp;&nbsp; 5.20%, 06/01/2028 (Callable 05/01/2028) | 10000000 | 10248598  |
| &nbsp;&nbsp;&nbsp; 5.88%, 02/01/2029 (Callable 08/01/2028) | 8500000 | 8861890  |

---

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

117<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE PLUS BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Industrials - (Continued)** | **Industrials - (Continued)** | **Industrials - (Continued)** |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/01/2030 (Callable 03/01/2030) | $5000000 | $4813157  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/01/2032 (Callable 01/01/2032) | 8000000 | 8348886  |
| &nbsp;&nbsp;&nbsp; 5.45%, 09/15/2034 (Callable 06/15/2034) | 9000000 | 9277351  |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/01/2035 (Callable 12/01/2034) | 6250000 | 6572534  |
| &nbsp;&nbsp;&nbsp; 4.38%, 03/15/2042 (Callable 09/15/2041) | 3900000 | 3338222  |
| &nbsp;&nbsp;&nbsp; 4.63%, 03/15/2052 (Callable 09/15/2051) | 12475000 | 10217515  |
| &nbsp;&nbsp;&nbsp; 6.00%, 04/01/2054 (Callable 10/01/2053) | 11000000 | 10973282  |
| &nbsp;&nbsp;&nbsp; 6.20%, 03/01/2055 (Callable 09/01/2054) | 4000000 | 4089327  |
| &nbsp;&nbsp;&nbsp; Helmerich & Payne, Inc., <br>4.85%, 12/01/2029 (Callable 11/01/2029) | 11500000 | 11582470  |
| Herc Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 06/15/2029 (Callable 06/15/2026)<sup>(a)</sup> | 15000000 | 15578173  |
| &nbsp;&nbsp;&nbsp; 7.00%, 06/15/2030 (Callable 06/15/2027)<sup>(a)</sup> | 4000000 | 4209573  |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/15/2031 (Callable 03/15/2028)<sup>(a)</sup> | 2000000 | 2030636  |
| Hess Midstream Operations LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 03/01/2028 (Callable 03/01/2026)<sup>(a)</sup> | 10625000 | 10812839  |
| &nbsp;&nbsp;&nbsp; 6.50%, 06/01/2029 (Callable 06/01/2026)<sup>(a)</sup> | 12406000 | 12830099  |
| Hewlett Packard Enterprise Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.15%, 09/15/2028 (Callable 08/15/2028) | 19700000 | 19724172  |
| &nbsp;&nbsp;&nbsp; 4.85%, 10/15/2031 (Callable 08/15/2031) | 10000000 | 10114149  |
| &nbsp;&nbsp;&nbsp; 5.60%, 10/15/2054 (Callable 04/15/2054) | 32000000 | 29736453  |
|  Hexcel Corp., 4.20%, 02/15/2027 (Callable 11/15/2026)<sup>(e)</sup> | 19000000 | 18959807  |
| HF Sinclair Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2028 (Callable 01/12/2026) | 22900000 | 22904426  |
| &nbsp;&nbsp;&nbsp; 4.50%, 10/01/2030 (Callable 07/01/2030) | 14157000 | 13944151  |
| &nbsp;&nbsp;&nbsp; 5.75%, 01/15/2031 (Callable 12/15/2030) | 14925000 | 15430899  |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/01/2032 (Callable 07/01/2032) | 10200000 | 10350406  |
| Hilton Domestic Operating Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 03/15/2033 (Callable 03/15/2028)<sup>(a)</sup> | 3000000 | 3086145  |
| &nbsp;&nbsp;&nbsp; 5.75%, 09/15/2033 (Callable 07/01/2028)<sup>(a)</sup> | 4000000 | 4093660  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Hologic, Inc., 3.25%, 02/15/2029 (Callable 01/17/2026)<sup>(a)</sup> | $21238000 | $20931557  |
| HP, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 06/17/2027 (Callable 04/17/2027) | 25000000 | 24616028  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/15/2029 (Callable 02/15/2029) | 7000000 | 6930026  |
|  Hubbell, Inc., 3.50%, 02/15/2028 (Callable 11/15/2027) | 12000000 | 11881385  |
|  Huntington Ingalls Industries, Inc., 2.04%, 08/16/2028 (Callable 06/16/2028) | 12000000 | 11369144  |
| Huntsman International LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.95%, 06/15/2031 (Callable 03/15/2031) | 4900000 | 4131577  |
| &nbsp;&nbsp;&nbsp; 5.70%, 10/15/2034 (Callable 07/15/2034) | 10000000 | 9057208  |
| Hyatt Hotels Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/30/2032 (Callable 01/30/2032) | 20016000 | 21006743  |
| &nbsp;&nbsp;&nbsp; 5.40%, 12/15/2035 (Callable 09/15/2035) | 22725000 | 22825744  |
| Hyundai Capital America<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/30/2026<sup>(a)</sup> | 7775000 | 7800124  |
| &nbsp;&nbsp;&nbsp; 1.65%, 09/17/2026 (Callable 08/17/2026)<sup>(a)</sup> | 30000000 | 29510174  |
| &nbsp;&nbsp;&nbsp; 5.28%, 06/24/2027<sup>(a)</sup> | 17350000 | 17637153  |
| &nbsp;&nbsp;&nbsp; 4.88%, 11/01/2027<sup>(a)</sup> | 21825000 | 22114867  |
| &nbsp;&nbsp;&nbsp; 4.90%, 06/23/2028<sup>(a)</sup> | 19650000 | 19963896  |
| &nbsp;&nbsp;&nbsp; 5.68%, 06/26/2028 (Callable 05/26/2028)<sup>(a)</sup> | 15000000 | 15486748  |
| &nbsp;&nbsp;&nbsp; 6.10%, 09/21/2028 (Callable 08/21/2028)<sup>(a)</sup> | 10000000 | 10466450  |
| &nbsp;&nbsp;&nbsp; 5.30%, 01/08/2029 (Callable 12/08/2028)<sup>(a)</sup> | 10000000 | 10263166  |
| &nbsp;&nbsp;&nbsp; 5.15%, 03/27/2030 (Callable 02/27/2030)<sup>(a)</sup> | 15000000 | 15379560  |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/18/2030 (Callable 08/18/2030)<sup>(a)</sup> | 5925000 | 5930724  |
|  Illumina, Inc., 4.75%, 12/12/2030 (Callable 11/12/2030) | 12975000 | 13110408  |
| &nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc., <br>5.70%, 08/14/2033 (Callable 05/14/2033) | 9700000 | 10292940  |
|  Ingredion, Inc., 2.90%, 06/01/2030 (Callable 03/01/2030) | 28000000 | 26381853  |
|  Insulet Corp., 6.50%, 04/01/2033 (Callable 04/01/2028)<sup>(a)</sup> | 500000 | 521190  |
| Intel Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 02/10/2033 (Callable 11/10/2032) | 3275000 | 3343309  |
| &nbsp;&nbsp;&nbsp; 4.90%, 08/05/2052 (Callable 02/05/2052) | 2600000 | 2157770  |
| &nbsp;&nbsp;&nbsp; 5.70%, 02/10/2053 (Callable 08/10/2052) | 5575000 | 5218209  |
|  International Business Machines Corp., 4.15%, 05/15/2039 | 13000000 | 11634763  |

---

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

118<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE PLUS BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Industrials - (Continued)** | **Industrials - (Continued)** | **Industrials - (Continued)** |
| &nbsp;&nbsp;&nbsp; International Flavors & <br>Fragrances, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.83%, 10/15/2027 (Callable 08/15/2027)<sup>(a)</sup> | $4165000 | $3996514  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/26/2048 (Callable 03/26/2048) | 6090000 | 5399623  |
| IQVIA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2027 (Callable 01/12/2026)<sup>(a)</sup> | 2500000 | 2498614  |
| &nbsp;&nbsp;&nbsp; 6.25%, 02/01/2029 (Callable 01/01/2029) | 23041000 | 24300161  |
| &nbsp;&nbsp;&nbsp; 6.50%, 05/15/2030 (Callable 05/15/2026)<sup>(a)</sup> | 2000000 | 2074620  |
| &nbsp;&nbsp;&nbsp; 6.25%, 06/01/2032 (Callable 06/01/2028)<sup>(a)</sup> | 8000000 | 8359345  |
| Iron Mountain, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/15/2028 (Callable 01/12/2026)<sup>(a)</sup> | 20303000 | 20348773  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2028 (Callable 01/12/2026)<sup>(a)</sup> | 4000000 | 3995170  |
| &nbsp;&nbsp;&nbsp; 7.00%, 02/15/2029 (Callable 01/12/2026)<sup>(a)</sup> | 10000000 | 10272350  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2031 (Callable 02/15/2026)<sup>(a)</sup> | 10000000 | 9534963  |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/15/2033 (Callable 12/06/2027)<sup>(a)</sup> | 1000000 | 1008367  |
| JAB Holdings BV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 05/28/2051 (Callable 11/28/2050)<sup>(a)</sup> | 14393000 | 9915627  |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/08/2052 (Callable 10/08/2051)<sup>(a)</sup> | 7207000 | 5621929  |
|  Jabil, Inc., 5.45%, 02/01/2029 (Callable 01/01/2029) | 10000000 | 10329154  |
|  Jacobs Engineering Group, Inc., 6.35%, 08/18/2028 (Callable 07/18/2028) | 14000000 | 14733104  |
|  JBS USA Holding Lux Sarl / JBS USA Foods Group Holdings, Inc. / JBS USA Food Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/01/2056 (Callable 09/01/2055)<sup>(a)</sup> | 15000000 | 14947857  |
| &nbsp;&nbsp;&nbsp; 6.38%, 04/15/2066 (Callable 10/15/2065)<sup>(a)</sup> | 5000000 | 4978382  |
|  JBS USA Holding Lux Sarl/ JBS USA Food Co./ JBS Lux Co. Sarl<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 12/01/2031 (Callable 12/01/2026) | 24344000 | 23117371  |
| &nbsp;&nbsp;&nbsp; 3.63%, 01/15/2032 (Callable 01/15/2027) | 7000000 | 6550406  |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/01/2033 (Callable 01/01/2033) | 3000000 | 3134955  |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/15/2034 (Callable 12/15/2033) | 24000000 | 26515205  |
| &nbsp;&nbsp;&nbsp; 4.38%, 02/02/2052 (Callable 08/02/2051) | 7825000 | 6082580  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 6.50%, 12/01/2052 (Callable 06/01/2052) | $15286000 | $15758796  |
|  JBS USA LUX Sarl / JBS USA Food Co. / JBS USA Foods Group, 5.95%, 04/20/2035 (Callable 01/20/2035)<sup>(a)</sup> | 8000000 | 8423514  |
| &nbsp;&nbsp;&nbsp; Jones Lang LaSalle, Inc., <br>6.88%, 12/01/2028 (Callable 11/01/2028) | 27000000 | 28908555  |
|  KB Home, 7.25%, 07/15/2030 (Callable 01/12/2026) | 5000000 | 5165315  |
| &nbsp;&nbsp;&nbsp; KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc., <br>9.00%, 02/15/2029 (Callable 02/15/2026)<sup>(a)</sup> | 3250000 | 3411521  |
| &nbsp;&nbsp;&nbsp; Kennametal, Inc., <br>4.63%, 06/15/2028 (Callable 03/15/2028) | 7900000 | 7933784  |
| Keysight Technologies, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.60%, 04/06/2027 (Callable 01/06/2027) | 50189000 | 50448505  |
| &nbsp;&nbsp;&nbsp; 5.35%, 07/30/2030 (Callable 06/30/2030) | 13625000 | 14224209  |
| &nbsp;&nbsp;&nbsp; 4.95%, 10/15/2034 (Callable 07/15/2034) | 5000000 | 5045616  |
|  Kimberly-Clark de Mexico SAB de CV, 2.43%, 07/01/2031 (Callable 04/01/2031)<sup>(a)</sup> | 6000000 | 5450251  |
| Kinder Morgan Energy Partners LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.30%, 08/15/2033 | 1675000 | 1927805  |
| &nbsp;&nbsp;&nbsp; 6.50%, 02/01/2037 | 6785000 | 7410567  |
| &nbsp;&nbsp;&nbsp; 6.95%, 01/15/2038 | 26159000 | 29455245  |
| &nbsp;&nbsp;&nbsp; 7.50%, 11/15/2040 | 27248000 | 31837179  |
| Kinder Morgan, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.15%, 06/01/2030 (Callable 05/01/2030) | 12900000 | 13350940  |
| &nbsp;&nbsp;&nbsp; 8.05%, 10/15/2030 | 15384000 | 17785670  |
| &nbsp;&nbsp;&nbsp; 7.80%, 08/01/2031 | 16174000 | 18747346  |
| &nbsp;&nbsp;&nbsp; 5.85%, 06/01/2035 (Callable 03/01/2035) | 5000000 | 5302366  |
| &nbsp;&nbsp;&nbsp; Kinetik Holdings LP, <br>6.63%, 12/15/2028 (Callable 02/01/2026)<sup>(a)</sup> | 21000000 | 21624393  |
| &nbsp;&nbsp;&nbsp; Kinross Gold Corp., <br>6.88%, 09/01/2041 (Callable 03/01/2041) | 5500000 | 5999957  |
| &nbsp;&nbsp;&nbsp; Kioxia Holdings Corp., <br>6.25%, 07/24/2030 (Callable 07/24/2027)<sup>(a)</sup> | 65125000 | 67009856  |
| Kraft Heinz Foods Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/15/2032<sup>(e)</sup> | 10000000 | 11042056  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2035 (Callable 01/15/2035) | 5311000 | 5298731  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/04/2042 | 5000000 | 4601129  |
|  Kroger Co., 5.50%, 09/15/2054 (Callable 03/15/2054) | 8200000 | 7839877  |

---

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

119<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE PLUS BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Industrials - (Continued)** | **Industrials - (Continued)** | **Industrials - (Continued)** |
| Kyndryl Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.05%, 10/15/2026 (Callable 09/15/2026) | $18100000 | $17803658  |
| &nbsp;&nbsp;&nbsp; 2.70%, 10/15/2028 (Callable 08/15/2028) | 22166000 | 21246790  |
| &nbsp;&nbsp;&nbsp; 3.15%, 10/15/2031 (Callable 07/15/2031) | 7575000 | 6924479  |
| &nbsp;&nbsp;&nbsp; 6.35%, 02/20/2034 (Callable 11/20/2033) | 6000000 | 6371087  |
| Lear Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.80%, 09/15/2027 (Callable 06/15/2027) | 3167000 | 3149682  |
| &nbsp;&nbsp;&nbsp; 3.50%, 05/30/2030 (Callable 02/28/2030) | 15000000 | 14402009  |
| &nbsp;&nbsp;&nbsp; Leidos Holdings, Inc., <br>5.95%, 12/01/2040 (Callable 06/04/2040) | 2000000 | 2046663  |
| Leidos, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 05/15/2030 (Callable 02/15/2030) | 46222000 | 46218356  |
| &nbsp;&nbsp;&nbsp; 2.30%, 02/15/2031 (Callable 11/15/2030) | 11439000 | 10301360  |
| &nbsp;&nbsp;&nbsp; 5.40%, 03/15/2032 (Callable 01/15/2032) | 9125000 | 9502308  |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/15/2033 (Callable 12/15/2032) | 26839000 | 28478338  |
|  Lennar Corp., 5.20%, 07/30/2030 (Callable 06/30/2030) | 7750000 | 7973022  |
| LG Energy Solution Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/02/2034<sup>(a)</sup> | 12000000 | 12185006  |
| &nbsp;&nbsp;&nbsp; 5.88%, 04/02/2035<sup>(a)</sup> | 12500000 | 12896544  |
| LKQ Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/15/2028 (Callable 05/15/2028) | 8000000 | 8265498  |
| &nbsp;&nbsp;&nbsp; 6.25%, 06/15/2033 (Callable 03/15/2033) | 30275000 | 32464829  |
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corp., <br>5.20%, 02/15/2055 (Callable 08/15/2054) | 2725000 | 2573471  |
| &nbsp;&nbsp;&nbsp; Louisiana-Pacific Corp., <br>3.63%, 03/15/2029 (Callable 02/01/2026)<sup>(a)</sup> | 25000000 | 24236627  |
| &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc., <br>5.85%, 04/01/2063 (Callable 10/01/2062) | 10000000 | 9810373  |
| LYB International Finance III LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/01/2034 (Callable 12/01/2033) | 10600000 | 10497343  |
| &nbsp;&nbsp;&nbsp; 6.15%, 05/15/2035 (Callable 02/15/2035) | 10000000 | 10264561  |
| &nbsp;&nbsp;&nbsp; Magna International, Inc., <br>2.45%, 06/15/2030 (Callable 03/15/2030) | 10000000 | 9294420  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Marathon Petroleum Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 12/15/2026 (Callable 09/15/2026) | $3000000 | $3022474  |
| &nbsp;&nbsp;&nbsp; 5.15%, 03/01/2030 (Callable 02/01/2030) | 15375000 | 15838619  |
| &nbsp;&nbsp;&nbsp; 4.75%, 09/15/2044 (Callable 03/15/2044) | 3985000 | 3418517  |
| Marriott International, Inc./MD<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 04/15/2029 (Callable 03/15/2029) | 5000000 | 5115846  |
| &nbsp;&nbsp;&nbsp; 4.80%, 03/15/2030 (Callable 02/15/2030) | 10000000 | 10220779  |
| &nbsp;&nbsp;&nbsp; 5.35%, 03/15/2035 (Callable 12/15/2034) | 10000000 | 10295768  |
| Martin Marietta Materials, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 03/15/2030 (Callable 12/15/2029) | 5000000 | 4667238  |
| &nbsp;&nbsp;&nbsp; 6.25%, 05/01/2037 | 450000 | 479691  |
| Masco Corp., 6.50%, 08/15/2032 | 15834000 | 17322454  |
| MasTec, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/15/2028 (Callable 02/01/2026)<sup>(a)</sup> | 30931000 | 30750671  |
| &nbsp;&nbsp;&nbsp; 5.90%, 06/15/2029 (Callable 05/15/2029) | 35878000 | 37403680  |
| &nbsp;&nbsp;&nbsp; Meritage Homes Corp., <br>5.65%, 03/15/2035 (Callable 12/15/2034) | 4800000 | 4913558  |
|  Methanex US Operations, Inc., 6.25%, 03/15/2032 (Callable 09/15/2031)<sup>(a)</sup> | 3000000 | 3089012  |
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc., <br>6.05%, 11/01/2035 (Callable 08/02/2035) | 13600000 | 14541278  |
|  Midwest Connector Capital Co. LLC, 4.63%, 04/01/2029 (Callable 01/01/2029)<sup>(a)</sup> | 33714000 | 33777865  |
| Minera Mexico SAB de CV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 02/12/2032 (Callable 12/12/2031)<sup>(a)</sup> | 15000000 | 15502500  |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/26/2050 (Callable 07/26/2049)<sup>(a)</sup> | 8000000 | 6740000  |
| Mineral Resources Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 11/01/2027 (Callable 02/01/2026)<sup>(a)</sup> | 8000000 | 8170975  |
| &nbsp;&nbsp;&nbsp; 9.25%, 10/01/2028 (Callable 02/01/2026)<sup>(a)</sup> | 24646000 | 25867464  |
| &nbsp;&nbsp;&nbsp; Minerva Luxembourg SA, <br>8.88%, 09/13/2033 (Callable 09/13/2028)<sup>(a)</sup> | 6000000 | 6552882  |
| &nbsp;&nbsp;&nbsp; Mohawk Industries, Inc., <br>3.63%, 05/15/2030 (Callable 02/15/2030) | 5000000 | 4849016  |
|  Mosaic Co., 5.45%, 11/15/2033 (Callable 05/15/2033) | 11101000 | 11422159  |
| MPLX LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 12/01/2027 (Callable 09/01/2027) | 6519000 | 6537767  |

---

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

120<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE PLUS BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Industrials - (Continued)** | **Industrials - (Continued)** | **Industrials - (Continued)** |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2033 (Callable 12/01/2032) | $4425000 | $4452486  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/01/2034 (Callable 03/01/2034) | 16800000 | 17170010  |
| &nbsp;&nbsp;&nbsp; 5.50%, 02/15/2049 (Callable 08/15/2048) | 8825000 | 8138502  |
| &nbsp;&nbsp;&nbsp; 5.95%, 04/01/2055 (Callable 10/01/2054) | 8000000 | 7740600  |
| &nbsp;&nbsp;&nbsp; 4.90%, 04/15/2058 (Callable 10/15/2057) | 5000000 | 4111549  |
| MSCI, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/15/2029 (Callable 02/01/2026)<sup>(a)</sup> | 17403000 | 17029274  |
| &nbsp;&nbsp;&nbsp; 3.63%, 09/01/2030 (Callable 02/01/2026)<sup>(a)</sup> | 8875000 | 8482208  |
| &nbsp;&nbsp;&nbsp; 3.88%, 02/15/2031 (Callable 02/01/2026)<sup>(a)</sup> | 26900000 | 25858408  |
| &nbsp;&nbsp;&nbsp; 3.63%, 11/01/2031 (Callable 11/01/2026)<sup>(a)</sup> | 10000000 | 9398949  |
|  Mueller Water Products, Inc., 4.00%, 06/15/2029 (Callable 02/01/2026)<sup>(a)</sup> | 500000 | 486179  |
| Mylan, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.55%, 04/15/2028 (Callable 01/15/2028) | 5000000 | 5006675  |
| &nbsp;&nbsp;&nbsp; 5.40%, 11/29/2043 (Callable 05/29/2043) | 10000000 | 8616205  |
| &nbsp;&nbsp;&nbsp; National Fuel Gas Co., <br>5.50%, 03/15/2030 (Callable 02/15/2030) | 10600000 | 10940410  |
| Newell Brands, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 09/15/2027 (Callable 06/15/2027) | 5000000 | 5019665  |
| &nbsp;&nbsp;&nbsp; 6.38%, 05/15/2030 (Callable 02/15/2030) | 500000 | 488281  |
| &nbsp;&nbsp;&nbsp; NGPL PipeCo LLC, <br>4.88%, 08/15/2027 (Callable 02/15/2027)<sup>(a)</sup> | 42204000 | 42374684  |
| Nissan Motor Acceptance Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.45%, 09/15/2028 (Callable 07/15/2028)<sup>(a)</sup> | 10000000 | 9248165  |
| &nbsp;&nbsp;&nbsp; 7.05%, 09/15/2028 (Callable 08/15/2028)<sup>(a)</sup> | 5000000 | 5171172  |
| &nbsp;&nbsp;&nbsp; 5.55%, 09/13/2029 (Callable 08/13/2029)<sup>(a)</sup> | 58055000 | 57849469  |
| &nbsp;&nbsp;&nbsp; Nissan Motor Co. Ltd., <br>4.35%, 09/17/2027 (Callable 07/17/2027)<sup>(a)</sup> | 10000000 | 9864241  |
|  Nordson Corp., 4.50%, 12/15/2029 (Callable 11/15/2029) | 12900000 | 12996084  |
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp., <br>3.05%, 05/15/2050 (Callable 11/15/2049) | 18000000 | 11862833  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  North Mississippi Health Services, Inc., 3.18%, 10/01/2051 (Callable 04/01/2051) | $11800000 | $7542869  |
| &nbsp;&nbsp;&nbsp; NOVA Chemicals Corp., <br>7.00%, 12/01/2031 (Callable 12/01/2027)<sup>(a)</sup> | 1000000 | 1065109  |
|  Nova Southeastern University, Inc., 4.81%, 04/01/2053 | 4800000 | 4151698  |
| Novelis Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 01/30/2030 (Callable 01/30/2027)<sup>(a)</sup> | 3000000 | 3114777  |
| &nbsp;&nbsp;&nbsp; 6.38%, 08/15/2033 (Callable 08/15/2028)<sup>(a)</sup> | 7000000 | 7096398  |
| Nutrien Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/15/2026 (Callable 09/15/2026) | 10000000 | 9997000  |
| &nbsp;&nbsp;&nbsp; 4.13%, 03/15/2035 (Callable 09/15/2034) | 6550000 | 6062127  |
| nVent Finance Sarl<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.55%, 04/15/2028 (Callable 01/15/2028) | 32435000 | 32623954  |
| &nbsp;&nbsp;&nbsp; 5.65%, 05/15/2033 (Callable 02/15/2033) | 28950000 | 30242505  |
|  NXP BV / NXP Funding LLC / NXP USA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.30%, 06/18/2029 (Callable 03/18/2029) | 15533000 | 15566868  |
| &nbsp;&nbsp;&nbsp; 2.65%, 02/15/2032 (Callable 11/15/2031) | 15000000 | 13491339  |
| Occidental Petroleum Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.50%, 07/15/2027 (Callable 01/15/2027) | 15000000 | 15683400  |
| &nbsp;&nbsp;&nbsp; 7.15%, 05/15/2028 | 7000000 | 7431900  |
| &nbsp;&nbsp;&nbsp; 8.88%, 07/15/2030 (Callable 01/15/2030) | 19873000 | 22977620  |
| &nbsp;&nbsp;&nbsp; 6.63%, 09/01/2030 (Callable 03/01/2030) | 8943000 | 9627274  |
| &nbsp;&nbsp;&nbsp; 7.50%, 05/01/2031 | 20063000 | 22574767  |
| &nbsp;&nbsp;&nbsp; 7.88%, 09/15/2031 | 12790000 | 14625260  |
| &nbsp;&nbsp;&nbsp; 5.55%, 10/01/2034 (Callable 07/01/2034) | 12775000 | 13034180  |
| &nbsp;&nbsp;&nbsp; 6.45%, 09/15/2036 | 7125000 | 7594986  |
| &nbsp;&nbsp;&nbsp; Ochsner LSU Health System of North Louisiana, <br>2.51%, 05/15/2031 (Callable 11/15/2030) | 36300000 | 31117876  |
|  Olin Corp., 6.63%, 04/01/2033 (Callable 04/01/2028)<sup>(a)</sup> | 10000000 | 9924688  |
| ONEOK, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 10/15/2031 (Callable 08/15/2031) | 10000000 | 10063039  |
| &nbsp;&nbsp;&nbsp; 5.65%, 09/01/2034 (Callable 06/01/2034) | 6250000 | 6471758  |
| &nbsp;&nbsp;&nbsp; 4.20%, 03/15/2045 (Callable 09/15/2044) | 8770000 | 6800455  |

---

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

121<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE PLUS BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Industrials - (Continued)** | **Industrials - (Continued)** | **Industrials - (Continued)** |
| Oracle Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.80%, 04/01/2027 (Callable 02/01/2027) | $46000000 | $45092193  |
| &nbsp;&nbsp;&nbsp; 6.25%, 11/09/2032 (Callable 08/09/2032) | 7000000 | 7316415  |
| &nbsp;&nbsp;&nbsp; 4.30%, 07/08/2034 (Callable 01/08/2034) | 14782000 | 13390621  |
| &nbsp;&nbsp;&nbsp; 3.90%, 05/15/2035 (Callable 11/15/2034) | 13143000 | 11348820  |
| &nbsp;&nbsp;&nbsp; 3.85%, 07/15/2036 (Callable 01/15/2036) | 7500000 | 6277204  |
| &nbsp;&nbsp;&nbsp; 3.95%, 03/25/2051 (Callable 09/25/2050) | 5000000 | 3304364  |
| &nbsp;&nbsp;&nbsp; 6.90%, 11/09/2052 (Callable 05/09/2052) | 29065000 | 28812106  |
| Orange SA, 9.00%, 03/01/2031<sup>(e)</sup> | 33426000 | 40265597  |
| &nbsp;&nbsp;&nbsp; Organon & Co. / Organon Foreign Debt Co.-Issuer BV, <br>6.75%, 05/15/2034 (Callable 05/15/2029)<sup>(a)</sup> | 5000000 | 4497393  |
|  Oshkosh Corp., 3.10%, 03/01/2030 (Callable 12/01/2029) | 3500000 | 3325699  |
| Owens Corning<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.40%, 08/15/2026 (Callable 05/15/2026) | 5000000 | 4977163  |
| &nbsp;&nbsp;&nbsp; 7.00%, 12/01/2036<sup>(e)</sup> | 13205000 | 15006648  |
|  Paychex, Inc., 5.35%, 04/15/2032 (Callable 02/15/2032) | 10000000 | 10368224  |
|  PBF Holding Co. LLC / PBF Finance Corp., 9.88%, 03/15/2030 (Callable 03/15/2027)<sup>(a)</sup> | 12000000 | 12346764  |
|  Penske Truck Leasing Co. Lp / PTL Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.55%, 05/01/2028 (Callable 04/01/2028)<sup>(a)</sup> | 15000000 | 15433904  |
| &nbsp;&nbsp;&nbsp; 6.05%, 08/01/2028 (Callable 07/01/2028)<sup>(a)</sup> | 30000000 | 31264466  |
| &nbsp;&nbsp;&nbsp; 5.35%, 03/30/2029 (Callable 02/28/2029)<sup>(a)</sup> | 7500000 | 7720971  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/2029 (Callable 06/01/2029)<sup>(a)</sup> | 12800000 | 13159897  |
| &nbsp;&nbsp;&nbsp; 6.20%, 06/15/2030 (Callable 04/15/2030)<sup>(a)</sup> | 6000000 | 6410850  |
|  Performance Food Group, Inc., 6.13%, 09/15/2032 (Callable 09/15/2027)<sup>(a)</sup> | 500000 | 515463  |
| Perrigo Finance Unlimited Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 06/15/2030 (Callable 03/15/2030)<sup>(e)</sup> | 25250000 | 24424974  |
| &nbsp;&nbsp;&nbsp; 6.13%, 09/30/2032 (Callable 09/30/2027) | 5000000 | 4871277  |
|  Pfizer Investment Enterprises Pte Ltd., 5.30%, 05/19/2053 (Callable 11/19/2052) | 11825000 | 11234785  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Phillips 66<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.15%, 12/15/2030 (Callable 09/15/2030) | $6000000 | $5385891  |
| &nbsp;&nbsp;&nbsp; 5.88%, 05/01/2042 | 5000000 | 5069431  |
| Phillips 66 Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.15%, 12/15/2029 (Callable 09/15/2029) | 12550000 | 12056565  |
| &nbsp;&nbsp;&nbsp; 4.95%, 03/15/2035 (Callable 12/15/2034) | 13000000 | 12945815  |
| &nbsp;&nbsp;&nbsp; 4.68%, 02/15/2045 (Callable 08/15/2044) | 2000000 | 1698770  |
| Phinia, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/15/2029 (Callable 04/15/2026)<sup>(a)</sup> | 100000 | 103546  |
| &nbsp;&nbsp;&nbsp; 6.63%, 10/15/2032 (Callable 10/15/2027)<sup>(a)</sup> | 1000000 | 1035445  |
| Pilgrim's Pride Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 07/01/2033 (Callable 04/01/2033) | 16935000 | 18100862  |
| &nbsp;&nbsp;&nbsp; 6.88%, 05/15/2034 (Callable 02/15/2034) | 8500000 | 9426835  |
| &nbsp;&nbsp;&nbsp; Plains All American Pipeline LP / PAA Finance Corp., <br>3.55%, 12/15/2029 (Callable 09/15/2029) | 10000000 | 9722132  |
| Polaris, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.95%, 03/15/2029 (Callable 02/15/2029) | 15000000 | 15912498  |
| &nbsp;&nbsp;&nbsp; 5.60%, 03/01/2031 (Callable 02/01/2031) | 15000000 | 15167772  |
| POSCO, 5.75%, 01/17/2028<sup>(a)</sup> | 5000000 | 5153215  |
| &nbsp;&nbsp;&nbsp; POSCO Holdings, Inc., <br>5.13%, 05/07/2030<sup>(a)</sup> | 21000000 | 21454149  |
| &nbsp;&nbsp;&nbsp; Post Holdings, Inc., <br>6.50%, 03/15/2036 (Callable 03/15/2031)<sup>(a)</sup> | 500000 | 500731  |
| &nbsp;&nbsp;&nbsp; Premier Health Partners, <br>2.91%, 11/15/2026 (Callable 05/15/2026) | 10000000 | 9878583  |
|  Puma International Financing SA, 7.75%, 04/25/2029 (Callable 04/25/2026)<sup>(a)</sup> | 2000000 | 2061899  |
| Quanta Services, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.90%, 10/01/2030 (Callable 07/01/2030) | 10000000 | 9367426  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/09/2034 (Callable 05/09/2034) | 15000000 | 15412070  |
| &nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc., <br>6.38%, 03/01/2032 (Callable 03/01/2028)<sup>(a)</sup> | 500000 | 520449  |
|  QXO Building Products, Inc., 6.75%, 04/30/2032 (Callable 04/30/2028)<sup>(a)</sup> | 3000000 | 3133256  |
| Raizen Fuels Finance SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.70%, 01/17/2035 (Callable 10/17/2034)<sup>(a)</sup> | 12525000 | 9583780  |

---

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

122<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE PLUS BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Industrials - (Continued)** | **Industrials - (Continued)** | **Industrials - (Continued)** |
| &nbsp;&nbsp;&nbsp; 6.70%, 02/25/2037 (Callable 11/25/2036)<sup>(a)</sup> | $5675000 | $4594350  |
|  Rand Parent LLC, 8.50%, 02/15/2030 (Callable 02/15/2026)<sup>(a)</sup> | 6500000 | 6772045  |
|  Reckitt Benckiser Treasury Services PLC, 3.00%, 06/26/2027 (Callable 03/26/2027)<sup>(a)</sup> | 56870000 | 56083411  |
| Regal Rexnord Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.05%, 04/15/2028 (Callable 03/15/2028) | 38340000 | 39672764  |
| &nbsp;&nbsp;&nbsp; 6.30%, 02/15/2030 (Callable 12/15/2029) | 26000000 | 27576894  |
| &nbsp;&nbsp;&nbsp; 6.40%, 04/15/2033 (Callable 01/15/2033) | 15332000 | 16513724  |
| &nbsp;&nbsp;&nbsp; Reliance Industries Ltd., <br>2.88%, 01/12/2032<sup>(a)</sup> | 20400000 | 18635888  |
|  Repsol E&P Capital Markets US LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 09/16/2030 (Callable 08/16/2030)<sup>(a)</sup> | 16725000 | 16973762  |
| &nbsp;&nbsp;&nbsp; 5.98%, 09/16/2035 (Callable 06/16/2035)<sup>(a)</sup> | 10000000 | 10217770  |
| &nbsp;&nbsp;&nbsp; Republic Services, Inc., <br>5.00%, 04/01/2034 (Callable 01/01/2034) | 5000000 | 5139356  |
| Revvity, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.90%, 09/15/2028 (Callable 07/15/2028) | 6280000 | 5907883  |
| &nbsp;&nbsp;&nbsp; 3.30%, 09/15/2029 (Callable 06/15/2029) | 36579000 | 35266299  |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/15/2051 (Callable 09/15/2050) | 11775000 | 8401766  |
|  Rogers Communications, Inc., 3.80%, 03/15/2032 (Callable 12/15/2031) | 13000000 | 12267958  |
|  Royal Caribbean Cruises Ltd., 5.63%, 09/30/2031 (Callable 09/30/2027)<sup>(a)</sup> | 1000000 | 1022868  |
| &nbsp;&nbsp;&nbsp; Royalty Pharma PLC, <br>5.20%, 09/25/2035 (Callable 06/25/2035) | 29600000 | 29810453  |
| RTX Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.80%, 12/15/2043 (Callable 06/15/2043) | 7925000 | 7292424  |
| &nbsp;&nbsp;&nbsp; 3.13%, 07/01/2050 (Callable 01/01/2050) | 6000000 | 4052134  |
|  RXO, Inc., 7.50%, 11/15/2027 (Callable 01/12/2026)<sup>(a)</sup> | 7000000 | 7154490  |
| &nbsp;&nbsp;&nbsp; Ryder System, Inc., <br>5.25%, 06/01/2028 (Callable 05/01/2028) | 16550000 | 16993910  |
| Sabine Pass Liquefaction LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 06/30/2026 (Callable 02/01/2026) | 1648000 | 1650342  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/2027 (Callable 09/15/2026) | $20300000 | $20437771  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/15/2030 (Callable 11/15/2029) | 21897000 | 22006590  |
|  Samarco Mineracao SA, 9.50% (or 9.00% PIK), 06/30/2031 (Callable 01/17/2026)<sup>(a)</sup> | 13330986 | 13503689  |
| Santos Finance Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.65%, 04/29/2031 (Callable 01/29/2031)<sup>(a)</sup> | 21000000 | 19675194  |
| &nbsp;&nbsp;&nbsp; 6.88%, 09/19/2033 (Callable 06/19/2033)<sup>(a)</sup> | 9100000 | 9952579  |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/13/2035 (Callable 08/13/2035)<sup>(a)</sup> | 18425000 | 18363365  |
| &nbsp;&nbsp;&nbsp; SBA Communications Corp., <br>3.13%, 02/01/2029 (Callable 02/01/2026) | 6000000 | 5740013  |
|  Schlumberger Holdings Corp., 3.90%, 05/17/2028 (Callable 02/17/2028)<sup>(a)</sup> | 11096000 | 11075156  |
|  Seagate Data Storage Technology Pte Ltd., 5.88%, 07/15/2030 (Callable 06/01/2027)<sup>(a)</sup> | 15000000 | 15458715  |
| &nbsp;&nbsp;&nbsp; Sealed Air Corp., <br>5.00%, 04/15/2029 (Callable 02/01/2026)<sup>(a)</sup> | 5000000 | 5032740  |
|  Sealed Air Corp./Sealed Air Corp. US, 6.13%, 02/01/2028 (Callable 02/01/2026)<sup>(a)</sup> | 1000000 | 1016584  |
| &nbsp;&nbsp;&nbsp; Silgan Holdings, Inc., <br>4.13%, 02/01/2028 (Callable 01/17/2026) | 4000000 | 3938105  |
| SK hynix, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/17/2026<sup>(a)</sup> | 5900000 | 5906584  |
| &nbsp;&nbsp;&nbsp; 1.50%, 01/19/2026<sup>(a)</sup> | 13000000 | 12982683  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/16/2029<sup>(a)</sup> | 21123000 | 21857611  |
| &nbsp;&nbsp;&nbsp; SK Telecom Co. Ltd., <br>6.63%, 07/20/2027<sup>(a)</sup> | 960000 | 995768  |
| Smith & Nephew PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.03%, 10/14/2030 (Callable 07/14/2030) | 18000000 | 16202071  |
| &nbsp;&nbsp;&nbsp; 5.40%, 03/20/2034 (Callable 12/20/2033) | 15000000 | 15522550  |
| Smithfield Foods, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 04/01/2029 (Callable 01/01/2029)<sup>(a)</sup> | 16566000 | 16788038  |
| &nbsp;&nbsp;&nbsp; 2.63%, 09/13/2031 (Callable 06/13/2031)<sup>(a)</sup> | 18500000 | 16383006  |
|  Solstice Advanced Materials, Inc., 5.63%, 09/30/2033 (Callable 09/30/2028)<sup>(a)</sup> | 2000000 | 2017588  |
| Solventum Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.60%, 03/23/2034 (Callable 12/23/2033) | 35647000 | 37167435  |
| &nbsp;&nbsp;&nbsp; 5.90%, 04/30/2054 (Callable 10/30/2053) | 8966000 | 9036173  |

---

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

123<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE PLUS BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Industrials - (Continued)** | **Industrials - (Continued)** | **Industrials - (Continued)** |
|  South Bow USA Infrastructure Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.03%, 10/01/2029 (Callable 09/01/2029) | $16500000 | $16747965  |
| &nbsp;&nbsp;&nbsp; 5.58%, 10/01/2034 (Callable 07/01/2034) | 24530000 | 24829268  |
| &nbsp;&nbsp;&nbsp; Southern Copper Corp., <br>7.50%, 07/27/2035 | 19786000 | 23313409  |
|  Southern Natural Gas Co. LLC, 5.45%, 08/01/2035 (Callable 05/01/2035)<sup>(a)</sup> | 10000000 | 10249847  |
| Standard Building Solutions, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 08/15/2032 (Callable 08/15/2027)<sup>(a)</sup> | 1000000 | 1029468  |
| &nbsp;&nbsp;&nbsp; 6.25%, 08/01/2033 (Callable 08/01/2028)<sup>(a)</sup> | 3125000 | 3192303  |
| Standard Industries, Inc./NY<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/15/2028 (Callable 02/01/2026)<sup>(a)</sup> | 24408000 | 24332816  |
| &nbsp;&nbsp;&nbsp; 4.38%, 07/15/2030 (Callable 02/01/2026)<sup>(a)</sup> | 7000000 | 6757162  |
| &nbsp;&nbsp;&nbsp; 3.38%, 01/15/2031 (Callable 02/01/2026)<sup>(a)</sup> | 5000000 | 4584255  |
| Stanley Black & Decker, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 03/06/2028 (Callable 02/06/2028) | 3000000 | 3109797  |
| &nbsp;&nbsp;&nbsp; 4.85%, 11/15/2048 (Callable 05/15/2048) | 4175000 | 3664818  |
| &nbsp;&nbsp;&nbsp; Stellantis Finance US, Inc., <br>5.63%, 01/12/2028 (Callable 12/12/2027)<sup>(a)</sup> | 3650000 | 3727119  |
|  STERIS Irish FinCo UnLtd Co., 3.75%, 03/15/2051 (Callable 09/15/2050) | 7500000 | 5574603  |
| &nbsp;&nbsp;&nbsp; Stonepeak Nile Parent LLC, <br>7.25%, 03/15/2032 (Callable 03/15/2028)<sup>(a)</sup> | 1000000 | 1058272  |
| Sunoco LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 03/15/2031 (Callable 09/15/2027)<sup>(a)</sup> | 14000000 | 14103152  |
| &nbsp;&nbsp;&nbsp; 7.25%, 05/01/2032 (Callable 05/01/2027)<sup>(a)</sup> | 5000000 | 5286681  |
| &nbsp;&nbsp;&nbsp; 5.88%, 03/15/2034 (Callable 09/15/2028)<sup>(a)</sup> | 5000000 | 4999539  |
|  Sunoco LP / Sunoco Finance Corp., 7.00%, 09/15/2028 (Callable 01/12/2026)<sup>(a)</sup> | 10000000 | 10315150  |
|  Syensqo Finance America LLC, 5.85%, 06/04/2034 (Callable 03/04/2034)<sup>(a)</sup> | 49082000 | 51293075  |
|  Synopsys, Inc., 5.70%, 04/01/2055 (Callable 10/01/2054) | 10000000 | 9951014  |
| Sysco Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.95%, 04/01/2030 (Callable 01/01/2030) | 22570000 | 23939057  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/17/2034 (Callable 10/17/2033) | $9000000 | $9741358  |
|  Takeda Pharmaceutical Co. Ltd., 2.05%, 03/31/2030 (Callable 12/31/2029) | 11825000 | 10814513  |
| &nbsp;&nbsp;&nbsp; Targa Resources Corp., <br>5.50%, 02/15/2035 (Callable 11/15/2034) | 15000000 | 15392305  |
|  Targa Resources Partners LP / Targa Resources Partners Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2028 (Callable 02/01/2026) | 28000000 | 28008389  |
| &nbsp;&nbsp;&nbsp; 4.88%, 02/01/2031 (Callable 02/01/2026) | 10500000 | 10570420  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/15/2032 (Callable 07/15/2026) | 14000000 | 13377170  |
| &nbsp;&nbsp;&nbsp; TC PipeLines LP, <br>3.90%, 05/25/2027 (Callable 02/25/2027) | 23285000 | 23189209  |
| TD SYNNEX Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.75%, 08/09/2026 (Callable 07/09/2026) | 10000000 | 9851127  |
| &nbsp;&nbsp;&nbsp; 2.38%, 08/09/2028 (Callable 06/09/2028) | 25000000 | 23812225  |
| &nbsp;&nbsp;&nbsp; 6.10%, 04/12/2034 (Callable 01/12/2034) | 10000000 | 10583746  |
| &nbsp;&nbsp;&nbsp; 5.30%, 10/10/2035 (Callable 07/10/2035) | 30000000 | 29794183  |
| &nbsp;&nbsp;&nbsp; Telecom Italia Capital SA, <br>7.20%, 07/18/2036 | 797000 | 864311  |
| Telefonica Emisiones SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.10%, 03/08/2027 | 3768000 | 3765009  |
| &nbsp;&nbsp;&nbsp; 7.05%, 06/20/2036 | 4925000 | 5504982  |
| &nbsp;&nbsp;&nbsp; 5.21%, 03/08/2047 | 34108000 | 30138457  |
| &nbsp;&nbsp;&nbsp; 4.90%, 03/06/2048 | 9475000 | 7980708  |
| &nbsp;&nbsp;&nbsp; 5.52%, 03/01/2049 (Callable 09/01/2048) | 2000000 | 1823552  |
| &nbsp;&nbsp;&nbsp; Telefonica Europe BV, <br>8.25%, 09/15/2030 | 13750000 | 15792096  |
|  Terex Corp., 6.25%, 10/15/2032 (Callable 10/15/2027)<sup>(a)</sup> | 250000 | 256487  |
|  Teva Pharmaceutical Finance Netherlands III BV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.15%, 10/01/2026 | 20803000 | 20562540  |
| &nbsp;&nbsp;&nbsp; 4.75%, 05/09/2027 (Callable 02/09/2027) | 5449000 | 5462808  |
| &nbsp;&nbsp;&nbsp; 7.88%, 09/15/2029 (Callable 06/15/2029) | 5000000 | 5494670  |
| &nbsp;&nbsp;&nbsp; 6.00%, 12/01/2032 (Callable 09/01/2032) | 5000000 | 5247541  |
|  Textron, Inc., 3.00%, 06/01/2030 (Callable 03/01/2030) | 15000000 | 14200176  |
| Time Warner Cable LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.30%, 07/01/2038 | 19829000 | 21278468  |
| &nbsp;&nbsp;&nbsp; 6.75%, 06/15/2039 | 8041000 | 8150732  |

---

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

124<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE PLUS BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Industrials - (Continued)** | **Industrials - (Continued)** | **Industrials - (Continued)** |
|  Timken Co., 4.50%, 12/15/2028 (Callable 09/15/2028) | $12522000 | $12622281  |
| T-Mobile USA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/01/2028 (Callable 01/12/2026) | 17250000 | 17257020  |
| &nbsp;&nbsp;&nbsp; 3.38%, 04/15/2029 (Callable 01/12/2026) | 5000000 | 4876681  |
| &nbsp;&nbsp;&nbsp; 3.88%, 04/15/2030 (Callable 01/15/2030) | 53473000 | 52640166  |
| &nbsp;&nbsp;&nbsp; 3.50%, 04/15/2031 (Callable 04/15/2026) | 60000000 | 57429820  |
| &nbsp;&nbsp;&nbsp; 5.13%, 05/15/2032 (Callable 03/15/2032) | 9000000 | 9273859  |
| &nbsp;&nbsp;&nbsp; 4.95%, 11/15/2035 (Callable 08/15/2035) | 15000000 | 14949250  |
| &nbsp;&nbsp;&nbsp; 4.38%, 04/15/2040 (Callable 10/15/2039) | 10000000 | 8993494  |
| &nbsp;&nbsp;&nbsp; 3.60%, 11/15/2060 (Callable 05/15/2060) | 15000000 | 10006418  |
| Toll Road Investors Partnership II LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 02/15/2027<sup>(a)(f)</sup> | 32855000 | 30890015  |
| &nbsp;&nbsp;&nbsp; 0.00%, 02/15/2028<sup>(a)(f)</sup> | 6000000 | 5198800  |
| &nbsp;&nbsp;&nbsp; 0.00%, 02/15/2029<sup>(a)(f)</sup> | 940000 | 779974  |
| &nbsp;&nbsp;&nbsp; 0.00%, 02/15/2030<sup>(a)(f)</sup> | 2938000 | 2328084  |
| &nbsp;&nbsp;&nbsp; 0.00%, 02/15/2030<sup>(a)(f)</sup> | 2100000 | 1597258 |
| &nbsp;&nbsp;&nbsp; 0.00%, 02/15/2031<sup>(a)(f)</sup> | 5396000 | 4018969  |
| &nbsp;&nbsp;&nbsp; 0.00%, 02/15/2036<sup>(a)(f)</sup> | 12500000 | 6640128  |
| TopBuild Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/15/2029 (Callable 02/01/2026)<sup>(a)</sup> | 2500000 | 2421331  |
| &nbsp;&nbsp;&nbsp; 4.13%, 02/15/2032 (Callable 10/15/2026)<sup>(a)</sup> | 1000000 | 949941  |
| &nbsp;&nbsp;&nbsp; 5.63%, 01/31/2034 (Callable 09/30/2028)<sup>(a)</sup> | 7000000 | 7081106  |
|  Trane Technologies Financing Ltd., 4.65%, 11/01/2044 (Callable 05/01/2044) | 1300000 | 1179336  |
|  Trane Technologies Holdco, Inc., 5.75%, 06/15/2043 | 4126000 | 4296233  |
| &nbsp;&nbsp;&nbsp; TransCanada PipeLines Ltd., <br>2.50%, 10/12/2031 (Callable 07/12/2031) | 17500000 | 15596436  |
|  Transcontinental Gas Pipe Line Co. LLC, 4.45%, 08/01/2042 (Callable 02/01/2042) | 2600000 | 2283562  |
| TransDigm, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 08/15/2028 (Callable 01/12/2026)<sup>(a)</sup> | 5500000 | 5596888  |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/01/2029 (Callable 03/01/2026)<sup>(a)</sup> | 3000000 | 3093807  |
| &nbsp;&nbsp;&nbsp; 6.88%, 12/15/2030 (Callable 08/18/2026)<sup>(a)</sup> | 15000000 | 15697421  |
| &nbsp;&nbsp;&nbsp; 6.63%, 03/01/2032 (Callable 03/01/2027)<sup>(a)</sup> | 1000000 | 1040477  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/2033 (Callable 09/15/2027)<sup>(a)</sup> | 11000000 | 11258164  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/31/2034 (Callable 08/31/2028)<sup>(a)</sup> | $500000 | $518791  |
| &nbsp;&nbsp;&nbsp; TreeHouse Foods, Inc., <br>4.00%, 09/01/2028 (Callable 01/17/2026) | 1500000 | 1488750  |
|  Trimble, Inc., 6.10%, 03/15/2033 (Callable 12/15/2032) | 7000000 | 7548986  |
| &nbsp;&nbsp;&nbsp; Trinity Industries, Inc., <br>7.75%, 07/15/2028 (Callable 01/12/2026)<sup>(a)</sup> | 5000000 | 5194478  |
| Triton Container International Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.05%, 04/15/2026 (Callable 03/15/2026)<sup>(a)</sup> | 7425000 | 7366836  |
| &nbsp;&nbsp;&nbsp; 3.15%, 06/15/2031 (Callable 03/15/2031)<sup>(a)</sup> | 33975000 | 30644120  |
|  Triton Container International Ltd. / TAL International Container Corp., 3.25%, 03/15/2032 (Callable 12/15/2031) | 15563000 | 14144792  |
| TTX Co., 4.65%, 06/15/2044<sup>(a)</sup> | 7710000 | 6787358  |
| &nbsp;&nbsp;&nbsp; Tyco Electronics Group SA, <br>7.13%, 10/01/2037 | 500000 | 589696  |
| &nbsp;&nbsp;&nbsp; Tyson Foods, Inc., <br>5.10%, 09/28/2048 (Callable 03/28/2048) | 4650000 | 4299848  |
| United Rentals North America, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 11/15/2027 (Callable 01/12/2026) | 5000000 | 4966057  |
| &nbsp;&nbsp;&nbsp; 4.88%, 01/15/2028 (Callable 01/12/2026) | 5000000 | 4999875  |
| &nbsp;&nbsp;&nbsp; 6.00%, 12/15/2029 (Callable 02/01/2026)<sup>(a)</sup> | 33700000 | 34622134  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/15/2030 (Callable 01/12/2026) | 10000000 | 9693345  |
| &nbsp;&nbsp;&nbsp; 3.88%, 02/15/2031 (Callable 01/12/2026) | 3000000 | 2864381  |
| &nbsp;&nbsp;&nbsp; 3.75%, 01/15/2032 (Callable 07/15/2026) | 1000000 | 938186  |
| &nbsp;&nbsp;&nbsp; 6.13%, 03/15/2034 (Callable 03/15/2029)<sup>(a)</sup> | 21700000 | 22604304  |
| Universal Health Services, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.65%, 09/01/2026 (Callable 08/01/2026) | 16000000 | 15730389  |
| &nbsp;&nbsp;&nbsp; 2.65%, 10/15/2030 (Callable 07/15/2030) | 24322000 | 22197782  |
| &nbsp;&nbsp;&nbsp; 5.05%, 10/15/2034 (Callable 07/15/2034) | 30000000 | 29486850  |
|  US Foods, Inc., 5.75%, 04/15/2033 (Callable 10/15/2027)<sup>(a)</sup> | 5250000 | 5347588  |
| Utah Acquisition Sub, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.95%, 06/15/2026 (Callable 03/15/2026) | 6243000 | 6228983  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/15/2046 (Callable 12/15/2045) | 4000000 | 3296668  |
| &nbsp;&nbsp;&nbsp; Vale Canada Ltd., <br>7.20%, 09/15/2032 | 1600000 | 1777600  |

---

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

125<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE PLUS BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Industrials - (Continued)** | **Industrials - (Continued)** | **Industrials - (Continued)** |
| Vale Overseas Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 07/08/2030 (Callable 04/08/2030) | $25339000 | $24395519  |
| &nbsp;&nbsp;&nbsp; 6.13%, 06/12/2033 (Callable 03/12/2033) | 32000000 | 34254400  |
| &nbsp;&nbsp;&nbsp; 6.88%, 11/21/2036 | 29519000 | 33227014  |
| &nbsp;&nbsp;&nbsp; 6.40%, 06/28/2054 (Callable 12/28/2053) | 15000000 | 15307500  |
| &nbsp;&nbsp;&nbsp; Valero Energy Corp., <br>6.63%, 06/15/2037 | 5000000 | 5516504  |
| &nbsp;&nbsp;&nbsp; Valero Energy Partners LP, <br>4.50%, 03/15/2028 (Callable 12/15/2027) | 20000000 | 20142394  |
| &nbsp;&nbsp;&nbsp; Vallourec SACA, <br>7.50%, 04/15/2032 (Callable 04/15/2027)<sup>(a)</sup> | 1500000 | 1592905  |
| Var Energi ASA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 01/15/2028 (Callable 12/15/2027)<sup>(a)</sup> | 29950000 | 31721917  |
| &nbsp;&nbsp;&nbsp; 5.88%, 05/22/2030 (Callable 04/22/2030)<sup>(a)</sup> | 35400000 | 36847129  |
| &nbsp;&nbsp;&nbsp; 8.00%, 11/15/2032 (Callable 08/15/2032)<sup>(a)</sup> | 22989000 | 26342195  |
|  Venture Global Calcasieu Pass LLC, 6.25%, 01/15/2030 (Callable 10/15/2029)<sup>(a)</sup> | 28750000 | 29111691  |
|  Venture Global Plaquemines LNG LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 01/15/2034 (Callable 07/15/2033)<sup>(a)</sup> | 5000000 | 5121200  |
| &nbsp;&nbsp;&nbsp; 7.75%, 05/01/2035 (Callable 12/01/2034)<sup>(a)</sup> | 5000000 | 5464323  |
| &nbsp;&nbsp;&nbsp; 6.75%, 01/15/2036 (Callable 07/15/2035)<sup>(a)</sup> | 7000000 | 7170032  |
| Verizon Communications, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.36%, 03/15/2032 (Callable 12/15/2031) | 2500000 | 2206441  |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/10/2033 | 15710000 | 15486719  |
| &nbsp;&nbsp;&nbsp; 4.40%, 11/01/2034 (Callable 05/01/2034) | 790000 | 763779  |
| &nbsp;&nbsp;&nbsp; 4.27%, 01/15/2036 | 10793000 | 10132130  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/16/2037 | 18225000 | 18386050  |
| &nbsp;&nbsp;&nbsp; 4.81%, 03/15/2039 | 38575000 | 36710300  |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/30/2045 (Callable 05/30/2045) | 19000000 | 18926516  |
| &nbsp;&nbsp;&nbsp; 4.86%, 08/21/2046 | 2500000 | 2227476  |
| &nbsp;&nbsp;&nbsp; 3.70%, 03/22/2061 (Callable 09/22/2060) | 5950000 | 4032832  |
| Viatris, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.85%, 06/22/2040 (Callable 12/22/2039) | 10000000 | 7688522  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/22/2050 (Callable 12/22/2049) | 22000000 | 14714715  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; VICI Properties LP, <br>4.75%, 02/15/2028 (Callable 01/15/2028) | $24344000 | $24588947  |
|  VICI Properties LP / VICI Note Co., Inc., 4.50%, 01/15/2028 (Callable 10/15/2027)<sup>(a)</sup> | 9700000 | 9721803  |
| Videotron Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 06/15/2029 (Callable 02/01/2026)<sup>(a)</sup> | 22139000 | 21544565  |
| &nbsp;&nbsp;&nbsp; 5.70%, 01/15/2035 (Callable 10/15/2034)<sup>(a)</sup> | 31700000 | 32462920  |
| &nbsp;&nbsp;&nbsp; Viper Energy Partners LLC, <br>5.70%, 08/01/2035 (Callable 05/01/2035) | 15775000 | 16098861  |
|  VMware LLC, 1.80%, 08/15/2028 (Callable 06/15/2028) | 15000000 | 14189031  |
| Vodafone Group PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 02/15/2030 | 1581000 | 1801029  |
| &nbsp;&nbsp;&nbsp; 6.15%, 02/27/2037 | 4934000 | 5371643  |
|  Volkswagen Group of America Finance LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.05%, 03/27/2028 (Callable 02/27/2028)<sup>(a)</sup> | 15175000 | 15409884  |
| &nbsp;&nbsp;&nbsp; 4.55%, 09/11/2028 (Callable 08/11/2028)<sup>(a)</sup> | 10800000 | 10855225  |
| &nbsp;&nbsp;&nbsp; 6.20%, 11/16/2028 (Callable 10/16/2028)<sup>(a)</sup> | 19000000 | 19911343  |
| Vontier Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.40%, 04/01/2028 (Callable 02/01/2028) | 26883000 | 25761829  |
| &nbsp;&nbsp;&nbsp; 2.95%, 04/01/2031 (Callable 01/01/2031) | 32741000 | 30085153  |
| Vulcan Materials Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 06/01/2030 (Callable 03/01/2030) | 11050000 | 10713742  |
| &nbsp;&nbsp;&nbsp; 4.70%, 03/01/2048 (Callable 09/01/2047) | 500000 | 439590  |
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings, Inc., <br>4.28%, 03/15/2032 (Callable 12/15/2031) | 30599000 | 26860414  |
| &nbsp;&nbsp;&nbsp; Waste Management, Inc., <br>3.88%, 01/15/2029 (Callable 12/15/2028) | 1000000 | 999286  |
| &nbsp;&nbsp;&nbsp; Weir Group, Inc., <br>5.35%, 05/06/2030 (Callable 04/06/2030)<sup>(a)</sup> | 54200000 | 55743789  |
| &nbsp;&nbsp;&nbsp; WESCO Distribution, Inc., <br>6.38%, 03/15/2033 (Callable 03/15/2028)<sup>(a)</sup> | 20300000 | 21194906  |
| &nbsp;&nbsp;&nbsp; Western Digital Corp., <br>4.75%, 02/15/2026 (Callable 01/17/2026) | 13347000 | 13357210  |
| Western Midstream Operating LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.05%, 02/01/2030 (Callable 11/01/2029)<sup>(e)</sup> | 4000000 | 3922096  |
| &nbsp;&nbsp;&nbsp; 7.25%, 04/01/2030 (Callable 04/01/2027)<sup>(a)</sup> | 29267000 | 31209263  |

---

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

126<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE PLUS BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Industrials - (Continued)** | **Industrials - (Continued)** | **Industrials - (Continued)** |
| &nbsp;&nbsp;&nbsp; 6.15%, 04/01/2033 (Callable 01/01/2033) | $2500000 | $2650640  |
| &nbsp;&nbsp;&nbsp; 5.45%, 11/15/2034 (Callable 08/15/2034) | 30350000 | 30616661  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/01/2050 (Callable 08/01/2049)<sup>(e)</sup> | 10000000 | 8582624  |
|  Westinghouse Air Brake Technologies Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.45%, 11/15/2026 (Callable 08/15/2026) | 36775000 | 36590099  |
| &nbsp;&nbsp;&nbsp; 4.70%, 09/15/2028 (Callable 06/15/2028)<sup>(e)</sup> | 10205000 | 10332147  |
| &nbsp;&nbsp;&nbsp; WestRock MWV LLC, <br>8.20%, 01/15/2030 | 5012000 | 5707871  |
|  Whirlpool Corp., 6.13%, 06/15/2030 (Callable 03/15/2030) | 17775000 | 17731944  |
| Whistler Pipeline LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 09/30/2029 (Callable 08/30/2029)<sup>(a)</sup> | 2350000 | 2423461  |
| &nbsp;&nbsp;&nbsp; 5.70%, 09/30/2031 (Callable 07/30/2031)<sup>(a)</sup> | 46465000 | 48264442  |
| &nbsp;&nbsp;&nbsp; 5.95%, 09/30/2034 (Callable 06/30/2034)<sup>(a)</sup> | 29499000 | 30564256  |
| Williams Cos., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 01/15/2031 | 120000 | 136336  |
| &nbsp;&nbsp;&nbsp; 7.75%, 06/15/2031 | 3500000 | 4000739  |
| &nbsp;&nbsp;&nbsp; 8.75%, 03/15/2032<sup>(e)</sup> | 11275000 | 13695416  |
| &nbsp;&nbsp;&nbsp; 6.30%, 04/15/2040 | 1590000 | 1716047  |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/24/2044 (Callable 12/24/2043) | 2500000 | 2491587  |
| &nbsp;&nbsp;&nbsp; Wipro IT Services LLC, <br>1.50%, 06/23/2026 (Callable 05/23/2026)<sup>(a)</sup> | 17800000 | 17570431  |
| Woodside Finance Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/04/2029 (Callable 12/04/2028)<sup>(a)</sup> | 25500000 | 25508918  |
| &nbsp;&nbsp;&nbsp; 5.40%, 05/19/2030 (Callable 04/19/2030) | 4500000 | 4625353  |
| &nbsp;&nbsp;&nbsp; 5.10%, 09/12/2034 (Callable 06/12/2034) | 17075000 | 16915096  |
| &nbsp;&nbsp;&nbsp; Wrangler Holdco Corp., <br>6.63%, 04/01/2032 (Callable 04/01/2027)<sup>(a)</sup> | 10000000 | 10481120  |
| XPO, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 06/01/2028 (Callable 01/12/2026)<sup>(a)</sup> | 1000000 | 1019577  |
| &nbsp;&nbsp;&nbsp; 7.13%, 06/01/2031 (Callable 06/01/2026)<sup>(a)</sup> | 500000 | 521507  |
| &nbsp;&nbsp;&nbsp; 7.13%, 02/01/2032 (Callable 02/01/2027)<sup>(a)</sup> | 250000 | 262871  |
| &nbsp;&nbsp;&nbsp; Yara International ASA, <br>3.80%, 06/06/2026 (Callable 03/06/2026)<sup>(a)</sup> | 20250000 | 20190787  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  ZF North America Capital, Inc., 6.75%, 04/23/2030 (Callable 03/23/2030)<sup>(a)</sup> | $17225000 | $17021254  |
| Zimmer Biomet Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.55%, 03/20/2030 (Callable 12/20/2029) | 1000000 | 966987  |
| &nbsp;&nbsp;&nbsp; 5.20%, 09/15/2034 (Callable 06/15/2034) | 20000000 | 20434488  |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/30/2039 | 11375000 | 11801434  |
|  |  | 10378667826  |
| **Utilities - 1.1%**<br>|  |  |
|  American Transmission Systems, Inc., 2.65%, 01/15/2032 (Callable 10/15/2031)<sup>(a)</sup> | 4850000 | 4369134  |
| &nbsp;&nbsp;&nbsp; Appalachian Power Co., <br>6.70%, 08/15/2037 | 1400000 | 1549933  |
|  Berkshire Hathaway Energy Co., 2.85%, 05/15/2051 (Callable 11/15/2050) | 10000000 | 6223934  |
|  Consolidated Edison Co. of New York, Inc., 4.63%, 12/01/2054 (Callable 06/01/2054) | 7600000 | 6426023  |
|  Constellation Energy Generation LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.80%, 03/01/2033 (Callable 12/01/2032) | 10000000 | 10688893  |
| &nbsp;&nbsp;&nbsp; 5.60%, 06/15/2042 (Callable 12/15/2041) | 6100000 | 6137512  |
| &nbsp;&nbsp;&nbsp; Consumers Energy Co., <br>3.50%, 08/01/2051 (Callable 02/01/2051) | 9425000 | 6802877  |
| &nbsp;&nbsp;&nbsp; Dominion Resources, Inc., <br>5.95%, 06/15/2035 | 1880000 | 2005591  |
| &nbsp;&nbsp;&nbsp; DTE Electric Co., <br>2.63%, 03/01/2031 (Callable 12/01/2030) | 15200000 | 14055472  |
| DTE Energy Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 06/01/2028 (Callable 05/01/2028) | 11900000 | 12109844  |
| &nbsp;&nbsp;&nbsp; 5.10%, 03/01/2029 (Callable 02/01/2029) | 8318000 | 8530491  |
| Duke Energy Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 06/15/2051 (Callable 12/15/2050) | 11000000 | 7650972  |
| &nbsp;&nbsp;&nbsp; 6.10%, 09/15/2053 (Callable 03/15/2053) | 8400000 | 8728993  |
| &nbsp;&nbsp;&nbsp; 5.80%, 06/15/2054 (Callable 12/15/2053) | 10000000 | 9923000  |
|  Duquesne Light Holdings, Inc., 2.53%, 10/01/2030 (Callable 07/01/2030)<sup>(a)</sup> | 8775000 | 7981891  |
| Enel Finance International NV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 04/06/2028<sup>(a)</sup> | 7000000 | 6908572  |
| &nbsp;&nbsp;&nbsp; 7.50%, 10/14/2032 (Callable 07/14/2032)<sup>(a)</sup> | 20000000 | 23079745  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/30/2035 (Callable 06/30/2035)<sup>(a)</sup> | 13000000 | 12938397  |

---

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

127<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE PLUS BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Utilities - (Continued)** | **Utilities - (Continued)** | **Utilities - (Continued)** |
| &nbsp;&nbsp;&nbsp; 6.00%, 10/07/2039<sup>(a)</sup> | $4286000 | $4509627  |
| &nbsp;&nbsp;&nbsp; 4.75%, 05/25/2047<sup>(a)</sup> | 54084000 | 46805109  |
| &nbsp;&nbsp;&nbsp; Engie Energia Chile SA, <br>3.40%, 01/28/2030 (Callable 10/28/2029)<sup>(a)</sup> | 3000000 | 2824606  |
| &nbsp;&nbsp;&nbsp; Essential Utilities, Inc., <br>5.25%, 08/15/2035 (Callable 05/15/2035) | 7000000 | 7150497  |
| &nbsp;&nbsp;&nbsp; Evergy Missouri West, Inc., <br>5.65%, 06/01/2034 (Callable 03/01/2034)<sup>(a)</sup> | 9100000 | 9433128  |
| Exelon Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.60%, 04/01/2032 | 1650000 | 1903057  |
| &nbsp;&nbsp;&nbsp; 5.10%, 06/15/2045 (Callable 12/15/2044) | 5875000 | 5448831  |
| &nbsp;&nbsp;&nbsp; 4.10%, 03/15/2052 (Callable 09/15/2051) | 5000000 | 3872566  |
| &nbsp;&nbsp;&nbsp; Fells Point Funding Trust, <br>3.05%, 01/31/2027 (Callable 12/31/2026)<sup>(a)</sup> | 10300000 | 10176417  |
| FirstEnergy Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.25%, 09/01/2030 (Callable 06/01/2030) | 4300000 | 3897941  |
| &nbsp;&nbsp;&nbsp; 3.40%, 03/01/2050 (Callable 09/01/2049) | 11325000 | 7840662  |
|  FirstEnergy Transmission LLC, 2.87%, 09/15/2028 (Callable 07/15/2028)<sup>(a)</sup> | 15000000 | 14506641  |
| &nbsp;&nbsp;&nbsp; Fortis, Inc./Canada, <br>3.06%, 10/04/2026 (Callable 07/04/2026) | 8762000 | 8690170  |
|  Indianapolis Power & Light Co., 5.70%, 04/01/2054 (Callable 10/01/2053)<sup>(a)</sup> | 11000000 | 10944716  |
| &nbsp;&nbsp;&nbsp; Infraestructura Energetica Nova SAPI de CV, <br>3.75%, 01/14/2028<sup>(a)</sup> | 5000000 | 4938117  |
| &nbsp;&nbsp;&nbsp; ITC Holdings Corp., <br>5.65%, 05/09/2034 (Callable 02/09/2034)<sup>(a)</sup> | 14000000 | 14615200  |
| &nbsp;&nbsp;&nbsp; KeySpan Corp., <br>8.00%, 11/15/2030 | 8375000 | 9576649  |
|  Liberty Utilities Finance GP 1, 2.05%, 09/15/2030 (Callable 06/15/2030)<sup>(a)</sup> | 10600000 | 9623860  |
| &nbsp;&nbsp;&nbsp; National Grid PLC, <br>5.60%, 06/12/2028 (Callable 05/12/2028) | 5000000 | 5163965  |
|  Niagara Mohawk Power Corp., 5.66%, 01/17/2054 (Callable 07/17/2053)<sup>(a)</sup> | 8005000 | 7784732  |
| NiSource, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 07/01/2029 (Callable 06/01/2029) | 15000000 | 15477069  |
| &nbsp;&nbsp;&nbsp; 3.60%, 05/01/2030 (Callable 02/01/2030) | 20800000 | 20226316  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 3.95%, 03/30/2048 (Callable 09/30/2047) | $11775000 | $9215179  |
| &nbsp;&nbsp;&nbsp; 5.85%, 04/01/2055 (Callable 10/01/2054) | 8000000 | 8005392  |
| &nbsp;&nbsp;&nbsp; NorthWestern Corp., <br>5.07%, 03/21/2030 (Callable 02/21/2030)<sup>(a)</sup> | 5300000 | 5439279  |
| &nbsp;&nbsp;&nbsp; Oglethorpe Power Corp., <br>6.20%, 12/01/2053 (Callable 06/01/2053) | 5000000 | 5147280  |
|  Ohio Power Co., 5.00%, 06/01/2033 (Callable 03/01/2033) | 8150000 | 8266137  |
|  Oklahoma Gas and Electric Co., 5.60%, 04/01/2053 (Callable 10/01/2052) | 3700000 | 3638749  |
|  Oncor Electric Delivery Co. LLC, 2.75%, 05/15/2030 (Callable 02/15/2030) | 9500000 | 8957952  |
|  Piedmont Natural Gas Co., Inc., 5.40%, 06/15/2033 (Callable 03/15/2033) | 14050000 | 14616950  |
| &nbsp;&nbsp;&nbsp; PPL Capital Funding, Inc., <br>5.25%, 09/01/2034 (Callable 06/01/2034) | 6400000 | 6568176  |
| RWE Finance US LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 09/18/2035 (Callable 06/18/2035)<sup>(a)</sup> | 25000000 | 24925201  |
| &nbsp;&nbsp;&nbsp; 6.25%, 04/16/2054 (Callable 10/16/2053)<sup>(a)</sup> | 13000000 | 13364768  |
|  |  | 489666213  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $19,521,554,083)** |  | 19323603448  |
| **U.S. TREASURY SECURITIES - 25.5%** | **U.S. TREASURY SECURITIES - 25.5%** | **U.S. TREASURY SECURITIES - 25.5%** |
| United States Treasury Note/Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/15/2027 | 194775000 | 196692316  |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/15/2028 | 541275000 | 549330693  |
| &nbsp;&nbsp;&nbsp; 3.75%, 04/15/2028 | 62900000 | 63239070  |
| &nbsp;&nbsp;&nbsp; 3.63%, 08/15/2028 | 645350000 | 647165047  |
| &nbsp;&nbsp;&nbsp; 3.50%, 10/15/2028 | 406800000 | 406513971  |
| &nbsp;&nbsp;&nbsp; 2.38%, 03/31/2029 | 108800000 | 104868750  |
| &nbsp;&nbsp;&nbsp; 4.63%, 04/30/2029 | 481375000 | 497151315  |
| &nbsp;&nbsp;&nbsp; 2.75%, 05/31/2029 | 251450000 | 244829794  |
| &nbsp;&nbsp;&nbsp; 4.38%, 11/30/2030 | 101300000 | 104315257  |
| &nbsp;&nbsp;&nbsp; 1.88%, 02/15/2032 | 659750000 | 589213449  |
| &nbsp;&nbsp;&nbsp; 2.88%, 05/15/2032 | 437100000 | 412718016  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/30/2032 | 924400000 | 931044125  |
| &nbsp;&nbsp;&nbsp; 1.13%, 08/15/2040 | 922900000 | 581895658  |
| &nbsp;&nbsp;&nbsp; 1.38%, 11/15/2040 | 469100000 | 305666292  |
| &nbsp;&nbsp;&nbsp; 2.25%, 05/15/2041 | 290000000 | 214101562  |
| &nbsp;&nbsp;&nbsp; 1.75%, 08/15/2041 | 516650000 | 349969829  |
| &nbsp;&nbsp;&nbsp; 2.00%, 11/15/2041 | 275550000 | 193067982  |
| &nbsp;&nbsp;&nbsp; 2.38%, 02/15/2042 | 538700000 | 398069838  |
| &nbsp;&nbsp;&nbsp; 3.38%, 08/15/2042 | 707625000 | 600154453  |
| &nbsp;&nbsp;&nbsp; 3.88%, 02/15/2043 | 237925000 | 214820251  |

---

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

128<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE PLUS BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - (Continued)** | **U.S. TREASURY SECURITIES - (Continued)** | **U.S. TREASURY SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; 2.88%, 05/15/2043 | $673225000 | $524642142  |
| &nbsp;&nbsp;&nbsp; 3.88%, 05/15/2043 | 595175000 | 535889987  |
| &nbsp;&nbsp;&nbsp; 4.63%, 05/15/2044 | 433575000 | 427223803  |
| &nbsp;&nbsp;&nbsp; 2.50%, 02/15/2045 | 499875000 | 355477513  |
| &nbsp;&nbsp;&nbsp; 4.63%, 11/15/2045 | 50000000 | 49046875  |
| &nbsp;&nbsp;&nbsp; 2.88%, 05/15/2049 | 611700000 | 440734627  |
| &nbsp;&nbsp;&nbsp; 2.25%, 08/15/2049 | 96125000 | 60562505  |
| &nbsp;&nbsp;&nbsp; 2.38%, 05/15/2051 | 477025000 | 302053718  |
| &nbsp;&nbsp;&nbsp; 2.88%, 05/15/2052 | 485575000 | 340869858  |
| &nbsp;&nbsp;&nbsp; 4.75%, 11/15/2053 | 58000000 | 57179844  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/15/2054 | 446050000 | 405034311  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $11,581,707,728)** |  | 11103542851  |
|  **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 15.2%** | **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 15.2%** | **AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 15.2%** |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool A89870, <br>4.50%, 11/01/2039 | 154008 | 155706  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool A93505, <br>4.50%, 08/01/2040 | 540501 | 545544  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool A96413, <br>4.00%, 01/01/2041 | 3549287 | 3483873  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool C00689, <br>6.50%, 12/01/2028 | 1836 | 1907  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool C00785, <br>6.50%, 06/01/2029 | 847 | 879  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool C03490, <br>4.50%, 08/01/2040 | 710725 | 717466  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool C09004, <br>3.50%, 07/01/2042 | 5604928 | 5374246  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool C91466, <br>3.00%, 07/01/2032 | 2379382 | 2322755  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool C91568, <br>3.00%, 10/01/2032 | 1841105 | 1796164  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool C91581, <br>3.00%, 11/01/2032 | 2871481 | 2795000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool C91594, <br>3.00%, 01/01/2033 | 1407205 | 1369888  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool C91826, <br>3.00%, 05/01/2035 | 4252671 | 4070980  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool C91852, <br>3.00%, 10/01/2035 | 3680330 | 3529381  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G04222, <br>5.50%, 04/01/2038 | 18189 | 19045  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G04834, <br>5.00%, 03/01/2036 | 1285602 | 1323051  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G06068, <br>4.00%, 10/01/2040 | 5834927 | 5727982  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G07304, <br>3.50%, 12/01/2042 | 5331104 | 5118305  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G07601, <br>3.00%, 07/01/2043 | 13468668 | 12484044  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G07801, <br>4.00%, 10/01/2044 | $4882188 | $4753378  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G07849, <br>3.50%, 05/01/2044 | 13512299 | 12923883  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G07921, <br>3.50%, 04/01/2043 | 19737147 | 18924606  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G07995, <br>5.50%, 01/01/2039 | 4380051 | 4503542  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G08192, <br>5.50%, 04/01/2037 | 31791 | 33297  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G08269, <br>5.50%, 05/01/2038 | 29703 | 31010  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G08372, <br>4.50%, 11/01/2039 | 505026 | 510515  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G08500, <br>3.50%, 07/01/2042 | 8189355 | 7857375  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G08518, <br>3.00%, 02/01/2043 | 1921879 | 1782375  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G08528, <br>3.00%, 04/01/2043 | 4061311 | 3765657  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G08534, <br>3.00%, 06/01/2043 | 3370504 | 3124432  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G08540, <br>3.00%, 08/01/2043 | 7739705 | 7173030  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G08606, <br>4.00%, 09/01/2044 | 2536656 | 2465020  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G08628, <br>4.00%, 02/01/2045 | 3046203 | 2957662  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G08681, <br>3.50%, 12/01/2045 | 2500417 | 2377269  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G08682, <br>4.00%, 12/01/2045 | 1842056 | 1786607  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G08694, <br>4.00%, 02/01/2046 | 2222263 | 2137288  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G08707, <br>4.00%, 05/01/2046 | 186174 | 180473  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G16501, <br>3.00%, 04/01/2033 | 4222909 | 4132968  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G30615, <br>3.00%, 12/01/2032 | 3072074 | 2989496  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G30974, <br>3.50%, 01/01/2034 | 4646518 | 4579961  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G60137, <br>3.50%, 02/01/2043 | 7190625 | 6934648  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G60393, <br>3.50%, 01/01/2046 | 13916568 | 13250007  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G60440, <br>3.50%, 03/01/2046 | 2009968 | 1914115  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G60722, <br>3.00%, 10/01/2046 | 22804218 | 20823111  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G60774, <br>3.00%, 10/01/2045 | 10142091 | 9402855  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G60785, <br>4.00%, 08/01/2046 | 3460274 | 3357911  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G60864, <br>3.00%, 02/01/2047 | 13984549 | 12838758  |

---

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

129<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE PLUS BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - (Continued)** | &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - (Continued)** | &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G60988, <br>3.00%, 05/01/2047 | $25376114 | $23171488  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G60994, <br>3.50%, 01/01/2045 | 7626982 | 7298071  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G61195, <br>3.50%, 08/01/2044 | 9683652 | 9265051  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G61225, <br>4.50%, 12/01/2043 | 2877774 | 2906822  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G61297, <br>3.50%, 08/01/2047 | 6651544 | 6336400  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G61581, <br>4.00%, 08/01/2048 | 6714675 | 6505192  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G61849, <br>4.50%, 11/01/2046 | 20592927 | 20771161  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G67701, <br>3.00%, 10/01/2046 | 88982665 | 82178743  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G67702, <br>4.00%, 01/01/2047 | 13152517 | 12781004  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G67710, <br>3.50%, 03/01/2048 | 31667978 | 29911267  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool G67712, <br>4.00%, 06/01/2048 | 21600248 | 21082122  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool Q08998, <br>3.50%, 06/01/2042 | 1531282 | 1472997  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool Q10378, <br>3.00%, 08/01/2042 | 5270246 | 4890702  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool Q11218, <br>3.50%, 09/01/2042 | 3452119 | 3305771  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool Q13205, <br>3.00%, 11/01/2042 | 17763630 | 16483420  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool Q14875, <br>3.00%, 01/01/2043 | 9840542 | 9130899  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool Q16455, <br>3.00%, 03/01/2043 | 6232884 | 5781122  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool Q17640, <br>3.00%, 04/01/2043 | 4521577 | 4193836  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool Q50031, <br>3.50%, 08/01/2047 | 18161866 | 17010711  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool QB1368, <br>2.50%, 07/01/2050 | 22905203 | 19851932  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool QC5811, <br>2.00%, 08/01/2051 | 11943057 | 9880378  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool RA4524, <br>1.50%, 02/01/2051 | 16967058 | 13156449  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool RA5077, <br>2.50%, 05/01/2051 | 20098315 | 17444465  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool RB0771, <br>2.50%, 02/01/2042 | 13671848 | 12288884  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool RB0788, <br>2.50%, 03/01/2042 | 17903572 | 16114714  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool RB5089, <br>1.50%, 12/01/2040 | 70376176 | 60280896  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool RB5090, <br>2.00%, 12/01/2040 | 55749754 | 48841119  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool RB5100, <br>2.00%, 02/01/2041 | $17616433 | $15602648  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool RB5110, <br>1.50%, 05/01/2041 | 65840869 | 56116910  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool RB5111, <br>2.00%, 05/01/2041 | 14884475 | 12984920  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool RB5138, <br>2.00%, 12/01/2041 | 85743621 | 74643050  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool RD5042, <br>1.50%, 12/01/2030 | 7063549 | 6737625  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool RD5044, <br>1.50%, 11/01/2030 | 10728696 | 10232996  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool RD5049, <br>1.50%, 02/01/2031 | 25503151 | 24263042  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool RD5075, <br>1.50%, 12/01/2031 | 4771142 | 4502056  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SB0084, <br>3.00%, 02/01/2032 | 3734419 | 3680482  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SB0463, <br>2.50%, 01/01/2036 | 20509629 | 19626571  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SB8088, <br>1.50%, 02/01/2036 | 37475182 | 34042372  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SC0157, <br>2.50%, 07/01/2041 | 31085076 | 28010412  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SC0158, <br>2.50%, 04/01/2041 | 13754066 | 12310214  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SC0208, <br>2.00%, 11/01/2041 | 30214480 | 26396701  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD0047, <br>3.50%, 07/01/2045 | 6294856 | 6017248  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD0295, <br>3.00%, 02/01/2049 | 24110653 | 22103093  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD2181, <br>5.50%, 01/01/2053 | 11140839 | 11407736  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD2446, <br>5.50%, 03/01/2053 | 41275273 | 42330194  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD2903, <br>2.00%, 03/01/2051 | 162000179 | 132544958  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD3008, <br>4.50%, 05/01/2048 | 11435021 | 11519444  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD3387, <br>6.00%, 07/01/2053 | 53194064 | 55519792  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD4112, <br>6.00%, 10/01/2053 | 24023928 | 25105685  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD4957, <br>2.00%, 03/01/2051 | 47146866 | 38584446  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD5044, <br>6.00%, 03/01/2054 | 41714085 | 43369861  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD5594, <br>5.50%, 07/01/2053 | 24137704 | 24565735  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD7516, <br>4.00%, 05/01/2050 | 39186510 | 37819836  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD7534, <br>2.50%, 02/01/2051 | 80639707 | 70060196  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD7541, <br>2.00%, 05/01/2051 | 59537991 | 49281705  |

---

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

130<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE PLUS BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - (Continued)** | &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - (Continued)** | &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD7548, <br>2.50%, 11/01/2051 | $80646133 | $69828774  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD7553, <br>3.00%, 03/01/2052 | 67455376 | 60850863  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD7555, <br>3.00%, 08/01/2052 | 21434986 | 19361545  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD8324, <br>5.50%, 05/01/2053 | 107208715 | 109138851  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SD8331, <br>5.50%, 06/01/2053 | 20110391 | 20458585  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool SE5001, <br>2.00%, 06/01/2052 | 56603086 | 46805447  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool U69907, <br>3.50%, 03/01/2043 | 15671972 | 14968126  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool V81992, <br>4.00%, 10/01/2045 | 4142734 | 4019320  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool Z40130, <br>3.00%, 01/01/2046 | 33945016 | 31608016  |
|  Federal National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 251967, <br>6.50%, 09/01/2028 | 1317 | 1367  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 252255, <br>6.50%, 02/01/2029 | 3050 | 3165  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 257203, <br>5.00%, 05/01/2028 | 3675 | 3699  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 310209, <br>3.50%, 08/01/2043 | 47133713 | 45623137  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 310210, <br>4.00%, 05/01/2044 | 50594901 | 49452831  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 310213, <br>3.00%, 03/01/2047 | 57353291 | 51080688  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 357426, <br>5.00%, 09/01/2033 | 2565278 | 2606563  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 545407, <br>5.50%, 01/01/2032 | 1753 | 1810  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 725025, <br>4.50%, 10/01/2033 | 4825224 | 4809669  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 725424, <br>5.50%, 04/01/2034 | 178668 | 183727  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 725773, <br>5.50%, 09/01/2034 | 8322 | 8568  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 735228, <br>5.50%, 02/01/2035 | 7228 | 7543  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 735382, <br>5.00%, 04/01/2035 | 302168 | 310296  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 735676, <br>5.00%, 07/01/2035 | 916114 | 930866  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 745275, <br>5.00%, 02/01/2036 | 569368 | 585400  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 745355, <br>5.00%, 03/01/2036 | 264320 | 272628  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 745418, <br>5.50%, 04/01/2036 | 852649 | 891981  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 889579, <br>6.00%, 05/01/2038 | $1538048 | $1627165  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 890355, <br>3.50%, 09/01/2041 | 7726428 | 7458911  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AB0110, <br>5.00%, 02/01/2035 | 4279179 | 4348160  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AB0125, <br>5.00%, 02/01/2035 | 2917147 | 2964110  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AB0731, <br>4.00%, 06/01/2039 | 2700458 | 2686238  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AB5188, <br>3.50%, 05/01/2042 | 5483894 | 5252136  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AB6492, <br>3.00%, 10/01/2042 | 18212435 | 16880302  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AB6496, <br>3.00%, 10/01/2042 | 7317630 | 6781996  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AB9374, <br>3.50%, 05/01/2043 | 6582281 | 6286423  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AB9673, <br>3.50%, 06/01/2043 | 3540525 | 3383685  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AC6794, <br>4.50%, 01/01/2040 | 2236670 | 2258346  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AD6438, <br>5.00%, 06/01/2040 | 3127249 | 3219432  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AD8522, <br>4.00%, 08/01/2040 | 237654 | 233833  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AE0217, <br>4.50%, 08/01/2040 | 1098888 | 1108862  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AE0218, <br>4.50%, 08/01/2040 | 3012965 | 3039848  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AE0828, <br>3.50%, 02/01/2041 | 553166 | 534242  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AE0949, <br>4.00%, 02/01/2041 | 94354 | 92497  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AE5463, <br>4.00%, 10/01/2040 | 416236 | 408601  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AH0621, <br>3.50%, 01/01/2041 | 562437 | 542499  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AH1107, <br>4.00%, 12/01/2040 | 1394070 | 1366633  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AH3394, <br>4.00%, 01/01/2041 | 965206 | 946310  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AH7007, <br>4.00%, 03/01/2041 | 1868890 | 1832108  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AI7784, <br>4.50%, 07/01/2041 | 1410953 | 1420937  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AJ1407, <br>4.00%, 09/01/2041 | 647048 | 633711  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AJ7680, <br>3.50%, 12/01/2041 | 719931 | 693962  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AJ7689, <br>4.00%, 12/01/2041 | 3263118 | 3195520  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AK2400, <br>4.00%, 02/01/2042 | 6541250 | 6405731  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AL5075, <br>4.50%, 01/01/2040 | 843742 | 842959  |

---

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

131<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE PLUS BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - (Continued)** | &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - (Continued)** | &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AL5097, <br>4.50%, 09/01/2043 | $4155732 | $4169084  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AL6441, <br>4.00%, 02/01/2045 | 7098887 | 6888819  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AL6715, <br>4.00%, 02/01/2045 | 882870 | 856837  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AL7521, <br>5.00%, 06/01/2039 | 3788782 | 3847058  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AL7822, <br>4.00%, 07/01/2043 | 8752800 | 8571481  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AL7941, <br>4.00%, 12/01/2045 | 7176861 | 7045234  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AL8385, <br>4.00%, 04/01/2046 | 13264909 | 12899759  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AL9267, <br>3.00%, 10/01/2046 | 10213389 | 9315139  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AL9555, <br>4.00%, 02/01/2045 | 1895141 | 1856280  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AL9764, <br>4.50%, 02/01/2046 | 8040355 | 8098863  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AO2970, <br>3.00%, 05/01/2042 | 937351 | 868936  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AO4137, <br>3.50%, 06/01/2042 | 1695721 | 1627203  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AO8044, <br>3.50%, 07/01/2042 | 36925742 | 35525159  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AP0489, <br>3.50%, 08/01/2042 | 2991880 | 2874691  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AR9197, <br>3.00%, 03/01/2043 | 2019504 | 1870945  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AS0303, <br>3.00%, 08/01/2043 | 2587303 | 2394811  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AS4257, <br>4.00%, 01/01/2045 | 3267337 | 3170638  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AS4582, <br>4.00%, 03/01/2045 | 2875422 | 2789146  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AS6312, <br>4.00%, 12/01/2045 | 12064043 | 11679566  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AS9392, <br>3.50%, 04/01/2047 | 18733759 | 17684169  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AT0682, <br>3.00%, 04/01/2043 | 754974 | 699201  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AT2720, <br>3.00%, 05/01/2043 | 2792676 | 2587530  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AT2725, <br>3.00%, 05/01/2043 | 7551205 | 6993336  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AT5900, <br>3.00%, 06/01/2043 | 8203893 | 7596959  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AU1629, <br>3.00%, 07/01/2043 | 6692842 | 6197007  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AW8165, <br>4.00%, 01/01/2042 | 6433914 | 6304626  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AX5316, <br>4.50%, 01/01/2042 | 3112423 | 3135074  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool AZ9565, <br>3.50%, 12/01/2045 | $3432581 | $3264348  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BF0212, <br>4.50%, 02/01/2041 | 14103266 | 14209524  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BF0231, <br>3.00%, 04/01/2042 | 18468627 | 17755406  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BF0246, <br>4.50%, 06/01/2051 | 37563348 | 37376813  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BF0534, <br>3.00%, 09/01/2050 | 6661340 | 6039946  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BM1047, <br>4.00%, 02/01/2045 | 3398517 | 3328111  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BM1155, <br>4.00%, 03/01/2047 | 9120590 | 8846839  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BM1428, <br>3.50%, 09/01/2043 | 10369707 | 9902426  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BM1753, <br>4.00%, 05/01/2037 | 13290062 | 13123223  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BM2005, <br>4.00%, 12/01/2047 | 14009848 | 13563266  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BM3108, <br>4.50%, 08/01/2046 | 7234251 | 7244508  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BM3926, <br>3.50%, 08/01/2037 | 7741181 | 7522460  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BM3972, <br>2.50%, 04/01/2038 | 16601081 | 15538587  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BM5136, <br>4.00%, 06/01/2046 | 32255887 | 31494454  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BM5387, <br>4.00%, 08/01/2034 | 31895333 | 31665944  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BM5538, <br>5.00%, 11/01/2048 | 8770359 | 8926353  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BM5803, <br>4.50%, 04/01/2039 | 4648279 | 4686524  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BM5919, <br>3.50%, 08/01/2043 | 3120799 | 2969643  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BM7089, <br>3.00%, 02/01/2052 | 71524424 | 63700489  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BP6586, <br>2.00%, 08/01/2035 | 14482887 | 13447984  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BT6857, <br>2.00%, 08/01/2051 | 8854668 | 7319534  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool BV1743, <br>6.00%, 06/01/2055 | 19168985 | 19854928  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool CA5146, <br>3.00%, 02/01/2050 | 49996945 | 45336949  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool CA8230, <br>2.50%, 12/01/2050 | 54158858 | 46862343  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool CA8868, <br>3.00%, 02/01/2051 | 34667512 | 31438765  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool CB4140, <br>5.00%, 07/01/2052 | 74856824 | 75122605  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool CB4632, <br>5.50%, 09/01/2052 | 48763721 | 49789032  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool CB6541, <br>6.00%, 06/01/2053 | 62554044 | 64920599  |

---

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

132<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE PLUS BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - (Continued)** | &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - (Continued)** | &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool CB7443, <br>6.00%, 11/01/2053 | $34807039 | $35923168  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FA0109, <br>3.50%, 10/01/2051 | 83045634 | 78241163  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FA0795, <br>3.00%, 02/01/2050 | 13617910 | 12466120  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FA0999, <br>3.00%, 01/01/2049 | 33732456 | 30813172  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FA1022, <br>2.50%, 02/01/2052 | 83996174 | 72873612  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FA1249, <br>3.00%, 02/01/2050 | 21219583 | 19311269  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FA1277, <br>3.00%, 12/01/2047 | 22420842 | 20502735  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FA1599, <br>5.50%, 05/01/2055 | 91201744 | 93098952  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FA1990, <br>6.00%, 04/01/2055 | 54685563 | 56984588  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FA3375, <br>6.00%, 04/01/2055 | 39035028 | 40569052  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM1255, <br>3.00%, 01/01/2048 | 10343314 | 9433977  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM1402, <br>3.50%, 05/01/2048 | 25767585 | 24339103  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM1540, <br>4.00%, 09/01/2049 | 1686331 | 1625799  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM3031, <br>4.00%, 10/01/2036 | 2732126 | 2713957  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM3117, <br>3.00%, 05/01/2050 | 70272929 | 63861661  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM3612, <br>2.50%, 06/01/2050 | 10539461 | 9101547  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM5017, <br>2.50%, 12/01/2050 | 17012531 | 14625936  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM5397, <br>3.00%, 12/01/2050 | 32918779 | 29765690  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM7064, <br>2.50%, 01/01/2051 | 33910423 | 29331619  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM7615, <br>2.00%, 06/01/2036 | 26475630 | 24565317  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM7731, <br>2.50%, 09/01/2050 | 45875488 | 39726269  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM8215, <br>2.50%, 03/01/2051 | 38098764 | 32954441  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM8348, <br>2.50%, 08/01/2051 | 28005111 | 24225106  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM8804, <br>2.50%, 09/01/2051 | 74385276 | 64244378  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM8869, <br>2.00%, 09/01/2036 | 13630521 | 12642051  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM9283, <br>2.50%, 11/01/2051 | 28049303 | 24177601  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM9284, <br>2.50%, 11/01/2051 | 38730663 | 33458466  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM9294, <br>3.00%, 10/01/2051 | $27416642 | $24789599  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM9770, <br>2.00%, 12/01/2051 | 15698724 | 13038917  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM9771, <br>2.00%, 11/01/2051 | 18447883 | 15240148  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM9781, <br>2.50%, 12/01/2051 | 51934973 | 44771938  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM9873, <br>2.50%, 12/01/2051 | 100253093 | 86466727  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FM9876, <br>2.50%, 12/01/2051 | 66305707 | 57364619  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS0176, <br>2.50%, 01/01/2052 | 90858124 | 77865740  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS0316, <br>1.50%, 11/01/2041 | 21205025 | 17917180  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS1789, <br>3.50%, 07/01/2047 | 23902818 | 22891696  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS2018, <br>4.50%, 03/01/2050 | 29048161 | 28601749  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS2128, <br>3.50%, 11/01/2049 | 37408357 | 35573704  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS2648, <br>3.00%, 10/01/2049 | 15880040 | 14719530  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS3136, <br>3.50%, 08/01/2048 | 24762322 | 23666218  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS3220, <br>5.50%, 11/01/2052 | 14385489 | 14680556  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS4207, <br>3.00%, 11/01/2048 | 15773605 | 14566840  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS4654, <br>2.00%, 07/01/2051 | 96852343 | 79222263  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS5120, <br>6.00%, 07/01/2053 | 35037414 | 36714390  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS5208, <br>3.50%, 06/01/2041 | 56704078 | 54762490  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS5788, <br>6.50%, 09/01/2053 | 33758360 | 35582523  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS5832, <br>6.00%, 10/01/2053 | 27226144 | 28315320  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS6281, <br>3.50%, 10/01/2045 | 17372518 | 16616106  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS7499, <br>2.00%, 07/01/2051 | 69766354 | 57025998  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS7887, <br>4.00%, 07/01/2052 | 30907449 | 29538834  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS7969, <br>1.50%, 10/01/2036 | 32975181 | 30057188  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS8397, <br>1.50%, 08/01/2037 | 70836148 | 64566160  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS8579, <br>2.00%, 08/01/2042 | 91348955 | 79863443  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS8752, <br>6.00%, 08/01/2054 | 41065407 | 42820219  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS8771, <br>6.00%, 07/01/2054 | 32598244 | 33590493  |

---

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

133<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE PLUS BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - (Continued)** | &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - (Continued)** | &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS9122, <br>6.00%, 09/01/2054 | $11195263 | $11503217  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS9401, <br>6.00%, 10/01/2054 | 72460981 | 75160833  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool FS9404, <br>6.00%, 10/01/2054 | 92898672 | 96706682  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA0461, <br>4.50%, 07/01/2030 | 615131 | 618385  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA0561, <br>4.00%, 11/01/2040 | 4738517 | 4648923  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA0949, <br>3.50%, 01/01/2032 | 8254724 | 8138327  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA1164, <br>3.50%, 09/01/2042 | 5032829 | 4813902  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA1237, <br>3.00%, 11/01/2032 | 1846434 | 1788729  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA1401, <br>3.00%, 04/01/2033 | 3257231 | 3145848  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA1432, <br>3.00%, 05/01/2033 | 3278486 | 3169045  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA1764, <br>4.00%, 01/01/2034 | 3028266 | 3007208  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA2019, <br>4.00%, 09/01/2034 | 4285566 | 4248319  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA2588, <br>4.00%, 04/01/2036 | 1863802 | 1843332  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA3183, <br>4.00%, 11/01/2047 | 2758382 | 2669739  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA3547, <br>3.00%, 12/01/2033 | 5560184 | 5422192  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA4047, <br>2.00%, 06/01/2050 | 66879139 | 54760766  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA4093, <br>2.00%, 08/01/2040 | 21623387 | 19244015  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA4154, <br>1.50%, 10/01/2035 | 27429074 | 24917292  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA4157, <br>1.50%, 10/01/2050 | 8803642 | 6804812  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA4182, <br>2.00%, 11/01/2050 | 106177629 | 86773385  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA4202, <br>1.50%, 12/01/2040 | 81027937 | 69406698  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA4208, <br>2.00%, 12/01/2050 | 35949066 | 29397872  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA4282, <br>2.50%, 03/01/2051 | 21292604 | 18226184  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA4284, <br>1.50%, 03/01/2031 | 7968374 | 7557319  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA4308, <br>1.50%, 04/01/2031 | 11769140 | 11187945  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA4424, <br>1.50%, 09/01/2031 | 15190398 | 14392605  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA4448, <br>1.50%, 10/01/2031 | 24068908 | 22902901  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA4476, <br>1.50%, 11/01/2031 | $4797148 | $4533880  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA4501, <br>2.00%, 12/01/2041 | 57899259 | 50403521  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA4520, <br>2.00%, 01/01/2042 | 92743127 | 80735839  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA4569, <br>1.50%, 03/01/2042 | 7568208 | 6382716  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA4570, <br>2.00%, 03/01/2042 | 45894482 | 39895358  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA4842, <br>5.50%, 12/01/2052 | 49773738 | 50758911  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA4941, <br>5.50%, 03/01/2053 | 7905902 | 8051678  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA5039, <br>5.50%, 06/01/2053 | 15186082 | 15459486  |
|  Freddie Mac Seasoned Credit Risk Transfer Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-4, Class MA, <br>3.00%, 02/25/2059 (Callable 01/25/2047) | 23091848 | 21747794  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3, Class MT, <br>2.00%, 05/25/2060 (Callable 07/25/2046) | 22586843 | 18121451  |
| Ginnie Mae I Pool<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 779395, <br>3.50%, 06/15/2042 | 15087393 | 14131113  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 783629, <br>3.00%, 08/15/2042 | 77228371 | 71175980  |
| Ginnie Mae II Pool<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 4922, <br>4.00%, 01/20/2041 | 2523529 | 2455422  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 734341, <br>4.50%, 04/20/2041 | 4850623 | 4792495  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 784106, <br>3.50%, 01/20/2046 | 11225139 | 10471528  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 784717, <br>3.50%, 02/20/2048 | 16697679 | 15073330  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 785558, <br>2.50%, 07/20/2051 | 36523402 | 31583359  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 785563, <br>2.50%, 07/20/2051 | 33404611 | 28626874  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 785575, <br>2.50%, 08/20/2051 | 70910189 | 60655488  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 786472, <br>4.50%, 11/20/2048 | 7577625 | 7502943  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 786660, <br>5.50%, 04/20/2053 | 10983815 | 11206646  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 786812, <br>5.50%, 07/20/2053 | 9712901 | 9957744  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 786910, <br>5.50%, 07/20/2053 | 18835591 | 19189908  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 787304, <br>6.00%, 03/20/2054 | 44088766 | 45789482  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 787313, <br>2.50%, 09/20/2051 | 47300619 | 40651162  |

---

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

134<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE PLUS BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - (Continued)** | &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - (Continued)** | &nbsp;&nbsp;&nbsp; **AGENCY RESIDENTIAL MORTGAGE-BACKED** <br>**SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 787486, <br>5.50%, 05/20/2054 | $21300788 | $21778808  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA0154, <br>3.50%, 06/20/2042 | 53685428 | 50834388  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA0318, <br>3.50%, 08/20/2042 | 33349824 | 31592373  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA0462, <br>3.50%, 10/20/2042 | 39291742 | 37043166  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA1376, <br>4.00%, 10/20/2043 | 18950697 | 18384515  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA3663, <br>3.50%, 05/20/2046 | 19016340 | 17739568  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA3711, <br>3.00%, 06/20/2031 | 4977276 | 4872741  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA4721, <br>4.50%, 09/20/2047 | 16869023 | 16835517  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA5765, <br>5.00%, 02/20/2049 | 53288656 | 54131001  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA8571, <br>6.00%, 01/20/2053 | 11982218 | 12310074  |
|  Government National Mortgage Association (GNMA)<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 2687, <br>6.00%, 12/20/2028 | 2297 | 2341  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 2701, <br>6.50%, 01/20/2029 | 1189 | 1229  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 3474, <br>6.00%, 11/20/2033 | 3318 | 3463  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 4747, <br>5.00%, 07/20/2040 | 162691 | 167516  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 5139, <br>4.00%, 08/20/2041 | 1492779 | 1451559  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 5202, <br>3.50%, 10/20/2041 | 2934680 | 2774626  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 5259, <br>4.00%, 12/20/2041 | 2066836 | 2009599  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool 5305, <br>4.00%, 02/20/2042 | 3850557 | 3743921  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA0155, <br>4.00%, 06/20/2042 | 3391410 | 3297480  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA0392, <br>3.50%, 09/20/2042 | 2229213 | 2112194  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA2753, <br>3.00%, 04/20/2045 | 3177347 | 2910551  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA2754, <br>3.50%, 04/20/2045 | 4404820 | 4115197  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA2827, <br>4.00%, 05/20/2045 | 4297674 | 4156028  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA2892, <br>3.50%, 06/20/2045 | 4418346 | 4123729  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA3173, <br>3.50%, 10/20/2045 | 14606982 | 13626120  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA3378, <br>4.50%, 01/20/2046 | 4144147 | 4133986  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA3598, <br>4.00%, 04/20/2046 | $5145063 | $4969014  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA3664, <br>4.00%, 05/20/2046 | 1914231 | 1848623  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA3873, <br>3.00%, 08/20/2046 | 9195867 | 8386579  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA4512, <br>4.50%, 06/20/2047 | 5016629 | 5000457  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool MA4588, <br>4.50%, 07/20/2047 | 3321250 | 3308494  |
| &nbsp;&nbsp;&nbsp; **TOTAL AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $6,814,195,717)** |  | 6625003562  |
|  **NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 5.2%** | **NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 5.2%** | **NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 5.2%** |
| &nbsp;&nbsp;&nbsp; A&D Mortgage LLC, <br>Series 2023-NQM3, Class A1, <br>6.73%, 07/25/2068 (Callable 07/25/2026)<sup>(a)(e)</sup> | 55758679 | 56081628  |
| &nbsp;&nbsp;&nbsp; Angel Oak Mortgage Trust 2024-2, Series 2024-3, Class A1, <br>4.80%, 11/26/2068 (Callable 03/25/2027)<sup>(a)(e)</sup> | 42103232 | 42019746  |
| Arroyo Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3, Class A1, <br>2.96%, 10/25/2048 (Callable 01/25/2026)<sup>(a)(g)</sup> | 5432987 | 5228577  |
| &nbsp;&nbsp;&nbsp; Series 2022-1, Class A1B, 3.27%, 12/25/2056 (Callable 01/25/2026)<sup>(a)(e)</sup> | 11500000 | 11026178  |
| &nbsp;&nbsp;&nbsp; Banc of America Alternative Loan Trust, Series 2004-6, Class 4A1, <br>5.00%, 05/25/2048 | 210445 | 184202  |
|  Banc of America Funding Corp., Series 2007-C, Class 1A3, 4.66%, 05/20/2036 (Callable 01/20/2026)<sup>(g)</sup> | 597409 | 521024  |
|  Bayview Financial Acquisition Trust, Series 2007-B, Class 1A2, 7.33%, 08/28/2047 (Callable 01/28/2026)<sup>(e)</sup> | 40687 | 36259  |
|  Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-9, Class A1, 6.42% (1 yr. CMT Rate + 2.30%), 10/25/2035 (Callable 01/25/2026) | 151144 | 146304  |
| BRAVO Residential Funding Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-RPL2, Class A1, 2.00%, 05/25/2059 (Callable 12/25/2042)<sup>(a)(g)</sup> | 29237177 | 27674251  |
| &nbsp;&nbsp;&nbsp; Series 2024-RPL1, Class A1, 3.25%, 10/25/2063 (Callable 07/25/2048)<sup>(a)(g)</sup> | 113109084 | 105609534  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM7, Class A1, 5.46%, 07/25/2065 (Callable 07/25/2028)<sup>(a)(g)</sup> | 74412544 | 75080523  |

---

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

135<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE PLUS BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)** |
| Chase Mortgage Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-A2, Class 1A5, 4.76%, 01/25/2036 (Callable 01/25/2026)<sup>(g)</sup> | $251751 | $233048  |
| &nbsp;&nbsp;&nbsp; Series 2007-A1, Class 2A3, 5.89%, 02/25/2037 (Callable 09/25/2026)<sup>(g)</sup> | 244563 | 231615  |
| &nbsp;&nbsp;&nbsp; Series 2023-RPL1, Class A1, 3.50%, 06/25/2062 (Callable 01/25/2047)<sup>(a)(g)</sup> | 44890806 | 41546688  |
| &nbsp;&nbsp;&nbsp; Series 2023-RPL2, Class A1, 3.25%, 03/25/2063 (Callable 01/25/2047)<sup>(a)(g)</sup> | 73188063 | 66248781  |
| &nbsp;&nbsp;&nbsp; Series 2024-RPL4, Class A1A, 3.38%, 12/25/2064 (Callable 11/25/2049)<sup>(a)(g)</sup> | 94619299 | 84780831  |
| &nbsp;&nbsp;&nbsp; Series 2025-RPL1, Class A1A, 3.38%, 04/25/2065 (Callable 03/25/2050)<sup>(a)(g)</sup> | 21998056 | 19911045  |
|  CIM Trust, Series 2022-R1, Class A1, 3.00%, 01/25/2061 (Callable 02/25/2027)<sup>(a)(g)</sup> | 14905916 | 13974554  |
| &nbsp;&nbsp;&nbsp; Citicorp Mortgage Securities, Inc., Series 2006-3, Class 1A4, <br>6.00%, 06/25/2036 (Callable 01/25/2026) | 1915899 | 1765050  |
| Citigroup Mortgage Loan Trust, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-9, Class 2A2, <br>5.50%, 11/25/2035 (Callable 01/25/2026) | 17787 | 12519  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR1, Class 1A1, 6.56% (1 yr. CMT Rate + 2.40%), 10/25/2035 (Callable 01/25/2026) | 2031280 | 1971532  |
| &nbsp;&nbsp;&nbsp; Series 2018-RP2, Class A1, 2.65%, 02/25/2058 (Callable 03/25/2045)<sup>(a)(g)</sup> | 4483448 | 4426923  |
| &nbsp;&nbsp;&nbsp; COLT 2023-2 Mortgage Loan Trust, Series 2024-1, Class A1, <br>5.84%, 02/25/2069 (Callable 01/25/2027)<sup>(a)(e)</sup> | 21797587 | 21948947  |
| Countrywide Alternative Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-18CB, Class 1A1, 6.00%, 09/25/2034 (Callable 01/25/2026) | 352610 | 360365  |
| &nbsp;&nbsp;&nbsp; Series 2005-11CB, Class 2A6, 5.50%, 05/25/2035 | 2434051 | 1946696  |
| &nbsp;&nbsp;&nbsp; Series 2005-29CB, Class A1, 5.50%, 07/25/2035 (Callable 01/25/2026) | 955700 | 537357  |
| &nbsp;&nbsp;&nbsp; Series 2005-3CB, Class 2A1, 5.00%, 01/25/2026 (Callable 01/25/2026) | 31988 | 29406  |
| &nbsp;&nbsp;&nbsp; Series 2005-49CB, Class A5, 5.50%, 11/25/2035 (Callable 01/25/2026) | 1075114 | 667265  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2005-6CB, Class 1A4, 5.50%, 04/25/2035 (Callable 01/25/2026) | $5453166 | $4640189  |
| &nbsp;&nbsp;&nbsp; Series 2005-85CB, Class 2A2, 5.50%, 02/25/2036 (Callable 01/25/2026) | 1377875 | 1092636  |
| &nbsp;&nbsp;&nbsp; Series 2006-28CB, Class A17, 6.00%, 10/25/2036 (Callable 01/25/2026) | 330762 | 150839  |
|  Countrywide Asset-Backed Certificates, Series 2005-10, Class AF6, 4.12%, 02/25/2036 (Callable 01/25/2026)<sup>(g)</sup> | 1119 | 1113  |
|  Countrywide Home Loan Mortgage Pass Through Trust, Series 2005-6, Class 2A1, 5.50%, 04/25/2035 (Callable 01/25/2026) | 118200 | 104475  |
| &nbsp;&nbsp;&nbsp; Credit Suisse Management LLC, Series 2005-7, Class 3A1, <br>5.00%, 10/25/2030 | 11493 | 10949  |
| &nbsp;&nbsp;&nbsp; Deutsche ALT-A Securities, Inc., Series 2005-2, Class 1A7, <br>4.96%, 04/25/2035 (Callable 01/25/2026)<sup>(g)</sup> | 3119770 | 2996827  |
|  First Horizon Alternative Mortgage Securities<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-AA1, Class A1, 5.85%, 06/25/2034 (Callable 01/25/2026)<sup>(g)</sup> | 1218868 | 1216622  |
| &nbsp;&nbsp;&nbsp; Series 2005-AA2, Class 2A1, 5.03%, 04/25/2035 (Callable 01/25/2026)<sup>(g)</sup> | 486874 | 480055  |
| FirstKey Homes Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR1, Class A, <br>1.54%, 08/17/2038<sup>(a)</sup> | 79151757 | 77827058  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR2, Class A, <br>1.38%, 09/17/2038<sup>(a)</sup> | 34249045 | 33569623  |
| &nbsp;&nbsp;&nbsp; Series 2022-SFR1, Class A, 4.15%, 05/19/2039<sup>(a)</sup> | 55819862 | 55718850  |
| &nbsp;&nbsp;&nbsp; Series 2022-SFR2, Class A, 4.25%, 07/17/2039<sup>(a)</sup> | 33207506 | 33197142  |
| &nbsp;&nbsp;&nbsp; Series 2022-SFR3, Class A, 4.25%, 07/17/2038<sup>(a)</sup> | 68382284 | 68257226  |
|  GS Mortgage-Backed Securities Trust, Series 2018-RPL1, Class A1A, 3.75%, 10/25/2057 (Callable 05/25/2038)<sup>(a)</sup> | 13495537 | 13311086  |
| GSR Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-15F, Class 5A1, 5.50%, 11/25/2034 | 17785 | 14981  |
| &nbsp;&nbsp;&nbsp; Series 2005-3F, Class 2A4, 6.00%, 03/25/2035 (Callable 05/25/2033) | 1045359 | 845262  |
| &nbsp;&nbsp;&nbsp; Home Partners of America Trust, Series 2021-2, Class A, <br>1.90%, 12/17/2026<sup>(a)</sup> | 61506910 | 60216434  |

---

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

136<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE PLUS BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)** |
| JP Morgan Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-A8, Class 2A3, 5.21%, 11/25/2035 (Callable 01/25/2026)<sup>(g)</sup> | $1810768 | $1461727  |
| &nbsp;&nbsp;&nbsp; Series 2006-A2, Class 2A1, 5.23%, 04/25/2036 (Callable 01/25/2026)<sup>(g)</sup> | 382769 | 327012  |
| &nbsp;&nbsp;&nbsp; Series 2006-A2, Class 3A3, 6.00%, 04/25/2036 (Callable 01/25/2026)<sup>(g)</sup> | 418301 | 376219  |
| &nbsp;&nbsp;&nbsp; Series 2006-A7, Class 2A4R, 4.40%, 01/25/2037 (Callable 01/25/2026)<sup>(g)</sup> | 664476 | 532480  |
| &nbsp;&nbsp;&nbsp; Series 2007-A2, Class 2A3, 5.46%, 04/25/2037 (Callable 01/25/2026)<sup>(g)</sup> | 1481203 | 1101624  |
| &nbsp;&nbsp;&nbsp; Series 2007-A4, Class 2A3, 4.83%, 06/25/2037 (Callable 01/25/2026)<sup>(g)</sup> | 1535583 | 1188839  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM5, Class A1, 4.88%, 05/25/2065 (Callable 12/25/2028)<sup>(a)(g)</sup> | 67350000 | 67351123  |
| MASTR Alternative Loans Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-2, Class 2A1, <br>6.00%, 02/25/2034 (Callable 01/25/2026) | 655184 | 656411  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-8, Class 2A1, <br>6.00%, 09/25/2034 (Callable 01/25/2026) | 441599 | 445395  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-6, Class 1A5, <br>5.50%, 12/25/2035 (Callable 01/25/2026) | 1086662 | 690347  |
|  Merrill Lynch Mortgage Investors, Inc., Series 2005-A5, Class A3, 4.68%, 06/25/2035 (Callable 01/25/2026)<sup>(g)</sup> | 397266 | 390958  |
| Mill City Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3, Class A1, <br>3.50%, 08/25/2058 (Callable 10/25/2032)<sup>(a)(g)</sup> | 2413754 | 2389225  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class A1, <br>3.25%, 10/25/2069 (Callable 07/25/2034)<sup>(a)(g)</sup> | 8315837 | 8150018  |
|  New Residential Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-1A, Class A1, 3.75%, 03/25/2056 (Callable 08/25/2030)<sup>(a)(g)</sup> | 3481325 | 3369111  |
| &nbsp;&nbsp;&nbsp; Series 2017-1A, Class A1, 4.00%, 02/25/2057 (Callable 09/25/2031)<sup>(a)(g)</sup> | 6853924 | 6699559  |
| &nbsp;&nbsp;&nbsp; Series 2017-3A, Class A1, 4.00%, 04/25/2057 (Callable 02/25/2033)<sup>(a)(g)</sup> | 5858741 | 5691194  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2017-6A, Class A1, 4.00%, 08/27/2057 (Callable 11/25/2035)<sup>(a)(g)</sup> | $7350691 | $7176318  |
| &nbsp;&nbsp;&nbsp; Series 2018-1A, Class A1A, 4.00%, 12/25/2057 (Callable 07/25/2033)<sup>(a)(g)</sup> | 3942164 | 3865251  |
| &nbsp;&nbsp;&nbsp; Series 2019-RPL2, Class A1, 3.25%, 02/25/2059 (Callable 12/25/2037)<sup>(a)(g)</sup> | 7874271 | 7695774  |
| Onslow Bay Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM3, Class A1, 3.41%, 01/25/2062 (Callable 01/25/2026)<sup>(a)(g)</sup> | 28411796 | 27763487  |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM5, Class A1, 4.31%, 05/25/2062 (Callable 01/25/2026)<sup>(a)(e)</sup> | 50068148 | 49978811  |
| &nbsp;&nbsp;&nbsp; Series 2023-NQM9, Class A1, 7.16%, 10/25/2063 (Callable 10/25/2026)<sup>(a)(e)</sup> | 13158051 | 13318911  |
| &nbsp;&nbsp;&nbsp; Series 2024-HYB1, Class A1, 3.64%, 03/25/2053 (Callable 02/25/2041)<sup>(a)(g)</sup> | 19263030 | 19210168  |
| &nbsp;&nbsp;&nbsp; Series 2025-NQM13, Class A1, 5.44%, 05/25/2065 (Callable 07/25/2028)<sup>(a)(g)</sup> | 103739317 | 104653239  |
| Progress Residential Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-SFR1, Class A, 3.35%, 02/17/2041<sup>(a)</sup> | 72526450 | 70395514  |
| &nbsp;&nbsp;&nbsp; Series 2024-SFR2, Class A, 3.30%, 04/17/2041<sup>(a)</sup> | 20427222 | 19728696  |
| RALI Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-QS13, Class CB, 5.00%, 01/25/2032 | 2624 | 2614  |
| &nbsp;&nbsp;&nbsp; Series 2005-QA7, Class A22, 5.36%, 07/25/2035 (Callable 01/25/2026)<sup>(g)</sup> | 563724 | 517220  |
| &nbsp;&nbsp;&nbsp; Series 2005-QS11, Class A2, 4.61% (1 mo. Term SOFR + 0.61%), 07/25/2035 (Callable 01/25/2026) | 1661642 | 1292073  |
| Renaissance NIM Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-2, Class AF3, <br>5.80%, 08/25/2036 (Callable 10/25/2027)<sup>(e)</sup> | 14782419 | 5021999  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-3, Class AF2, <br>5.58%, 11/25/2036 (Callable 05/25/2028)<sup>(e)</sup> | 9847275 | 3003902  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1, Class AF3, <br>5.61%, 04/25/2037 (Callable 12/25/2031)<sup>(e)</sup> | 278136 | 69032  |
| &nbsp;&nbsp;&nbsp; Series 2007-2, Class AF2, Pool 2007-2, 5.68%, 06/25/2037 (Callable 08/25/2031)<sup>(e)</sup> | 1435659 | 338570  |
| Rithm Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-NQM2, Class A1, 3.08%, 03/27/2062 (Callable 01/25/2026)<sup>(a)(g)</sup> | 24666726 | 23465047  |

---

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

137<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE PLUS BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Class A, <br>3.50%, 01/25/2063 (Callable 03/25/2040)<sup>(a)(g)</sup> | $45290762 | $43067760  |
| &nbsp;&nbsp;&nbsp; Series 2024-NQM2, Class A1, 5.12%, 09/25/2064 (Callable 11/25/2028)<sup>(a)(g)</sup> | 69835027 | 70037297  |
|  Starwood Mortgage Residential Trust, Series 2020-3, Class A1, 1.49%, 04/25/2065 (Callable 01/25/2026)<sup>(a)(g)</sup> | 1223445 | 1198412  |
| Towd Point Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-6, Class A1, <br>2.75%, 10/25/2057 (Callable 03/25/2031)<sup>(a)(g)</sup> | 3305549 | 3262551  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-4, Class A1, <br>3.00%, 06/25/2058 (Callable 08/25/2033)<sup>(a)(g)</sup> | 15519412 | 14801260  |
| &nbsp;&nbsp;&nbsp; Series 2018-6, Class A1A, 3.75%, 03/25/2058 (Callable 01/25/2030)<sup>(a)(g)</sup> | 1043734 | 1038903  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class A1, <br>3.75%, 03/25/2058 (Callable 10/25/2029)<sup>(a)(g)</sup> | 3772501 | 3686579  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-4, Class A1, <br>2.90%, 10/25/2059 (Callable 06/25/2034)<sup>(a)(g)</sup> | 25602914 | 24702726  |
| &nbsp;&nbsp;&nbsp; Series 2020-2, Class A1A, 1.64%, 04/25/2060 (Callable 06/25/2034)<sup>(a)(g)</sup> | 18420543 | 16901592  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4, Class A1, <br>1.75%, 10/25/2060 (Callable 07/25/2032)<sup>(a)</sup> | 46275695 | 42418597  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class A1, <br>3.75%, 07/01/2062 (Callable 08/25/2033)<sup>(a)(g)</sup> | 80398031 | 76839253  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3, Class A1, <br>3.75%, 08/01/2062 (Callable 06/25/2031)<sup>(a)(g)</sup> | 77408056 | 74190699  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A1, <br>4.86%, 03/25/2064 (Callable 06/25/2042)<sup>(a)(g)</sup> | 67300361 | 68456237  |
| &nbsp;&nbsp;&nbsp; Series 2024-2, Class A1A, 4.86%, 12/25/2064 (Callable 08/25/2028)<sup>(a)(g)</sup> | 98948236 | 100212102  |
| &nbsp;&nbsp;&nbsp; Series 2024-5, Class A1A, 4.61%, 10/25/2064 (Callable 06/25/2033)<sup>(a)(g)</sup> | 99674275 | 100119360  |
| Verus Securitization Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-11, Class A1, <br>4.91%, 11/25/2070 (Callable 11/25/2028)<sup>(a)(g)</sup> | 123796818 | 123934889  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-12, Class A1, <br>4.96%, 12/25/2070 (Callable 12/25/2028)<sup>(a)(g)</sup> | 85325000 | 85477974  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-9, Class A1, <br>4.94%, 10/27/2070 (Callable 10/25/2028)<sup>(a)(g)</sup> | 29709799 | 29748095  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  WaMu Mortgage Pass Through Certificates<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-CB3, Class 1A, 6.00%, 10/25/2034 (Callable 01/25/2026) | $330921 | $338591  |
| &nbsp;&nbsp;&nbsp; Series 2004-CB3, Class 2A, 6.50%, 10/25/2034 (Callable 01/25/2026) | 839357 | 870171  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR10, Class 1A1, 4.47%, 09/25/2036 (Callable 01/25/2026)<sup>(g)</sup> | 378372 | 330944  |
| &nbsp;&nbsp;&nbsp; Series 2007-HY3, Class 4A1, 4.98%, 03/25/2037 (Callable 01/25/2026)<sup>(g)</sup> | 4061301 | 3745126  |
|  Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2005-6, Class 2A4, 5.50%, 08/25/2035 (Callable 01/25/2026) | 2122350 | 1897820  |
|  Wells Fargo Mortgage Backed Securities Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2006-AR14, Class 2A3, 6.50%, 10/25/2036 (Callable 01/25/2026)<sup>(g)</sup> | 503972 | 463075  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-7, Class A49, <br>6.00%, 06/25/2037 (Callable 01/25/2026) | 731519 | 686688  |
| &nbsp;&nbsp;&nbsp; **TOTAL NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $2,302,681,699)** |  | 2284596784  |
|  **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 4.0%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 4.0%** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 4.0%** |
| BANK-2017<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-BNK4, Class A4, 3.63%, 05/15/2050 (Callable 04/15/2027) | 30037000 | 29750135  |
| &nbsp;&nbsp;&nbsp; Series 2017-BNK8, Class A4, 3.49%, 11/15/2050 (Callable 11/15/2027) | 70921751 | 69409969  |
| &nbsp;&nbsp;&nbsp; Series 2017-BNK9, Class A4, 3.54%, 11/15/2054 (Callable 12/15/2029) | 32423816 | 32005196  |
|  BANK-2018, Series 2018-BN10, Class A5, 3.69%, 02/15/2061 (Callable 02/15/2028) | 6400000 | 6343983  |
|  BANK-2021, Series 2021-BN33, Class A5, 2.56%, 05/15/2064 (Callable 05/15/2031) | 7919000 | 7166429  |
|  BANK-2022, Series 2022-BNK44, Class A5, 5.74%, 11/15/2055 (Callable 11/15/2032)<sup>(g)</sup> | 32650000 | 34771130  |
| BANK5 Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-5YR3, Class A2, 6.26%, 09/15/2056 (Callable 09/15/2028) | 44137879 | 45815542 |

---

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

138<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE PLUS BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2023-5YR4, Class A3, 6.50%, 12/15/2056 (Callable 12/15/2028) | $14693791 | $15466539  |
| &nbsp;&nbsp;&nbsp; Series 2024-5YR10, Class A2, 4.83%, 10/15/2057 (Callable 10/15/2029) | 69800000 | 70840530  |
| &nbsp;&nbsp;&nbsp; Series 2024-5YR7, Class A3, 5.77%, 06/15/2057 (Callable 06/15/2029) | 73525000 | 76773548  |
| &nbsp;&nbsp;&nbsp; Series 2025-5YR17, Class A3, 5.23%, 11/15/2058 (Callable 10/15/2030) | 4150000 | 4282389  |
| BBCMS Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-C1, Class A4, 3.67%, 02/15/2050 (Callable 02/15/2027) | 7837000 | 7758525  |
| &nbsp;&nbsp;&nbsp; Series 2024-5C29, Class A2, 4.74%, 09/15/2057 (Callable 09/15/2029) | 50000000 | 50623705  |
| Benchmark Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-B1, Class A5, 3.67%, 01/15/2051 (Callable 01/15/2028)<sup>(g)</sup> | 18620000 | 18422479  |
| &nbsp;&nbsp;&nbsp; Series 2018-B3, Class A5, 4.03%, 04/10/2051 (Callable 04/10/2028) | 21150000 | 21038243  |
| &nbsp;&nbsp;&nbsp; Series 2020-B21, Class A5, 1.98%, 12/17/2053 (Callable 12/15/2030) | 47030000 | 41645394  |
| &nbsp;&nbsp;&nbsp; Series 2021-B24, Class A5, 2.58%, 03/15/2054 (Callable 03/15/2031) | 19075000 | 17112810  |
| &nbsp;&nbsp;&nbsp; Series 2023-V3, Class A2, 5.90%, 07/15/2056 (Callable 07/15/2028) | 22950000 | 23727115  |
| &nbsp;&nbsp;&nbsp; Series 2023-V3, Class A3, 6.36%, 07/15/2056 (Callable 07/15/2028)<sup>(g)</sup> | 10025000 | 10484935  |
| &nbsp;&nbsp;&nbsp; Series 2024-V10, Class A2, 4.80%, 09/15/2057 (Callable 10/15/2029) | 48225000 | 48977170  |
| &nbsp;&nbsp;&nbsp; Series 2024-V11, Class A2, 5.42%, 11/15/2057 (Callable 11/15/2029) | 79495369 | 82304100  |
| &nbsp;&nbsp;&nbsp; Series 2025-V17, Class A2, 4.36%, 09/15/2058 (Callable 09/15/2030) | 5000000 | 4983948  |
| BMO Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-C1, Class A5, 3.37%, 02/15/2055<sup>(g)</sup> | 34100000 | 31710265  |
| &nbsp;&nbsp;&nbsp; Series 2024-5C6, Class A3, 5.32%, 09/15/2057 (Callable 09/15/2029) | 5000000 | 5144681  |
| &nbsp;&nbsp;&nbsp; Series 2024-5C7, Class A3, 5.57%, 11/15/2057 (Callable 11/15/2029)<sup>(g)</sup> | 2300000 | 2389870  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2025-5C10, Class A3, 5.58%, 05/15/2058 (Callable 05/15/2030) | $3239000 | $3375067  |
| &nbsp;&nbsp;&nbsp; Series 2025-5C12, Class A3, 5.18%, 10/15/2058 (Callable 10/15/2030) | 69700000 | 71612673  |
|  CFCRE Commercial Mortgage Trust, Series 2016-C4, Class A4, 3.28%, 05/10/2058 (Callable 11/10/2026) | 4197995 | 4191735  |
|  Citigroup Commercial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-C2, Class A4, 2.83%, 08/10/2049 (Callable 08/10/2026) | 33387000 | 33099114  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P8, Class A4, <br>3.47%, 09/15/2050 (Callable 09/15/2027) | 35645000 | 34943863  |
| &nbsp;&nbsp;&nbsp; Series 2019-GC43, Class A4, 3.04%, 11/10/2052 (Callable 11/10/2029) | 7350000 | 6938080  |
|  Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2017-CD4, Class A4, 3.51%, 05/10/2050 (Callable 05/10/2027)<sup>(g)</sup> | 15959780 | 15815018  |
| Computershare Corporate Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-BNK1, Class A3, 2.65%, 08/15/2049 (Callable 08/15/2026) | 16807000 | 16631069  |
| &nbsp;&nbsp;&nbsp; Series 2017-C40, Class A4, 3.58%, 10/15/2050 (Callable 10/15/2027) | 48894000 | 48434724  |
| &nbsp;&nbsp;&nbsp; Series 2017-C42, Class A4, 3.59%, 12/15/2050 (Callable 12/15/2027) | 53620521 | 52912880  |
| &nbsp;&nbsp;&nbsp; Series 2018-C46, Class A4, 4.15%, 08/15/2051 (Callable 08/15/2028) | 23500000 | 23478079  |
| &nbsp;&nbsp;&nbsp; Series 2018-C47, Class A4, 4.44%, 09/15/2061 (Callable 10/15/2028) | 10850000 | 10914829  |
| &nbsp;&nbsp;&nbsp; Series 2025-5C5, Class A2, 5.11%, 07/15/2058 (Callable 07/15/2030) | 56475000 | 57965833  |
| CSAIL Commercial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-C8, Class A4, 3.39%, 06/15/2050 (Callable 06/15/2027) | 4900000 | 4827687  |
| &nbsp;&nbsp;&nbsp; Series 2018-C14, Class A4, 4.42%, 11/15/2051 (Callable 11/15/2028)<sup>(g)</sup> | 39100000 | 38902967  |
| &nbsp;&nbsp;&nbsp; Series 2019-C16, Class A3, 3.33%, 06/15/2052 (Callable 06/15/2029) | 33264000 | 32251460  |
| &nbsp;&nbsp;&nbsp; Series 2019-C17, Class A5, 3.02%, 09/15/2052 (Callable 09/15/2029) | 5000000 | 4723055  |

---

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

139<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE PLUS BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - (Continued)** | **NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2020-C19, Class A2, 2.32%, 03/15/2053 (Callable 03/15/2030) | $21750000 | $20244698  |
| &nbsp;&nbsp;&nbsp; Series 2020-C19, Class A3, 2.56%, 03/15/2053 (Callable 03/15/2030) | 6000000 | 5485336  |
| GS Mortgage Securities Corp. II<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-GS5, Class A4, 3.67%, 03/10/2050 (Callable 03/10/2027) | 14402969 | 14241863  |
| &nbsp;&nbsp;&nbsp; Series 2017-GS8, Class A4, 3.47%, 11/10/2050 (Callable 11/10/2027) | 25225000 | 24900188  |
| &nbsp;&nbsp;&nbsp; Series 2019-GC42, Class A3, 2.75%, 09/10/2052 (Callable 09/10/2029) | 5400000 | 5130608  |
| &nbsp;&nbsp;&nbsp; Series 2019-GC42, Class A4, 3.00%, 09/10/2052 (Callable 09/10/2029) | 24620000 | 23234746  |
| &nbsp;&nbsp;&nbsp; Series 2019-GSA1, Class A3, 2.79%, 11/10/2052 (Callable 11/10/2029) | 2700000 | 2573611  |
| &nbsp;&nbsp;&nbsp; Series 2020-GC45, Class A4, 2.66%, 02/13/2053 (Callable 01/13/2030) | 3950000 | 3720598  |
|  JP Morgan Chase Commercial Mortgage Securities<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-JP2, Class A4, 2.82%, 08/15/2049 (Callable 07/15/2026) | 15150000 | 15043988  |
| &nbsp;&nbsp;&nbsp; Series 2017-JP5, Class A5, 3.72%, 03/15/2050 (Callable 04/15/2027) | 20950000 | 20827861  |
| &nbsp;&nbsp;&nbsp; Series 2017-JP7, Class A5, 3.45%, 09/15/2050 (Callable 04/15/2028) | 42766184 | 42223023  |
|  JPMBB Commercial Mortgage Securities Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2014-C25, Class A5, 3.67%, 11/15/2047 (Callable 12/15/2027) | 2842050 | 2810276  |
| &nbsp;&nbsp;&nbsp; Series 2015-C32, Class A5, 3.60%, 11/15/2048 (Callable 01/15/2026) | 9430738 | 9242123  |
|  JPMDB Commercial Mortgage Securities Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-C4, Class A3, 3.14%, 12/15/2049 (Callable 04/15/2027) | 44268000 | 43557392  |
| &nbsp;&nbsp;&nbsp; Series 2017-C5, Class A5, 3.69%, 03/15/2050 (Callable 08/15/2027) | 22721000 | 22471203  |
| &nbsp;&nbsp;&nbsp; Series 2018-C8, Class A4, 4.21%, 06/15/2051 (Callable 06/15/2028) | 4070000 | 4068241  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Morgan Stanley Bank of America Merrill Lynch Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-C30, Class A5, 2.86%, 09/15/2049 (Callable 10/15/2026) | $9062000 | $8970662  |
| &nbsp;&nbsp;&nbsp; Series 2016-C32, Class A4, 3.72%, 12/15/2049 (Callable 01/15/2027) | 14175000 | 14061930  |
| &nbsp;&nbsp;&nbsp; Series 2017-C34, Class A4, 3.54%, 11/15/2052 (Callable 10/15/2027) | 30055000 | 29670025  |
| &nbsp;&nbsp;&nbsp; Series 2025-5C1, Class A2, 4.91%, 03/15/2058 (Callable 03/15/2030) | 77125000 | 78582500  |
| &nbsp;&nbsp;&nbsp; Series 2025-5C2, Class A2, 4.63%, 11/15/2058 (Callable 11/15/2030) | 79412000 | 79874551  |
|  Morgan Stanley Capital I, Inc., Series 2017-H1, Class A5, 3.53%, 06/15/2050 (Callable 06/15/2027) | 17228100 | 17071233  |
| UBS Commercial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-C3, Class A4, 3.43%, 08/15/2050 (Callable 08/15/2027) | 9240000 | 9060202  |
| &nbsp;&nbsp;&nbsp; Series 2018-C11, Class A5, 4.24%, 06/15/2051 (Callable 07/15/2028)<sup>(g)</sup> | 14950000 | 14945904  |
| &nbsp;&nbsp;&nbsp; Series 2019-C16, Class A4, 3.60%, 04/15/2052 (Callable 04/15/2029) | 2275000 | 2204689  |
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust 2024-1CHI, <br>Series 2024-5C2, Class A2, <br>5.44%, 11/15/2057 (Callable 11/15/2029) | 20575000 | 21300952  |
| &nbsp;&nbsp;&nbsp; **TOTAL NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $1,758,012,050)** |  | 1755485166  |
| **ASSET-BACKED SECURITIES - 2.2%** | **ASSET-BACKED SECURITIES - 2.2%** | **ASSET-BACKED SECURITIES - 2.2%** |
| Financial Holding Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A, <br>4.95%, 02/15/2029<sup>(a)</sup> | 35035000 | 35400864  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-D, Class A, <br>5.34%, 04/15/2029<sup>(a)</sup> | 26000000 | 26452764  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A, <br>4.85%, 02/15/2030<sup>(a)</sup> | 25575000 | 26037511  |
| &nbsp;&nbsp;&nbsp; First National Master Note Trust, Series 2023-2, Class A, <br>5.77%, 09/15/2029 | 22500000 | 22786407  |
| &nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust, Series 2023-2, Class A, <br>5.28%, 02/15/2036 (Callable 08/15/2028)<sup>(a)</sup> | 89010000 | 92025418  |

---

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

140<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE PLUS BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES - (Continued)** | **ASSET-BACKED SECURITIES - (Continued)** | **ASSET-BACKED SECURITIES - (Continued)** |
|  Ford Credit Auto Receivables Six LLC, Series 2025-1, Class A, 4.86%, 08/15/2037 (Callable 02/15/2030)<sup>(a)(e)</sup> | $40125000 | $41263029  |
| Ford Credit Floorplan LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3, Class A1, <br>4.30%, 09/15/2029<sup>(a)</sup> | 31762000 | 32021445  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A1, <br>4.63%, 04/15/2030 | 71800000 | 73007762  |
| &nbsp;&nbsp;&nbsp; General Motors Co., <br>Series 2024-2A, Class A, <br>5.06%, 03/15/2031<sup>(a)</sup> | 17050000 | 17574037  |
|  GM Financial Revolving Receivables Trust, Series 2023-1, Class A, 5.12%, 04/11/2035 (Callable 05/11/2028)<sup>(a)</sup> | 85750000 | 88097492  |
| &nbsp;&nbsp;&nbsp; Huntington Bank Auto Credit-Linked Notes Series 2024-1, Series 2024-1, Class B1, <br>6.15%, 05/20/2032 (Callable 11/20/2027)<sup>(a)</sup> | 14509489 | 14752629  |
| &nbsp;&nbsp;&nbsp; MMAF Equipment Finance LLC, Series 2024-A, Class A3, <br>4.95%, 07/14/2031 (Callable 06/13/2029)<sup>(a)</sup> | 21775000 | 22131374  |
| Navient Student Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-EA, Class A, <br>0.97%, 12/16/2069 (Callable 08/15/2030)<sup>(a)</sup> | 6595684 | 5951086  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GA, Class A, <br>1.58%, 04/15/2070 (Callable 07/15/2030)<sup>(a)</sup> | 6416198 | 5831130  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class A, <br>2.23%, 07/15/2070 (Callable 10/15/2030)<sup>(a)</sup> | 57930999 | 53100736  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class A, <br>5.51%, 10/15/2071 (Callable 09/15/2033)<sup>(a)</sup> | 34662176 | 35651359  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class A, <br>5.02%, 07/15/2055 (Callable 03/15/2034)<sup>(a)</sup> | 2611219 | 2640745  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-C, Class A, <br>4.80%, 10/15/2055 (Callable 12/15/2034)<sup>(a)</sup> | 33935248 | 34016703  |
|  Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36%, 04/20/2062 (Callable 01/20/2029)<sup>(a)</sup> | 13057473 | 12354963  |
| &nbsp;&nbsp;&nbsp; SBA Depositor LLC, <br>1.84%, 04/15/2027 (Callable 04/15/2026)<sup>(a)</sup> | 39750000 | 38509458  |
|  SMB Private Education Loan Trust, Series 2024-D, Class A1A, 5.38%, 07/15/2053<sup>(a)</sup> | 62814832 | 64142053  |
| Synchrony Bank<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A1, Class A, <br>5.04%, 03/15/2030 | 26030000 | 26393816  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A2, Class A, <br>4.49%, 05/15/2031 | $12525000 | $12710281  |
| Towd Point Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-MH1, Class A1, 2.25%, 02/25/2060 (Callable 01/25/2026)<sup>(a)(g)</sup> | 4995322 | 4899228  |
| &nbsp;&nbsp;&nbsp; Series 2020-MH1, Class A1A, 2.18%, 02/25/2060 (Callable 01/25/2026)<sup>(a)(g)</sup> | 6877967 | 6743273  |
| Verizon Master Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class A, <br>4.83%, 12/22/2031 (Callable 12/20/2028)<sup>(a)</sup> | 35887000 | 36759025  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5, Class A, <br>5.00%, 06/21/2032 (Callable 06/20/2029)<sup>(a)</sup> | 5150000 | 5310773  |
| &nbsp;&nbsp;&nbsp; Series 2024-6, Class A1A, 4.17%, 08/20/2030 (Callable 08/20/2027) | 105175000 | 105825592  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $928,849,400)** |  | 942390953  |
|  **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.8%**<br>|  |  |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K072, Class A2, <br>3.44%, 12/25/2027 (Callable 12/25/2027) | 12000000 | 11912556  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K074, Class A2, <br>3.60%, 01/25/2028 (Callable 01/25/2028) | 26292745 | 26171391  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K077, Class A2, <br>3.85%, 05/25/2028 (Callable 05/25/2028)<sup>(g)</sup> | 27749000 | 27755624  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K080, Class A2, <br>3.93%, 07/25/2028 (Callable 07/25/2028)<sup>(g)</sup> | 9720000 | 9736936  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K122, Class A2, <br>1.52%, 11/25/2030 (Callable 11/25/2030) | 23000000 | 20454590  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K151, Class A3, <br>3.51%, 04/25/2030 (Callable 04/25/2030) | 78938000 | 77456136  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K152, Class A2, <br>3.08%, 01/25/2031 (Callable 01/25/2031) | 19965000 | 19107705  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K153, Class A3, <br>3.12%, 10/25/2031 (Callable 10/25/2031)<sup>(g)</sup> | 17905000 | 17010704  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K752, Class A2, <br>4.28%, 07/25/2030 (Callable 07/25/2030) | 31575000 | 31880545  |
|  Federal National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-M4, Class A2, 2.57%, 12/25/2026<sup>(g)</sup> | 17254948 | 17041055  |

---

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

141<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE PLUS BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - (Continued)** | **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - (Continued)** | **AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2022-M10, Class A2, 1.93%, 01/25/2032<sup>(g)</sup> | $97375000 | $86172289  |
| &nbsp;&nbsp;&nbsp; **TOTAL AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $348,333,283)** |  | 344699531  |
| **MUNICIPAL BONDS - 0.6%**<br>|  |  |
|  Black Belt Energy Gas District, 6.00%, 02/01/2029 (Callable 11/01/2028) | 9120000 | 9506966  |
|  Brazos Higher Education Authority, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.08%, 04/01/2026 | 1000000 | 995823  |
| &nbsp;&nbsp;&nbsp; 2.18%, 04/01/2027 | 1300000 | 1271535  |
| &nbsp;&nbsp;&nbsp; 2.31%, 04/01/2028 | 1000000 | 962982  |
| &nbsp;&nbsp;&nbsp; 2.41%, 04/01/2029 | 2360000 | 2235546  |
| &nbsp;&nbsp;&nbsp; 2.51%, 04/01/2030 | 1175000 | 1095479  |
| &nbsp;&nbsp;&nbsp; 2.76%, 04/01/2040 (Callable 04/01/2030) | 100000 | 90273  |
| &nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, <br>6.13%, 04/01/2030 | 4000000 | 4153245  |
|  California Enterprise Development Authority, 7.00%, 08/15/2026 (Callable 07/15/2026)<sup>(a)</sup> | 5000000 | 5004891  |
|  Colton Joint Unified School District, 6.01%, 08/01/2026 | 1250000 | 1265931  |
| &nbsp;&nbsp;&nbsp; County of Hamilton OH, <br>3.76%, 06/01/2042 | 25725000 | 21462167  |
| &nbsp;&nbsp;&nbsp; District of Columbia, <br>7.63%, 10/01/2035 | 8040000 | 8771942  |
|  Illinois Housing Development Authority, 5.75%, 10/01/2053 (Callable 10/01/2032) | 4735000 | 4904993  |
|  Illinois International Port District, 5.00%, 01/01/2035 (Callable 01/23/2026)<sup>(a)</sup> | 2865000 | 2678983  |
| Iowa Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 11/01/2027<sup>(a)</sup> | 4550000 | 4616126  |
| &nbsp;&nbsp;&nbsp; 6.25%, 07/01/2054 (Callable 07/01/2033) | 10415000 | 10896167  |
|  Iowa Student Loan Liquidity Corp., 2.99%, 12/01/2039 (Callable 12/01/2029) | 255000 | 250887  |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, <br>7.38%, 10/01/2029 (Callable 09/01/2029)<sup>(a)</sup> | 19600000 | 20560910  |
|  Maryland Economic Development Corp., 4.00%, 04/01/2034 (Callable 01/01/2034) | 39185000 | 29003271  |
|  Massachusetts Educational Financing Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.46%, 07/01/2030 | 8375000 | 7749482  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 2.56%, 07/01/2031 | $5000000 | $4547748  |
| &nbsp;&nbsp;&nbsp; 3.78%, 07/01/2035 (Callable 07/01/2029) | 3890000 | 3659165  |
|  Massachusetts Housing Finance Agency, 6.00%, 12/01/2054 (Callable 06/01/2033) | 22185000 | 23124464  |
| Minnesota Housing Finance Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.68%, 10/01/2046 (Callable 02/02/2026) | 8222445 | 7128057  |
| &nbsp;&nbsp;&nbsp; 2.65%, 11/01/2046 (Callable 02/02/2026) | 8817841 | 7630631  |
| &nbsp;&nbsp;&nbsp; 6.25%, 07/01/2053 (Callable 01/01/2033) | 2515000 | 2621996  |
|  New Hampshire Business Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 04/01/2028 (Callable 01/01/2028) | 33000000 | 14982426  |
| &nbsp;&nbsp;&nbsp; 3.30%, 04/01/2032 (Callable 01/01/2032) | 21000000 | 15274644  |
| &nbsp;&nbsp;&nbsp; 2.87%, 07/01/2035 (Callable 01/01/2035) | 16955000 | 12186600  |
|  North Carolina Housing Finance Agency, 2.87%, 07/01/2032 (Callable 01/01/2026) | 75000 | 75000  |
|  North Dakota Housing Finance Agency, 6.25%, 01/01/2054 (Callable 07/01/2032) | 6865000 | 7161654  |
|  Ohio Housing Finance Agency, 6.50%, 03/01/2054 (Callable 09/01/2033) | 7675000 | 8096061  |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, <br>5.63%, 03/01/2032 | 9975000 | 9824887  |
|  Rhode Island Student Loan Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.73%, 12/01/2026 | 1490000 | 1473398  |
| &nbsp;&nbsp;&nbsp; 2.88%, 12/01/2027 | 1800000 | 1762495  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2028<sup>(h)</sup> | 1265000 | 1323894  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029<sup>(h)</sup> | 1295000 | 1368685  |
|  Western Michigan University Homer Stryker MD School of Medicine, 4.75%, 11/15/2028 | 11270000 | 11573101  |
| &nbsp;&nbsp;&nbsp; **TOTAL MUNICIPAL BONDS** <br>**(Cost $316,022,417)** |  | 271292505  |
| **OTHER GOVERNMENT RELATED SECURITIES - 0.2%** | **OTHER GOVERNMENT RELATED SECURITIES - 0.2%** | **OTHER GOVERNMENT RELATED SECURITIES - 0.2%** |
| Electricite de France SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.65%, 04/22/2029 (Callable 03/22/2029)<sup>(a)</sup> | 24450000 | 25476031  |
| &nbsp;&nbsp;&nbsp; 6.25%, 05/23/2033 (Callable 02/23/2033)<sup>(a)</sup> | 7000000 | 7597472  |
| &nbsp;&nbsp;&nbsp; 5.95%, 04/22/2034 (Callable 01/22/2034)<sup>(a)</sup> | 10900000 | 11604825  |
| &nbsp;&nbsp;&nbsp; 4.75%, 10/13/2035 (Callable 04/13/2035)<sup>(a)</sup> | 10000000 | 9884826  |
|  NBN Co. Ltd., 2.63%, 05/05/2031 (Callable 02/05/2031)<sup>(a)</sup> | 5000000 | 4599090  |

---

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

142<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE PLUS BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **OTHER GOVERNMENT RELATED** <br>**SECURITIES - (Continued)** | &nbsp;&nbsp;&nbsp; **OTHER GOVERNMENT RELATED** <br>**SECURITIES - (Continued)** | &nbsp;&nbsp;&nbsp; **OTHER GOVERNMENT RELATED** <br>**SECURITIES - (Continued)** |
| Petroleos Mexicanos<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.95%, 01/28/2031 (Callable 10/28/2030) | $1005000 | $972681  |
| &nbsp;&nbsp;&nbsp; 6.70%, 02/16/2032 (Callable 11/16/2031) | 31343000 | 31259321  |
| &nbsp;&nbsp;&nbsp; **TOTAL OTHER GOVERNMENT RELATED SECURITIES** <br>**(Cost $87,574,195)** |  | 91394246  |
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **Money Market Funds - 2.3%** | **Money Market Funds - 2.3%** |  |
|  First American Government Obligations Fund - Class U, 3.69%<sup>(i)</sup> | 998360587 | 998360587  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $998,360,587)** |  | 998360587  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.3%** <br>**(Cost $44,657,291,159)** |  | $43740369633  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.3)% |  | (111947331)  |
| **TOTAL NET ASSETS - 100.0%** |  | $43628422302 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

CMT - Constant Maturity Treasury

GNMA - Government National Mortgage Association

LIBOR - London Interbank Offered Rate

LLC - Limited Liability Company

LP - Limited Partnership

PCA - Pollution Control Authority

PIK - Payment in Kind

PLC - Public Limited Company

REIT - Real Estate Investment Trust

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of December 31, 2025, the value of these securities total $10,706,585,404 or 24.5% of the Fund's net assets.

<sup>(b)</sup> Issuer is currently in default.

<sup>(c)</sup> Securities referencing LIBOR are expected to transition to an alternative reference rate by the security's next scheduled coupon reset date.

<sup>(d)</sup> Coupon rate may be variable or floating based on components other than reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(e)</sup> Step coupon bond. The rate disclosed is as of December 31, 2025.

<sup>(f)</sup> Zero coupon bonds make no periodic interest payments.

<sup>(g)</sup> Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of December 31, 2025.

<sup>(h)</sup> Security subject to the Alternative Minimum Tax ("AMT"). As of December 31, 2025, the total value of securities subject to the AMT was $2,692,579 or 0.0% of net assets.

<sup>(i)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

143<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Baird Core Plus Bond Fund** 

**Summary of Fair Value Disclosure** 

**as of December 31, 2025** 

Baird Core Plus Bond Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the year, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

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

---

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

---

---

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

---

The following is a summary of the fair valuation hierarchy of the Fund's securities as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $19323603448 | $— | $19323603448  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 11103542851 |  | 11103542851  |
| &nbsp;&nbsp;&nbsp; Agency Residential Mortgage-Backed Securities |  | 6625003562 |  | 6625003562  |
| &nbsp;&nbsp;&nbsp; Non-Agency Residential Mortgage-Backed Securities |  | 2284596784 |  | 2284596784  |
| &nbsp;&nbsp;&nbsp; Non-Agency Commercial Mortgage-Backed Securities |  | 1755485166 |  | 1755485166  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 942390953 |  | 942390953  |
| &nbsp;&nbsp;&nbsp; Agency Commercial Mortgage-Backed Securities |  | 344699531 |  | 344699531  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds |  | 271292505 |  | 271292505  |
| &nbsp;&nbsp;&nbsp; Other Government Related Securities |  | 91394246 |  | 91394246  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 998360587 |  |  | 998360587  |
| **Total Investments** | $998360587 | $42742009046 | $— | $43740369633 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting year, as compared to the security classifications from the prior year's core financial statements. See the Fund's Valuation Policy in Note 2a to the financial statements.

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

144<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD SHORT-TERM MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - 97.8%**<br>|  |  |
| **Alabama - 4.4%**<br>|  |  |
|  Alabama Housing Finance Authority, 3.20%, 01/01/2047 (Callable 07/01/2028)<sup>(a)</sup> | $3800000 | $3805484  |
| Alabama State University<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2028 | 550000 | 582524  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2029 | 750000 | 810686  |
|  Bibb County Board of Education, 3.00%, 12/01/2031 (Callable 02/02/2026) | 590000 | 579169  |
| Black Belt Energy Gas District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/2028 | 3205000 | 3373649  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2032 | 1040000 | 1125538  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2032 | 3000000 | 3241771  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2032 | 3720000 | 4039694  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2033 | 1165000 | 1257523  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/01/2053 (Callable 03/01/2029)<sup>(a)</sup> | 1250000 | 1319754  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2053<sup>(a)</sup> | 8315000 | 8712889  |
|  City of Phenix City AL, 2.00%, 04/01/2027 | 735000 | 723317  |
| County of Montgomery AL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2026 (Callable 02/02/2026) | 220000 | 220365  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/2027 | 200000 | 202948  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/2027  | 50000 | 50773 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2027 (Callable 02/02/2026) | 115000 | 115187  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2029 | 100000 | 106219  |
|  Energy Southeast A Cooperative District, 5.00%, 09/01/2027 | 2000000 | 2037108  |
|  Health Care Authority of the City of Huntsville, 5.00%, 06/01/2053 (Callable 03/01/2030)<sup>(a)</sup> | 6065000 | 6548810  |
|  Industrial Development Board of the City of Mobile Alabama, 3.92%, 06/01/2034<sup>(a)</sup> | 8400000 | 8427046  |
|  Lee County Board of Education/AL, 4.00%, 02/01/2029 (Callable 08/01/2026) | 700000 | 703900  |
| Lower Alabama Gas District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 | 740000 | 783142  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 800000 | 848363  |
|  Macon County Board of Education, 3.25%, 02/01/2026 (Callable 01/01/2026) | 375000 | 374974  |
| &nbsp;&nbsp;&nbsp; Montgomery County Public Facilities Authority/AL, <br>5.00%, 03/01/2026 | 5000 | 5007  |
|  Smiths Water & Sewer Authority, 4.00%, 06/01/2034 (Callable 02/02/2026) | 785000 | 785556  |
|  Southeast Alabama Gas Supply District, 5.00%, 04/01/2026 | 1000000 | 1004448  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Southeast Energy Authority A Cooperative District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2027 | $300000 | $306051  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2027 | 300000 | 308402  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2027  | 1975000 | 2013438 |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2028 | 825000 | 854895  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2028 | 375000 | 387798  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2028 | 1100000 | 1149330  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028 | 2000000 | 2104478  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2028 | 165000 | 171827  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2028 | 2205000 | 2271656 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2029 | 1000000 | 1067584  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2030 | 685000 | 732790  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2030 (Callable 07/01/2030) | 9050000 | 9722820  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2031 | 1250000 | 1351862  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2031 | 1880000 | 1987566  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2032 | 1665000 | 1815206  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/01/2053 (Callable 09/01/2029)<sup>(a)</sup> | 1270000 | 1361438  |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/01/2054 (Callable 04/01/2029)<sup>(a)</sup> | 6590000 | 6943741  |
|  Tender Option Bond Trust Receipts/Certificates, 0.00%, 06/01/2033<sup>(a)(b)</sup> | 5000000 | 5000000  |
|  Town of Berry AL Water & Sewer Revenue, 3.25%, 09/01/2028 (Callable 09/01/2026) | 375000 | 376982  |
|  |  | 91713708  |
| **Alaska - 0.2%**<br>|  |  |
|  Alaska Housing Finance Corp., 3.75%, 12/01/2042 (Callable 06/01/2028) | 1170000 | 1174506  |
|  Alaska Industrial Development & Export Authority, 5.00%, 10/01/2030 (Callable 10/01/2029) | 2735000 | 2916574  |
| Alaska Railroad Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/01/2028<sup>(c)</sup> | 300000 | 315456  |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/01/2029<sup>(c)</sup> | 350000 | 374403  |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/01/2030<sup>(c)</sup> | 195000 | 215113  |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/01/2031<sup>(c)</sup> | 200000 | 224178  |
|  |  | 5220230  |
| **Arizona - 1.5%**<br>|  |  |
| Arizona Industrial Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027 (Callable 07/01/2026) | 230000 | 231590  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2028 (Callable 05/01/2028) | 7505000 | 7839727  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 (Callable 07/01/2026) | 415000 | 417753  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 (Callable 07/01/2026) | 400000 | 402578  |
| &nbsp;&nbsp;&nbsp; 1.79%, 09/01/2030<sup>(a)(b)(d)</sup> | 2039540 | 1986393  |
| &nbsp;&nbsp;&nbsp; 6.00%, 07/01/2037 (Callable 07/01/2027)<sup>(b)</sup> | 1900000 | 1954221  |

---

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

145<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD SHORT-TERM MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **Arizona - (Continued)**<br>|  |  |
|  Chandler Industrial Development Authority, 4.00%, 06/01/2049 (Callable 02/01/2029)<sup>(a)(c)</sup> | $1210000 | $1226694  |
|  City of Phoenix Civic Improvement Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 (Callable 07/01/2027) | 2000000 | 2069192  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 (Callable 07/01/2028)<sup>(c)</sup> | 3170000 | 3309046  |
| Coconino County Jail District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027 | 325000 | 335544  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 | 340000 | 359270  |
|  Glendale Industrial Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/15/2026 (Callable 01/23/2026) | 420000 | 419003  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/15/2027 (Callable 01/23/2026) | 620000 | 615411  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/15/2030 (Callable 01/23/2026) | 1570000 | 1540147  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/15/2031 (Callable 05/15/2026) | 450000 | 439121  |
|  Industrial Development Authority of the City of Phoenix Arizona<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/2028 | 400000 | 423035  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/2029 | 1195000 | 1288004  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/2030 | 1250000 | 1370887  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/2031 | 1315000 | 1463764  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/2032 | 1380000 | 1554256  |
|  Yuma County Elementary School District No 13 Crane<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027 | 145000 | 149920  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 | 165000 | 174356  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 195000 | 210406  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | 445000 | 498185  |
|  |  | 30278503  |
| **Arkansas - 1.0%**<br>|  |  |
|  Arkansas Development Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2026 | 190000 | 189870  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2027 | 750000 | 761831  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2027 | 225000 | 225017  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2028 | 815000 | 839338  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2028 | 230000 | 230218  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2029 | 1000000 | 1042561  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2054 (Callable 07/01/2033) | 3225000 | 3381998  |
|  Batesville Public Facilities Board, 5.00%, 06/01/2026 | 850000 | 850839  |
|  City of Brookland AR Sales & Use Tax Revenue, 1.50%, 09/01/2046 (Callable 09/01/2026) | 130000 | 128143  |
|  City of Centerton AR Sales & Use Tax Revenue, 4.00%, 11/01/2054 (Callable 11/01/2032) | 3015000 | 3044380  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  City of Conway AR Telecommunications Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2027 | $275000 | $285499  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2028 | 200000 | 211123  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 | 330000 | 353751  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 325000 | 352840  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 | 250000 | 274638  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 360000 | 398879  |
|  City of Dardanelle AR Water & Sewer Revenue Sales & Use Tax, 4.00%, 10/01/2032 (Callable 04/01/2031) | 2145000 | 2240926  |
|  City of Elkins AR Sales & Use Tax Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.50%, 09/01/2046 (Callable 09/01/2026) | 55000 | 53868  |
| &nbsp;&nbsp;&nbsp; 1.50%, 09/01/2046 (Callable 09/01/2026) | 45000 | 44073  |
|  City of Fayetteville AR, 3.05%, 01/01/2047 (Callable 01/01/2026) | 25000 | 25000  |
|  City of Forrest City AR Sales & Use Tax Revenue, 1.55%, 11/01/2044 (Callable 11/01/2029) | 375000 | 364130  |
|  City of Hot Springs AR, 4.00%, 12/01/2027 (Callable 02/02/2026) | 255000 | 255272  |
| City of Jonesboro AR<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 08/01/2029 | 115000 | 126789  |
| &nbsp;&nbsp;&nbsp; 6.00%, 08/01/2030 | 120000 | 135287  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2032 (Callable 02/01/2031) | 100000 | 110701  |
|  City of Little Rock AR, 3.63%, 02/01/2045 (Callable 02/01/2030) | 2300000 | 2263030  |
|  City of Osceola AR Sales & Use Tax, 4.00%, 06/01/2054 (Callable 06/01/2031) | 355000 | 352512  |
|  City of Pine Bluff AR, 3.00%, 02/01/2047 (Callable 08/01/2027) | 205000 | 200580  |
|  City of West Memphis AR Public Utility System Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2026 | 265000 | 269874  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2027 | 200000 | 207598  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 | 255000 | 275211  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 200000 | 219137  |
|  City of West Memphis AR Sales & Use Tax Revenue, 5.00%, 06/01/2033 (Callable 06/01/2032) | 1615000 | 1793885  |
|  |  | 21508798  |
| **California - 2.1%**<br>|  |  |
|  California Community Choice Financing Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2027 | 700000 | 715929  |

---

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

146<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD SHORT-TERM MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **California - (Continued)** | **California - (Continued)** | **California - (Continued)** |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028 | $475000 | $492058  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029 | 650000 | 681695  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2029 | 1000000 | 1069786  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2055 (Callable 06/01/2032)<sup>(a)</sup> | 2540000 | 2725186  |
|  California Health Facilities Financing Authority, 5.00%, 12/01/2032 (Callable 09/01/2032) | 6000000 | 6661049  |
|  California Housing Finance Agency, 5.20%, 12/01/2027 (Callable 06/01/2027)<sup>(b)</sup> | 1515000 | 1539284  |
|  California Infrastructure & Economic Development Bank<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.02% (SIFMA Municipal Swap Index + 0.70%), 12/01/2050 (Callable 01/23/2026) | 2550000 | 2546279  |
| &nbsp;&nbsp;&nbsp; 1.75%, 08/01/2055 (Callable 02/02/2026)<sup>(a)</sup> | 1265000 | 1250359  |
|  California Municipal Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2031 (Callable 10/01/2026) | 2285000 | 2297260  |
| &nbsp;&nbsp;&nbsp; 3.20%, 09/01/2045 (Callable 02/01/2027)<sup>(a)</sup> | 665000 | 665470  |
| &nbsp;&nbsp;&nbsp; 3.38%, 09/01/2050 (Callable 06/05/2028)<sup>(a)(c)</sup> | 1000000 | 994342  |
|  California Public Finance Authority, 5.70%, 06/01/2034 (Callable 06/01/2031)<sup>(b)</sup> | 1500000 | 1559874  |
|  Cathedral City Public Financing Authority, 0.00%, 08/01/2032<sup>(e)</sup> | 1085000 | 873261  |
|  City of Los Angeles Department of Airports, 5.00%, 05/15/2027<sup>(c)</sup> | 1000000 | 1027547  |
|  Freddie Mac Multifamily ML Certificates, 2.88%, 07/25/2036 | 920720 | 848628  |
|  Gonzales Public Financing Authority, 3.95%, 05/01/2044 (Callable 01/23/2026)<sup>(a)</sup> | 2000000 | 2000816  |
|  Indio Finance Authority, 3.55%, 09/02/2029 (Callable 01/23/2026)<sup>(b)</sup> | 3223000 | 3223287  |
|  Los Angeles County Development Authority, 3.75%, 12/01/2046 (Callable 02/01/2026)<sup>(a)</sup> | 1675000 | 1675794  |
|  Los Angeles Department of Water & Power<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 (Callable 01/01/2028) | 600000 | 627134  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 (Callable 01/01/2027) | 315000 | 322019 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 (Callable 01/01/2027) | 1785000 | 1824796  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 (Callable 01/01/2027) | 1260000 | 1286955  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034 (Callable 07/01/2028) | 545000 | 571457  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Los Angeles Department of Water & Power Water System Revenue, 5.00%, 07/01/2027 (Callable 01/01/2026) | $50000 | $50000  |
|  Mountain View School District School Facilities Improvement District No 2, 0.00%, 07/01/2029 (Callable 07/01/2027)<sup>(e)</sup> | 4520000 | 3996177  |
|  San Joaquin Hills Transportation Corridor Agency, 5.00%, 01/15/2030 | 450000 | 487827  |
|  Tustin Unified School District, 5.00%, 09/01/2031 (Callable 02/02/2026) | 1000000 | 1000823  |
|  Washington Township Health Care District, 5.00%, 07/01/2030 (Callable 07/01/2029) | 500000 | 521630  |
|  |  | 43536722  |
| **Colorado - 2.7%**<br>|  |  |
|  Arkansas River Power Authority, 5.00%, 10/01/2030 (Callable 10/01/2028) | 250000 | 259242  |
|  City & County of Denver CO Airport System Revenue, 5.25%, 11/15/2026<sup>(c)</sup> | 2000000 | 2041659  |
|  Colorado Educational & Cultural Facilities Authority, 5.00%, 06/15/2027 (Callable 06/15/2026) | 635000 | 639917  |
| Colorado Health Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2026 | 475000 | 477437  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2027 | 400000 | 408044  |
| &nbsp;&nbsp;&nbsp; 2.13%, 05/15/2028 (Callable 02/02/2026) | 2500000 | 2480803  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/15/2028 (Callable 05/15/2027) | 250000 | 256127  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2028 | 1335000 | 1403266  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2029 | 3250000 | 3483360  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 (Callable 06/01/2026) | 150000 | 151380  |
| &nbsp;&nbsp;&nbsp; 3.50%, 05/15/2030 (Callable 02/02/2026) | 3200000 | 3149818  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2060 (Callable 11/15/2029)<sup>(a)</sup> | 2000000 | 2185735  |
| &nbsp;&nbsp;&nbsp; 2.91% (SIFMA Municipal Swap Index + 0.55%), 05/15/2061 (Callable 02/17/2026) | 1000000 | 999493  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2062 (Callable 08/15/2027)<sup>(a)</sup> | 7815000 | 8250066  |
|  Colorado Housing and Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2026 (Callable 01/01/2026)<sup>(a)</sup> | 1000000 | 1000000  |
| &nbsp;&nbsp;&nbsp; 3.25%, 10/01/2028 | 8885000 | 8902357  |
| &nbsp;&nbsp;&nbsp; 3.25%, 04/01/2029 | 7075000 | 7091016  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/2048 (Callable 11/01/2026) | 190000 | 190581  |

---

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

147<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD SHORT-TERM MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Colorado - (Continued)** | **Colorado - (Continued)** | **Colorado - (Continued)** |
| &nbsp;&nbsp;&nbsp; 4.25%, 11/01/2049 (Callable 11/01/2028) | $335000 | $338035  |
| &nbsp;&nbsp;&nbsp; 6.25%, 05/01/2055 (Callable 05/01/2033) | 3500000 | 3931595  |
|  Colorado Science and Technology Park Metropolitan District No 1, 5.00%, 12/01/2029 | 500000 | 537436  |
|  County of Eagle CO, 5.00%, 12/01/2034 | 1825000 | 2009712  |
|  Denver Health & Hospital Authority, 4.00%, 12/01/2027 (Callable 02/02/2026) | 255000 | 255077  |
|  Eagle River Water & Sanitation District Water Subdistrict, 4.00%, 12/01/2027 (Callable 02/02/2026) | 145000 | 145044  |
| Fossil Ridge Metropolitan District No 3<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2027 | 200000 | 207946  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2028 | 200000 | 211760  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 | 205000 | 221098  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 370000 | 405778  |
| Lanterns Metropolitan District No 1<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2027 | 185000 | 191127  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2028 | 165000 | 173493  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 (Callable 12/01/2028) | 155000 | 165658  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 (Callable 12/01/2028) | 175000 | 189032  |
| Mirabelle Metropolitan District No 2<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2026 | 200000 | 203391  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2027 | 110000 | 113933  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2028 | 240000 | 253039  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 | 200000 | 214439  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 (Callable 03/01/2030) | 275000 | 299397  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 (Callable 03/01/2030) | 300000 | 330176  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 (Callable 03/01/2030) | 320000 | 351197  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033 (Callable 03/01/2030) | 340000 | 371975  |
| Ravenna Metropolitan District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2026 | 240000 | 243853  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2028 | 290000 | 304977  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 | 315000 | 337322  |
|  Regional Transportation District, 5.00%, 01/15/2028 | 1000000 | 1033245  |
| Vauxmont Metropolitan District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2026 (Callable 01/23/2026) | 135000 | 137671  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2027 (Callable 01/23/2026) | 195000 | 199090  |
|  |  | 56746797  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Connecticut - 0.9%**<br>|  |  |
|  Bridgeport Housing Authority, 5.00%, 06/01/2030 | $4625000 | $4623262  |
|  City of West Haven CT, 4.00%, 09/15/2027 | 490000 | 496738  |
|  Connecticut Housing Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/15/2045 (Callable 11/15/2027) | 45000 | 45225  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/15/2049 (Callable 11/15/2028) | 1350000 | 1362800  |
| &nbsp;&nbsp;&nbsp; 3.50%, 11/15/2051 (Callable 05/15/2031) | 930000 | 926234  |
|  Connecticut State Health & Educational Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 (Callable 02/02/2026) | 685000 | 686890  |
| &nbsp;&nbsp;&nbsp; 3.20%, 07/01/2037<sup>(a)</sup> | 3250000 | 3258316  |
| &nbsp;&nbsp;&nbsp; 2.95%, 07/01/2049<sup>(a)</sup> | 1205000 | 1211810  |
|  Connecticut State Higher Education Supplement Loan Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2027<sup>(c)</sup> | 665000 | 685259  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2045 (Callable 05/05/2026)<sup>(a)(c)</sup> | 2000000 | 2007485  |
|  Stamford Housing Authority, 5.38%, 10/01/2033 | 3000000 | 3040344  |
|  State of Connecticut, 3.25%, 03/15/2030 (Callable 01/23/2026) | 185000 | 185046  |
|  Waterbury Housing Authority, 3.30%, 03/01/2028 (Callable 03/01/2027)<sup>(a)</sup> | 210000 | 210800  |
|  |  | 18740209  |
| **Delaware - 0.7%**<br>|  |  |
|  Delaware State Economic Development Authority, 5.00%, 10/01/2029 (Callable 02/02/2026) | 1000000 | 1000336  |
| Delaware State Housing Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.60%, 07/01/2043 (Callable 01/23/2026) | 75746 | 66533  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/01/2055 (Callable 07/01/2033) | 1000000 | 1099338  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/01/2056 (Callable 01/01/2034) | 5000000 | 5532187  |
|  State of Delaware, 5.00%, 02/01/2034 (Callable 02/01/2028) | 3000000 | 3144298  |
|  Tender Option Bond Trust Receipts/Certificates, 0.00%, 07/01/2046 (Callable 07/01/2033)<sup>(a)(b)</sup> | 3715000 | 3715000  |
|  |  | 14557692  |
| **District of Columbia - 0.7%**<br>|  |  |
| District of Columbia<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 06/01/2030 | 1620000 | 1582667  |

---

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

148<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD SHORT-TERM MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **District of Columbia - (Continued)** | **District of Columbia - (Continued)** | **District of Columbia - (Continued)** |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2033 (Callable 06/01/2027) | $3040000 | $3135525  |
|  District of Columbia Housing Finance Agency, 5.00%, 03/01/2029 (Callable 02/01/2028)<sup>(a)</sup> | 2000000 | 2074845  |
|  District of Columbia Water & Sewer Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.37%, 10/01/2050 (Callable 01/02/2026)<sup>(a)</sup> | 3600000 | 3600000  |
| &nbsp;&nbsp;&nbsp; 1.25%, 10/01/2054 (Callable 01/02/2026)<sup>(a)</sup> | 2500000 | 2500000  |
|  Metropolitan Washington Airports Authority Dulles Toll Road Revenue, 0.00%, 10/01/2029<sup>(e)</sup> | 385000 | 344417  |
|  Washington Convention & Sports Authority, 5.00%, 10/01/2030 (Callable 10/01/2027) | 2015000 | 2086565  |
|  |  | 15324019  |
| **Florida - 3.1%**<br>|  |  |
|  Broward County Housing Finance Authority, 3.50%, 04/01/2041 (Callable 02/02/2026)<sup>(a)</sup> | 1330000 | 1329910  |
| Capital Projects Finance Authority/FL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2026 | 1000000 | 1011188  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028 | 1000000 | 1040937  |
|  Capital Trust Authority, 5.00%, 06/15/2034 (Callable 06/15/2029)<sup>(b)</sup> | 610000 | 637595  |
|  City of Atlantic Beach FL, 5.00%, 11/15/2033 (Callable 02/02/2026) | 400000 | 410496  |
|  City of Cape Coral FL Water & Sewer Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.35%, 03/01/2027 | 1190000 | 1210383  |
| &nbsp;&nbsp;&nbsp; 4.45%, 03/01/2028 | 1410000 | 1446326  |
|  City of Jacksonville FL, 5.00%, 11/01/2028 (Callable 11/01/2027) | 445000 | 460915  |
|  City Of South Miami Health Facilities Authority, Inc., 5.00%, 08/15/2065 (Callable 05/15/2030)<sup>(a)</sup> | 2000000 | 2156403  |
| City of Tallahassee FL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2026 (Callable 02/02/2026) | 955000 | 956092  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2027 (Callable 02/02/2026) | 400000 | 400457  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2035 (Callable 02/02/2026) | 1610000 | 1587435  |
|  Collier County Industrial Development Authority, 5.00%, 10/01/2054 (Callable 10/01/2028)<sup>(a)</sup> | 1300000 | 1384382  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Colonial Country Club Community Development District/FL, 4.00%, 05/01/2029 (Callable 02/02/2026) | $985000 | $985261  |
|  County of Lee FL Solid Waste System Revenue, 5.00%, 10/01/2026<sup>(c)</sup> | 3015000 | 3051187  |
|  County of Miami-Dade FL, 4.50%, 03/01/2033 (Callable 02/02/2026) | 240000 | 240247  |
|  County of Okaloosa FL, 4.38%, 05/15/2035 (Callable 05/15/2032)<sup>(b)</sup> | 1640000 | 1654367  |
|  County of Osceola FL Transportation Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 10/01/2028<sup>(e)</sup> | 500000 | 450853  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2030 (Callable 10/01/2029) | 560000 | 588989  |
| Florida Development Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2026 | 1310000  | 1319044  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2026 | 405000 | 407796 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2026 | 1065000 | 1084453  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2027 | 590000 | 603960  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2027 | 430000 | 440174 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2028 (Callable 06/15/2027) | 425000 | 434009  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/15/2029 (Callable 06/15/2027)<sup>(b)</sup> | 2850000 | 2857403  |
| &nbsp;&nbsp;&nbsp; 3.00%, 07/01/2031<sup>(b)</sup> | 1180000 | 1145523  |
|  Florida Higher Educational Facilities Financing Authority, 5.00%, 07/01/2035 (Callable 07/01/2033)<sup>(b)</sup> | 2700000 | 2704376  |
|  Florida Housing Finance Corp., 3.15%, 12/01/2028 (Callable 12/01/2027)<sup>(a)</sup> | 1875000 | 1877986  |
|  Florida Local Government Finance Commission<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.20%, 11/15/2030 (Callable 11/15/2027)<sup>(b)</sup> | 1000000 | 1006220  |
| &nbsp;&nbsp;&nbsp; 4.45%, 11/15/2031 (Callable 05/15/2028)<sup>(b)</sup> | 3000000 | 3031859  |
|  Greater Orlando Aviation Authority, 5.00%, 10/01/2030 (Callable 10/01/2029)<sup>(c)</sup> | 3580000 | 3818465  |
|  Herons Glen Recreation District, 2.50%, 05/01/2027 | 250000 | 247177  |
|  Lee County Housing Finance Authority, 3.50%, 12/01/2042 (Callable 06/01/2027)<sup>(a)</sup> | 2100000 | 2112445  |
|  Lee County Industrial Development Authority/FL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 11/15/2029 (Callable 11/15/2026) | 1550000 | 1558184  |
| &nbsp;&nbsp;&nbsp; 4.75%, 11/15/2029 (Callable 11/15/2026) | 1500000 | 1509740  |
|  Miami-Dade County Housing Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.55%, 01/01/2027<sup>(a)</sup> | 4225000 | 4225000  |

---

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

149<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD SHORT-TERM MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Florida - (Continued)** | **Florida - (Continued)** | **Florida - (Continued)** |
| &nbsp;&nbsp;&nbsp; 3.25%, 02/01/2044 (Callable 08/01/2028)<sup>(a)</sup> | $6000000 | $6044226  |
|  Northern Palm Beach County Improvement District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2027 | 650000 | 669617  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2028 | 455000 | 476868  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2029 | 400000 | 426390  |
|  Orange County Housing Finance Authority, 4.25%, 09/01/2049 (Callable 09/01/2027) | 130000 | 131041  |
|  Palm Beach County Health Facilities Authority, 5.00%, 05/15/2031 (Callable 05/15/2027) | 60000 | 60724  |
|  Pinellas County Housing Authority, 1.00%, 11/01/2027 | 1065000 | 1054417  |
|  Pinellas County Industrial Development Authority, 5.00%, 07/01/2029 | 965000 | 985206  |
|  Polk County Industrial Development Authority/FL, 4.83%, 06/15/2035 (Callable 06/15/2034)<sup>(b)</sup> | 1615000 | 1621036  |
|  Seminole County Industrial Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/15/2026<sup>(b)</sup> | 155000 | 154647  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/15/2027<sup>(b)</sup> | 240000 | 238555  |
|  |  | 63249964  |
| **Georgia - 2.4%**<br>|  |  |
|  Athens Housing Authority, 3.23%, 06/01/2045 (Callable 07/01/2028)<sup>(a)</sup> | 3600000 | 3609297  |
|  Atlanta Urban Residential Finance Authority, 3.20%, 02/01/2030 (Callable 08/01/2028)<sup>(a)</sup> | 2000000 | 2005690  |
|  Bartow County Development Authority, 1.80%, 09/01/2029 (Callable 11/19/2026)<sup>(a)</sup> | 1100000 | 1019710  |
|  Board of Water Light & Sinking Fund Commissioners of The City of Dalton<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2029 (Callable 03/01/2027) | 1195000 | 1223796  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2031 (Callable 03/01/2027) | 1900000 | 1945616  |
| Charlton County School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 04/01/2027 | 135000 | 140496  |
| &nbsp;&nbsp;&nbsp; 6.00%, 04/01/2028 | 450000 | 483743  |
| &nbsp;&nbsp;&nbsp; 6.00%, 04/01/2030 | 400000 | 455782  |
|  City of Atlanta GA, 4.00%, 07/01/2026 (Callable 02/02/2026) | 100000 | 100036  |
|  Cobb County Kennestone Hospital Authority, 5.00%, 04/01/2033 (Callable 04/01/2027) | 780000 | 799481  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Cobb-Marietta Coliseum & Exhibit Hall Authority, 5.50%, 10/01/2026 | $170000 | $173284  |
|  Columbus County Housing Authority, 3.30%, 11/01/2028<sup>(a)</sup> | 1100000 | 1106005  |
|  Dalton Whitfield County Joint Development Authority, 5.00%, 08/15/2033 (Callable 02/15/2028) | 765000 | 796110  |
| DeKalb County Housing Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 2250000 | 2415100  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2034 (Callable 12/01/2031) | 3500000 | 3772385  |
|  Development Authority of Burke County, 1.55%, 07/01/2049 (Callable 01/02/2026)<sup>(a)</sup> | 2900000 | 2900000  |
| Georgia Housing & Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2032 | 250000 | 279525  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 400000 | 449813  |
|  Housing Authority of the City of Waycross, 5.00%, 04/01/2028 (Callable 04/01/2027)<sup>(a)</sup> | 2180000 | 2233206  |
| Main Street Natural Gas, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2027 | 1000000 | 1030468  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 | 500000 | 531842  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2030 | 750000 | 803305  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 1185000 | 1273752  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2031 | 1410000 | 1521778  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 | 2200000 | 2378823  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/2050 (Callable 06/01/2026)<sup>(a)</sup> | 4680000 | 4704862  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2052 (Callable 06/01/2027)<sup>(a)</sup> | 3715000 | 3750771  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/01/2052 (Callable 05/01/2027)<sup>(a)(b)</sup> | 3500000 | 3496352  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2053 (Callable 12/01/2029)<sup>(a)</sup> | 1750000 | 1846896  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2054 (Callable 01/02/2031)<sup>(a)</sup> | 625000 | 671479  |
|  Savannah Housing Authority, 5.00%, 03/01/2028 (Callable 03/01/2027)<sup>(a)</sup> | 600000 | 613653  |
|  State of Georgia, 5.00%, 02/01/2026 (Callable 01/01/2026) | 360000 | 360652  |
|  |  | 48893708  |
| **Idaho - 0.4%**<br>|  |  |
|  Idaho Health Facilities Authority, 5.50%, 12/01/2026 (Callable 02/02/2026) | 400000 | 401177  |
|  Idaho Housing & Finance Association, 6.25%, 01/01/2056 (Callable 07/01/2033) | 2250000 | 2547914  |
|  Southern Idaho Regional Solid Waste District, 4.00%, 03/01/2028 (Callable 09/01/2027) | 4350000 | 4399124  |
|  |  | 7348215  |

---

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

150<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD SHORT-TERM MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Illinois - 5.6%**<br>|  |  |
|  Board of Trustees of the University of Illinois, 5.50%, 04/01/2034 | $1275000 | $1415865  |
|  Bureau Whiteside & Lee Counties Community Unit School District No 340 Bureau Vly<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2026 | 860000 | 875115  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2027 | 400000 | 414665  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2028 | 425000 | 448552  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 | 300000 | 322085  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 650000 | 708867  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 | 650000 | 718971  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 300000 | 334622  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033 | 165000 | 185571  |
|  Chicago Midway International Airport, 5.00%, 01/01/2028 (Callable 01/01/2026)<sup>(c)</sup> | 1750000 | 1750000  |
|  City of Chicago IL Waterworks Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2028 (Callable 11/01/2026) | 1000000 | 1018419  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2029 (Callable 11/01/2026) | 1550000 | 1575367  |
| City of Galesburg IL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2026 | 145000 | 146312  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2027 | 225000 | 228399  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028 | 450000 | 461170  |
|  City of Hillsboro IL, 5.00%, 12/01/2034 | 1010000 | 1116647  |
| City of Kankakee IL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2032 | 415000 | 454751  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2033 | 200000 | 221529  |
|  City of Plano IL Special Service Area No 3 & No 4, 4.00%, 03/01/2030 (Callable 02/02/2026) | 365000 | 365060  |
|  City of Springfield IL, 5.00%, 12/01/2031 (Callable 02/02/2026) | 325000 | 325497  |
|  Community Unit School District Number 427 DeKalb and Kane Counties Illinois<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/01/2026<sup>(e)</sup> | 1000000 | 1000000  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/01/2027<sup>(e)</sup> | 3005000 | 2906240  |
|  Cook County School District No 144 Prairie Hills, 5.00%, 12/01/2031 | 1500000 | 1659849  |
|  Cook County School District No 69 Skokie, 4.00%, 12/01/2031 (Callable 12/01/2028) | 820000 | 847373  |
|  Grundy Kendall & Will Counties Community High School District No 111 Minooka, 5.00%, 12/01/2034 (Callable 12/01/2032) | 650000 | 732904  |
|  Hampshire Special Service Area No 13, 3.00%, 03/01/2026 | 90000 | 89954  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Illinois Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2026 | $150000 | $150648  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2026 (Callable 06/01/2026) | 500000 | 504701  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2028 (Callable 08/15/2027) | 810000 | 824633  |
| &nbsp;&nbsp;&nbsp; 4.30%, 08/01/2028<sup>(b)</sup> | 930000 | 938221  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2029 (Callable 09/01/2026) | 1575000 | 1594420  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 | 375000 | 397600  |
| &nbsp;&nbsp;&nbsp; 4.10%, 05/01/2031 (Callable 11/01/2027) | 2665000 | 2667745  |
| &nbsp;&nbsp;&nbsp; 3.75% (SOFR + 1.15%), 11/01/2034 (Callable 03/01/2026) | 2895000 | 2899048  |
|  Illinois Housing Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.95%, 04/01/2027 | 160000 | 159961  |
| &nbsp;&nbsp;&nbsp; 2.95%, 10/01/2027 | 200000 | 199989  |
| &nbsp;&nbsp;&nbsp; 3.00%, 04/01/2028 | 225000 | 225170  |
| &nbsp;&nbsp;&nbsp; 3.05%, 10/01/2028 | 235000 | 235400  |
| &nbsp;&nbsp;&nbsp; 3.15%, 02/01/2029 (Callable 02/01/2028)<sup>(a)</sup> | 2780000 | 2781797  |
| &nbsp;&nbsp;&nbsp; 3.10%, 04/01/2029 | 245000 | 245859  |
| &nbsp;&nbsp;&nbsp; 3.00%, 05/01/2029 (Callable 11/01/2027)<sup>(a)</sup> | 1825000 | 1824990  |
| &nbsp;&nbsp;&nbsp; 3.20%, 10/01/2029 | 180000 | 181027  |
| &nbsp;&nbsp;&nbsp; 3.35%, 04/01/2030 | 470000 | 474138  |
| &nbsp;&nbsp;&nbsp; 2.45%, 06/01/2043 (Callable 02/02/2026) | 141571 | 122923  |
| &nbsp;&nbsp;&nbsp; 3.38%, 07/01/2045 (Callable 01/01/2027)<sup>(a)</sup> | 125000 | 125526  |
| &nbsp;&nbsp;&nbsp; 4.50%, 10/01/2048 (Callable 04/01/2028) | 230000 | 232458  |
| &nbsp;&nbsp;&nbsp; 3.75%, 04/01/2050 (Callable 04/01/2029) | 625000 | 625942  |
| &nbsp;&nbsp;&nbsp; 6.25%, 10/01/2052 (Callable 04/01/2032) | 3760000 | 4024344  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/01/2053 (Callable 10/01/2032) | 3000000 | 3197951  |
| &nbsp;&nbsp;&nbsp; 6.25%, 04/01/2054 (Callable 10/01/2032) | 2675000 | 2904866  |
| &nbsp;&nbsp;&nbsp; 6.25%, 10/01/2054 (Callable 10/01/2032) | 1850000 | 2064979  |
| &nbsp;&nbsp;&nbsp; 6.25%, 10/01/2055 (Callable 10/01/2033) | 3000000 | 3391110  |
|  Illinois State Toll Highway Authority, 5.00%, 12/01/2031 (Callable 02/02/2026) | 2885000 | 2890607  |
|  Jefferson County Township High School District No 201 Mt Vernon, 6.38%, 10/15/2034 (Callable 12/30/2026) | 500000 | 516555  |
| Joliet Park District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2026 | 575000 | 575913  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2027 | 605000 | 616027  |

---

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

151<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD SHORT-TERM MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Illinois - (Continued)** | **Illinois - (Continued)** | **Illinois - (Continued)** |
|  Kankakee Will Grundy Etc Counties Community College District No 520 Kankakee, 3.50%, 12/01/2026 | $1145000 | $1149048  |
|  Kendall Kane & Will Counties Community Unit School District No 308<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2033 (Callable 02/01/2026) | 1000000 | 1001871  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2034 (Callable 02/01/2026) | 1000000 | 1001871  |
|  Knox & Warren Counties Community Unit School District No 205 Galesburg<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 (Callable 12/01/2027) | 1875000 | 1945202  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2038 (Callable 12/01/2027) | 2000000 | 2045799  |
|  Knox Warren Etc Counties Community College District No 518 Carl Sandburg, 3.38%, 12/01/2035 (Callable 03/01/2026)<sup>(a)(d)</sup> | 2500000 | 2500142  |
|  La Salle & Bureau Counties Township High School District No 120 LaSalle-Peru, 5.00%, 12/01/2031 | 640000 | 711499  |
|  La Salle Bureau & Lee Counties Community Consolidated School District 289<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2028 | 990000 | 1041693  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 | 1465000 | 1566584  |
|  Lake County Community Unit School District No 187 North Chicago<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2028 | 455000 | 471363  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2029 | 555000 | 584356  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2030 | 570000 | 609296  |
|  Lake County Forest Preserve District, 2.00%, 12/15/2033 (Callable 12/15/2029) | 510000 | 442393  |
|  Metropolitan Pier & Exposition Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 06/15/2027<sup>(e)</sup> | 1010000 | 966201  |
| &nbsp;&nbsp;&nbsp; 0.00%, 06/15/2028<sup>(e)</sup> | 2790000 | 2581766  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2029<sup>(e)</sup> | 295000 | 259992  |
|  Morgan County School District No 117 Jacksonville<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2029 | 555000 | 588274  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2030 | 250000 | 270163  |
| Northeastern Illinois University<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 | 820000 | 855981  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | 600000 | 653436  |
| Northern Illinois University<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2027 | 1180000 | 1208084  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2028 | 650000 | 674504  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029 | 780000 | 827815  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Park Ridge Park District, 2.50%, 12/01/2028 | $1540000 | $1510106  |
|  Shelby Christian Macon Counties Community School District No. 21, 4.00%, 12/01/2026 (Callable 02/02/2026) | 435000 | 434995  |
| Southern Illinois University<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2026 | 1000000 | 1002157  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2027 | 1000000 | 1020673  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2028 | 1000000 | 1046113  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2029 | 700000 | 747294  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2030 | 450000 | 489302  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2031 | 320000 | 353666  |
|  Southwestern Illinois Community College District No 522<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2027 | 1300000 | 1354319  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2028 | 1500000 | 1595206  |
|  Southwestern Illinois Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2028 | 315000 | 333541  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 | 180000 | 194149  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 590000 | 647107  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 | 910000 | 1012289  |
|  St Charles Public Library District, 4.00%, 11/01/2028 (Callable 02/02/2026) | 455000 | 455460  |
|  St Clair County Community Unit School District No 187 Cahokia<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2026 | 125000 | 125000  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2027 | 180000 | 183814  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2028 | 200000 | 208420  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2029 | 300000 | 318838  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2030 | 225000 | 243731  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2031 | 250000 | 275501  |
|  St Clair County Community Unit School District No 19 Mascoutah, 4.00%, 02/01/2028 (Callable 02/02/2026) | 100000 | 100118  |
|  State of Illinois Sales Tax Revenue, 5.00%, 06/15/2026 | 6580000 | 6645056  |
| &nbsp;&nbsp;&nbsp; Stephenson County School District <br>No 145 Freeport<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2031 | 375000 | 410599  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2032 | 325000 | 358831  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2033 | 405000 | 449967  |
|  Taylorville Community Pleasure Driveway & Park District, 5.00%, 12/01/2033 | 1980000 | 2178585  |
|  United City of Yorkville IL, 4.05%, 12/01/2027 (Callable 02/02/2026) | 120000 | 120105  |
|  Upper Illinois River Valley Development Authority, 5.00%, 12/01/2028 | 1050000 | 1098230  |
|  Village of Gilberts IL, 3.50%, 03/01/2030 | 4000000 | 4014646  |

---

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

152<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD SHORT-TERM MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Illinois - (Continued)** | **Illinois - (Continued)** | **Illinois - (Continued)** |
|  Village of Hillside IL, 5.00%, 01/01/2030 (Callable 01/01/2027) | $2325000 | $2340878  |
|  Village of Romeoville IL, 5.00%, 10/01/2030 (Callable 01/23/2026) | 1000000 | 1000424  |
|  Will County Community Unit School District No 201-U Crete-Monee<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2026 | 435000 | 435298  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2027 | 365000 | 372429  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2028 | 490000 | 510220  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2029 | 490000 | 520039  |
|  Will County School District No 159 Mokena, 4.00%, 12/01/2031 (Callable 02/02/2026) | 495000 | 495172  |
|  |  | 116477943  |
| **Indiana - 2.0%**<br>|  |  |
|  Avon Community School Building Corp., 3.25%, 07/15/2032 | 5760000 | 5813336  |
|  Carmel Local Public Improvement Bond Bank, 5.00%, 07/15/2032 (Callable 07/15/2026) | 4000000 | 4039698  |
|  City of La Porte IN Sewage Works Revenue, 3.75%, 09/01/2029 (Callable 02/02/2026) | 6980000 | 6979962  |
|  City of La Porte IN Waterworks Revenue, 3.50%, 07/01/2029 (Callable 02/02/2026) | 1750000 | 1750011  |
|  City of Valparaiso IN, 4.00%, 08/01/2026 (Callable 02/02/2026) | 375000 | 375222  |
|  County of St Joseph IN, 5.00%, 04/01/2027 | 1500000 | 1532736  |
|  Frankton-Lapel Community Schools Building Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2027 | 1325000 | 1355245  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2027 | 1390000 | 1436230  |
|  Gary Chicago International Airport Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2026 | 200000 | 200291  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2027 | 125000 | 127582  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2028 | 155000 | 161235  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2029 | 125000 | 132407  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2030 | 150000 | 161340  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2031 | 225000 | 245599  |
| Indiana Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2026 | 730000 | 735529  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2026 | 1520000 | 1528898  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2026 | 125000 | 126636  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2027 | 155000 | 160129  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/15/2027 | 1410000 | 1439580  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2028 | 230000 | 241946  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028 | 260000 | 264641  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | $1595000 | $1670384  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2029 | 225000 | 240905  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2030 | 250000 | 272250  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2033 (Callable 02/01/2029) | 805000 | 859471  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2064 (Callable 10/01/2028)<sup>(a)</sup> | 5000000 | 5340689  |
|  Indiana Housing & Community Development Authority, 3.50%, 01/01/2049 (Callable 01/01/2029) | 425000 | 423938  |
|  Indiana Secondary Market for Education Loans, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2028<sup>(c)</sup> | 400000 | 412736  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2029<sup>(c)</sup> | 500000 | 522098  |
|  MSD of Wabash County Multi-School Building Corp., 5.00%, 01/15/2027 | 445000 | 455204  |
|  North Lawrence Community Schools/IN<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2026 | 600000 | 605344  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2027 | 325000 | 335859  |
|  Shelbyville Redevelopment Authority, 3.00%, 08/01/2029 (Callable 02/01/2029) | 885000 | 880342  |
|  Tippecanoe County School Building Corp., 5.00%, 01/15/2027 | 300000 | 306724  |
|  Tippecanoe Valley Akron School Building Corp., 4.00%, 07/15/2030 (Callable 07/15/2026) | 325000 | 326750  |
|  Westfield-Washington Multi-School Building Corp., 5.00%, 01/15/2030 | 500000 | 543445  |
|  |  | 42004392  |
| **Iowa - 1.2%**<br>|  |  |
|  City of Ames IA, 5.00%, 06/15/2031 (Callable 06/15/2026) | 2000000 | 2016529  |
|  City of Knoxville IA, 3.00%, 06/01/2029 (Callable 06/01/2026) | 385000 | 382851  |
|  Clear Creek-Amana Community School District, 4.00%, 06/01/2027 (Callable 06/01/2026) | 2900000 | 2911384  |
|  Glenwood Community School District, 3.00%, 06/01/2028 (Callable 02/02/2026) | 490000 | 485816  |
| Iowa Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 11/01/2027<sup>(b)</sup> | 1345000 | 1355973  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2031 (Callable 01/23/2026) | 2275000 | 2280393  |
| &nbsp;&nbsp;&nbsp; 7.50%, 01/01/2032 (Callable 01/01/2030)<sup>(b)</sup> | 2250000 | 2117667  |
| &nbsp;&nbsp;&nbsp; 3.50%, 07/01/2046 (Callable 01/01/2026) | 20000 | 20000  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2047 (Callable 07/01/2028) | 475000 | 479112  |

---

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

153<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD SHORT-TERM MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Iowa - (Continued)** | **Iowa - (Continued)** | **Iowa - (Continued)** |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2047 (Callable 07/01/2027) | $190000  | $190445  |
| &nbsp;&nbsp;&nbsp; 3.50%, 01/01/2049 (Callable 01/01/2029) | 1135000 | 1131021  |
| &nbsp;&nbsp;&nbsp; 6.00%, 07/01/2052 (Callable 07/01/2032) | 2660000 | 2818058  |
|  Iowa Higher Education Loan Authority, 3.00%, 04/01/2028 | 845000 | 840892  |
|  PEFA, Inc., 5.00%, 09/01/2049 (Callable 06/01/2026)<sup>(a)</sup> | 6600000 | 6659183  |
|  Rock Valley Community School District School Infra Sales Services & Use Tax<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2029 | 505000 | 541392  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2031 | 400000 | 444008  |
|  |  | 24674724  |
| **Kansas - 1.8%**<br>|  |  |
|  City of Abilene KS, 3.38%, 03/01/2029 (Callable 03/01/2027) | 2320000 | 2327293  |
|  City of Bel Aire KS, 3.13%, 12/01/2027 (Callable 12/01/2026) | 5225000 | 5242355  |
|  City of Edwardsville KS, 3.63%, 12/01/2028 (Callable 06/01/2026) | 5945000 | 5955085  |
|  City of Goddard KS, 3.13%, 12/01/2027 (Callable 06/01/2027) | 4075000 | 4066091  |
|  City of Linn Valley KS, 5.00%, 06/01/2028 (Callable 06/01/2027) | 5680000 | 5842384  |
| City of Manhattan KS<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/15/2026 (Callable 02/02/2026) | 620000 | 620538  |
| &nbsp;&nbsp;&nbsp; 4.20%, 06/01/2032 (Callable 11/01/2027) | 1000000 | 1001029  |
|  City of Osawatomie KS, 3.75%, 03/01/2027 (Callable 02/02/2026) | 2935000 | 2935761  |
|  City of Topeka KS, 2.00%, 08/15/2028 (Callable 02/15/2027) | 1425000 | 1370700  |
|  Garden Plain Public Building Commission, 3.63%, 10/01/2028 (Callable 10/01/2026) | 2600000 | 2582494  |
|  Kansas Development Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 07/01/2028 (Callable 02/02/2026) | 545000 | 542303  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2028 (Callable 09/01/2027)<sup>(a)</sup> | 1500000 | 1546648  |
| &nbsp;&nbsp;&nbsp; 2.95%, 09/01/2059 (Callable 09/01/2027)<sup>(a)</sup> | 3775000 | 3766034  |
|  |  | 37798715  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Kentucky - 2.3%**<br>|  |  |
|  Bullitt County School District Finance Corp., 3.25%, 09/01/2028 (Callable 02/02/2026) | $615000 | $615104  |
| City of Versailles KY<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 08/15/2026 (Callable 02/02/2026) | 2570000 | 2558819  |
| &nbsp;&nbsp;&nbsp; 3.00%, 07/01/2027 (Callable 07/01/2026) | 295000 | 292309  |
|  County of Carroll KY, 1.55%, 09/01/2042<sup>(a)</sup> | 750000 | 738226  |
|  County of Owen KY, 3.88%, 06/01/2040<sup>(a)</sup> | 1750000 | 1786139  |
|  County of Trimble KY, 4.70%, 06/01/2054 (Callable 03/03/2027)<sup>(a)(c)</sup> | 1000000 | 1007526  |
|  Henry County School District Finance Corp., 4.00%, 02/01/2026 | 590000 | 590493  |
|  Kentucky Economic Development Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2026 | 240000 | 241369  |
| &nbsp;&nbsp;&nbsp; 0.00%, 10/01/2026<sup>(e)</sup> | 300000 | 291378  |
| &nbsp;&nbsp;&nbsp; 0.00%, 10/01/2028<sup>(e)</sup> | 45000 | 40402  |
| Kentucky Housing Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.15%, 05/01/2030 (Callable 05/01/2028)<sup>(a)</sup> | 1000000 | 1000928  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2043 (Callable 03/01/2026)<sup>(a)</sup> | 3000000 | 3009781  |
| &nbsp;&nbsp;&nbsp; 6.25%, 07/01/2055 (Callable 01/01/2033) | 1515000 | 1671465  |
| Kentucky Public Energy Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 6960000 | 7311651  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/2055 (Callable 09/01/2029)<sup>(a)</sup> | 5030000 | 5320920  |
|  Kentucky Turnpike Authority, 5.00%, 07/01/2032 (Callable 07/01/2027) | 1125000 | 1157043  |
|  Louisville/Jefferson County Metropolitan Government, 5.00%, 10/01/2029 (Callable 10/01/2026) | 1000000 | 1014664  |
|  Northern Kentucky University, 3.50%, 09/01/2028 | 1735000 | 1760104  |
| Rural Water Financing Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 08/01/2027 (Callable 08/01/2026) | 1000000 | 1002582  |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/01/2028 (Callable 02/01/2026) | 1000000 | 994081  |
| &nbsp;&nbsp;&nbsp; 2.88%, 08/01/2028 (Callable 02/01/2027) | 11000000 | 10918367  |
|  Shelby County School District Finance Corp., 4.00%, 02/01/2029 (Callable 02/01/2027) | 430000 | 434674  |
|  University of Louisville, 5.00%, 03/01/2034 (Callable 09/01/2026) | 2000000 | 2021491  |

---

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

154<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD SHORT-TERM MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Kentucky - (Continued)** | **Kentucky - (Continued)** | **Kentucky - (Continued)** |
|  Warren County School District Finance Corp., 3.50%, 06/01/2028 (Callable 02/02/2026) | $1000000 | $1000362  |
|  |  | 46779878  |
| **Louisiana - 1.6%**<br>|  |  |
|  Caddo Parish Parishwide School District, 3.00%, 03/01/2029 | 150000 | 150328  |
| City of Shreveport LA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2027 | 900000 | 919441  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2028 | 870000 | 905893  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2028 (Callable 08/01/2027) | 1615000 | 1665313  |
| &nbsp;&nbsp;&nbsp; 3.13%, 10/01/2030<sup>(b)</sup> | 1445000 | 1440652  |
|  City of Shreveport LA Water & Sewer Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2027 | 825000 | 856028  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2028 | 1375000 | 1450371  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 (Callable 12/01/2028) | 2850000 | 2999499  |
|  Greater New Orleans Expressway Commission<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2027 | 455000 | 473824  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2028 | 895000 | 951422  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2029 | 740000 | 803358  |
|  Greater Ouachita Water Co., 4.00%, 09/01/2034 | 950000 | 972064  |
|  Jefferson Sales Tax District, 5.00%, 12/01/2033 (Callable 12/01/2027) | 1020000 | 1057586  |
| Louisiana Housing Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2028 (Callable 04/01/2027)<sup>(a)</sup> | 4226000 | 4320261  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2028 (Callable 04/01/2027)<sup>(a)</sup> | 2275000 | 2324902  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2043 (Callable 07/01/2026)<sup>(a)</sup> | 2500000 | 2512491  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2046 (Callable 02/01/2026)<sup>(a)</sup> | 2250000 | 2253629  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2052 (Callable 06/01/2031) | 625000 | 650943  |
|  Louisiana Local Government Environmental Facilities & Community Development Auth<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2028 | 560000 | 594558  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 445000 | 490195  |
| &nbsp;&nbsp;&nbsp; 3.02%, 04/01/2031 (Callable 02/02/2026)<sup>(b)</sup> | 3797000 | 3797656  |
|  Louisiana Public Facilities Authority, 5.00%, 10/01/2028 | 220000 | 228245  |
|  Morehouse Parish Hospital Service District No 1, 4.00%, 10/01/2027 | 635000 | 629199  |
|  St Tammany Parish Hospital Service District No 2, 5.00%, 03/01/2032 | 535000 | 594022  |
|  |  | 33041880  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Maine - 0.2%**<br>|  |  |
|  Finance Authority of Maine, 5.00%, 12/01/2031<sup>(c)</sup> | $1100000 | $1175455  |
| Maine State Housing Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 11/15/2047 (Callable 11/15/2026) | 25000 | 24972  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/15/2049 (Callable 05/15/2028) | 245000 | 245689  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/15/2050 (Callable 05/15/2029) | 615000 | 618175  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2052 (Callable 11/15/2031) | 2395000 | 2488869  |
|  |  | 4553160  |
| **Maryland - 1.1%**<br>|  |  |
| City of Baltimore MD<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 (Callable 01/01/2027) | 2010000 | 2054773  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 (Callable 01/01/2027)  | 1450000  | 1482299 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 (Callable 01/01/2027) | 550000 | 561755  |
| County of Anne Arundel MD<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 | 155000 | 163170  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 175000 | 187850  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 | 270000 | 295168  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | 290000 | 322136  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 | 315000 | 354484  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 | 325000 | 368547  |
|  County of Frederick MD, 5.00%, 04/01/2027 | 1145000 | 1181093  |
|  County of Prince George's MD, 7.00%, 08/01/2048 (Callable 11/01/2026) | 1500000 | 1550226  |
|  Howard County Housing Commission, 5.00%, 12/01/2027 | 525000 | 543851  |
|  Maryland Community Development Administration<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.20%, 09/01/2028 (Callable 01/18/2026) | 1815000 | 1815326  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2052 (Callable 03/01/2031) | 2120000 | 2199520  |
|  Maryland Health & Higher Educational Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2026 | 495000 | 495000  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2027 | 430000 | 437108  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027 | 1380000 | 1404510  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 110000 | 117437  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | 450000 | 495554  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 | 300000 | 333302  |
|  Maryland Stadium Authority, 5.00%, 06/01/2027 | 1635000 | 1690772  |
|  Montgomery County Housing Opportunities Commission, 4.00%, 07/01/2048 (Callable 07/01/2026) | 385000 | 385493  |
|  State of Maryland, 5.00%, 03/15/2029 (Callable 03/15/2028) | 3385000 | 3569272  |
|  |  | 22008646  |

---

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

155<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD SHORT-TERM MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Massachusetts - 0.6%**<br>|  |  |
|  Massachusetts Bay Transportation Authority Sales Tax Revenue, 0.00%, 07/01/2030 (Callable 07/01/2026)<sup>(e)</sup> | $8900000 | $7771557  |
|  Massachusetts Development Finance Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 (Callable 07/01/2027) | 1640000 | 1661211  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 (Callable 07/01/2027) | 1250000 | 1264353  |
|  Massachusetts Educational Financing Authority, 5.00%, 01/01/2026<sup>(c)</sup> | 1365000 | 1365000  |
|  Massachusetts Housing Finance Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2048 (Callable 06/01/2027) | 335000 | 336220  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2048 (Callable 06/01/2027)  | 155000  | 155331 |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/01/2049 (Callable 12/01/2028) | 410000 | 412347  |
|  Massachusetts State College Building Authority, 0.00%, 05/01/2027<sup>(e)</sup> | 110000 | 105794  |
|  Town of Deerfield MA, 3.50%, 12/15/2029 (Callable 02/02/2026) | 245000 | 244275  |
|  |  | 13316088  |
| **Michigan - 2.1%**<br>|  |  |
| City of Detroit MI<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/2026 | 1310000 | 1318477  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/2027 | 290000 | 297745  |
|  City of Detroit MI Sewage Disposal System Revenue, 5.50%, 07/01/2029 | 4980000 | 5233857  |
|  City of Dexter MI, 3.25%, 10/01/2029 (Callable 02/02/2026) | 250000 | 250076  |
|  Detroit Wayne County Stadium Authority, 5.00%, 10/01/2026 (Callable 02/02/2026) | 30000 | 30020  |
|  Grand Rapids Public Schools, 5.00%, 05/01/2028 (Callable 05/01/2027) | 1495000 | 1537804  |
|  Grand Valley State University, 5.00%, 12/01/2032 (Callable 06/01/2026) | 1095000 | 1102693  |
|  MBS International Airport Revenue, 5.25%, 06/01/2035<sup>(c)</sup> | 1780000 | 1914574  |
| Michigan Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2026 | 200000 | 200468  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2026 | 930000 | 940227  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2027 | 280000 | 281447  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2027 | 975000 | 998452  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2028 (Callable 04/01/2027) | 4000000 | 4009058  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2028 (Callable 10/01/2026) | 1000000 | 1016893  |
| &nbsp;&nbsp;&nbsp; 1.20%, 10/15/2030<sup>(a)</sup> | 625000 | 592734  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2044 (Callable 05/16/2026)<sup>(a)</sup> | $2000000 | $2009021  |
|  Michigan State Housing Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.15%, 03/01/2029<sup>(a)</sup> | 5915000 | 5920342  |
| &nbsp;&nbsp;&nbsp; 3.50%, 06/01/2047 (Callable 06/01/2026) | 350000 | 349641  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/01/2053 (Callable 12/01/2031) | 2145000 | 2265555  |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/01/2054 (Callable 12/01/2032) | 3395000 | 3645934  |
| Michigan Strategic Fund<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.88%, 04/01/2035<sup>(a)(c)</sup> | 1050000 | 1024304  |
| &nbsp;&nbsp;&nbsp; 3.35%, 10/01/2049<sup>(a)(c)</sup> | 2150000 | 2147045  |
|  Roseville Community Schools, 5.00%, 05/01/2027 | 2265000 | 2330702  |
|  Taylor Brownfield Redevelopment Authority, 5.00%, 05/01/2027 | 240000 | 246194  |
|  Van Dyke Public Schools, 5.00%, 05/01/2035 | 2000000 | 2202140  |
|  Warren Consolidated Schools, 5.00%, 05/01/2031 (Callable 05/01/2028) | 1075000 | 1132529  |
|  Wayne County Airport Authority, 5.00%, 12/01/2029<sup>(c)</sup> | 500000 | 534118  |
|  |  | 43532050  |
| **Minnesota - 1.7%**<br>|  |  |
|  City of Burnsville MN, 2.10%, 12/20/2027 (Callable 12/20/2026) | 1040000 | 1017700  |
| City of Maple Grove MN<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2027 (Callable 02/02/2026) | 1285000 | 1285977  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2030 (Callable 02/02/2026) | 865000 | 865770  |
|  City of St Anthony MN, 3.50%, 02/01/2029 (Callable 02/02/2026) | 295000 | 295145  |
|  City of Virginia MN, 5.00%, 12/15/2026 (Callable 02/02/2026) | 7500000 | 7506680  |
|  Eastern Carver County Schools Independent School District No 112, 2.50%, 02/01/2029 | 1440000 | 1401639  |
|  Golden Valley Housing & Redevelopment Authority, 4.00%, 02/01/2030 (Callable 02/02/2026) | 1070000 | 1070299  |
|  Housing & Redevelopment Authority of The City of St Paul Minnesota<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 09/01/2026 (Callable 02/02/2026) | 175000 | 172300  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2027 | 1065000 | 1090941  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2030 (Callable 10/01/2027) | 1250000 | 1268632  |
|  Metropolitan Council, 5.00%, 12/01/2027 | 10000 | 10469  |

---

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

156<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD SHORT-TERM MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Minnesota - (Continued)** | **Minnesota - (Continued)** | **Minnesota - (Continued)** |
|  Minnesota Health & Education Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2027 (Callable 03/01/2026) | $250000 | $250482  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029 (Callable 10/01/2027) | 1015000 | 1041109  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2053 (Callable 04/01/2029)<sup>(a)</sup> | 1000000 | 1060469  |
| Minnesota Housing Finance Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.45%, 07/01/2034 (Callable 01/01/2029) | 890000 | 800546  |
| &nbsp;&nbsp;&nbsp; 2.55%, 07/01/2039 (Callable 01/01/2029) | 5680000 | 5023844  |
| &nbsp;&nbsp;&nbsp; 2.75%, 07/01/2044 (Callable 01/01/2029) | 1385000 | 1106409  |
| &nbsp;&nbsp;&nbsp; 3.50%, 07/01/2046 (Callable 02/02/2026) | 565000 | 564532  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2047 (Callable 02/02/2026) | 25000 | 25012  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2047 (Callable 01/01/2027) | 180000 | 180261  |
| &nbsp;&nbsp;&nbsp; 3.00%, 07/01/2052 (Callable 07/01/2031) | 3760000 | 3699008  |
| &nbsp;&nbsp;&nbsp; 6.00%, 07/01/2053 (Callable 01/01/2033) | 2185000 | 2341457  |
| &nbsp;&nbsp;&nbsp; South Washington County Independent School District <br>No 833/MN, 4.00%, 02/01/2029 (Callable 02/02/2026) | 1500000 | 1501141  |
|  State of Minnesota, 5.00%, 08/01/2034 (Callable 08/01/2026) | 2250000 | 2278577  |
|  |  | 35858399  |
| **Mississippi - 0.7%**<br>|  |  |
| City of Florence MS<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 08/01/2028 | 240000 | 261483  |
| &nbsp;&nbsp;&nbsp; 7.13%, 08/01/2029 | 250000 | 280333  |
| City of Louisville MS<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 09/01/2026 | 180000 | 182611  |
| &nbsp;&nbsp;&nbsp; 5.63%, 09/01/2027 | 190000 | 196723  |
|  City of Starkville MS Water & Sewer System Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2029 | 250000 | 267052  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2030 | 265000 | 288781  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2031 | 275000 | 304692  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2032 | 290000 | 325805  |
| Mississippi Development Bank<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2026 | 375000 | 377715  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2026 | 60000 | 60794  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2027 | 550000 | 548022  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2028 | 1300000 | 1371313  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2028 | 350000 | 359465  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2028 | 1150000 | 1164629  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2028 (Callable 11/01/2027) | $755000 | $765727  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2029 (Callable 11/01/2027) | 325000 | 329714  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/2030 (Callable 09/01/2028) | 365000 | 370781  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2030 (Callable 02/02/2026) | 50000 | 50028  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2030 (Callable 11/01/2027) | 5000 | 5165  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/2031 (Callable 09/01/2026) | 2983000 | 2933125  |
| &nbsp;&nbsp;&nbsp; 1.48%, 07/01/2031 (Callable 02/02/2026)<sup>(b)</sup> | 1296000 | 1172164  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2032 (Callable 08/01/2029) | 10000 | 10341  |
| Mississippi Home Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2028<sup>(a)</sup> | 1136000 | 1171879  |
| &nbsp;&nbsp;&nbsp; 3.50%, 12/01/2049 (Callable 12/01/2028) | 295000 | 294663  |
|  University of Southern Mississippi, 5.00%, 09/01/2033 (Callable 09/01/2026) | 510000 | 516582  |
|  |  | 13609587  |
| **Missouri - 1.2%**<br>|  |  |
|  Citizens Memorial Hospital District, 5.00%, 12/01/2026 (Callable 09/01/2026) | 6400000 | 6422287  |
|  Health & Educational Facilities Authority of the State of Missouri<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2026 | 620000 | 623103  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2029 (Callable 02/02/2026) | 1195000 | 1196308  |
| Missouri Development Finance Board<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2027 | 500000 | 520340  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2028 | 225000 | 238742  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 | 175000 | 189005  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 150000 | 164497  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 | 160000 | 177682  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 180000 | 201807  |
|  Missouri Housing Development Commission<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 11/01/2052 (Callable 05/01/2032) | 2960000 | 3050837  |
| &nbsp;&nbsp;&nbsp; 5.75%, 05/01/2056 (Callable 05/01/2033) | 3475000 | 3793509  |
|  Missouri Joint Municipal Electric Utility Commission 5.00%, 06/01/2029 | 685000 | 738980 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2029 | 645000 | 693421 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2029  | 630000  | 670002  |
|  Ray County 911 Emergency Services Board<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2031 | 125000 | 136174  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2032 | 115000 | 126690  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2033 | 125000 | 138595  |

---

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

157<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD SHORT-TERM MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Missouri - (Continued)** | **Missouri - (Continued)** | **Missouri - (Continued)** |
|  Springfield Industrial Development Authority, 3.50%, 07/01/2045 (Callable 01/01/2027)<sup>(a)</sup> | $200000 | $201053  |
|  St Louis County Industrial Development Authority, 5.00%, 11/15/2028 (Callable 02/02/2026) | 830000 | 830443  |
|  St Louis Land Clearance for Redevelopment Authority, 4.25%, 06/01/2026 | 920000 | 921159  |
| St Louis Municipal Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 07/15/2027<sup>(b)(e)</sup> | 1155000 | 1094710 |
| &nbsp;&nbsp;&nbsp; 0.00%, 07/15/2027<sup>(b)(e)</sup> | 1000000  | 947801  |
| &nbsp;&nbsp;&nbsp; 0.00%, 07/15/2028<sup>(b)(e)</sup> | 1405000 | 1285495  |
|  |  | 24362640  |
| **Montana - 0.6%**<br>|  |  |
|  City of Billings MT, 5.00%, 07/01/2032 (Callable 07/01/2028) | 710000 | 724084  |
|  City of Forsyth MT, 3.88%, 07/01/2028 (Callable 04/02/2028) | 1660000 | 1687007  |
| Montana Board of Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2043 (Callable 12/01/2027) | 185000 | 185567  |
| &nbsp;&nbsp;&nbsp; 3.32%, 07/01/2046 (Callable 08/01/2027)<sup>(a)</sup> | 1500000 | 1508399  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/01/2049 (Callable 12/01/2027) | 210000 | 210404  |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/01/2053 (Callable 06/01/2032) | 1670000 | 1773449  |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/01/2055 (Callable 06/01/2033) | 2750000 | 3000878  |
| &nbsp;&nbsp;&nbsp; 6.00%, 12/01/2055 (Callable 12/01/2033) | 3205000 | 3543984  |
|  Montana Facility Finance Authority, 4.00%, 07/01/2026 | 330000 | 330031  |
|  |  | 12963803  |
| **Nebraska - 0.5%**<br>|  |  |
|  Central Plains Energy Project, 5.00%, 05/01/2053 (Callable 07/01/2029)<sup>(a)</sup> | 1000000 | 1043312  |
|  County of Perkins NE, 4.25%, 11/15/2026 (Callable 02/02/2026) | 1600000 | 1600202  |
|  Douglas County Hospital Authority No 2, 5.00%, 05/15/2030 (Callable 02/02/2026) | 1500000 | 1500977  |
|  Nebraska Investment Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 03/01/2052 (Callable 03/01/2031) | 3370000 | 3306729  |
| &nbsp;&nbsp;&nbsp; 6.25%, 09/01/2055 (Callable 03/01/2034) | 2000000 | 2231675  |
|  |  | 9682895  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Nevada - 0.2%**<br>|  |  |
|  Clark County School District, 4.00%, 06/15/2030 (Callable 02/02/2026) | $575000 | $575423  |
| Las Vegas Redevelopment Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2026 | 1000000 | 1006724  |
| &nbsp;&nbsp;&nbsp; 3.00%, 06/15/2032 (Callable 06/15/2026) | 820000 | 777778  |
| Nevada Housing Division<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2049 (Callable 10/01/2028) | 510000 | 512203  |
| &nbsp;&nbsp;&nbsp; 3.00%, 04/01/2051 (Callable 10/01/2030) | 875000 | 861874  |
|  |  | 3734002  |
| **New Hampshire - 0.4%**<br>|  |  |
|  Hollis School District, 2.77%, 06/28/2027 (Callable 01/23/2026)<sup>(b)</sup> | 622789 | 612532  |
|  Manchester Housing and Redevelopment Authority, Inc., 0.00%, 01/01/2029<sup>(e)</sup> | 135000 | 121069  |
|  New Hampshire Business Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2028 (Callable 02/02/2026) | 400000 | 402224  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2033<sup>(c)</sup> | 245000 | 256329  |
|  New Hampshire Health and Education Facilities Authority Act<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2031 (Callable 10/01/2026) | 2210000 | 2236028  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/01/2034 | 3795000 | 3829725  |
|  |  | 7457907  |
| **New Jersey - 4.3%**<br>|  |  |
| Borough of Berlin NJ<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 03/15/2026 | 550000 | 548760  |
| &nbsp;&nbsp;&nbsp; 2.00%, 03/15/2027 | 770000 | 759272  |
|  Borough of Union Beach NJ, 4.88%, 03/01/2029 | 120000 | 123746  |
| City of Newark NJ<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2026 | 200000 | 202157  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2027 | 2200000 | 2268874 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2027  | 395000  | 407366  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2028 | 410000 | 431230  |
| Clark Township Board of Education<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.25%, 08/15/2026 | 1001000 | 989417  |
| &nbsp;&nbsp;&nbsp; 1.25%, 08/15/2027 | 1305000 | 1268019  |
| &nbsp;&nbsp;&nbsp; 1.25%, 08/15/2028 | 1365000 | 1299725  |
| &nbsp;&nbsp;&nbsp; 1.25%, 08/15/2029 | 1420000 | 1327035  |
| &nbsp;&nbsp;&nbsp; 1.25%, 08/15/2030 | 1355000 | 1241737  |
| &nbsp;&nbsp;&nbsp; 1.50%, 08/15/2031 | 1540000 | 1398487  |
| &nbsp;&nbsp;&nbsp; 1.50%, 08/15/2032 | 1605000 | 1424708  |
|  County of Bergen NJ, 1.00%, 03/01/2026 | 2720000 | 2711956  |
| County of Somerset NJ<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.00%, 03/01/2026 | 1715000 | 1709928 |
| &nbsp;&nbsp;&nbsp; 1.00%, 03/01/2026  | 110000  | 109675  |

---

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

158<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD SHORT-TERM MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **New Jersey - (Continued)** | **New Jersey - (Continued)** | **New Jersey - (Continued)** |
| &nbsp;&nbsp;&nbsp; 1.00%, 03/01/2027 | $1785000 | $1749636 |
| &nbsp;&nbsp;&nbsp; 1.00%, 03/01/2027  | 115000  | 112722 |
| &nbsp;&nbsp;&nbsp; 1.00%, 03/01/2028  | 1855000  | 1777993  |
| &nbsp;&nbsp;&nbsp; 1.00%, 03/01/2028 | 115000 | 110226  |
| Delanco Township Board of Education<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.00%, 08/15/2026 | 154000 | 151984  |
| &nbsp;&nbsp;&nbsp; 1.00%, 08/15/2027 | 135000 | 130583  |
| &nbsp;&nbsp;&nbsp; 1.00%, 08/15/2028 | 270000 | 256254  |
| &nbsp;&nbsp;&nbsp; 1.00%, 08/15/2029 | 270000 | 251617  |
| &nbsp;&nbsp;&nbsp; 1.00%, 08/15/2030 | 270000 | 246852  |
| Haddon Township Board of Education<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 08/01/2026 | 654000 | 649765  |
| &nbsp;&nbsp;&nbsp; 2.00%, 08/01/2027 | 675000 | 661908  |
| &nbsp;&nbsp;&nbsp; 2.00%, 08/01/2028 | 700000 | 683804  |
|  Kinnelon School District, 2.00%, 02/01/2029 | 1270000 | 1226783  |
| Little Ferry School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.05%, 08/15/2026 | 669000 | 656578  |
| &nbsp;&nbsp;&nbsp; 0.05%, 08/15/2027 | 620000 | 589732  |
| &nbsp;&nbsp;&nbsp; 0.05%, 08/15/2028 | 805000 | 739167  |
| &nbsp;&nbsp;&nbsp; 0.05%, 08/15/2029 | 825000 | 733734  |
|  Madison Borough Board of Education, 1.00%, 08/15/2028 | 2850000 | 2708354  |
|  New Jersey Economic Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.13%, 07/01/2029 (Callable 07/01/2027) | 935000 | 919754  |
| &nbsp;&nbsp;&nbsp; 2.20%, 10/01/2039 (Callable 12/03/2029)<sup>(a)(c)</sup> | 2330000 | 2200856  |
|  New Jersey Educational Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 07/01/2028 (Callable 02/02/2026) | 165000 | 163719  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 (Callable 07/01/2027) | 1435000 | 1476727  |
|  New Jersey Higher Education Student Assistance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2027 (Callable 12/01/2026)<sup>(c)</sup> | 1015000 | 1030733  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029<sup>(c)</sup> | 3000000 | 3172952  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030<sup>(c)</sup> | 3000000 | 3184158  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031<sup>(c)</sup> | 1600000 | 1701013  |
|  New Jersey Housing & Mortgage Finance Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.60%, 05/01/2026 | 3045000 | 3048362  |
| &nbsp;&nbsp;&nbsp; 4.50%, 10/01/2048 (Callable 10/01/2027) | 455000 | 461239  |
| &nbsp;&nbsp;&nbsp; 4.75%, 10/01/2050 (Callable 04/01/2028) | 500000 | 507283  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2053 (Callable 04/01/2031) | 2585000 | 2686086  |
|  New Jersey Transportation Trust Fund Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2026<sup>(e)</sup> | 495000 | 481651  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2027<sup>(e)</sup> | 155000 | 146445  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2028<sup>(e)</sup> | $4915000 | $4519945 |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2028<sup>(e)</sup>  | 775000  | 710636  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2029 (Callable 06/15/2026) | 1865000 | 1882242  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2029<sup>(e)</sup> | 3690000 | 3296727  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2031 (Callable 06/15/2026) | 1000000 | 1008929  |
|  New Jersey Turnpike Authority, 5.00%, 01/01/2028 | 1760000 | 1798753  |
|  Newark Housing Authority, 5.00%, 12/01/2028 (Callable 12/01/2026) | 1500000 | 1535285  |
| Northfield Board of Education<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 07/15/2028 | 475000 | 463617  |
| &nbsp;&nbsp;&nbsp; 2.00%, 07/15/2029 | 390000 | 377385  |
| &nbsp;&nbsp;&nbsp; 2.00%, 07/15/2030 | 510000 | 489144  |
| Palmyra School District/NJ<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.00%, 07/15/2026 | 612000 | 605296  |
| &nbsp;&nbsp;&nbsp; 1.00%, 07/15/2027 | 645000 | 624167  |
| &nbsp;&nbsp;&nbsp; 1.00%, 07/15/2028 | 685000 | 647959  |
| &nbsp;&nbsp;&nbsp; 1.00%, 07/15/2029 | 725000 | 671603  |
| &nbsp;&nbsp;&nbsp; 1.00%, 07/15/2030 | 900000 | 816293  |
|  River Dell Regional School District, 1.00%, 09/01/2028 | 735000 | 697889  |
| Roseland School District/NJ<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.00%, 08/15/2027 | 445000 | 430782  |
| &nbsp;&nbsp;&nbsp; 1.00%, 08/15/2028 | 475000 | 452778  |
|  Salem County Improvement Authority, 4.00%, 08/15/2026 | 475000 | 476719  |
| Scotch Plains-Fanwood School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.25%, 10/15/2026 | 1050000 | 1034389  |
| &nbsp;&nbsp;&nbsp; 1.25%, 10/15/2027 | 865000 | 836699  |
| &nbsp;&nbsp;&nbsp; 1.25%, 10/15/2028 | 890000 | 847437  |
| &nbsp;&nbsp;&nbsp; 1.25%, 10/15/2029 | 925000 | 865999  |
| &nbsp;&nbsp;&nbsp; 1.25%, 10/15/2030 | 960000 | 882625  |
| &nbsp;&nbsp;&nbsp; 1.25%, 10/15/2031 | 1000000 | 901560  |
| &nbsp;&nbsp;&nbsp; 1.25%, 10/15/2032 | 1040000 | 917008  |
|  Tewksbury Township Board of Education<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.00%, 08/15/2029 | 975000 | 903848  |
| &nbsp;&nbsp;&nbsp; 1.00%, 08/15/2030 | 1015000 | 920983  |
| &nbsp;&nbsp;&nbsp; 1.00%, 08/15/2031 | 1050000 | 929290  |
| &nbsp;&nbsp;&nbsp; 1.00%, 08/15/2032 | 1095000 | 943359  |
|  Toms River Board of Education, 3.00%, 07/15/2029 (Callable 07/15/2026) | 500000 | 473515  |
|  Township of Little Falls NJ, 3.25%, 08/15/2032 (Callable 02/02/2026) | 250000 | 249921  |
|  Township of Mahwah NJ, 1.00%, 01/15/2026 | 1320000 | 1319132  |
|  West Morris Regional High School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.05%, 08/15/2027 | 1015000 | 965449  |
| &nbsp;&nbsp;&nbsp; 0.05%, 08/15/2028 | 1050000 | 966617  |
| &nbsp;&nbsp;&nbsp; 0.05%, 08/15/2029 | 985000 | 879157  |
|  |  | 89183899 |

---

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

159<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD SHORT-TERM MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **New Mexico - 0.1%**<br>|  |  |
| New Mexico Mortgage Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.40%, 03/01/2032 (Callable 09/01/2031) | $975000 | $982808  |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/01/2045 (Callable 03/01/2026) | 30000 | 29939  |
| &nbsp;&nbsp;&nbsp; 3.75%, 03/01/2048 (Callable 03/01/2027) | 295000 | 295229  |
| &nbsp;&nbsp;&nbsp; 4.25%, 07/01/2049 (Callable 01/01/2028) | 220000 | 221538  |
|  |  | 1529514  |
| **New York - 3.0%**<br>|  |  |
|  Albany Capital Resource Corp., 5.00%, 05/01/2027 (Callable 05/01/2026) | 1000000 | 1004660  |
|  BluePath TE Trust, 2.75%, 09/01/2026 (Callable 02/02/2026)<sup>(b)</sup> | 501987 | 500929  |
|  City of Mount Vernon NY, 7.25%, 07/15/2032 (Callable 07/15/2027) | 3095326 | 3263998  |
|  City of New York NY, 5.00%, 10/01/2038 (Callable 10/01/2027) | 1105000 | 1133413  |
|  City of Poughkeepsie NY, 4.00%, 04/15/2026 | 450000 | 449923  |
|  Clinton County Capital Resource Corp., 4.00%, 07/01/2030<sup>(b)</sup> | 5350000 | 5466593  |
|  Huntington Local Development Corp., 4.00%, 07/01/2027 | 2295000 | 2257108  |
|  Long Island Power Authority, 3.00%, 09/01/2055 (Callable 03/01/2028)<sup>(a)</sup> | 8000000 | 8015469  |
|  Monroe County Industrial Development Corp., 5.00%, 07/01/2028 (Callable 07/01/2027)<sup>(a)</sup> | 3905000 | 4019969  |
|  New York City Housing Development Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/15/2031 (Callable 06/15/2029) | 400000 | 410425  |
| &nbsp;&nbsp;&nbsp; 3.40%, 11/01/2062 (Callable 01/23/2026)<sup>(a)</sup> | 4270000 | 4270337  |
| &nbsp;&nbsp;&nbsp; 3.95%, 11/01/2064 (Callable 07/01/2028)<sup>(a)</sup> | 7270000 | 7425048  |
| &nbsp;&nbsp;&nbsp; 3.75%, 05/01/2065 (Callable 05/01/2028)<sup>(a)</sup> | 540000 | 548346  |
|  New York City Municipal Water Finance Authority, 5.00%, 06/15/2027 (Callable 01/02/2026) | 150000 | 150000  |
|  New York City Transitional Finance Authority Future Tax Secured Revenue, 5.00%, 11/01/2032 (Callable 05/01/2027) | 1200000 | 1237836  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| New York State Dormitory Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2027 | $1250000 | $1281106  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2028 | 1000000 | 1037515  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/01/2031 | 2185000 | 2379971  |
|  New York State Housing Finance Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.65%, 05/15/2039 | 3083815 | 2589849  |
| &nbsp;&nbsp;&nbsp; 3.60%, 11/01/2044 (Callable 04/01/2031)<sup>(a)</sup> | 2500000 | 2541559  |
| &nbsp;&nbsp;&nbsp; 3.85%, 05/01/2062 (Callable 01/23/2026)<sup>(a)</sup> | 120000 | 120047  |
| &nbsp;&nbsp;&nbsp; 3.60%, 11/01/2064 (Callable 05/01/2027)<sup>(a)</sup> | 3750000 | 3776229  |
| &nbsp;&nbsp;&nbsp; 3.30%, 05/01/2065 (Callable 05/01/2028)<sup>(a)</sup> | 1000000 | 1003968  |
|  New York State Thruway Authority, 5.00%, 01/01/2034 (Callable 01/01/2028) | 340000 | 355365  |
|  Oneida County Local Development Corp., 5.00%, 12/01/2029 (Callable 02/02/2026) | 715000 | 720869  |
| Onondaga Civic Development Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2031 | 400000 | 397025  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2032 | 350000 | 345785  |
|  State of New York Mortgage Agency Homeowner Mortgage Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.45%, 04/01/2027<sup>(c)</sup> | 405000 | 404946  |
| &nbsp;&nbsp;&nbsp; 3.55%, 10/01/2027<sup>(c)</sup> | 415000 | 415043  |
| &nbsp;&nbsp;&nbsp; 3.60%, 04/01/2028<sup>(c)</sup> | 430000 | 430410  |
| &nbsp;&nbsp;&nbsp; 3.65%, 10/01/2028<sup>(c)</sup> | 560000 | 561082  |
| &nbsp;&nbsp;&nbsp; 3.70%, 04/01/2029<sup>(c)</sup> | 510000 | 511761  |
| &nbsp;&nbsp;&nbsp; 3.75%, 10/01/2029<sup>(c)</sup> | 485000 | 487731  |
| &nbsp;&nbsp;&nbsp; 3.90%, 04/01/2030<sup>(c)</sup> | 440000 | 443647  |
| &nbsp;&nbsp;&nbsp; 3.95%, 10/01/2030<sup>(c)</sup> | 510000 | 515858  |
| &nbsp;&nbsp;&nbsp; 3.25%, 10/01/2050 (Callable 10/01/2029) | 50000 | 49668  |
|  Town of Watertown NY, 5.25%, 04/09/2026 (Callable 02/02/2026) | 1500000 | 1501814  |
|  Triborough Bridge & Tunnel Authority, 5.00%, 05/15/2050<sup>(a)</sup> | 355000 | 357875  |
|  |  | 62383177  |
| **North Carolina - 1.9%**<br>|  |  |
|  City of Rocky Mount NC, 4.00%, 05/01/2032 (Callable 05/01/2026) | 445000 | 446139  |
|  County of Johnston NC, 5.00%, 02/01/2027 | 4280000 | 4391209  |
|  County of New Hanover NC, 3.50%, 02/01/2032 (Callable 02/02/2026) | 685000 | 685173  |
|  County of Wake NC, 5.00%, 11/01/2027 | 1140000 | 1191582  |

---

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

160<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD SHORT-TERM MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **North Carolina - (Continued)** | **North Carolina - (Continued)** | **North Carolina - (Continued)** |
| Durham Housing Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.20%, 01/01/2044 (Callable 02/01/2028)<sup>(a)</sup> | $1750000 | $1752287  |
| &nbsp;&nbsp;&nbsp; 3.15%, 07/01/2059 (Callable 01/01/2028)<sup>(a)</sup> | 2350000 | 2356374  |
|  Fayetteville State University, 5.00%, 04/01/2030 | 265000 | 284692  |
|  Inlivian, 5.00%, 06/01/2043 (Callable 01/23/2026)<sup>(a)</sup> | 5348000 | 5353154  |
|  Nash Health Care Systems, 5.00%, 02/01/2032 | 3325000 | 3682551  |
|  North Carolina Housing Finance Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/2028<sup>(a)</sup> | 1000000 | 1010606  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2029<sup>(a)</sup> | 1155000 | 1207000  |
| &nbsp;&nbsp;&nbsp; 3.15%, 02/01/2030 (Callable 02/01/2027)<sup>(a)</sup> | 1000000 | 1000260  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2048 (Callable 07/01/2027) | 95000 | 95310  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2050 (Callable 07/01/2028) | 1200000 | 1203034  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2050 (Callable 07/01/2029) | 1440000 | 1447984  |
| &nbsp;&nbsp;&nbsp; 6.00%, 07/01/2053 (Callable 07/01/2031) | 4035000 | 4269866  |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/01/2055 (Callable 07/01/2032) | 2385000 | 2572480  |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/01/2056 (Callable 07/01/2033) | 1765000 | 1984039  |
|  Town of Holly Springs NC, 5.00%, 11/01/2027 | 300000 | 313300  |
|  Town of Morehead City NC, 4.05%, 01/01/2028<sup>(a)</sup> | 2000000 | 2018686  |
|  Town of Oak Island NC Enterprise System Revenue, 5.00%, 06/01/2028 | 1050000 | 1107094  |
|  |  | 38372820  |
| **North Dakota - 1.0%**<br>|  |  |
| City of Horace ND<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 05/01/2026 | 345000 | 343560 |
| &nbsp;&nbsp;&nbsp; 3.00%, 05/01/2026  | 100000  | 99533  |
| &nbsp;&nbsp;&nbsp; 3.00%, 05/01/2027 (Callable 05/01/2026) | 265000 | 260770  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2027 | 475000 | 485840  |
| &nbsp;&nbsp;&nbsp; 3.00%, 05/01/2028 (Callable 05/01/2027) | 305000 | 295845  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2028 | 480000 | 497824  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2029 | 670000 | 703589  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2030 | 530000 | 563839  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2031 | 3040000 | 3270306  |
|  City of Mayville ND, 5.00%, 05/01/2031 | 3585000 | 3758584  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  North Dakota Housing Finance Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2048 (Callable 01/01/2027) | $145000 | $145259  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2051 (Callable 07/01/2029) | 1065000 | 1071116  |
| &nbsp;&nbsp;&nbsp; 3.00%, 07/01/2052 (Callable 01/01/2031) | 2140000 | 2102921  |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/01/2055 (Callable 07/01/2033) | 1995000 | 2222304  |
| &nbsp;&nbsp;&nbsp; 5.75%, 07/01/2056 (Callable 01/01/2034) | 3000000 | 3315434  |
| &nbsp;&nbsp;&nbsp; Williston Public School District <br>No 1/ND, 3.00%, 08/01/2026 (Callable 02/02/2026) | 1215000 | 1214974  |
|  |  | 20351698  |
| **Ohio - 3.4%**<br>|  |  |
|  Akron Bath Copley Joint Township Hospital District, 5.00%, 11/15/2028 | 1240000 | 1323960  |
| Bedford City School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2029 | 500000 | 554676  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2031 | 1180000 | 1366405  |
|  City of Middletown OH, 4.38%, 08/07/2026 | 3147000 | 3160300  |
|  City of Waterville OH, 1.00%, 12/01/2026 | 420000 | 412109  |
| Cleveland State University<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2026 | 650000 | 655885  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2027 | 550000 | 566815  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2028 | 500000 | 526348  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2029 | 650000 | 697983  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2030 | 540000 | 590953  |
|  Columbus Metropolitan Housing Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2027 (Callable 08/01/2026) | 1900000 | 1917234  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2034 (Callable 06/01/2031) | 2350000 | 2490215  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2035 (Callable 12/01/2032) | 1250000 | 1323067  |
|  Columbus-Franklin County Finance Authority, 4.00%, 05/15/2035 (Callable 11/15/2032) | 2030000 | 2076365  |
|  County of Allen OH Hospital Facilities Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2049 (Callable 02/03/2027)<sup>(a)</sup> | 1500000 | 1547112  |
| &nbsp;&nbsp;&nbsp; 1.20%, 11/01/2050 (Callable 01/02/2026)<sup>(a)</sup> | 5000000 | 5000000  |
| County of Fayette OH<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/2028 | 500000 | 531429  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/2029 | 600000 | 649162  |

---

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

161<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD SHORT-TERM MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Ohio - (Continued)** | **Ohio - (Continued)** | **Ohio - (Continued)** |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/2030 | $600000 | $660510  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/2031 | 795000 | 888128  |
|  County of Franklin OH, 5.00%, 11/01/2029 (Callable 11/01/2027) | 1000000 | 1044741  |
|  County of Hamilton OH Sewer System Revenue, 5.00%, 12/01/2031 (Callable 12/01/2029) | 700000 | 763603  |
| County of Montgomery OH<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2027 | 405000 | 417928  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2029 | 440000 | 469683  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2030 | 375000 | 406163  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2031 | 390000 | 427399  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2032 | 1000000 | 1105685  |
|  County of Van Wert OH, 6.13%, 12/01/2049 (Callable 12/01/2029) | 8870000 | 9883949  |
|  Geauga County Public Library, 3.25%, 12/01/2029 (Callable 02/02/2026) | 275000 | 275090  |
|  Lorain Metropolitan Housing Authority, 3.22%, 06/01/2029 (Callable 12/01/2027)<sup>(a)</sup> | 2000000 | 2005354  |
| Oberlin City School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2026 | 255000 | 259194  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2027 | 275000 | 286187  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2030 | 250000 | 275676  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2031 | 300000 | 336010  |
|  Ohio Air Quality Development Authority, 4.00%, 09/01/2030<sup>(a)</sup> | 2650000 | 2684148  |
|  Ohio Higher Educational Facility Commission, 5.00%, 12/01/2027 | 375000 | 381537  |
| Ohio Housing Finance Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/01/2026 (Callable 01/01/2026)<sup>(b)</sup> | 1500000 | 1501517  |
| &nbsp;&nbsp;&nbsp; 3.37%, 03/01/2028<sup>(a)</sup> | 2000000 | 2008478  |
| &nbsp;&nbsp;&nbsp; 3.20%, 01/01/2046 (Callable 04/01/2028)<sup>(a)</sup> | 1000000 | 1000964  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/2047 (Callable 02/02/2026) | 40000 | 40061  |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/01/2050 (Callable 09/01/2028) | 3655000 | 3694515  |
| &nbsp;&nbsp;&nbsp; 3.75%, 09/01/2050 (Callable 03/01/2029) | 10000 | 10021  |
|  Port of Greater Cincinnati Development Authority, 4.00%, 11/15/2028 | 485000 | 491702  |
|  Reynoldsburg City School District, 4.94%, 09/01/2032 | 4170000 | 4456840  |
| State of Ohio<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2032 | 2000000 | 2222195  |
| &nbsp;&nbsp;&nbsp; 3.90%, 01/15/2050<sup>(a)</sup> | 3000000 | 3068204  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Summit County Development Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | $195000 | $212572  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 | 260000 | 286130  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 | 350000 | 387994  |
| Toledo-Lucas County Port Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.30%, 05/15/2028 | 870000 | 863489  |
| &nbsp;&nbsp;&nbsp; 2.00%, 11/15/2031 | 700000 | 647586  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/15/2034 (Callable 11/15/2032) | 1150000 | 1182827  |
|  |  | 70036098  |
| **Oklahoma - 2.8%**<br>|  |  |
|  Caddo County Educational Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 09/01/2028 (Callable 02/02/2026) | 250000 | 250341  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2028 | 770000 | 803996  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2029 | 845000 | 894239  |
|  Canadian County Independent School District No 34 El Reno, 4.50%, 07/01/2026 | 1695000 | 1711392  |
|  Cleveland Educational Facilities Authority, 5.00%, 09/01/2032 | 310000 | 340655  |
|  Clinton Public Works Authority, 5.00%, 10/01/2033 (Callable 10/01/2032) | 2145000 | 2351875  |
|  Garfield County Educational Facilities Authority, 5.00%, 09/01/2027 (Callable 09/01/2026) | 2020000 | 2045663  |
|  Grady County School Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2026 | 1015000 | 1030816  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2027 (Callable 12/01/2026) | 1065000 | 1082460  |
| &nbsp;&nbsp;&nbsp; 3.00%, 12/01/2028 (Callable 12/01/2026) | 250000 | 249340  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 (Callable 12/01/2028) | 910000 | 954793  |
|  Kay County Public Buildings Authority, 5.00%, 09/01/2029 | 520000 | 551408  |
|  Kingston Economic Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/20/2026 | 235000 | 237825  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/20/2027 | 500000 | 515483  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/20/2028 | 625000 | 656012  |
|  Mannford Public Works Authority, 3.00%, 11/01/2036 (Callable 11/01/2028) | 445000 | 388307  |
|  Mcintosh County Educational Facilities Authority, 5.00%, 09/01/2029 | 430000 | 455209  |
|  Murray County Educational Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2027 | 525000 | 537203  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2028 | 550000 | 570293  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2029 | 590000 | 618145  |

---

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

162<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD SHORT-TERM MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Oklahoma - (Continued)** | **Oklahoma - (Continued)** | **Oklahoma - (Continued)** |
|  Muskogee County Public Safety Authority, 4.00%, 12/01/2027 | $1000000 | $1013734  |
|  Muskogee Industrial Trust, 5.00%, 09/01/2026 | 1775000 | 1793890  |
|  Oklahoma City Airport Trust, 5.00%, 07/01/2032 (Callable 07/01/2028)<sup>(c)</sup> | 2960000 | 3086939  |
| Oklahoma County Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2027 | 2140000 | 2183138  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2028 | 1370000 | 1413855  |
|  Oklahoma County Independent School District No 52 Midwest City-Del City, 4.00%, 07/01/2027 | 4140000 | 4219380  |
| Oklahoma Housing Finance Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.20%, 10/01/2042 (Callable 08/01/2026)<sup>(a)</sup> | 1200000 | 1201669  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2052 (Callable 03/01/2031) | 1420000 | 1470935  |
| &nbsp;&nbsp;&nbsp; 6.00%, 03/01/2054 (Callable 09/01/2032) | 2370000 | 2597921  |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/01/2054 (Callable 09/01/2032) | 1595000 | 1783172  |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/01/2056 (Callable 03/01/2033) | 6115000 | 6976416  |
|  Okmulgee County Educational Facilities Authority, 4.00%, 09/01/2035 (Callable 09/01/2034) | 2000000 | 2006307  |
|  Payne County Economic Development Authority, 4.00%, 09/01/2030 | 1110000 | 1110791  |
|  Sallisaw Municipal Authority, 4.00%, 06/01/2028 (Callable 06/01/2026) | 765000 | 765372  |
|  Tulsa County Independent School District No 9 Union<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.05%, 04/01/2026 | 2250000 | 2233715  |
| &nbsp;&nbsp;&nbsp; 2.00%, 04/01/2027 | 2500000 | 2463313  |
| Tulsa County Industrial Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2027 | 305000 | 315591  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2028 | 350000 | 369209  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2029 | 370000 | 396980  |
| Tulsa Metropolitan Utility Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.05%, 04/01/2026 | 2385000 | 2369773  |
| &nbsp;&nbsp;&nbsp; 0.05%, 04/01/2027 | 2465000 | 2388700  |
|  |  | 58406255  |
| **Oregon - 1.1%**<br>|  |  |
|  City of Redmond OR, 5.00%, 06/01/2031<sup>(c)</sup> | 350000 | 383878  |
|  Clackamas County Fire District No 1, 4.00%, 06/01/2031 (Callable 06/01/2027) | 2705000 | 2751958  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Clackamas County School District <br>No 7J Lake Oswego, 4.00%, 06/01/2033 (Callable 06/01/2027) | $1000000 | $1012454  |
|  County of Clackamas OR, 3.00%, 06/01/2028 (Callable 01/23/2026) | 400000 | 399102  |
| Curry Health District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2027 | 540000 | 549469  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2028 | 520000 | 537700  |
| Oregon City School District No 62<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 06/15/2027<sup>(e)</sup> | 500000 | 480445  |
| &nbsp;&nbsp;&nbsp; 0.00%, 06/15/2028<sup>(e)</sup> | 400000 | 373831  |
| &nbsp;&nbsp;&nbsp; 0.00%, 06/15/2029<sup>(e)</sup> | 400000 | 363264  |
|  Oregon State Business Development Commission, 3.80%, 12/01/2040 (Callable 02/01/2028)<sup>(a)</sup> | 2825000 | 2855357  |
|  Port of Morrow OR, 5.15%, 10/01/2026 (Callable 01/23/2026)<sup>(b)</sup> | 5250000 | 5250800  |
| State of Oregon<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2048 (Callable 12/01/2026) | 80000 | 80153  |
| &nbsp;&nbsp;&nbsp; 6.25%, 06/01/2055 (Callable 01/23/2026) | 2995000 | 3325723  |
|  State of Oregon Housing & Community Services Department<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 01/01/2033 (Callable 02/02/2026) | 235000 | 235033  |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/01/2049 (Callable 07/01/2027) | 370000 | 370586  |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/01/2049 (Callable 07/01/2027) | 105000 | 105344  |
|  Washington & Multnomah Counties School District No 48J Beaverton, 0.00%, 06/15/2029 (Callable 06/15/2027)<sup>(e)</sup> | 950000 | 840987  |
|  Washington Clackamas & Yamhill Counties School District No 88J, 3.50%, 06/15/2027 (Callable 02/02/2026) | 1910000 | 1910533  |
|  |  | 21826617  |
| **Pennsylvania - 3.5%**<br>|  |  |
|  Allegheny County Higher Education Building Authority, 5.00%, 10/15/2047 (Callable 10/15/2027) | 210000 | 218483  |
|  Allegheny County Hospital Development Authority, 3.06% (SIFMA Municipal Swap Index + 0.70%), 11/15/2047 (Callable 05/15/2026) | 175000 | 173429  |
|  Bucks County Industrial Development Authority, 5.00%, 07/01/2032 (Callable 07/01/2031) | 2150000 | 2307620  |

---

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

163<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD SHORT-TERM MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Pennsylvania - (Continued)** | **Pennsylvania - (Continued)** | **Pennsylvania - (Continued)** |
| Caernarvon Township Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/2027 (Callable 02/02/2026) | $130000 | $130070  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/2028 (Callable 02/02/2026) | 165000 | 165085  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/2029 (Callable 02/02/2026) | 170000 | 170081  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/2030 (Callable 02/02/2026) | 175000 | 175067  |
|  Chester County Industrial Development Authority, 5.00%, 03/01/2027 (Callable 09/01/2026) | 1000000 | 1007792  |
|  City of DuBois PA, 3.00%, 05/01/2027 (Callable 05/01/2026) | 2565000 | 2548010  |
|  City of Erie Higher Education Building Authority, 5.00%, 05/01/2027 | 225000 | 229535  |
|  City of Philadelphia PA Airport Revenue, 5.00%, 07/01/2031 (Callable 07/01/2027)<sup>(c)</sup> | 1520000 | 1563095  |
| City of Scranton PA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2026 | 420000 | 423945  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2027 | 440000 | 450704  |
|  Commonwealth Financing Authority, 5.00%, 06/01/2032 (Callable 06/01/2028) | 1390000 | 1456746  |
|  County of Allegheny PA, 3.43% (SOFR + 0.55%), 11/01/2026 (Callable 02/02/2026) | 530000 | 529952  |
|  County of Lackawanna PA, 4.00%, 09/01/2026 | 1445000 | 1453749  |
|  Cumberland County Municipal Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2029 (Callable 02/02/2026) | 335000 | 335339  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2032 (Callable 02/02/2026) | 900000 | 900830  |
|  General Authority of Southcentral Pennsylvania, 5.00%, 12/01/2029 (Callable 02/02/2026) | 1000000 | 1001067  |
|  Latrobe Industrial Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2027 | 195000 | 197602  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2028 | 190000 | 194504  |
|  Mid Valley School District, 3.00%, 03/15/2026 (Callable 02/02/2026) | 1065000 | 1063929  |
|  Montgomery County Industrial Development Authority/PA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 11/15/2029 (Callable 02/01/2026)<sup>(a)</sup> | 2135000 | 2135000  |
| &nbsp;&nbsp;&nbsp; 4.10%, 04/01/2053<sup>(a)</sup> | 300000 | 307709  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Northeastern Pennsylvania Hospital and Education Authority, 5.00%, 03/01/2027 (Callable 03/01/2026) | $635000 | $635846  |
|  Pennsylvania Economic Development Financing Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/31/2029 (Callable 06/30/2026)<sup>(c)</sup> | 4000000 | 4024198  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/31/2029<sup>(c)</sup> | 3000000 | 3210064  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/30/2030<sup>(c)</sup> | 1500000 | 1613584  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/2060 (Callable 09/15/2031)<sup>(a)</sup> | 5000000 | 5486604  |
|  Pennsylvania Economic Development Financing Authority Parking System Revenue, 5.00%, 01/01/2026 | 1250000 | 1250000  |
|  Pennsylvania Higher Education Assistance Agency, 5.00%, 06/01/2029<sup>(c)</sup> | 725000 | 760370  |
|  Pennsylvania Housing Finance Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.15%, 09/01/2028<sup>(a)</sup> | 1695000 | 1696974  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2046 (Callable 04/01/2026) | 475000 | 475243  |
| &nbsp;&nbsp;&nbsp; 4.25%, 10/01/2052 (Callable 04/01/2032) | 770000 | 781683  |
| &nbsp;&nbsp;&nbsp; 6.25%, 10/01/2053 (Callable 04/01/2033) | 3675000 | 3978656  |
| &nbsp;&nbsp;&nbsp; 6.25%, 10/01/2055 (Callable 04/01/2033) | 1100000 | 1245907  |
| Pennsylvania Turnpike Commission<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2028 | 285000 | 292066  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 (Callable 12/01/2027) | 1520000 | 1586150  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2045 (Callable 06/01/2032)<sup>(a)</sup> | 6500000 | 7273068  |
|  Philadelphia Municipal Authority, 5.00%, 04/01/2032 (Callable 04/01/2027) | 2000000 | 2046107  |
|  Reading School District, 0.00%, 01/15/2026<sup>(e)</sup> | 670000 | 669101  |
|  Scranton-Lackawanna Health and Welfare Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2026 | 450000 | 456691  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2027 | 325000 | 335681  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2028 | 400000 | 420279  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2029 | 425000 | 454786  |
|  Sports & Exhibition Authority of Pittsburgh & Allegheny County<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2032 (Callable 12/15/2027) | 1020000 | 1055735  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2034 (Callable 12/15/2027) | 1000000 | 1032556  |
|  State Public School Building Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 05/15/2028<sup>(e)</sup> | 2075000 | 1926921  |

---

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

164<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD SHORT-TERM MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Pennsylvania - (Continued)** | **Pennsylvania - (Continued)** | **Pennsylvania - (Continued)** |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2031 (Callable 12/01/2026) | $3500000 | $3557296  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2033 (Callable 12/01/2026) | 4145000 | 4207977  |
|  Westmoreland County Industrial Development Authority/PA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2026 | 725000 | 726095  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 1555000 | 1624796  |
|  |  | 71963777  |
| **Rhode Island - 0.7%**<br>|  |  |
| Providence Public Building Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/15/2026 | 3230000 | 3273007  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/15/2028 | 2425000 | 2559292  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/15/2030 (Callable 09/15/2029) | 4560000 | 4907568  |
|  Rhode Island Health and Educational Building Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | 200000 | 217916  |
| &nbsp;&nbsp;&nbsp; 4.25%, 09/15/2031 (Callable 09/15/2027) | 1015000 | 1036414  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 | 250000 | 274370  |
|  Rhode Island Housing & Mortgage Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.30%, 04/01/2028 (Callable 04/01/2027) | 1000000 | 1004911  |
| &nbsp;&nbsp;&nbsp; 3.75%, 10/01/2049 (Callable 04/01/2029) | 730000 | 730801  |
|  Tobacco Settlement Financing Corp./RI, 5.00%, 06/01/2027 (Callable 02/02/2026) | 1075000 | 1078956  |
|  |  | 15083235  |
| **South Carolina - 1.2%**<br>|  |  |
|  City of Myrtle Beach SC, 5.00%, 10/01/2027 (Callable 10/01/2026) | 1000000 | 1015296  |
|  County of Charleston SC, 3.25%, 11/01/2026 (Callable 02/02/2026) | 350000 | 350110  |
|  Greenville Housing Authority/SC, 5.00%, 07/01/2027 (Callable 07/01/2026)<sup>(a)</sup> | 1162000 | 1172405  |
|  Greenwood Fifty Schools Facilities, Inc., 5.00%, 12/01/2027 (Callable 06/01/2026) | 1125000 | 1134834  |
| &nbsp;&nbsp;&nbsp; Lexington County School District <br>No 1/SC, 3.50%, 02/01/2030 (Callable 02/02/2026) | 145000 | 145046  |
|  Piedmont Municipal Power Agency 0.00%, 01/01/2029<sup>(e)</sup> | 1010000 | 921119 |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/01/2029<sup>(e)</sup>  | 820000  | 750050  |
|  South Carolina Jobs-Economic Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/15/2028 (Callable 02/02/2026) | 2250000 | 2252070  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/15/2029 (Callable 02/02/2026) | $1700000 | $1700265  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/01/2035 (Callable 11/01/2032) | 705000 | 699797  |
|  South Carolina Public Service Authority, 5.00%, 12/01/2032 (Callable 06/01/2026) | 2000000 | 2017968  |
|  South Carolina State Housing Finance & Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2027 (Callable 12/01/2026)<sup>(a)</sup> | 250000 | 254530  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2036 (Callable 01/01/2026) | 55000 | 55735  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2047 (Callable 01/01/2027) | 200000 | 200130  |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/01/2048 (Callable 07/01/2027) | 150000 | 150812  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2050 (Callable 07/01/2028) | 995000 | 1002172  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2050 (Callable 07/01/2029) | 1045000 | 1052210  |
| &nbsp;&nbsp;&nbsp; 3.00%, 01/01/2052 (Callable 07/01/2030) | 6100000 | 6019271  |
|  Three Rivers Solid Waste Authority/SC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 10/01/2027<sup>(e)</sup> | 1835000 | 1721745  |
| &nbsp;&nbsp;&nbsp; 0.00%, 10/01/2029<sup>(e)</sup> | 1835000 | 1600939  |
|  Tobacco Settlement Revenue Management Authority, 6.38%, 05/15/2030 | 1280000 | 1452161  |
|  |  | 25668665  |
| **South Dakota - 0.5%**<br>|  |  |
| County of Turner SD<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2027 | 455000 | 474358  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 | 555000 | 620486  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 580000 | 656059  |
|  South Dakota Board of Regents Housing & Auxiliary Facilities System<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2031 (Callable 10/01/2027) | 1085000 | 1121038  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2034 (Callable 10/01/2027) | 1135000 | 1167750  |
|  South Dakota Health & Educational Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 09/01/2027 | 105000 | 104833  |
| &nbsp;&nbsp;&nbsp; 3.00%, 09/01/2028 | 200000 | 199505  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2051 (Callable 11/01/2031)<sup>(a)</sup> | 3200000 | 3548542  |
|  South Dakota Housing Development Authority, 6.25%, 05/01/2055 (Callable 05/01/2032) | 2570000 | 2781825  |
|  |  | 10674396  |

---

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

165<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD SHORT-TERM MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Tennessee - 1.8%**<br>|  |  |
|  Chattanooga Health Educational & Housing Facility Board, 5.00%, 08/01/2034 (Callable 08/01/2029) | $1455000 | $1535541  |
| City of Jackson TN<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2026 (Callable 01/23/2026) | 1075000 | 1075864  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2027 (Callable 01/23/2026) | 645000 | 645540  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2029 (Callable 01/23/2026) | 600000 | 600379  |
|  City of Manchester TN, 2.00%, 08/01/2028 | 930000 | 907352  |
|  City of Morristown TN, 2.00%, 03/01/2029 | 1325000 | 1284239  |
|  City of Sevierville TN, 5.00%, 06/01/2027 | 2845000 | 2941966  |
|  Dickson Health & Educational Facilities Board/TN, 3.00%, 04/01/2028 (Callable 04/01/2027)<sup>(a)</sup> | 815000 | 815592  |
|  Johnson City Health & Educational Facilities Board, 0.00%, 07/01/2028<sup>(e)</sup> | 75000 | 68679  |
|  Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2028 | 125000 | 125336  |
| &nbsp;&nbsp;&nbsp; 3.85%, 02/01/2048<sup>(a)</sup> | 4005000 | 4006721  |
|  Metropolitan Government Nashville & Davidson County Industrial Development Board, 3.15%, 07/01/2044 (Callable 01/01/2029)<sup>(a)</sup> | 2425000 | 2433891  |
|  Poplar Grove Utility District Waterworks Revenue, 3.00%, 04/01/2028 (Callable 04/01/2026) | 370000 | 370040  |
|  Rutherford County Health & Educational Facilities Board, 5.00%, 11/15/2048 (Callable 11/15/2029)<sup>(a)</sup> | 3500000 | 3826707  |
|  Shelby County Health Educational & Housing Facilities Board, 5.00%, 06/01/2031 | 4985000 | 5496296  |
| Tennergy Corp./TN<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/2026 | 700000 | 711019  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2027 | 770000 | 797784  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2028 | 1000000 | 1054639  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2029 | 2230000 | 2392320  |
| Tennessee Energy Acquisition Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2027 | 1000000 | 1009966  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 2250000 | 2426897  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Tennessee Housing Development Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.85%, 07/01/2032 (Callable 01/23/2026) | $685000 | $685174  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2043 (Callable 07/01/2027) | 205000 | 205319  |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/01/2054 (Callable 07/01/2032) | 1560000 | 1684538  |
|  |  | 37101799  |
| **Texas - 19.8%**<br>|  |  |
|  Abilene Convention Center Hotel Development Corp., 3.75%, 10/01/2031<sup>(b)</sup> | 950000 | 923273  |
|  Alice Independent School District, 5.00%, 08/15/2027 | 790000 | 820924  |
|  Allen Independent School District, 4.00%, 02/15/2029 (Callable 02/15/2027) | 1985000 | 2012233  |
|  Alvarado Independent School District/TX, 4.00%, 02/15/2052<sup>(a)</sup> | 1500000 | 1549671  |
|  Andrews County Hospital District, 5.00%, 03/15/2029 | 225000 | 236764  |
|  Arcola Municipal Management District No 1, 6.50%, 11/01/2030 | 1725000 | 1884970  |
|  Argyle Independent School District 4.00%, 08/15/2057<sup>(a)</sup> | 3005000 | 3060372 |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/15/2057<sup>(a)</sup>  | 2230000  | 2303844  |
|  Arlington Higher Education Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2027 | 1000000 | 1025248  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2031 (Callable 06/01/2026) | 200000 | 200839  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2032 (Callable 08/15/2029) | 515000 | 552809  |
|  Arlington Housing Finance Corp., 4.50%, 04/01/2041 (Callable 04/01/2026)<sup>(a)</sup> | 4560000 | 4576453  |
|  Austin Affordable Pfc, Inc., 5.00%, 11/01/2028 (Callable 11/01/2027)<sup>(a)</sup> | 2857000 | 2958586  |
| Banquete Independent School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2027 | 250000 | 259391  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2028 | 210000 | 222890  |
|  Baybrook Municipal Utility District No 1, 6.75%, 05/01/2032 (Callable 05/01/2030) | 1925000 | 2201174  |
|  Bexar County Housing Finance Corp., 4.05%, 03/01/2028 (Callable 02/02/2026)<sup>(a)</sup> | 4000000 | 4003032  |
|  Borden County Independent School District, 5.00%, 02/15/2030 (Callable 02/15/2028) | 225000 | 234828  |
|  Brazoria County Municipal Utility District No 22, 6.50%, 09/01/2030 | 1630000 | 1781793  |
|  Brazoria County Municipal Utility District No 25, 3.00%, 09/01/2031 (Callable 02/02/2026) | 195000 | 191035 |

---

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

166<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD SHORT-TERM MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Texas - (Continued)** | **Texas - (Continued)** | **Texas - (Continued)** |
|  Brazoria County Municipal Utility District No 55, 5.00%, 09/01/2030 (Callable 02/01/2030) | $2325000 | $2436692  |
|  Brazoria County Municipal Utility District No 57<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/01/2030 | 1450000 | 1597477  |
| &nbsp;&nbsp;&nbsp; 6.13%, 09/01/2032 (Callable 09/01/2030) | 435000 | 487135  |
|  Brazos County Municipal Utility District No 1<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2028 | 255000 | 268100  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2029 | 220000 | 235108  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2030 | 215000 | 233004  |
|  Brazos Higher Education Authority, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2027<sup>(c)</sup> | 500000 | 508453  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2028<sup>(c)</sup> | 1000000 | 1030943  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2030<sup>(c)</sup> | 1160000 | 1225466  |
|  Bullard Independent School District, 4.00%, 02/15/2051<sup>(a)</sup> | 3000000 | 3099342  |
| Central Texas Turnpike System<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/15/2026<sup>(e)</sup> | 9060000 | 8901502  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2042 (Callable 05/15/2030)<sup>(a)</sup> | 8905000 | 9609303  |
|  Chambers County Municipal Utility District No 1, 3.50%, 09/01/2031 (Callable 02/02/2026) | 400000 | 400016  |
|  Charlotte Independent School District, 5.00%, 08/01/2028 | 245000 | 259786  |
|  Chisum Independent School District, 5.00%, 08/15/2027 | 325000 | 337196  |
| City of Allen TX<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2027 | 300000 | 311258  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2028 | 500000 | 531275  |
|  City of Beaumont TX Waterworks & Sewer System Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2028 | 200000 | 211599  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2029 | 495000 | 533742  |
| City of Celina TX<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2028 | 447000 | 466439  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2029 | 313000 | 331770  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2030 | 491000 | 527674  |
| City of Dallas Housing Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.35%, 10/01/2029 (Callable 10/01/2028)<sup>(a)</sup> | 525000 | 530847  |
| &nbsp;&nbsp;&nbsp; 3.05%, 08/01/2030<sup>(a)</sup> | 1750000 | 1752684  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2042 (Callable 01/01/2027)<sup>(a)</sup> | 2110000 | 2151784  |
| City of Godley TX<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2032 | 610000 | 685814  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2033 | 1000000 | 1134420  |
|  City of Hallsville TX, 3.50%, 08/15/2030 (Callable 02/02/2026) | 300000 | 289950  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  City of Houston TX Hotel Occupancy Tax & Special Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 09/01/2027<sup>(e)</sup> | $2280000 | $2162902  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2029 (Callable 02/02/2026) | 1500000 | 1502486  |
|  City of Jourdanton TX, 3.50%, 02/01/2032 (Callable 02/02/2026) | 295000 | 295006  |
| City of Kyle TX<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2032 | 235000 | 265429  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2033 | 300000 | 342321  |
|  City of Lindsay TX, 4.50%, 02/15/2033 (Callable 02/02/2026) | 65000 | 65027  |
|  City of Pearland TX, 5.00%, 03/01/2030 (Callable 03/01/2026) | 885000 | 887799  |
|  City of San Antonio TX Electric & Gas Systems Revenue, 3.08%, 02/01/2055<sup>(a)</sup> | 4000000 | 4013432  |
|  City of Sulphur Springs TX, 3.25%, 07/01/2031 (Callable 02/02/2026) | 200000 | 198611  |
|  Clifton Higher Education Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2026 | 1010000 | 1020893  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2030 | 1000000 | 1082389  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2035 (Callable 08/15/2026) | 1200000 | 1210686  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/2055<sup>(a)</sup> | 7225000 | 7545708  |
|  Collin County Municipal Utility District No 2<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 09/01/2029 | 1995000 | 2170557  |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/01/2030 | 4450000 | 4596484  |
|  Collin County Water Control & Improvement District No 3, 7.00%, 09/15/2030 | 1230000 | 1352915  |
| Colony Municipal Utility District No 1A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 08/15/2027 | 280000 | 296028  |
| &nbsp;&nbsp;&nbsp; 7.00%, 08/15/2028 | 295000 | 324831  |
|  Comal County Water Control & Improvement District No 6, 4.00%, 03/01/2027 | 555000 | 560582  |
|  Cool Water Municipal Utility District, 7.00%, 08/15/2029 | 1325000 | 1439812  |
|  County of Wise TX, 5.00%, 08/15/2026 | 850000 | 855830  |
|  Cypress Hill Municipal Utility District No 1, 3.00%, 09/01/2032 (Callable 02/02/2026) | 25000 | 24267  |
|  Dallas Fort Worth International Airport, 5.00%, 11/01/2050 (Callable 08/01/2032)<sup>(a)(c)</sup> | 6900000 | 7550641  |
|  Dallas Independent School District 5.00%, 02/15/2055<sup>(a)</sup> | 5000000 | 5514212 |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2055<sup>(a)</sup>  | 3390000  | 3616198  |
|  Decatur Hospital Authority, 5.75%, 09/01/2029 | 700000 | 739213  |

---

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

167<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD SHORT-TERM MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Texas - (Continued)** | **Texas - (Continued)** | **Texas - (Continued)** |
|  Denton Independent School District, 4.00%, 08/15/2055<sup>(a)</sup> | $3030000 | $3130336  |
|  Duncanville Independent School District/TX, 5.00%, 02/15/2027 (Callable 02/02/2026) | 220000 | 220376  |
|  Eagle Mountain & Saginaw Independent School District 4.00%, 08/01/2050<sup>(a)</sup> | 1975000 | 2010484 |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/01/2050<sup>(a)</sup> | 25000  | 25528  |
| EP Cimarron Ventanas PFC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2026 | 385000 | 387704  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2026 | 395000 | 401119  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2027 | 400000 | 409869  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2028 | 425000 | 441115  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2029 | 445000 | 467280  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 | 230000 | 242561  |
|  Fort Bend County Levee Improvement District No 15<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 09/01/2031 (Callable 02/02/2026) | 360000 | 359581  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/01/2032 (Callable 02/02/2026) | 370000 | 369997  |
|  Fort Bend County Levee Improvement District No 19, 2.00%, 09/01/2032 (Callable 09/01/2026) | 770000 | 678273  |
|  Fort Bend County Municipal Utility District No 118, 3.25%, 09/01/2031 (Callable 02/02/2026) | 220000 | 219993  |
|  Fort Bend County Municipal Utility District No 123, 3.00%, 09/01/2029 (Callable 02/02/2026) | 220000 | 218221  |
|  Fort Bend County Municipal Utility District No 132, 6.75%, 09/01/2029 | 680000 | 728677  |
|  Fort Bend County Municipal Utility District No 134D<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 09/01/2030 | 4325000 | 4621144  |
| &nbsp;&nbsp;&nbsp; 6.25%, 09/01/2030 | 2705000 | 2924280  |
|  Fort Bend County Municipal Utility District No 142, 2.00%, 09/01/2034 (Callable 09/01/2026) | 235000 | 194786  |
|  Fort Bend County Municipal Utility District No 146<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 09/01/2028 (Callable 02/02/2026)  | 260000  | 257829 |
| &nbsp;&nbsp;&nbsp; 3.00%, 09/01/2028 (Callable 02/02/2026)  | 215000  | 213205  |
|  Fort Bend County Municipal Utility District No 165<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 09/01/2030 (Callable 02/02/2026) | 230000 | 229020  |
| &nbsp;&nbsp;&nbsp; 3.25%, 09/01/2031 (Callable 02/02/2026) | 230000 | 228263  |
|  Fort Bend County Municipal Utility District No 173, 3.25%, 09/01/2030 (Callable 02/02/2026) | 180000 | 173566  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Fort Bend County Municipal Utility District No 176, 6.50%, 09/01/2030 | $1160000 | $1269097  |
|  Fort Bend County Municipal Utility District No 182, 5.00%, 09/01/2030 | 3380000 | 3553470  |
|  Fort Bend County Municipal Utility District No 184<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2027 | 170000 | 174364  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2028 | 180000 | 187863  |
| &nbsp;&nbsp;&nbsp; 4.75%, 04/01/2029 | 1440000 | 1479605  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2029 | 185000 | 196415  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2030 | 395000 | 425729  |
|  Fort Bend County Municipal Utility District No 194, 3.75%, 09/01/2030 (Callable 02/02/2026) | 165000 | 164188  |
|  Fort Bend County Municipal Utility District No 215, 6.50%, 09/01/2030 | 1720000 | 1871371  |
|  Fort Bend County Municipal Utility District No 222<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 07/01/2030 | 1560000 | 1690391  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 (Callable 07/01/2031) | 190000 | 205410  |
|  Fort Bend County Municipal Utility District No 229, 6.50%, 09/01/2031 | 1395000 | 1545167  |
|  Fort Bend County Municipal Utility District No 5<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 09/01/2031 (Callable 02/02/2026) | 195000 | 189742  |
| &nbsp;&nbsp;&nbsp; 3.75%, 09/01/2032 (Callable 02/02/2026) | 205000 | 199231  |
| &nbsp;&nbsp;&nbsp; 3.75%, 09/01/2033 (Callable 02/02/2026) | 210000 | 202198  |
|  Fort Bend Independent School District, 4.00%, 08/01/2054<sup>(a)</sup> | 5030000 | 5123501  |
| Frenship Independent School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2029 | 400000 | 428984  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2030 | 300000 | 328505  |
|  Frisco Independent School District, 0.00%, 08/15/2029<sup>(e)</sup> | 105000 | 94148  |
|  Frisco West Water Control & Improvement District of Denton County<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 09/01/2028 (Callable 02/02/2026) | 455000 | 451200  |
| &nbsp;&nbsp;&nbsp; 3.13%, 09/01/2029 (Callable 02/02/2026) | 180000 | 178701  |
| Fulshear Municipal Utility District No 3A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/01/2030 | 2570000 | 2727314 |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/01/2030  | 1550000  | 1644787  |
|  FW Chaparral PFC, 5.00%, 10/01/2035 (Callable 10/01/2032) | 1500000 | 1599009  |
|  Galena Park Independent School District, 0.00%, 08/15/2026<sup>(e)</sup> | 1000000 | 982566  |

---

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

168<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD SHORT-TERM MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Texas - (Continued)** | **Texas - (Continued)** | **Texas - (Continued)** |
|  Galveston County Municipal Utility District No 43, 3.00%, 09/01/2029 (Callable 02/02/2026) | $255000 | $252069  |
|  Galveston County Municipal Utility District No 46, 3.38%, 09/01/2030 (Callable 02/02/2026) | 270000 | 270017  |
|  Generation Park Management District, 6.00%, 09/01/2030 | 5585000 | 6017867  |
| Godley Independent School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2027 | 485000 | 497029  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2028 | 415000 | 435433  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2029 | 515000 | 552157  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2030 | 605000 | 662237  |
|  Grapevine-Colleyville Independent School District, 4.00%, 08/15/2032 (Callable 08/15/2027) | 1250000 | 1272389  |
|  Greenwood Independent School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2027 | 320000 | 327972  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2030 | 370000 | 404247  |
|  Harris County Cultural Education Facilities Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2050 (Callable 05/15/2030)<sup>(a)</sup> | 9500000 | 10387472  |
| &nbsp;&nbsp;&nbsp; 1.20%, 12/01/2060 (Callable 01/02/2026)<sup>(a)</sup> | 5000000 | 5000000  |
|  Harris County Health Facilities Development Corp., 5.75%, 07/01/2027 | 460000 | 471514  |
|  Harris County Municipal Utility District No 16, 3.13%, 03/01/2029 (Callable 02/02/2026) | 330000 | 329999  |
|  Harris County Municipal Utility District No 165<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2030 | 2380000 | 2475978  |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/01/2033 (Callable 10/01/2031) | 410000 | 479075  |
|  Harris County Municipal Utility District No 171, 5.00%, 12/01/2030 | 4875000 | 5120724  |
|  Harris County Municipal Utility District No 239, 3.00%, 03/01/2030 (Callable 02/02/2026) | 240000 | 235753  |
|  Harris County Municipal Utility District No 26, 3.13%, 04/01/2031 (Callable 02/02/2026) | 240000 | 238292  |
|  Harris County Municipal Utility District No 261, 3.25%, 03/01/2032 (Callable 02/02/2026) | 265000 | 262336  |
|  Harris County Municipal Utility District No 290, 3.00%, 09/01/2027 (Callable 02/02/2026) | 375000 | 374604  |
|  Harris County Municipal Utility District No 389, 3.00%, 09/01/2028 (Callable 02/02/2026) | 275000 | 272703  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Harris County Municipal Utility District No 391, 3.00%, 09/01/2032 (Callable 02/02/2026) | $220000 | $217243  |
|  Harris County Municipal Utility District No 421, 5.50%, 09/01/2034 (Callable 09/01/2031) | 150000 | 166379  |
|  Harris County Municipal Utility District No 422<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/01/2030  | 1500000  | 1545146  |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/01/2030  | 875000  | 901335 |
|  Harris County Municipal Utility District No 433, 3.13%, 09/01/2031 (Callable 02/02/2026) | 210000 | 207037  |
|  Harris County Municipal Utility District No 489, 5.00%, 09/01/2031 | 1500000 | 1585839  |
|  Harris County Municipal Utility District No 5, 3.00%, 09/01/2027 (Callable 02/02/2026) | 315000 | 314667  |
|  Harris County Municipal Utility District No 531, 3.63%, 09/01/2032 (Callable 02/02/2026) | 165000 | 159456  |
|  Harris County Municipal Utility District No 55, 5.00%, 02/01/2030 | 4635000 | 4822167  |
|  Harris County Municipal Utility District No 65, 3.13%, 03/01/2032 (Callable 02/02/2026) | 250000 | 245764  |
|  Harris County Municipal Utility District No 71, 3.25%, 03/01/2029 (Callable 02/02/2026) | 550000 | 548538  |
|  Harrisburg Redevelopment Authority/TX<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2026 | 280000 | 283482  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2027 | 375000 | 386489  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2028 | 400000 | 419376  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2029 | 400000 | 426982  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2030 | 400000 | 434205  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2031 | 300000 | 329693  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2032 | 225000 | 249538  |
|  Harris-Waller Counties Municipal Utility District No 4, 6.63%, 11/01/2030 | 1410000 | 1566677  |
|  Hays County Water Control & Improvement District No 2<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.10%, 09/01/2029 (Callable 02/02/2026) | 250000 | 250005  |
| &nbsp;&nbsp;&nbsp; 3.20%, 09/01/2030 (Callable 02/02/2026) | 365000 | 362663  |
|  Karnes County Hospital District, 5.00%, 02/01/2044 (Callable 02/01/2029)<sup>(a)</sup> | 3750000 | 3921542  |
|  Kaufman County Municipal Utility District No 3, 6.50%, 03/01/2030 | 3290000 | 3530245  |
|  Kendall County Water Control & Improvement District No 2A, 7.00%, 09/01/2030 | 1135000 | 1256556  |

---

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

169<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD SHORT-TERM MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Texas - (Continued)** | **Texas - (Continued)** | **Texas - (Continued)** |
|  Kingsville Independent School District/TX, 4.00%, 02/15/2030 (Callable 02/02/2026) | $1020000 | $1020492  |
|  La Vega Independent School District, 5.00%, 02/15/2027 | 170000 | 174387  |
|  Lake Dallas Independent School District, 0.00%, 08/15/2026<sup>(e)</sup> | 1000000 | 983226  |
| Lakehaven Municipal Utility District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/01/2032 (Callable 09/01/2031) | 180000 | 210456  |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/01/2033 (Callable 09/01/2031) | 190000 | 220934  |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/01/2034 (Callable 09/01/2031) | 200000 | 231310  |
|  Lakes Fresh Water Supply District of Denton County<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 09/01/2026 | 505000 | 515477  |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/01/2026 | 300000 | 307203  |
| &nbsp;&nbsp;&nbsp; 6.00%, 09/01/2027 | 645000 | 675889  |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/01/2027 | 300000 | 316782  |
| Leander Independent School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/15/2028<sup>(e)</sup> | 900000 | 833879 |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/15/2028<sup>(e)</sup>  | 450000  | 418017  |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/15/2029<sup>(e)</sup> | 550000 | 496155 |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/15/2029<sup>(e)</sup>  | 500000  | 449444  |
|  Leander Municipal Utility District No 2, 6.50%, 08/15/2030 | 1215000 | 1338043  |
|  Legacy Denton Public Facility Corp., 3.15%, 11/01/2043 (Callable 05/01/2028)<sup>(a)</sup> | 3000000 | 3002114  |
|  Llano Independent School District, 5.00%, 02/15/2027 | 1400000 | 1436912  |
|  Love Field Airport Modernization Corp., 5.00%, 11/01/2034 (Callable 02/02/2026)<sup>(c)</sup> | 3775000 | 3778597  |
|  Lower Colorado River Authority, 4.75%, 01/01/2028 | 10000 | 10184  |
|  Lubbock-Cooper Independent School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2027 | 140000 | 143535  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2028 | 150000 | 157227  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2030 | 155000 | 169347  |
|  Manor Independent School District, 5.00%, 08/01/2027 | 1015000 | 1053769  |
|  Meyer Ranch Municipal Utility District, 6.75%, 08/15/2028 | 830000 | 880102  |
|  Midlothian Municipal Management District No 2, 6.50%, 09/01/2032 (Callable 11/01/2031) | 250000 | 293869  |
|  Milano Independent School District, 4.00%, 02/15/2026 (Callable 02/02/2026) | 110000 | 110018  |
|  Mission Economic Development Corp., 4.25%, 06/01/2048 (Callable 04/02/2027)<sup>(a)(c)</sup> | 2000000 | 2011608  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Montgomery County Municipal Utility District No 112<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.13%, 10/01/2028 (Callable 02/02/2026) | $340000 | $338137  |
| &nbsp;&nbsp;&nbsp; 3.38%, 10/01/2030 (Callable 02/02/2026) | 190000 | 189996  |
|  Montgomery County Municipal Utility District No 121, 6.00%, 09/01/2030 | 1175000 | 1256022  |
|  Montgomery County Municipal Utility District No 138, 5.00%, 03/01/2031 | 1765000 | 1849745  |
|  Montgomery County Municipal Utility District No 140<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 03/01/2029 | 150000 | 163301  |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/01/2032 | 1425000 | 1607511  |
|  Montgomery County Municipal Utility District No 15, 2.00%, 03/01/2033 (Callable 03/01/2029) | 490000 | 429232  |
|  Montgomery County Municipal Utility District No 163<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 11/01/2030 (Callable 11/01/2029) | 265000 | 295627  |
| &nbsp;&nbsp;&nbsp; 6.50%, 11/01/2031 (Callable 11/01/2029) | 280000 | 312142  |
|  Montgomery County Municipal Utility District No 165, 6.25%, 09/01/2030 | 1275000 | 1378960  |
|  Montgomery County Municipal Utility District No 186, 7.00%, 12/01/2029 | 915000 | 1001894  |
|  Montgomery County Municipal Utility District No 191, 6.50%, 09/01/2030 | 1780000 | 1936651  |
|  Montgomery County Municipal Utility District No 95, 3.00%, 09/01/2030 (Callable 02/02/2026) | 200000 | 197006  |
|  New Caney Independent School District, 4.00%, 02/15/2050<sup>(a)</sup> | 2505000 | 2551159  |
|  New Hope Cultural Education Facilities Finance Corp., 5.25%, 10/01/2030 (Callable 10/01/2026) | 3000000 | 3013214  |
|  Newark Higher Education Finance Corp., 5.00%, 08/15/2028 (Callable 02/02/2026) | 705000 | 706195  |
|  North Central Texas Health Facility Development Corp., 5.75%, 06/01/2026 | 360000 | 364488  |
|  North Texas Higher Education Authority, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2027<sup>(c)</sup> | 250000 | 255545  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2028<sup>(c)</sup> | 1100000 | 1142254  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2029<sup>(c)</sup> | 1450000 | 1516933  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2032<sup>(c)</sup> | 1250000 | 1335138  |
| &nbsp;&nbsp;&nbsp; 4.13%, 06/01/2045 (Callable 06/01/2031)<sup>(c)</sup> | 1690000 | 1664312  |

---

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

170<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD SHORT-TERM MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Texas - (Continued)** | **Texas - (Continued)** | **Texas - (Continued)** |
| North Texas Tollway Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2027 (Callable 01/01/2026) | $200000 | $200000  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/01/2029<sup>(e)</sup> | 8340000 | 7635319  |
|  Northlake Municipal Management District No 1<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/01/2027 | 545000 | 567981  |
| &nbsp;&nbsp;&nbsp; 6.63%, 03/01/2031 | 1625000 | 1774314  |
| Northside Independent School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2027 | 500000 | 519177  |
| &nbsp;&nbsp;&nbsp; 2.00%, 06/01/2052<sup>(a)</sup> | 4155000 | 4085026  |
|  Northwest Harris County Municipal Utility District No 12, 3.00%, 03/01/2029 (Callable 02/02/2026) | 245000 | 242524  |
| Oakmont Public Utility District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.13%, 03/01/2028 (Callable 02/02/2026) | 310000 | 308683  |
| &nbsp;&nbsp;&nbsp; 3.25%, 03/01/2029 (Callable 02/02/2026) | 325000 | 324136  |
|  Paloma Lake Municipal Utility District No 2, 3.63%, 09/01/2033 (Callable 02/02/2026) | 255000 | 251359  |
|  Paseo del Este Municipal Utility District No 8<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 08/15/2030 (Callable 08/15/2027) | 160000 | 158668  |
| &nbsp;&nbsp;&nbsp; 3.75%, 08/15/2031 (Callable 08/15/2027) | 165000 | 164116  |
|  Port Authority of Houston of Harris County Texas, 5.00%, 10/01/2032 (Callable 10/01/2028)<sup>(c)</sup> | 1000000 | 1046808  |
| Port Freeport TX<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2032 (Callable 06/01/2029)<sup>(c)</sup> | 770000 | 806963  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2033 (Callable 06/01/2029)<sup>(c)</sup> | 500000 | 522699  |
|  Port of Port Arthur Navigation District, 1.25%, 04/01/2040 (Callable 01/02/2026)<sup>(a)</sup> | 4000000 | 4000000  |
|  Post Wood Municipal Utility District/TX, 3.25%, 03/01/2032 (Callable 02/02/2026) | 300000 | 296984  |
|  Prosper Independent School District, 4.00%, 02/15/2050<sup>(a)</sup> | 1250000 | 1259889  |
| PSC/TX, 3.75%, 12/01/2040 | 5400000 | 5409007  |
|  Redbird Ranch Water Control & Improvement District No 2, 6.25%, 09/01/2030 | 1210000 | 1315115  |
|  Remington Municipal Utility District No 1, 3.00%, 09/01/2029 (Callable 02/02/2026) | 250000 | 249692  |
|  Reunion Ranch Water Control & Improvement District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 08/15/2030 (Callable 02/02/2026) | 155000 | 153230  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/15/2033 (Callable 02/02/2026) | $175000 | $175006  |
|  Rio Hondo Independent School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2029 | 575000 | 613458  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2030 | 440000 | 477678  |
|  Robert Lee Independent School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2027 | 220000 | 225309  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2028 | 335000 | 349167  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2029 (Callable 08/15/2028) | 230000 | 242145  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2030 (Callable 08/15/2028) | 140000 | 147361  |
|  Rolling Fork Public Utility District/TX, 3.00%, 10/01/2031 (Callable 02/02/2026) | 200000 | 194558  |
|  San Antonio Housing Trust Public Facility Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.45%, 07/01/2029<sup>(a)</sup> | 480000 | 483386  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2045 (Callable 08/01/2027)<sup>(a)</sup> | 3000000 | 3060205  |
|  San Antonio Municipal Facilities Corp., 5.00%, 08/01/2050<sup>(a)</sup> | 2715000 | 2799062  |
|  Sienna Municipal Utility District No 4, 2.00%, 09/01/2028 (Callable 02/02/2026) | 315000 | 301172  |
| Sienna Municipal Utility District No 6<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/01/2027 | 375000 | 390250  |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/01/2028 | 390000 | 415817  |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/01/2029 | 1065000 | 1142370  |
|  SMHA Finance Public Facility Corp., 3.70%, 07/01/2028<sup>(a)</sup> | 3500000 | 3538435  |
|  Sonterra Municipal Utility District, 3.00%, 08/15/2031 (Callable 02/02/2026) | 215000 | 211142  |
|  Southeast Regional Management District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2028 | 225000 | 234828  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2029 | 170000 | 180489  |
|  Spring Independent School District, 5.00%, 08/15/2030 | 4000000 | 4403995  |
|  Strategic Housing Finance Corp. of Travis County, 3.35%, 03/01/2046 (Callable 10/01/2026)<sup>(a)</sup> | 2310000 | 2316729  |
| Sunfield Municipal Utility District No 4<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/01/2028 | 155000 | 169373  |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/01/2030 | 175000 | 201969  |
|  Tarrant County Cultural Education Facilities Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2026 | 700000 | 706751  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2028 (Callable 11/15/2027) | 1110000 | 1133919  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2029 (Callable 11/15/2027) | 1855000 | 1894527  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2053 (Callable 01/01/2032)<sup>(a)</sup> | 5635000 | 6212585  |

---

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

171<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD SHORT-TERM MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Texas - (Continued)** | **Texas - (Continued)** | **Texas - (Continued)** |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2064 (Callable 11/15/2028)<sup>(a)</sup> | $4000000 | $4312995  |
| Tarrant County Housing Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2027 (Callable 03/01/2026)<sup>(a)</sup> | 1000000 | 1003138  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2028 (Callable 09/01/2027)<sup>(a)</sup> | 1000000 | 1032745  |
|  Texas Department of Housing & Community Affairs<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2041 (Callable 02/02/2026)<sup>(a)</sup> | 2000000 | 2007624  |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/01/2049 (Callable 09/01/2027) | 415000 | 419040  |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/01/2052 (Callable 03/01/2032) | 2665000 | 2834935  |
| &nbsp;&nbsp;&nbsp; 5.75%, 07/01/2054 (Callable 01/01/2033) | 4030000 | 4413278  |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/01/2056 (Callable 07/01/2033) | 5000000 | 5601056  |
|  Texas Municipal Gas Acquisition & Supply Corp. III, 5.00%, 12/15/2027 | 6250000 | 6458864  |
|  Texas Municipal Gas Acquisition & Supply Corp. IV, 5.50%, 01/01/2054 (Callable 07/01/2029)<sup>(a)</sup> | 8590000 | 9128463  |
|  Texas Municipal Gas Acquisition and Supply Corp. I, 4.12% (3 mo. Term SOFR + 1.63%), 12/15/2026 (Callable 01/02/2026) | 8300000 | 8302943  |
|  Texas State Affordable Housing Corp., 4.25%, 03/01/2049 (Callable 03/01/2029) | 265000 | 266460  |
|  Travis County Housing Finance Corp., 4.13%, 06/01/2045 (Callable 01/23/2026)<sup>(a)</sup> | 4660000 | 4669313  |
|  Travis County Municipal Utility District No 13, 3.00%, 08/15/2032 (Callable 02/02/2026) | 300000 | 285189  |
|  Travis County Municipal Utility District No 15, 3.00%, 09/01/2032 (Callable 02/02/2026) | 200000 | 195525  |
|  Travis County Municipal Utility District No 18<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 09/01/2030 (Callable 02/02/2026) | 175000 | 170686  |
| &nbsp;&nbsp;&nbsp; 3.75%, 09/01/2032 (Callable 02/02/2026) | 175000 | 170184  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/2033 (Callable 02/02/2026) | 245000 | 245007  |
|  Travis County Municipal Utility District No 2, 3.25%, 09/01/2030 (Callable 02/02/2026) | 275000 | 273829  |
| Viridian Municipal Management District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2026 (Callable 02/02/2026) | 340000 | 340237  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2027 | $250000 | $259364  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2028 | 250000 | 264629 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2028  | 200000  | 211703  |
|  Waller Consolidated Independent School District, 6.00%, 02/15/2027 | 2680000 | 2779121  |
|  Waller County Municipal Utility District No 19, 6.63%, 09/01/2030 | 1345000 | 1467891  |
|  Waller County Municipal Utility District No 37<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/01/2030 | 1430000 | 1555727  |
| &nbsp;&nbsp;&nbsp; 7.25%, 09/01/2030 | 490000 | 544433  |
|  West Ranch Management District, 3.00%, 09/01/2028 (Callable 02/02/2026) | 240000 | 239816  |
|  Westpointe Special Improvement District, 5.00%, 08/15/2035 (Callable 08/15/2031) | 905000 | 961209  |
| Westwood Shores Municipal Utility District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 05/01/2032 (Callable 11/01/2031) | 90000 | 111413  |
| &nbsp;&nbsp;&nbsp; 8.00%, 05/01/2033 (Callable 11/01/2031) | 100000 | 123799  |
|  Williamson County Municipal Utility District No 29, 6.50%, 10/01/2033 (Callable 10/01/2030) | 335000 | 382487  |
|  Williamson County Municipal Utility District No 31, 6.00%, 08/15/2028 | 795000 | 832444  |
|  Williamson-Liberty Hill Municipal Utility District, 6.00%, 09/01/2032 (Callable 09/01/2028) | 1100000 | 1177759  |
|  Willow Creek Farms Municipal Utility District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/01/2032 (Callable 02/02/2026) | 95000 | 95014  |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/01/2033 (Callable 03/01/2032) | 340000 | 401039  |
|  Wink-Loving Independent School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2030 (Callable 02/15/2028) | 1000000 | 1048944  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2031 (Callable 02/15/2028) | 1000000 | 1048596  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2032 (Callable 02/15/2027) | 3235000 | 3320582  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2033 (Callable 02/15/2027) | 4555000 | 4676209  |
| Wood Trace Municipal Utility District No 1<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/01/2032 (Callable 02/02/2026) | 150000 | 144392  |
| &nbsp;&nbsp;&nbsp; 3.63%, 09/01/2033 (Callable 02/02/2026) | 150000 | 144364  |
|  |  | 409440481  |
| **Utah - 0.6%**<br>|  |  |
|  City of Salt Lake City UT Airport Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 (Callable 07/01/2027)<sup>(c)</sup> | 1600000 | 1645357  |

---

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

172<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD SHORT-TERM MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Utah - (Continued)** | **Utah - (Continued)** | **Utah - (Continued)** |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 (Callable 07/01/2027)<sup>(c)</sup> | $2000000 | $2053418  |
|  Utah Charter School Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/15/2029 | 100000 | 105618  |
| &nbsp;&nbsp;&nbsp; 3.63%, 06/15/2029 (Callable 06/15/2027)<sup>(b)</sup> | 765000 | 750257  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/15/2030 | 100000 | 107123  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/15/2031 | 100000 | 108585  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/15/2032 | 150000 | 164500  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/15/2033 | 155000 | 171267  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/15/2034 | 140000 | 155259  |
| Utah Housing Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2045 (Callable 02/02/2026) | 545000 | 545038  |
| &nbsp;&nbsp;&nbsp; 3.18%, 07/01/2045 (Callable 02/01/2028)<sup>(a)</sup> | 1000000 | 1001307  |
| &nbsp;&nbsp;&nbsp; 6.00%, 07/01/2053 (Callable 01/01/2032) | 2915000 | 3127376  |
| &nbsp;&nbsp;&nbsp; 6.25%, 07/01/2055 (Callable 01/01/2033) | 3070000 | 3429395  |
|  |  | 13364500  |
| **Vermont - 0.1%**<br>|  |  |
|  University of Vermont and State Agricultural College, 5.00%, 10/01/2034 (Callable 10/01/2029) | 450000 | 481467  |
| Vermont Housing Finance Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/01/2048 (Callable 05/01/2027) | 210000 | 210390  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/01/2049 (Callable 05/01/2028) | 1005000 | 1013480  |
| &nbsp;&nbsp;&nbsp; 3.75%, 11/01/2050 (Callable 05/01/2029) | 555000 | 555623  |
|  |  | 2260960  |
| **Virginia - 1.4%**<br>|  |  |
|  Charles City County Economic Development Authority, 2.88%, 02/01/2029 (Callable 11/01/2026) | 1100000 | 1084685  |
|  Fairfax County Redevelopment & Housing Authority, 5.00%, 01/01/2045 (Callable 07/01/2027)<sup>(a)</sup> | 6720000 | 6914489  |
|  Harrisonburg Redevelopment & Housing Authority, 4.00%, 12/01/2028 (Callable 12/01/2026)<sup>(a)</sup> | 1675000 | 1690369  |
|  Norfolk Redevelopment & Housing Authority, 5.00%, 05/01/2043 (Callable 05/01/2026)<sup>(a)</sup> | 1515000 | 1524325  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Richmond Redevelopment & Housing Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.45%, 09/01/2046 (Callable 09/01/2027)<sup>(a)</sup> | $2070000 | $2087329  |
| &nbsp;&nbsp;&nbsp; 3.10%, 12/01/2055 (Callable 04/01/2026)<sup>(a)</sup> | 250000 | 250071  |
|  Salem Economic Development Authority, 5.00%, 04/01/2028 | 350000 | 361205  |
|  Virginia Beach Development Authority, 5.38%, 09/01/2029 (Callable 09/01/2026) | 1500000 | 1517151  |
|  Virginia College Building Authority, 4.00%, 02/01/2028 (Callable 02/02/2026) | 325000 | 325301  |
|  Virginia Commonwealth Transportation Board, 5.00%, 05/15/2030 (Callable 11/15/2027) | 1355000 | 1416546  |
|  Virginia Housing Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 03/01/2029 (Callable 03/01/2026) | 550000 | 550214  |
| &nbsp;&nbsp;&nbsp; 3.25%, 09/01/2029 (Callable 09/01/2026) | 1750000 | 1754125  |
| Virginia Public Building Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2029 (Callable 08/01/2026)<sup>(c)</sup> | 3500000 | 3541964 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2029  | 2430000  | 2643694  |
|  Virginia Small Business Financing Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2028 (Callable 07/01/2027) | 1165000 | 1203445  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2031 | 1050000 | 1142024  |
|  |  | 28006937  |
| **Washington - 1.9%**<br>|  |  |
|  Central Puget Sound Regional Transit Authority, 4.75%, 02/01/2028 (Callable 02/02/2026) | 140000 | 140845  |
|  Central Washington University, 4.00%, 05/01/2026 (Callable 02/02/2026) | 435000 | 435142  |
|  City of Seattle WA Municipal Light & Power Revenue, 3.57% (SIFMA Municipal Swap Index + 0.25%), 05/01/2045 (Callable 05/01/2026) | 9575000 | 9525134  |
|  Clark County School District No 117 Camas, 3.50%, 12/01/2026 (Callable 02/02/2026) | 200000 | 200074  |
|  King County Public Hospital District No 1, 5.00%, 12/01/2036 (Callable 12/01/2026) | 1250000 | 1263852  |
|  King County Public Hospital District No 4, 5.50%, 12/01/2035 | 3750000 | 3767641  |
|  King County School District No 210 Federal Way, 5.00%, 12/01/2030 (Callable 12/01/2027) | 210000 | 219414  |

---

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

173<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD SHORT-TERM MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Washington - (Continued)** | **Washington - (Continued)** | **Washington - (Continued)** |
|  San Juan County School District No 137 Orcas Island, 4.00%, 12/01/2028 (Callable 02/02/2026) | $675000 | $675233  |
|  Seattle Housing Authority, 5.00%, 12/01/2029 (Callable 04/01/2029) | 2000000 | 2108056  |
|  State of Washington, 5.00%, 08/01/2029 (Callable 08/01/2026) | 1860000 | 1884087  |
| Tacoma Metropolitan Park District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2027 (Callable 12/01/2026) | 4630000 | 4688890 |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2027  | 2505000  | 2567622  |
| Vancouver Housing Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2026 | 150000 | 150177  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2027 | 280000 | 284328  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2027 | 285000 | 291287  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2028 | 295000 | 303576  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2028 | 300000 | 310649  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2029 | 310000 | 322743  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2029 | 315000 | 330118  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2030 | 320000 | 336678  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2030 | 330000 | 349186  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2032 | 465000 | 497606  |
|  Washington Health Care Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2026<sup>(b)</sup> | 285000 | 290946  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2029 | 2710000 | 2902638  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2033 (Callable 08/01/2029) | 640000 | 677920  |
|  Washington State Housing Finance Commission<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/01/2030 (Callable 02/02/2026)<sup>(b)</sup> | 2530000 | 2530193  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 | 1745000 | 1941762  |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/01/2034 (Callable 01/01/2030)<sup>(b)</sup> | 940000 | 940590  |
|  |  | 39936387  |
| **West Virginia - 0.8%**<br>|  |  |
|  City of Wheeling WV Waterworks & Sewerage System Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2029 | 125000 | 133373  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2030 | 100000 | 108426  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2031 | 255000 | 280350  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2032 | 250000 | 277812  |
|  County of Ohio WV Special District Excise Tax Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2026 | 530000 | 534116  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2027 | 300000 | 308157  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2028 | 600000 | 628292  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2030 | 450000 | 485614  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2031 | 1125000 | 1228081  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2033 | 500000 | 550867  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Jefferson County Building Commission<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 | $275000 | $290245  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 285000 | 307013  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 | 500000 | 549048  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | 315000 | 351777  |
|  Kanawha County Public Building Commission, 5.00%, 12/01/2034 (Callable 12/01/2029) | 720000 | 773364  |
|  West Virginia Higher Education Policy Commission, 5.00%, 07/01/2034 (Callable 07/01/2027) | 1730000 | 1779707  |
|  West Virginia Housing Development Fund<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 11/01/2026 | 1130000 | 1131565  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2027 | 190000 | 197169  |
| &nbsp;&nbsp;&nbsp; 3.20%, 11/01/2028 (Callable 02/01/2028)<sup>(a)</sup> | 1950000 | 1952819  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2028 | 275000 | 290940  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2029 | 325000 | 350598  |
| &nbsp;&nbsp;&nbsp; 3.60%, 11/01/2032 (Callable 05/01/2032) | 200000 | 203061  |
| &nbsp;&nbsp;&nbsp; 2.00%, 11/01/2033 (Callable 05/01/2030) | 175000 | 151470  |
|  West Virginia University, 0.00%, 04/01/2029<sup>(e)</sup> | 290000 | 260235  |
| Wyoming County Board of Education<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2027 | 875000 | 904971  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2028 | 1030000 | 1085191  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2029 | 1095000 | 1177574  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2030 | 1010000 | 1107373  |
|  |  | 17399208  |
| **Wisconsin - 3.8%**<br>|  |  |
| City of Kaukauna WI<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2031 | 200000 | 221495  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2032 | 200000 | 224390  |
|  City of Kaukauna WI Sanitary Sewer System Revenue, 5.00%, 06/01/2028 (Callable 06/01/2027) | 4500000 | 4618625  |
|  City of Madison WI Water Utility Revenue, 4.00%, 01/01/2033 (Callable 01/01/2027) | 700000 | 708157  |
|  City of Marinette WI Waterworks System Revenue, 4.00%, 05/01/2027 (Callable 02/02/2026) | 150000 | 150011  |
|  City of Milwaukee WI Sewerage System Revenue, 4.00%, 06/01/2027 (Callable 06/01/2026) | 970000 | 974207  |
|  City of Oshkosh WI Storm Water Utility Revenue, 4.00%, 05/01/2029 (Callable 02/02/2026) | 125000 | 125110  |

---

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

174<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD SHORT-TERM MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Wisconsin - (Continued)** | **Wisconsin - (Continued)** | **Wisconsin - (Continued)** |
|  County of St Croix WI, 2.60%, 03/01/2027 | $625000 | $621354  |
|  County of Waushara WI, 4.50%, 06/01/2027 (Callable 02/02/2026) | 2500000 | 2502465  |
| D C Everest Area School District/WI<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 04/01/2038 (Callable 04/01/2027) | 1310000 | 1326125 |
| &nbsp;&nbsp;&nbsp; 3.63%, 04/01/2038 (Callable 04/01/2027)  | 1290000  | 1305879  |
|  De Soto Area School District/WI, 3.50%, 03/01/2030 (Callable 03/01/2026) | 340000 | 339812  |
|  Deerfield Community School District, 4.00%, 03/01/2029 (Callable 03/01/2027) | 7000000 | 7092812  |
| Fall River School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 04/01/2026 | 585000 | 589537  |
| &nbsp;&nbsp;&nbsp; 6.00%, 04/01/2027 | 630000 | 654682  |
| &nbsp;&nbsp;&nbsp; 6.00%, 04/01/2028 | 270000 | 289217  |
| &nbsp;&nbsp;&nbsp; 6.00%, 04/01/2029 | 130000 | 143275  |
| &nbsp;&nbsp;&nbsp; 6.00%, 04/01/2030 | 140000 | 158209  |
| &nbsp;&nbsp;&nbsp; 6.00%, 04/01/2031 | 150000 | 173218  |
|  Prairie Du Chien Area School District, 3.00%, 03/01/2029 (Callable 03/01/2026) | 625000 | 617591  |
| Public Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2026<sup>(c)</sup> | 465000 | 467998  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027<sup>(b)</sup> | 290000 | 294786  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2027<sup>(b)</sup> | 500000 | 510368  |
| &nbsp;&nbsp;&nbsp; 3.25%, 01/01/2028 | 1000000 | 986897  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028<sup>(c)</sup> | 1245000 | 1286639  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028<sup>(b)</sup> | 250000 | 256850  |
| &nbsp;&nbsp;&nbsp; 9.00%, 11/01/2028 (Callable 11/01/2027)<sup>(b)</sup> | 1180000 | 1259430  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/2028 | 960000 | 1004588  |
| &nbsp;&nbsp;&nbsp; 3.25%, 01/01/2029 | 860000 | 843394  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029<sup>(c)</sup> | 1365000 | 1426360  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029<sup>(b)</sup> | 3000000 | 3130642  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/2029 | 1010000 | 1071464  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030<sup>(b)</sup> | 995000 | 1041436  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2031 (Callable 06/01/2030) | 800000 | 861667  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2055<sup>(b)</sup> | 10500000 | 10490927  |
| Village of Kewaskum WI<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2026 | 175000 | 175778  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2029 | 165000 | 172665  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2030 | 330000 | 349572  |
|  Waunakee Community School District, 3.63%, 04/01/2030 (Callable 04/01/2028) | 7750000 | 7852236  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Wauwatosa School District, 4.00%, 03/01/2033 (Callable 03/01/2027) | $1750000 | $1772274  |
|  Wisconsin Center District, 0.00%, 12/15/2031<sup>(e)</sup> | 1000000 | 828856  |
|  Wisconsin Health & Educational Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2026 | 400000 | 401023  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2026 | 1065000 | 1072362  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2027 (Callable 07/01/2026)<sup>(b)</sup> | 7000000 | 7058530  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/15/2027 | 830000 | 831189  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2028 | 515000 | 536229  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2029 (Callable 11/01/2026) | 815000 | 844349  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2031 (Callable 10/01/2028) | 550000 | 582477  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2046 (Callable 06/01/2031)<sup>(a)(f)</sup> | 4500000 | 4874540  |
|  Wisconsin Housing & Economic Development Authority Home Ownership Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/01/2046 (Callable 02/02/2026) | 35000 | 34951  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/2048 (Callable 03/01/2027) | 60000 | 60095  |
| &nbsp;&nbsp;&nbsp; 4.25%, 03/01/2049 (Callable 09/01/2028) | 300000 | 303124  |
| &nbsp;&nbsp;&nbsp; 6.00%, 03/01/2055 (Callable 09/01/2033) | 2655000 | 2900020  |
|  |  | 78419887  |
| **Wyoming - 0.2%**<br>|  |  |
|  Carbon County Specific Purpose Tax Joint Powers Board, 5.00%, 06/15/2026 | 340000 | 342210  |
|  Sublette County Hospital District, 5.00%, 06/15/2026 (Callable 02/02/2026) | 2000000 | 2000401  |
|  Wyoming Community Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.60%, 12/01/2031 (Callable 06/01/2031) | 645000 | 615142  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2048 (Callable 06/01/2028) | 1410000 | 1417377  |
| &nbsp;&nbsp;&nbsp; 3.75%, 12/01/2049 (Callable 12/01/2028) | 175000 | 175064  |
| &nbsp;&nbsp;&nbsp; 3.50%, 06/01/2052 (Callable 06/01/2031) | 105000 | 104609  |
|  |  | 4654803  |
| &nbsp;&nbsp;&nbsp; **TOTAL MUNICIPAL BONDS** <br>**(Cost $2,008,338,103)** |  | 2025040387 |

---

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

175<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD SHORT-TERM MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **Money Market Funds - 1.0%**<br>|  |  |
|  Federated Institutional Tax-Free Cash Trust - Class Premier, 3.09%<sup>(g)</sup> | 20341659 | $20341659  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $20,341,659)** |  | 20341659  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.8%**<br>**(Cost $2,028,679,762)** |  | $2045382046  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.2% |  | 25132562  |
| **TOTAL NET ASSETS - 100.0%** |  | $2070514608 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

SIFMA - Securities Industry and Financial Markets Association

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> Coupon rate may be variable or floating based on components other than reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of December 31, 2025.

<sup>(b)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of December 31, 2025, the value of these securities total $94,486,930 or 4.6% of the Fund's net assets.

<sup>(c)</sup> Security subject to the Alternative Minimum Tax ("AMT"). As of December 31, 2025, the total value of securities subject to the AMT was $95,920,433 or 4.6% of net assets.

<sup>(d)</sup> Step coupon bond. The rate disclosed is as of December 31, 2025.

<sup>(e)</sup> Zero coupon bonds make no periodic interest payments.

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

<sup>(g)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

176<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD SHORT-TERM MUNICIPAL BOND FUND** 

**Summary of Fair Value Disclosure** 

**as of December 31, 2025** 

Baird Short-Term Municipal Bond Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the year, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

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

---

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

---

---

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

---

The following is a summary of the fair valuation hierarchy of the Fund's securities as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | $— | $2025040387 | $— | $2025040387  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 20341659 |  |  | 20341659  |
| **Total Investments** | $20341659 | $2025040387 | $— | $2045382046 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting year, as compared to the security classifications from the prior year's core financial statements. See the Fund's Valuation Policy in Note 2a to the financial statements.

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

177<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Baird Strategic Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - 97.8%**<br>|  |  |
| **Alabama - 4.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Alabama Corrections Institution Finance Authority, <br>5.00%, 07/01/2037 (Callable 07/01/2032) | $295000 | $324386  |
|  Alabama Federal Aid Highway Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2040 (Callable 03/01/2035) | 3200000 | 3600306  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2041 (Callable 03/01/2035) | 3250000 | 3617353  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2042 (Callable 03/01/2035) | 3750000 | 4128188  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2043 (Callable 03/01/2035) | 1500000 | 1634821  |
| Alabama Housing Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.20%, 01/01/2047 (Callable 07/01/2028)<sup>(a)</sup> | 5700000 | 5708227  |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/01/2055 (Callable 04/01/2033) | 2820000 | 3068385  |
| Black Belt Energy Gas District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2027 | 1100000 | 1110036  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2031 | 1500000 | 1609255  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2032 | 1325000 | 1431782  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2052 (Callable 09/01/2029)<sup>(a)</sup> | 1000000 | 1023373  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2053<sup>(a)</sup> | 2500000 | 2619630  |
| &nbsp;&nbsp;&nbsp; 5.50%, 11/01/2053 (Callable 09/01/2028)<sup>(a)</sup> | 1200000 | 1259678  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2055 (Callable 05/01/2035)<sup>(a)</sup> | 2000000 | 2146803  |
|  City of Arab AL, 5.00%, 03/01/2038 (Callable 03/01/2035) | 1160000 | 1312109  |
|  City of Mobile AL, 5.00%, 02/15/2040 (Callable 02/15/2035) | 12000000 | 13425125  |
| County of Jefferson AL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/15/2032 (Callable 03/15/2027) | 1665000 | 1707474  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/15/2035 (Callable 03/15/2027) | 1350000 | 1380331  |
|  County of Jefferson AL Sewer Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/2049 (Callable 10/01/2033) | 5500000 | 5680253  |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/01/2053 (Callable 10/01/2033) | 1500000 | 1568563  |
| County of Montgomery AL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/2028 | 175000 | 178837  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2028 (Callable 02/02/2026) | 55000 | 55085  |
|  Energy Southeast A Cooperative District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2027 | 250000 | 257336  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2028 | 2000000 | 2047453  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2028 | $1730000 | $1780949  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2028 | 1065000 | 1110367  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2029 | 2650000 | 2738598  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 750000 | 803362  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 | 1000000 | 1077403  |
| &nbsp;&nbsp;&nbsp; Industrial Development Board of the City of Mobile Alabama, <br>3.92%, 06/01/2034<sup>(a)</sup> | 2000000 | 2006440  |
|  Jacksonville Public Educational Building Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2032 | 1000000 | 1114321  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2033 | 500000 | 561984  |
| &nbsp;&nbsp;&nbsp; Jacksonville State University, <br>5.00%, 12/01/2036 (Callable 12/01/2027) | 1650000 | 1688983  |
| &nbsp;&nbsp;&nbsp; Lower Alabama Gas District, <br>5.00%, 12/01/2033 (Callable 09/01/2033) | 8000000 | 8456289  |
| &nbsp;&nbsp;&nbsp; Montgomery County Public Facilities Authority/AL, <br>5.00%, 03/01/2033 (Callable 09/01/2028) | 5000 | 5123  |
|  Southeast Energy Authority A Cooperative District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2027 | 555000 | 565306  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2027 | 1530000 | 1571877  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2027 | 2800000 | 2895928  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028 | 3000000 | 3156717  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2029 | 1500000 | 1570918  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2029 | 1570000 | 1655136  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2030 (Callable 07/01/2030) | 10850000 | 11656641  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2030 | 1790000 | 1879686 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2030 | 1000000 | 1068740  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2035 (Callable 06/01/2035) | 4500000 | 4882096  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2035 (Callable 11/01/2034) | 3350000 | 3557059  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/01/2053 (Callable 09/01/2029)<sup>(a)</sup> | 250000 | 268000  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2054 (Callable 03/01/2030)<sup>(a)</sup> | 1000000 | 1057376  |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/01/2054 (Callable 04/01/2029)<sup>(a)</sup> | 5700000 | 6005967  |
| State of Alabama Docks Department<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2032 (Callable 10/01/2027)<sup>(b)</sup> | 2000000 | 2049302  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2035 (Callable 10/01/2027)<sup>(b)</sup> | 2000000 | 2040586  |
| University of South Alabama<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2033 (Callable 11/01/2026) | 1000000 | 1012327  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2034 (Callable 04/01/2029) | 1005000 | 1065292  |
|  |  | 130197562  |

---

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

178<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Baird Strategic Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **Alaska - 0.6%**<br>|  |  |
|  Alaska Housing Finance Corp., 6.00%, 06/01/2054 (Callable 06/01/2033) | $2680000 | $2902526  |
|  Alaska Industrial Development & Export Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2027 (Callable 02/02/2026)<sup>(b)</sup> | 1845000 | 1846454  |
| &nbsp;&nbsp;&nbsp; 4.25%, 04/01/2031 (Callable 02/02/2026) | 185000 | 185106  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/01/2032 (Callable 04/01/2029) | 1885000 | 1919476  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2032 (Callable 10/01/2029) | 1000000 | 1059607  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2033 (Callable 10/01/2029) | 500000 | 527915  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2035 (Callable 10/01/2029) | 2000000 | 2019476  |
| Alaska Municipal Bond Bank Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2027<sup>(b)</sup> | 400000 | 413850  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2028 (Callable 12/01/2026)<sup>(b)</sup> | 615000 | 624750  |
| &nbsp;&nbsp;&nbsp; CIVICVentures/AK, <br>5.00%, 09/01/2034 | 5215000 | 5877251  |
|  Southeast Alaska Power Agency, 5.25%, 06/01/2029 (Callable 02/02/2026) | 150000 | 150279  |
|  |  | 17526690  |
| **Arizona - 1.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Arizona Board of Regents, <br>5.00%, 07/01/2043 (Callable 07/01/2027) | 4005000 | 4056357  |
|  Arizona Industrial Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/15/2026<sup>(c)</sup> | 125000 | 124948  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028 | 110000 | 114503  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2028 (Callable 05/01/2028) | 765000 | 799119  |
| &nbsp;&nbsp;&nbsp; 4.75%, 12/15/2028 (Callable 12/15/2026)<sup>(c)</sup> | 630000 | 634544  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029 | 10000 | 10556  |
| &nbsp;&nbsp;&nbsp; 1.79%, 09/01/2030<sup>(a)(c)(d)</sup> | 2066777 | 2012920  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2030 (Callable 10/01/2029) | 140000 | 146092  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2030 (Callable 10/01/2026)<sup>(c)</sup> | 105000 | 104105  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/15/2032 (Callable 07/15/2029)<sup>(c)</sup> | 450000 | 449135  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/15/2035 (Callable 07/15/2029)<sup>(c)</sup> | 255000 | 247250  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/01/2035 (Callable 11/01/2031) | 1000000 | 1002848  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/15/2036 (Callable 07/15/2029)<sup>(c)</sup> | 495000 | 472985  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 6.00%, 07/01/2037 (Callable 07/01/2027)<sup>(c)</sup> | $2500000 | $2571344  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/2048 (Callable 11/01/2032) | 1500000 | 1534424  |
|  Chandler Industrial Development Authority, 5.00%, 09/01/2052 (Callable 03/05/2027)<sup>(a)(b)</sup> | 4430000 | 4514365  |
|  City of Mesa AZ Utility System Revenue, 5.00%, 07/01/2043 (Callable 07/01/2029) | 1500000 | 1554892  |
|  City of Phoenix Civic Improvement Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037 (Callable 07/01/2027) | 1500000 | 1536160  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/2047 (Callable 07/01/2033) | 1000000 | 1067323  |
|  Glendale Industrial Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/15/2027 (Callable 01/23/2026) | 175000 | 173705  |
| &nbsp;&nbsp;&nbsp; 2.13%, 07/01/2033 (Callable 07/01/2029)<sup>(b)</sup> | 100000 | 85625  |
|  Industrial Development Authority of the City of Phoenix Arizona<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.95%, 07/01/2026 (Callable 02/02/2026) | 345000 | 343729  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035 (Callable 02/02/2026)<sup>(c)</sup> | 1500000 | 1500512  |
|  Maricopa County Industrial Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.10%, 07/01/2026<sup>(c)</sup> | 325000 | 319425  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2026 | 680000 | 685250  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027 | 710000 | 727232  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/2033 (Callable 07/01/2030)<sup>(c)</sup> | 725000 | 731765  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2034 (Callable 07/01/2031) | 1820000 | 1804518  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2035 (Callable 01/01/2027) | 1110000 | 1132684  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2038 (Callable 01/01/2027) | 3120000 | 3171831  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2041 (Callable 06/01/2034) | 3305000 | 3526498  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2042 (Callable 09/01/2028) | 6000000 | 6124016  |
|  McAllister Academic Village LLC, 5.00%, 07/01/2035 (Callable 07/01/2026) | 2500000 | 2521042  |
|  Salt River Project Agricultural Improvement & Power District, 5.00%, 01/01/2037 (Callable 01/01/2028) | 2000000 | 2076159  |
|  Salt Verde Financial Corp., 5.25%, 12/01/2026 | 4000000 | 4062241  |
|  |  | 51940102 |

---

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

179<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Strategic Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **Arkansas - 0.6%**<br>|  |  |
|  Arkansas Development Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2030 | $1000000 | $1052081  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2031 | 1150000 | 1219654  |
| &nbsp;&nbsp;&nbsp; 0.00%, 07/01/2036<sup>(e)</sup> | 4085000 | 2674421  |
| &nbsp;&nbsp;&nbsp; 3.77%, 09/01/2044 (Callable 02/02/2026)<sup>(a)</sup> | 4777000 | 4777000  |
| &nbsp;&nbsp;&nbsp; 0.00%, 07/01/2046<sup>(e)</sup> | 700000 | 248337  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2054 (Callable 07/01/2033) | 975000 | 1022465  |
|  Batesville Public Facilities Board, 5.00%, 06/01/2027 | 500000 | 502013  |
|  City of Heber Springs AR Sales & Use Tax, 1.63%, 06/01/2047 (Callable 06/01/2028) | 95000 | 94125  |
|  City of Paragould AR Water Sewer & Electric Revenue, 2.38%, 12/01/2041 (Callable 12/01/2027) | 1965000 | 1463258  |
|  City of Prairie Grove AR, 1.75%, 06/01/2051 (Callable 12/01/2026) | 65000 | 63446  |
|  City of West Memphis AR Public Utility System Revenue, 3.00%, 12/01/2041 (Callable 12/01/2028) | 605000 | 514849  |
|  County of Pulaski AR, 5.00%, 03/01/2030 (Callable 09/01/2026) | 40000 | 40563  |
|  Henderson State University, 3.63%, 11/01/2033 (Callable 02/02/2026) | 55000 | 55003  |
|  Hot Springs School District No 6, 2.00%, 06/01/2033 (Callable 12/01/2026) | 3015000 | 2637396  |
|  Jonesboro City Water & Light Plant, 4.00%, 06/01/2043 (Callable 12/01/2032) | 2275000 | 2239686  |
|  Lonoke School District No 1, 2.25%, 02/01/2030 (Callable 02/02/2026) | 255000 | 245201  |
|  University of Arkansas, 5.00%, 11/01/2043 (Callable 11/01/2028) | 1035000 | 1065091  |
|  |  | 19914589  |
| **California - 4.1%**<br>|  |  |
|  Burbank Unified School District, 4.50%, 08/01/2037 (Callable 08/01/2028) | 25000 | 25794  |
|  California Community Choice Financing Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2029 | 500000 | 527303  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2029 | 1285000 | 1363202  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2030 | 1000000 | 1070690  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2030 | 1050000 | 1132002  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2031 | 1575000 | 1706104  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2033 (Callable 08/01/2033) | $8740000 | $9501192  |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/01/2054 (Callable 10/01/2030)<sup>(a)</sup> | 1375000 | 1460994  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2056 (Callable 05/01/2033)<sup>(a)</sup> | 5000000 | 5471579  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2056 (Callable 08/01/2035)<sup>(a)</sup> | 6000000 | 6530206  |
|  California Enterprise Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2026 | 200000 | 201927  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2027 | 440000 | 455252  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2028 | 230000 | 243648  |
|  California Health Facilities Financing Authority, 4.00%, 03/01/2033 (Callable 01/23/2026) | 1635000 | 1635365  |
| California Housing Finance Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 12/01/2027 (Callable 06/01/2027)<sup>(c)</sup> | 3235000 | 3286854  |
| &nbsp;&nbsp;&nbsp; 3.75%, 03/25/2035 | 3760412 | 3807509  |
| &nbsp;&nbsp;&nbsp; 4.38%, 09/20/2036 | 1463390 | 1517010  |
| &nbsp;&nbsp;&nbsp; 3.60%, 08/01/2063 (Callable 02/01/2026)<sup>(a)</sup> | 1000000 | 1000510  |
|  California Infrastructure & Economic Development Bank<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/01/2039 (Callable 11/01/2031) | 630000 | 618709  |
| &nbsp;&nbsp;&nbsp; 4.02% (SIFMA Municipal Swap Index + 0.70%), 12/01/2050 (Callable 01/23/2026) | 200000 | 199708  |
|  California Municipal Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 12/01/2035 (Callable 06/01/2035) | 2500000 | 2500363  |
| &nbsp;&nbsp;&nbsp; 3.38%, 09/01/2050 (Callable 06/05/2028)<sup>(a)(b)</sup> | 3700000 | 3679064  |
|  California Public Finance Authority, 6.50%, 06/01/2054 (Callable 06/01/2031)<sup>(c)</sup> | 1500000 | 1467260  |
|  California School Finance Authority, 5.00%, 08/01/2029 (Callable 02/02/2026)<sup>(c)</sup> | 275000 | 275160  |
|  California Statewide Communities Development Authority, 5.00%, 05/15/2034 (Callable 05/15/2026) | 100000 | 100631  |
|  Calipatria Unified School District, 0.00%, 08/01/2027<sup>(e)</sup> | 165000 | 156629  |
|  City of Los Angeles Department of Airports<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2029 (Callable 05/15/2027)<sup>(b)</sup> | 1375000 | 1413410  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2035 (Callable 05/15/2027)<sup>(b)</sup> | 2130000 | 2176721  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2038 (Callable 11/15/2027)<sup>(b)</sup> | 1350000 | 1382011  |
|  City of Sacramento CA Water Revenue, 4.00%, 09/01/2036 (Callable 09/01/2027) | 100000 | 101250 |

---

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

180<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Strategic Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **California - (Continued)** | **California - (Continued)** | **California - (Continued)** |
|  East County Advanced Water Purification Joint Powers Authority, 3.13%, 09/01/2026 (Callable 06/01/2026) | $4000000 | $4008211  |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.35%, 11/25/2033 | 2534354 | 2436433  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/25/2036<sup>(a)</sup> | 1937857 | 1942933  |
|  Freddie Mac Multifamily ML Certificates<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.88%, 07/25/2036 | 6574058 | 6059308  |
| &nbsp;&nbsp;&nbsp; 2.25%, 09/25/2037 | 5138142 | 4348027  |
| &nbsp;&nbsp;&nbsp; 3.16%, 12/25/2038<sup>(a)</sup> | 4205391 | 3712244  |
| Inglewood Unified School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2035 | 1000000 | 1191056  |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/01/2036 (Callable 08/01/2035) | 1000000 | 1223267  |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/01/2038 (Callable 08/01/2035) | 1500000 | 1804009  |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/01/2039 (Callable 08/01/2035) | 1550000 | 1852180  |
|  Inglewood Unified School District School Facilities Financing Authority, 5.25%, 10/15/2026 | 120000 | 121871  |
|  Irvine Facilities Financing Authority, 5.25%, 05/01/2043 (Callable 05/01/2026) | 2000000 | 2008925  |
|  Long Beach Bond Finance Authority, 4.19% (3 mo. Term SOFR + 1.43%), 11/15/2026 | 700000 | 703184  |
|  Los Angeles Department of Water & Power<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034 (Callable 01/01/2029) | 735000 | 777948  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037 (Callable 07/01/2029) | 1400000 | 1481996  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2038 (Callable 01/01/2027) | 435000 | 441622  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2041 (Callable 01/01/2032) | 545000 | 581797  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/2046 (Callable 01/01/2035) | 1000000 | 1071710  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2053 (Callable 01/01/2035) | 4000000 | 4141478  |
|  Los Angeles Unified School District/CA, 5.25%, 07/01/2042 (Callable 01/01/2028) | 7550000 | 7851434  |
|  Madera Unified School District, 0.00%, 08/01/2031<sup>(e)</sup> | 2725000 | 2308312  |
| Mayers Memorial Hospital District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/2026<sup>(e)</sup> | 230000 | 224233  |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/2029<sup>(e)</sup> | 165000 | 141772  |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/2032<sup>(e)</sup> | 210000 | 156380  |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/2034<sup>(e)</sup> | 260000 | 171771  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Norman Y Mineta San Jose International Airport SJC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2036 (Callable 03/01/2027)<sup>(b)</sup> | $2230000 | $2261848  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2037 (Callable 03/01/2027)<sup>(b)</sup> | 2000000 | 2025878  |
|  Oxnard School District, 5.00%, 08/01/2045 (Callable 08/01/2026)<sup>(d)</sup> | 85000 | 85421  |
|  Pleasanton Unified School District, 5.25%, 06/01/2041 (Callable 01/23/2026) | 25000 | 25025  |
|  River Islands Public Financing Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2045 (Callable 09/01/2032) | 1075000 | 1149566  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2050 (Callable 09/01/2032) | 1735000 | 1824600  |
|  Sacramento County Water Financing Authority, 3.27% (3 mo. Term SOFR + 0.55%), 06/01/2034 (Callable 02/02/2026) | 2480000 | 2428288  |
|  San Diego Public Facilities Financing Authority, 5.00%, 08/01/2037 (Callable 08/01/2026) | 2000000 | 2020371  |
|  San Francisco City & County Airport Comm-San Francisco International Airport, 5.00%, 05/01/2041 (Callable 05/01/2026)<sup>(b)</sup> | 1500000 | 1503476  |
|  San Ysidro School District, 0.00%, 08/01/2027<sup>(e)</sup> | 50000 | 47589  |
|  Southern California Public Power Authority, 5.00%, 07/01/2053 (Callable 01/01/2029)<sup>(a)</sup> | 2000000 | 2114127  |
| University of California<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2039 (Callable 05/15/2030) | 4120000 | 4435117  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/15/2042 (Callable 05/15/2027) | 2500000 | 2560556  |
|  Yorba Linda Redevelopment Agency Successor Agency, 0.00%, 09/01/2026<sup>(e)</sup> | 315000 | 307964  |
|  |  | 128559984  |
| **Colorado - 3.0%**<br>|  |  |
|  Adams County School District No 14, 5.50%, 12/01/2042 (Callable 12/01/2034) | 2125000 | 2405847  |
| Amber Creek Metropolitan District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 | 135000 | 147550  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 (Callable 12/01/2030) | 130000 | 142877  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033 (Callable 12/01/2030) | 150000 | 164401  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2034 (Callable 12/01/2030) | 125000 | 136791  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2035 (Callable 12/01/2030) | 125000 | 136420  |

---

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

181<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Strategic Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **Colorado - (Continued)** | **Colorado - (Continued)** | **Colorado - (Continued)** |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2040 (Callable 12/01/2030) | $300000 | $320606  |
|  Arapahoe County School District No 6 Littleton, 5.50%, 12/01/2043 (Callable 12/01/2028) | 3260000 | 3430951  |
| Arkansas River Power Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 10/01/2026 | 280000 | 286586  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029 (Callable 10/01/2028) | 1315000 | 1364001  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2032 (Callable 10/01/2028) | 1000000 | 1034214  |
|  Baseline Metropolitan District No 1, 4.25%, 12/01/2054 (Callable 12/01/2029) | 935000 | 894735  |
|  City & County of Denver CO Airport System Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 (Callable 12/01/2028)<sup>(b)</sup> | 1500000 | 1576327  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 (Callable 12/01/2028)<sup>(b)</sup> | 3000000 | 3146353  |
| &nbsp;&nbsp;&nbsp; City & County of Denver CO Pledged Excise Tax Revenue, <br>5.00%, 08/01/2044 (Callable 08/01/2026) | 1250000 | 1255473  |
| &nbsp;&nbsp;&nbsp; City of Aurora CO, <br>5.00%, 12/01/2054 (Callable 12/01/2035) | 1250000 | 1297567  |
| &nbsp;&nbsp;&nbsp; Colorado Bridge Enterprise, <br>4.00%, 06/30/2029 (Callable 12/31/2027)<sup>(b)</sup> | 3410000 | 3441841  |
|  Colorado Educational & Cultural Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2027 | 105000 | 107245  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2028 | 275000 | 285684  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028 (Callable 02/02/2026) | 1950000 | 1855158  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2029 | 325000 | 343546  |
| &nbsp;&nbsp;&nbsp; 3.00%, 10/01/2029 (Callable 02/02/2026) | 200000 | 174301  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2030 | 395000 | 424297  |
| &nbsp;&nbsp;&nbsp; 2.00%, 09/01/2030 (Callable 09/01/2028) | 345000 | 325011  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2030 (Callable 02/02/2026) | 100000 | 92054  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2031 | 245000 | 268215  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | 110000 | 119565  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2032 | 170000 | 188089  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 | 230000 | 251285  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2033 | 270000 | 301021  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 | 195000 | 213730  |
| &nbsp;&nbsp;&nbsp; 3.25%, 10/01/2033 (Callable 02/02/2026) | 275000 | 213425  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2034 | 285000 | 319368  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2035 (Callable 01/15/2034) | 375000 | 418802  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2035 | $250000 | $280692  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035 (Callable 07/01/2034) | 165000 | 180654  |
| &nbsp;&nbsp;&nbsp; 3.38%, 10/01/2035 (Callable 02/02/2026) | 275000 | 202474  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2036 (Callable 01/15/2034) | 350000 | 388663  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036 (Callable 07/01/2034) | 135000 | 147380  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2037 (Callable 01/15/2034) | 365000 | 402669  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037 (Callable 07/01/2034) | 145000 | 157350  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2038 (Callable 01/15/2034) | 280000 | 306995  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2038 (Callable 12/01/2028) | 1110000 | 1143006  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2039 (Callable 01/15/2034) | 300000 | 327325  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2039 (Callable 07/01/2034) | 220000 | 236418  |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/15/2040 (Callable 02/02/2026) | 1125000 | 1124983  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2040 (Callable 07/01/2035) | 750000 | 804537  |
| Colorado Health Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.13%, 05/15/2028 (Callable 02/02/2026) | 650000 | 645009  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2028 | 490000 | 515057  |
| &nbsp;&nbsp;&nbsp; 2.63%, 05/15/2029 (Callable 02/02/2026) | 895000 | 884145  |
| &nbsp;&nbsp;&nbsp; 3.50%, 05/15/2030 (Callable 02/02/2026) | 1500000 | 1476477  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/15/2032 (Callable 05/15/2027) | 550000 | 561962  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/2034 (Callable 11/01/2032) | 1000000 | 1122598  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2044 (Callable 08/01/2029) | 2495000 | 2531298  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2059<sup>(a)</sup> | 2010000 | 2169591  |
| &nbsp;&nbsp;&nbsp; 2.91% (SIFMA Municipal Swap Index + 0.55%), 05/15/2061 (Callable 02/17/2026) | 1000000 | 999492  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2062 (Callable 02/17/2026)<sup>(a)</sup> | 4000000 | 4058283  |
|  Colorado Housing and Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 11/01/2043 (Callable 05/01/2026)<sup>(a)</sup> | 1500000 | 1502360  |
| &nbsp;&nbsp;&nbsp; 6.25%, 05/01/2055 (Callable 05/01/2033) | 4000000 | 4493251  |
|  Colorado Springs School District No 11 Facilities Corp., 5.00%, 12/15/2043 (Callable 12/15/2033) | 1345000 | 1430083  |
|  Denver City & County Housing Authority, 5.00%, 07/01/2027 (Callable 07/01/2026) | 2000000 | 2019000  |

---

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

182<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Strategic Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Colorado - (Continued)**  | **Colorado - (Continued)**  | **Colorado - (Continued)**  |
| Denver City & County School District No 1<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2046 (Callable 12/01/2034) | $2320000 | $2574425  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2049 (Callable 12/01/2034) | 4055000 | 4463617  |
| Denver Health & Hospital Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2028 (Callable 02/02/2026) | 100000 | 100032  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 (Callable 12/01/2028) | 500000 | 526045  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 (Callable 12/01/2028) | 350000 | 367622  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 (Callable 12/01/2028) | 375000 | 392888  |
| Fossil Ridge Metropolitan District No 3<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 (Callable 12/01/2030) | 250000 | 278907  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033 (Callable 12/01/2030) | 430000 | 477760  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2037 (Callable 12/01/2030) | 200000 | 218249  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2038 (Callable 12/01/2030) | 250000 | 271931  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2039 (Callable 12/01/2030) | 250000 | 270628  |
|  Regional Transportation District Sales Tax Revenue, 5.00%, 11/01/2040 (Callable 11/01/2026) | 4945000 | 4999185  |
|  State of Colorado, 5.25%, 03/15/2042 (Callable 03/15/2027) | 6900000 | 7002845  |
|  Sterling Ranch Community Authority Board<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2034 (Callable 12/01/2030) | 260000 | 285669  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2035 (Callable 12/01/2030) | 275000 | 300782  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2036 (Callable 12/01/2030) | 425000 | 462467  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2037 (Callable 12/01/2030) | 425000 | 460348  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2038 (Callable 12/01/2030) | 350000 | 378219  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2040 (Callable 12/01/2030) | 200000 | 214295  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2041 (Callable 12/01/2030) | 300000 | 319283  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2042 (Callable 12/01/2030) | 350000 | 369413  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2043 (Callable 12/01/2030) | 425000 | 445159  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2044 (Callable 12/01/2030) | 275000 | 286134  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2045 (Callable 12/01/2030) | 500000 | 516585  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/2050 (Callable 12/01/2030) | $1750000 | $1814713  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/2055 (Callable 12/01/2030) | 1500000 | 1549109  |
| Timnath Ranch Metropolitan District No 4<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2039 (Callable 12/01/2034) | 600000 | 649314  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2044 (Callable 12/01/2034) | 800000 | 829175  |
|  Town of Vail CO, 5.25%, 12/01/2050 (Callable 06/01/2035) | 1000000 | 1058708  |
|  Vauxmont Metropolitan District, 3.25%, 12/15/2050 (Callable 01/23/2026) | 1085000 | 929273  |
|  Weld County School District No 6 Greeley, 5.00%, 12/01/2035 (Callable 12/01/2029) | 2350000 | 2528252  |
| &nbsp;&nbsp;&nbsp; Windy Gap Firming Project Water Activity Enterprise, <br>5.00%, 07/15/2046 (Callable 07/15/2031) | 2000000 | 2071013  |
|  |  | 94607133  |
| **Connecticut - 1.1%**<br>|  |  |
| City of New Haven CT<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2027 | 550000 | 569706  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2042 (Callable 08/01/2035) | 350000 | 377006  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2043 (Callable 08/01/2035) | 750000 | 799569  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2044 (Callable 08/01/2035) | 400000 | 422845  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2045 (Callable 08/01/2035) | 250000 | 262727  |
| &nbsp;&nbsp;&nbsp; City of Waterbury CT, <br>5.00%, 11/15/2042 (Callable 11/15/2027) | 500000 | 510147  |
|  Connecticut Housing Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.65%, 05/15/2028<sup>(b)</sup> | 1230000 | 1162678  |
| &nbsp;&nbsp;&nbsp; 3.30%, 11/15/2039 (Callable 11/15/2028) | 845000 | 782019  |
| &nbsp;&nbsp;&nbsp; 4.80%, 05/01/2043 | 3250000 | 3379388  |
| &nbsp;&nbsp;&nbsp; 3.50%, 11/15/2045 (Callable 05/15/2029) | 615000 | 612776  |
|  Connecticut State Health & Educational Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 07/01/2026 | 850000 | 849002  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027 (Callable 07/01/2026) | 60000 | 60384  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 (Callable 07/01/2026) | 1500000 | 1508371  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037 (Callable 07/01/2026) | 610000 | 611892  |
| &nbsp;&nbsp;&nbsp; 2.95%, 07/01/2049<sup>(a)</sup> | 2000000 | 2011302  |
| &nbsp;&nbsp;&nbsp; 2.80%, 07/01/2057<sup>(a)</sup> | 1000000 | 999981  |

---

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

183<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Strategic Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **Connecticut - (Continued)** | **Connecticut - (Continued)** | **Connecticut - (Continued)** |
|  Connecticut State Higher Education Supplement Loan Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2029<sup>(b)</sup> | $1080000 | $1143974  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2030<sup>(b)</sup> | 1075000 | 1151364  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2031<sup>(b)</sup> | 750000 | 811447  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2032<sup>(b)</sup> | 320000 | 344654  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2045 (Callable 05/05/2026)<sup>(a)(b)</sup> | 2000000 | 2007485  |
| &nbsp;&nbsp;&nbsp; Stamford Housing Authority, <br>4.75%, 10/01/2032 | 2000000 | 2065465  |
| &nbsp;&nbsp;&nbsp; State of Connecticut, <br>5.00%, 04/15/2035 (Callable 04/15/2029) | 6300000 | 6730678  |
|  State of Connecticut Special Tax Revenue, 5.00%, 10/01/2036 (Callable 10/01/2028) | 4815000 | 5066027  |
|  |  | 34240887  |
| **Delaware - 0.1%**<br>|  |  |
|  State of Delaware, 5.00%, 02/01/2034 (Callable 02/01/2028) | 2000000 | 2096199  |
| **District of Columbia - 1.2%**<br>|  |  |
| District of Columbia<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027 | 125000 | 128310  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2033 (Callable 06/01/2027) | 3320000 | 3424324  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2035 (Callable 04/01/2027) | 795000 | 810324  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2041 (Callable 12/01/2026) | 1000000 | 1008803  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2042 (Callable 07/01/2032) | 2000000 | 1990632  |
|  District of Columbia Housing Finance Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2029 (Callable 02/01/2028)<sup>(a)</sup> | 1750000 | 1815490  |
| &nbsp;&nbsp;&nbsp; 4.10%, 09/01/2046<sup>(a)</sup> | 3000000 | 3132972  |
|  District of Columbia Income Tax Revenue, 5.50%, 07/01/2047 (Callable 07/01/2032) | 6585000 | 7050701  |
|  District of Columbia Water & Sewer Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2040 (Callable 04/01/2032) | 100000 | 101047  |
| &nbsp;&nbsp;&nbsp; 1.25%, 10/01/2054 (Callable 01/02/2026)<sup>(a)</sup> | 2500000 | 2500000  |
| &nbsp;&nbsp;&nbsp; 3.00%, 10/01/2057 (Callable 07/01/2027)<sup>(a)</sup> | 1180000 | 1171041  |
|  Metropolitan Washington Airports Authority Aviation Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028 (Callable 10/01/2027)<sup>(b)</sup> | 2000000 | 2071555  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2032 (Callable 10/01/2026)<sup>(b)</sup> | 1170000 | 1184255  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2033 (Callable 10/01/2028)<sup>(b)</sup> | $500000 | $521983  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2034 (Callable 10/01/2026)<sup>(b)</sup> | 5295000 | 5351335  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2037 (Callable 10/01/2027)<sup>(b)</sup> | 1000000 | 1020648  |
|  Washington Metropolitan Area Transit Authority, 5.00%, 07/01/2038 (Callable 07/01/2027) | 3000000 | 3069275  |
|  Washington Metropolitan Area Transit Authority Dedicated Revenue, 5.00%, 07/15/2045 (Callable 07/15/2030) | 2500000 | 2569693  |
|  |  | 38922388  |
| **Florida - 3.8%**<br>|  |  |
|  Broward County Housing Finance Authority, 5.00%, 10/01/2038 | 2991456 | 3213318  |
|  Capital Projects Finance Authority/FL, 5.00%, 10/01/2027 | 1000000 | 1026326  |
|  Capital Trust Agency, Inc., 3.38%, 07/01/2031<sup>(c)</sup> | 835000 | 805457  |
|  City of Apopka FL Utility System Revenue, 4.00%, 10/01/2026 (Callable 02/02/2026) | 250000 | 250247  |
|  City of Cape Coral FL Water & Sewer Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2036 (Callable 10/01/2033) | 325000 | 365763  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2037 (Callable 10/01/2033) | 520000 | 581239  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2038 (Callable 10/01/2033) | 325000 | 362096  |
| &nbsp;&nbsp;&nbsp; 5.65%, 03/01/2054 (Callable 03/01/2033) | 3715000 | 3953065  |
| &nbsp;&nbsp;&nbsp; City of Deerfield Beach FL, <br>5.25%, 12/01/2041 (Callable 12/01/2028) | 1020000 | 1066608  |
|  City of Miami Beach FL Stormwater Revenue, 5.00%, 09/01/2041 (Callable 02/02/2026) | 775000 | 775841  |
|  City of Miami FL, 5.00%, 01/01/2032 (Callable 01/01/2028)<sup>(c)</sup> | 1850000 | 1922545  |
|  City Of South Miami Health Facilities Authority, Inc., 5.00%, 08/15/2065 (Callable 05/15/2030)<sup>(a)</sup> | 2500000 | 2695504  |
| &nbsp;&nbsp;&nbsp; City of Tallahassee FL, <br>5.00%, 12/01/2027 (Callable 02/02/2026) | 500000 | 500572  |
|  City of Tampa FL, 5.00%, 07/01/2037 (Callable 07/01/2026) | 5085000 | 5126101  |
| &nbsp;&nbsp;&nbsp; Collier County Industrial Development Authority, <br>5.00%, 10/01/2054 (Callable 10/01/2030)<sup>(a)</sup> | 1250000 | 1357304 |

---

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

184<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Strategic Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **Florida - (Continued)** | **Florida - (Continued)** | **Florida - (Continued)** |
|  County of Broward FL Airport System Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2032 (Callable 10/01/2029)<sup>(b)</sup> | $2000000 | $2134205  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2035 (Callable 10/01/2027)<sup>(b)</sup> | 740000 | 757550  |
| County of Miami-Dade FL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 10/01/2034<sup>(e)</sup> | 1000000 | 751280  |
| &nbsp;&nbsp;&nbsp; 0.00%, 10/01/2035<sup>(e)</sup> | 1000000 | 718311  |
|  County of Miami-Dade FL Aviation Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2032<sup>(b)</sup> | 8080000 | 8967061  |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/01/2055 (Callable 10/01/2034)<sup>(b)</sup> | 4680000 | 4902104  |
|  County of Miami-Dade FL Rickenbacker Causeway Revenue, 5.00%, 10/01/2031 (Callable 02/02/2026) | 160000 | 160231  |
|  County of Miami-Dade Seaport Department, 4.00%, 10/01/2040 (Callable 10/01/2031)<sup>(b)</sup> | 115000 | 114959  |
|  County of Okaloosa FL, 5.50%, 05/15/2045 (Callable 05/15/2032)<sup>(c)</sup> | 1250000 | 1270640  |
|  County of Osceola FL Transportation Revenue, 0.00%, 10/01/2029<sup>(e)</sup> | 800000 | 693861  |
|  County of Palm Beach FL, 5.00%, 04/01/2029<sup>(c)</sup> | 1045000 | 1061700  |
| Florida Development Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/15/2029 (Callable 06/15/2027)<sup>(c)</sup> | 3450000 | 3458961  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2032<sup>(c)</sup> | 1365000 | 1365141  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2035 (Callable 02/01/2032) | 1000000 | 1063649  |
|  Florida Higher Educational Facilities Financing Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2033 (Callable 04/01/2026) | 1475000 | 1480215  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035 (Callable 07/01/2033)<sup>(c)</sup> | 3600000 | 3605835  |
| Florida Housing Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/01/2043 | 3500000 | 3558793  |
| &nbsp;&nbsp;&nbsp; 4.20%, 01/01/2045 (Callable 01/01/2028) | 55000 | 53957  |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/01/2055 (Callable 07/01/2033) | 1240000 | 1358705  |
| &nbsp;&nbsp;&nbsp; 6.25%, 07/01/2056 (Callable 01/01/2034) | 4000000 | 4472215  |
|  Florida Insurance Assistance Interlocal Agency, Inc., 3.10%, 09/01/2032 (Callable 01/02/2026)<sup>(a)</sup> | 3000000 | 3000000  |
|  Florida Local Government Finance Commission<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.20%, 11/15/2030 (Callable 11/15/2027)<sup>(c)</sup> | 1500000 | 1509330  |
| &nbsp;&nbsp;&nbsp; 5.50%, 11/15/2035 (Callable 11/15/2032)<sup>(c)</sup> | 1000000 | 1052731  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| Greater Orlando Aviation Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029 (Callable 02/02/2026)<sup>(b)</sup> | $1005000 | $1006418  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2031 (Callable 10/01/2027)<sup>(b)</sup> | 3795000 | 3909357  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2036 (Callable 10/01/2027)<sup>(b)</sup> | 1000000 | 1022607  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2042 (Callable 10/01/2027)<sup>(b)</sup> | 2225000 | 2247770  |
|  Highlands County Health Facilities Authority, 3.30%, 11/15/2037 (Callable 02/02/2026)<sup>(a)</sup> | 2000000 | 2000000  |
|  Hillsborough County Housing Finance Authority, 5.00%, 12/01/2042 (Callable 06/01/2038) | 2000000 | 2106617  |
|  Jacksonville Housing Authority, 5.00%, 02/01/2034 (Callable 02/01/2033) | 1000000 | 1069452  |
|  Lee County Industrial Development Authority/FL, 5.00%, 04/01/2034 (Callable 04/01/2029) | 630000 | 664062  |
|  Miami-Dade County Housing Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.55%, 01/01/2027<sup>(a)</sup> | 2645000 | 2645000  |
| &nbsp;&nbsp;&nbsp; 3.40%, 04/01/2041 (Callable 01/23/2026)<sup>(a)</sup> | 1450000 | 1450277  |
|  Orlando Utilities Commission, 1.25%, 10/01/2046 (Callable 04/01/2028)<sup>(a)</sup> | 2100000 | 1929349  |
|  Osceola County Housing Finance Authority, 3.40%, 04/01/2028<sup>(a)</sup> | 5300000 | 5327016  |
| &nbsp;&nbsp;&nbsp; Pasco County School Board, <br>5.00%, 08/01/2046 (Callable 08/01/2031) | 500000 | 518301  |
| &nbsp;&nbsp;&nbsp; Pinellas County Industrial Development Authority, <br>5.00%, 07/01/2039 (Callable 07/01/2029) | 1225000 | 1235063  |
|  Putnam County Development Authority/FL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/2042 (Callable 05/01/2028) | 2500000 | 2557307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/2042 (Callable<br>05/01/2028) | 2000000 | 2031582  |
|  Sarasota County Health Facilities Authority, 4.00%, 05/15/2028 (Callable 02/02/2026) | 45000 | 45271  |
|  Seminole County School Board, 5.00%, 07/01/2034 (Callable 07/01/2026) | 1150000 | 1161002  |
|  Southeast Overtown Park West Community Redevelopment Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2033 | 2500000 | 2812761  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/01/2042 (Callable 03/01/2035) | 2300000 | 2498121  |
|  St Johns County Housing Finance Authority, 5.50%, 12/01/2028 (Callable 06/01/2026)<sup>(a)(c)</sup> | 2500000 | 2498492 |

---

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

185<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Strategic Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **Florida - (Continued)** | **Florida - (Continued)** | **Florida - (Continued)** |
|  Tradition Community Development District No 1, 4.00%, 05/01/2028 (Callable 02/02/2026) | $1490000 | $1491466  |
|  Village Community Development District No 8, 4.50%, 05/01/2039 (Callable 05/01/2030) | 1740000 | 1802116  |
|  Volusia County Educational Facility Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2029 | 550000 | 579351  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2030 | 500000 | 533608  |
|  |  | 116655786  |
| **Georgia - 2.5%**<br>|  |  |
|  Atlanta Urban Residential Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.15%, 12/01/2029 (Callable 06/01/2028)<sup>(a)</sup> | 4750000 | 4760421  |
| &nbsp;&nbsp;&nbsp; 3.15%, 02/01/2030 (Callable 02/01/2029)<sup>(a)</sup> | 2000000 | 2002430  |
| &nbsp;&nbsp;&nbsp; 4.75%, 05/01/2043 | 3000000 | 3079945  |
| &nbsp;&nbsp;&nbsp; 4.95%, 06/01/2046 | 1200000 | 1219639  |
|  Bartow County Development Authority, 3.95%, 12/01/2032<sup>(a)</sup> | 1380000 | 1402023  |
|  Carrollton Payroll Development Authority, 5.00%, 07/01/2029 | 200000 | 215524  |
|  Clayton County Development Authority, 4.00%, 07/01/2034 (Callable 07/01/2027) | 670000 | 674264  |
|  Columbus County Housing Authority, 3.30%, 11/01/2028<sup>(a)</sup> | 1150000 | 1156278  |
| Decatur Housing Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.60%, 08/01/2028 (Callable 08/01/2027)<sup>(a)</sup> | 2020000 | 2037590  |
| &nbsp;&nbsp;&nbsp; 3.25%, 09/01/2028 (Callable 09/01/2027)<sup>(a)</sup> | 2250000 | 2256605  |
| DeKalb County Housing Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2033 (Callable 12/01/2030) | 5000000 | 5099806  |
| &nbsp;&nbsp;&nbsp; 4.13%, 12/01/2034 (Callable 12/01/2031) | 3050000 | 3074776  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2035 (Callable 12/01/2032) | 2850000 | 2828975  |
|  Development Authority of Burke County, 1.30%, 07/01/2049 (Callable 01/02/2026)<sup>(a)</sup> | 3520000 | 3520000  |
|  Development Authority of Gwinnett County, 5.00%, 07/01/2040 (Callable 07/01/2027) | 3010000 | 3055544  |
|  Development Authority of Heard County, 1.20%, 09/01/2029 (Callable 01/02/2026)<sup>(a)</sup> | 6600000 | 6600000  |
| Georgia Housing & Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.05%, 12/01/2045 (Callable 06/01/2033) | 2600000 | 2660090  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| &nbsp;&nbsp;&nbsp; 2.50%, 06/01/2050 (Callable 06/10/2030) | $3350000 | $2463855  |
| &nbsp;&nbsp;&nbsp; 6.50%, 12/01/2055 (Callable 01/01/2034) | 3000000 | 3407121  |
|  Georgia Municipal Association, Inc., 4.00%, 01/01/2050 (Callable 01/01/2035) | 2000000 | 1875019  |
|  Gwinnett County School District, 5.00%, 02/01/2040 (Callable 02/01/2029) | 3500000 | 3672919  |
| &nbsp;&nbsp;&nbsp; Main Street Energy, Inc., <br>5.00%, 12/01/2031 | 1620000 | 1747186  |
| Main Street Natural Gas, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2028 | 1250000 | 1307841 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2028 | 150000 | 156729  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033 | 2500000 | 2693644  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2034 (Callable 05/15/2029) | 3345000 | 3508540  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2052 (Callable 06/01/2027)<sup>(a)</sup> | 1175000 | 1186314  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2053 (Callable 03/01/2030)<sup>(a)</sup> | 2400000 | 2530224  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2053 (Callable 12/01/2029)<sup>(a)</sup> | 2500000 | 2638422  |
|  Savannah Georgia Convention Center Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2034 | 300000 | 341240  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2035 | 275000 | 314578  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2036 (Callable 06/01/2035) | 460000 | 521789  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2037 (Callable 06/01/2035) | 200000 | 224859  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/01/2044 (Callable 06/01/2035) | 550000 | 598517  |
| &nbsp;&nbsp;&nbsp; Savannah Housing Authority, <br>3.15%, 07/01/2043 (Callable 01/01/2028)<sup>(a)</sup> | 2000000 | 2003498  |
|  South Regional Joint Development Authority, 5.00%, 08/01/2035 (Callable 08/01/2026) | 2020000 | 2041215  |
|  |  | 78877420  |
| **Guam - 0.1%**<br>|  |  |
|  Guam Government Waterworks Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034 | 780000 | 876779  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035 | 610000 | 689593  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/2039 (Callable 07/01/2035) | 1000000 | 1108781  |
|  |  | 2675153  |
| **Hawaii - 0.1%**<br>|  |  |
|  State of Hawaii Airports System Revenue, 5.00%, 08/01/2027 (Callable 01/23/2026)<sup>(b)</sup> | 2685000 | 2687562  |

---

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

186<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Strategic Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **Idaho - 0.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Boise-Kuna Irrigation District, <br>5.00%, 06/01/2031 (Callable 01/23/2026) | $2090000 | $2091912  |
| Idaho Housing & Finance Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 05/01/2032 | 1075000 | 1030039  |
| &nbsp;&nbsp;&nbsp; 3.00%, 05/01/2032 | 890000 | 861076  |
| &nbsp;&nbsp;&nbsp; 3.00%, 05/01/2042 (Callable 05/01/2032) | 425000 | 337729  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2044 (Callable 05/01/2032) | 425000 | 431930  |
| &nbsp;&nbsp;&nbsp; 5.75%, 05/01/2048 (Callable 05/01/2031) | 500000 | 520876  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2049 (Callable 05/01/2032) | 665000 | 666195  |
| &nbsp;&nbsp;&nbsp; 6.00%, 07/01/2054 (Callable 01/01/2033) | 4805000 | 5289566  |
| &nbsp;&nbsp;&nbsp; 5.75%, 05/01/2058 (Callable 05/01/2031) | 500000 | 516181  |
|  Southern Idaho Regional Solid Waste District, 4.00%, 03/01/2028 (Callable 09/01/2027) | 5650000 | 5713805  |
|  |  | 17459309  |
| **Illinois - 6.5%**<br>|  |  |
|  Berwyn Municipal Securitization Corp., 5.00%, 01/01/2035 (Callable 01/01/2029) | 3630000 | 3822246  |
|  Board of Trustees of the University of Illinois, 4.00%, 04/01/2035 (Callable 04/01/2026) | 1205000 | 1206339  |
|  Central Lake County Joint Action Water Agency, 4.00%, 05/01/2032 (Callable 05/01/2026) | 1080000 | 1082626  |
|  Champaign & Piatt Counties Community Unit School District No 3, 3.50%, 09/01/2029 (Callable 02/02/2026) | 180000 | 180014  |
|  Chicago Board of Education Dedicated Capital Improvement Tax, 5.25%, 04/01/2034 (Callable 04/01/2033) | 1000000 | 1102187  |
| Chicago O'Hare International Airport<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2030<sup>(b)</sup> | 6850000 | 7327296  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2031 (Callable 01/01/2027)<sup>(b)</sup> | 1000000 | 1017573  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2032 (Callable 01/01/2027)<sup>(b)</sup> | 2150000 | 2186809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2032 (Callable <br>01/01/2026)<sup>(b)</sup> | 1310000  | 1310000  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2033 (Callable 01/01/2027)<sup>(b)</sup> | 1500000 | 1524553  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2034 (Callable 01/01/2026)<sup>(b)</sup> | 975000 | 975000  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2035 (Callable 01/01/2026)<sup>(b)</sup> | 805000 | 805000  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2036 (Callable 01/01/2032)<sup>(b)</sup> | $500000 | $538002  |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/01/2041 (Callable 01/01/2035)<sup>(b)</sup> | 2000000 | 2175842  |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/01/2042 (Callable 01/01/2027) | 2000000 | 2029857  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/01/2055 (Callable 01/01/2032)<sup>(b)</sup> | 1255000 | 1294556  |
| Chicago Park District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2032 (Callable 01/01/2026) | 1250000 | 1250000  |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/01/2042 (Callable 01/01/2033) | 1255000 | 1335369  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2044 (Callable 01/01/2035) | 1325000 | 1382701  |
| City of Chicago IL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/01/2029<sup>(e)</sup> | 4125000 | 3727757  |
| &nbsp;&nbsp;&nbsp; 3.40%, 06/01/2029 (Callable 06/01/2028)<sup>(a)</sup> | 3000000 | 3028358  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/01/2046 (Callable 01/01/2034) | 2000000 | 2182308  |
|  City of Chicago IL Wastewater Transmission Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/01/2042 (Callable 01/01/2027) | 2000000 | 2023567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/01/2042 (Callable <br>07/01/2032)  | 1000000  | 1068987  |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/01/2043 (Callable 07/01/2032) | 1000000 | 1062051  |
|  City of Chicago IL Waterworks Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2027 (Callable 11/01/2026) | 100000 | 101910  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2029 (Callable 11/01/2026) | 1055000 | 1074274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2029 (Callable <br>11/01/2026)  | 390000  | 396383  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2031 (Callable 11/01/2026) | 1845000 | 1877753  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/2034 (Callable 11/01/2027) | 1230000 | 1271785  |
| City of Hillsboro IL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2040 (Callable 12/01/2034) | 425000 | 470401  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2045 (Callable 12/01/2034) | 725000 | 757533  |
| City of Kankakee IL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2028 | 125000 | 129864  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2029 | 140000 | 147981  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2030 | 375000 | 401727  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2031 | 395000 | 427700  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2035 | 480000 | 534971  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2036 (Callable 01/01/2035) | 505000 | 560177  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2037 (Callable 01/01/2035) | 505000 | 556157  |

---

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

187<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Strategic Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **Illinois - (Continued)** | **Illinois - (Continued)** | **Illinois - (Continued)** |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2039 (Callable 01/01/2035) | $200000 | $219038  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2041 (Callable 01/01/2035) | 340000 | 367143  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2043 (Callable 01/01/2035) | 470000 | 496828  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2045 (Callable 01/01/2035) | 480000 | 496649  |
|  City of Kankakee IL Waterworks & Sewerage System<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2026 | 255000 | 256553  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2027 | 430000 | 440662  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2029 | 425000 | 449328  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2031 | 570000 | 617610  |
| &nbsp;&nbsp;&nbsp; City of Mount Vernon IL, <br>4.00%, 12/15/2032 (Callable 06/15/2030) | 3200000 | 3299818  |
|  Cook County Community College District No 524 Moraine Valley, 3.00%, 06/01/2038 (Callable 06/01/2030) | 530000 | 495062  |
|  Cook County Community Consolidated School District No 21 Wheeling, 3.00%, 12/01/2035 (Callable 12/01/2028) | 830000 | 798677  |
|  Cook County Community Consolidated School District No 65 Evanston, 4.00%, 12/01/2030 (Callable 12/01/2028) | 1075000 | 1105969  |
|  Cook County High School District No 220 Reavis<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2041 (Callable 12/01/2034) | 900000 | 962746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2041 (Callable <br>12/01/2034)  | 305000 | 326264  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2042 (Callable 12/01/2034) | 945000 | 999442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2042 (Callable <br>12/01/2034)  | 320000  | 338435  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2043 (Callable 12/01/2034) | 505000 | 528158  |
|  Cook County School District No 111 Burbank, 5.00%, 12/01/2032 (Callable 12/01/2027) | 1250000 | 1294038  |
| &nbsp;&nbsp;&nbsp; Cook County School District No 144 Prairie Hills, <br>0.00%, 12/01/2027<sup>(e)</sup> | 35000 | 32992  |
| Grand Prairie Water Commission<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2039 (Callable 01/01/2035) | 550000 | 616179  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2040 (Callable 01/01/2035) | 870000 | 958926  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2043 (Callable 01/01/2035) | 1000000 | 1067881  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Illinois Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2026 | $900000 | $902197  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2026 | 200000 | 200864  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2027 | 420000 | 425250  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2027 | 305000 | 311502  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2027 | 400000 | 408083  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2027 (Callable 09/01/2026) | 500000 | 505992  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2028 | 600000 | 616374  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2030 (Callable 08/15/2027) | 1125000 | 1144818  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/2030 (Callable 05/01/2028) | 250000 | 255899  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2030 (Callable 01/23/2026) | 25000 | 25011  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2030 | 750000 | 797963  |
| &nbsp;&nbsp;&nbsp; 3.00%, 09/01/2031 (Callable 09/01/2026) | 1475000 | 1409299  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2031 (Callable 10/01/2030) | 715000 | 758548  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2032 (Callable 08/15/2027) | 500000 | 508042  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2032 (Callable 11/15/2028) | 1195000 | 1252198  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2032 (Callable 10/01/2030) | 750000 | 793372  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2033 (Callable 11/15/2028) | 2000000 | 2090397  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2033 (Callable 10/01/2030) | 1250000 | 1317714  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2034 (Callable 03/01/2027) | 905000 | 920464  |
| &nbsp;&nbsp;&nbsp; 3.75% (SOFR + 1.15%), 11/01/2034 (Callable 03/01/2026) | 2900000 | 2904054  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2035 (Callable 10/01/2030) | 1450000 | 1519307  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2037 (Callable 08/15/2027) | 1000000 | 1008227  |
| &nbsp;&nbsp;&nbsp; 4.13%, 11/15/2037 (Callable 02/02/2026) | 300000 | 296564  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/01/2039 (Callable 04/01/2034) | 1180000 | 1262846  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/01/2043 (Callable 04/01/2034) | 1335000 | 1437618  |
| &nbsp;&nbsp;&nbsp; 2.37%, 08/01/2043 (Callable 01/02/2026)<sup>(a)</sup> | 200000 | 200000  |
| &nbsp;&nbsp;&nbsp; 4.80%, 12/01/2043 (Callable 07/01/2033)<sup>(a)(b)(c)</sup> | 2750000 | 2838645  |
|  Illinois Housing Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.70%, 04/01/2031 (Callable 04/01/2029) | 1300000 | 1180865  |
| &nbsp;&nbsp;&nbsp; 2.90%, 08/01/2031 (Callable 02/02/2026) | 1000000 | 979897  |
| &nbsp;&nbsp;&nbsp; 2.15%, 10/01/2041 (Callable 04/01/2030) | 915000 | 674179  |

---

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

188<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Strategic Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **Illinois - (Continued)**  | **Illinois - (Continued)**  | **Illinois - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 2.39%, 04/01/2045 (Callable 01/02/2026)<sup>(a)</sup> | $500000 | $500000  |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/01/2045 (Callable 10/01/2033) | 2375000 | 2695113  |
| &nbsp;&nbsp;&nbsp; 4.50%, 10/01/2052 (Callable 10/01/2030) | 995000 | 1018279  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/01/2053 (Callable 10/01/2032) | 4000000 | 4263934  |
| &nbsp;&nbsp;&nbsp; 6.25%, 10/01/2054 (Callable 10/01/2032) | 3425000 | 3823002  |
| &nbsp;&nbsp;&nbsp; 6.25%, 04/01/2056 (Callable 10/01/2033) | 4000000 | 4559084  |
| Illinois Sports Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2030 (Callable 06/15/2029) | 2250000 | 2400616 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2030  | 1500000  | 1585884  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2031 | 2025000 | 2162571  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/15/2031 (Callable 01/28/2026) | 600000 | 609597  |
|  Illinois State Toll Highway Authority, 5.00%, 01/01/2042 (Callable 01/01/2028) | 2225000 | 2271913  |
|  Iroquois County Community Unit School District No 124 Milford<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 | 1025000 | 1123756  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033 | 985000 | 1097458  |
| Joliet Park District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2028 | 200000 | 208437  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2029 | 200000 | 212131  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2030 | 245000 | 264543  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2031 | 360000 | 394072  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2032 | 200000 | 221764  |
| Joliet Regional Port District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/30/2038 (Callable 12/30/2035) | 1085000 | 1225038  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/30/2039 (Callable 12/30/2035) | 1140000 | 1284855  |
|  Kane & DeKalb Counties Community Unit School District No 301 Burlington, 4.00%, 01/01/2037 (Callable 01/01/2027) | 2000000 | 2006249  |
|  Kankakee & Will Counties Community Unit School District No 5/IL, 4.00%, 05/01/2027 (Callable 02/02/2026) | 415000 | 415072  |
|  Knox & Warren Counties Community Unit School District No 205 Galesburg, 5.50%, 12/01/2037 (Callable 12/01/2027) | 3000000 | 3101417  |
|  Knox Warren Etc Counties Community College District No 518 Carl Sandburg, 3.38%, 12/01/2035 (Callable 03/01/2026)<sup>(a)(d)</sup> | 2500000 | 2500142  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  Lake County Consolidated High School District No 120 Mundelein, 5.50%, 12/01/2039 (Callable 12/01/2032) | $255000 | $280690  |
|  Lockport Township Fire Protection District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/01/2043 (Callable 01/01/2035) | 970000 | 1050150  |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/01/2044 (Callable 01/01/2035) | 525000 | 562068  |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/01/2045 (Callable 01/01/2035) | 575000 | 611150  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2047 (Callable 01/01/2035) | 1025000 | 1046567  |
|  Madison Bond Etc Counties Community Unit School District No 5 Highland<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 02/01/2032 (Callable 02/01/2030) | 575000 | 639895  |
| &nbsp;&nbsp;&nbsp; 5.50%, 02/01/2034 (Callable 02/01/2030) | 600000 | 663058  |
| &nbsp;&nbsp;&nbsp; 5.50%, 02/01/2035 (Callable 02/01/2030) | 570000 | 628396  |
|  Marshall Putnam & Bureau Counties Community Unit School District No 5 Henry<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2036 (Callable 12/01/2034) | 685000 | 768763  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2037 (Callable 12/01/2034) | 580000 | 646468  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2038 (Callable 12/01/2034) | 830000 | 918767  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2040 (Callable 12/01/2034) | 855000 | 930139  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2041 (Callable 12/01/2034) | 475000 | 511060  |
|  McLean County Community Unit School District No 19 Ridgeview<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2038 (Callable 12/01/2034) | 360000 | 398791  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/2040 (Callable 12/01/2034) | 1075000 | 1195616  |
|  Metropolitan Pier & Exposition Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 06/15/2026<sup>(e)</sup> | 200000 | 197380  |
| &nbsp;&nbsp;&nbsp; 0.00%, 06/15/2027<sup>(e)</sup> | 5400000 | 5165829  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/15/2029 | 670000 | 703377  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2034<sup>(e)</sup> | 2000000 | 1459316  |
| &nbsp;&nbsp;&nbsp; Metropolitan Water Reclamation District of Greater Chicago, <br>5.00%, 12/01/2042 (Callable 12/01/2034) | 2250000 | 2443575  |
|  Monroe & St Clair Counties Community Unit School District No 5 Waterloo, 5.00%, 04/15/2029 (Callable 04/15/2026) | 1630000 | 1637619  |

---

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

189<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Strategic Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Illinois - (Continued)**  | **Illinois - (Continued)**  | **Illinois - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Niles Park District, <br>3.00%, 12/01/2032 (Callable 02/02/2026) | $570000 | $570002  |
|  Northeastern Illinois University, 5.75%, 07/01/2045 (Callable 07/01/2035) | 650000 | 696386  |
| Northern Illinois University<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2030 | 450000 | 481036  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2031 (Callable 04/01/2031) | 450000 | 487079  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2032 (Callable 04/01/2031) | 500000 | 517677  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2036 (Callable 04/01/2034) | 500000 | 545770  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2037 (Callable 04/01/2034) | 600000 | 650604  |
|  Piatt Champaign & DeWitt Counties Community Unit School District No 25<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2032 (Callable 11/01/2026) | 1935000 | 1965226  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2035 (Callable 11/01/2026) | 1430000 | 1447746  |
|  Regional Transportation Authority, 5.00%, 06/01/2034 (Callable 06/01/2026) | 1000000 | 1006489  |
|  Rock Island County School District No 41 Rock Island/Milan<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2038 (Callable 12/01/2031) | 125000 | 137846  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2041 (Callable 01/01/2035) | 1505000 | 1626998  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2043 (Callable 01/01/2035) | 1000000 | 1058258  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2044 (Callable 01/01/2035) | 500000 | 524135  |
| &nbsp;&nbsp;&nbsp; Sangamon Logan & Menard Counties Community Unit School Dist No 15 Williamsville, <br>5.00%, 12/01/2036 (Callable 12/01/2029) | 100000 | 104834  |
| &nbsp;&nbsp;&nbsp; Southern Illinois University, <br>4.00%, 04/01/2030 | 1575000 | 1639597  |
|  St Clair County Community Unit School District No 187 Cahokia<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2032 | 300000 | 334725  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2033 | 260000 | 293290  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2034 | 275000 | 312916  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2035 (Callable 01/01/2034) | 525000 | 592839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2035 (Callable <br>01/01/2034)  | 250000  | 282304  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2036 (Callable 01/01/2034) | 265000 | 296568 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2036 (Callable <br>01/01/2034)  | $225000  | $251803  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2037 (Callable 01/01/2034) | 225000 | 248996  |
| &nbsp;&nbsp;&nbsp; State of Illinois, <br>5.00%, 01/01/2026 | 50000 | 50000  |
|  Upper Illinois River Valley Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2028 | 75000 | 78445  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2031 (Callable 01/01/2027)<sup>(c)</sup> | 210000 | 206938  |
| Village of Bradley IL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2040 (Callable 12/15/2034) | 1445000 | 1580434  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2041 (Callable 12/15/2034) | 690000 | 746771  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2042 (Callable 12/15/2034) | 1050000 | 1123435  |
| &nbsp;&nbsp;&nbsp; Village of Deerfield IL, <br>2.00%, 12/01/2031 (Callable 12/01/2030) | 1000000 | 912180  |
|  Village of Elk Grove Village IL, 5.00%, 01/01/2036 (Callable 01/01/2027) | 1000000 | 1017336  |
| &nbsp;&nbsp;&nbsp; Village of Hoffman Estates IL, <br>4.00%, 12/01/2027 (Callable 02/02/2026) | 500000 | 500367  |
| &nbsp;&nbsp;&nbsp; Village of Rantoul IL, <br>5.00%, 01/01/2045 (Callable 01/01/2035) | 1020000 | 1057669  |
| &nbsp;&nbsp;&nbsp; Village of Rosemont IL, <br>5.00%, 12/01/2042 (Callable 06/01/2030) | 7000000 | 7272561  |
|  Wauconda Special Service Area No 1, 5.00%, 03/01/2033 (Callable 01/23/2026) | 3510000 | 3512770  |
|  Will County Community High School District No 210 Lincoln-Way<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/01/2028<sup>(e)</sup> | 310000 | 290289  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/01/2032<sup>(e)</sup> | 125000 | 101755  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2034 (Callable 01/01/2029) | 150000 | 151850  |
|  Will County Community Unit School District No 201-U Crete-Monee<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2036 (Callable 01/15/2034) | 330000 | 369950  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2037 (Callable 01/15/2034) | 350000 | 389020  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2038 (Callable 01/15/2034) | 365000 | 402116  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2039 (Callable 01/15/2034) | 190000 | 208581  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2040 (Callable 01/15/2034) | 200000 | 217323  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2041 (Callable 01/15/2034) | 215000 | 231426  |

---

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

190<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Strategic Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Illinois - (Continued)**  | **Illinois - (Continued)**  | **Illinois - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2042 (Callable 01/15/2034) | $220000 | $234540  |
|  Will County School District No 114 Manhattan, 5.50%, 09/01/2052 (Callable 01/01/2033) | 3000000 | 3168556  |
| &nbsp;&nbsp;&nbsp; Will County Township High School District No 204 Joliet, <br>4.00%, 01/01/2037 (Callable 01/01/2027) | 105000 | 105543  |
|  |  | 201868781  |
| **Indiana - 2.7%**<br>|  |  |
|  Borden-Henryville Multi-School Building Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2035 (Callable 07/15/2034) | 220000 | 251805  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2036 (Callable 07/15/2034) | 180000 | 204400  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2037 (Callable 07/15/2034) | 230000 | 259052  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2041 (Callable 07/15/2034) | 240000 | 260952  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2042 (Callable 07/15/2034) | 275000 | 295930  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2045 (Callable 07/15/2034) | 1500000 | 1577150  |
|  City of Elkhart IN Redevelopment District, 4.00%, 08/01/2028 (Callable 02/02/2026) | 200000 | 200076  |
|  City of Indianapolis Department of Public Utilities Water System Revenue, 5.00%, 10/01/2037 (Callable 10/01/2026) | 1350000 | 1356130  |
|  City of La Porte IN Waterworks Revenue, 3.50%, 07/01/2029 (Callable 02/02/2026) | 1630000 | 1630010  |
|  Evansville Redevelopment Authority, 4.00%, 02/01/2033 (Callable 02/01/2027) | 1000000 | 1006523  |
|  Fishers Town Hall Building Corp., 5.50%, 07/15/2038 (Callable 07/15/2032) | 140000 | 157735  |
|  Gary Chicago International Airport Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2032 | 225000 | 248409  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2033 | 330000 | 367681  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2034 | 370000 | 415162  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2035 | 390000 | 440162  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2036 (Callable 02/01/2035) | 325000 | 364482  |
| Greater Clark Building Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2037 (Callable 07/15/2035) | 370000 | 416567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2037 (Callable <br>07/15/2035)  | 300000  | 337757  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2039 (Callable 07/15/2035) | $450000 | $499299  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2041 (Callable 07/15/2035) | 480000 | 523182  |
|  Griffith Multi-School Building Corp., 5.00%, 07/15/2036 (Callable 07/15/2034) | 710000 | 792183  |
|  Hammond Local Public Improvement Bond Bank<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 07/15/2029 (Callable 07/15/2028)<sup>(c)</sup> | 595000 | 598697  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/15/2036 (Callable 07/15/2030) | 1500000 | 1602675  |
| Indiana Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/15/2026 | 1015000 | 1023551  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2028 | 870000 | 898023  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029 (Callable 10/01/2027) | 630000 | 636438  |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/01/2037 (Callable 12/01/2033) | 600000 | 683018  |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/01/2038 (Callable 12/01/2033) | 635000 | 720038  |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/01/2039 (Callable 12/01/2033) | 670000 | 758223  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2040 (Callable 12/01/2028) | 1000000 | 1027930  |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/01/2040 (Callable 12/01/2033) | 710000 | 797074  |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/01/2042 (Callable 09/01/2035) | 700000 | 751506  |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/01/2043 (Callable 09/01/2035) | 740000 | 787459  |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/01/2044 (Callable 09/01/2035) | 780000 | 822981  |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/01/2048 (Callable 12/01/2033) | 1630000 | 1741638  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2064 (Callable 10/01/2028)<sup>(a)</sup> | 3500000 | 3738483  |
|  Indiana Health & Educational Facilities Financing Authority, 5.00%, 11/15/2046 (Callable 11/15/2026) | 150000 | 150329  |
|  Indiana Housing & Community Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.90%, 03/01/2029 (Callable 03/01/2028)<sup>(a)</sup> | 1530000 | 1527251  |
| &nbsp;&nbsp;&nbsp; 4.55%, 11/01/2041 | 3570000 | 3632312  |
|  Indiana Municipal Power Agency, 5.00%, 01/01/2042 (Callable 07/01/2026) | 7000000 | 7043159  |
|  Indiana Secondary Market for Education Loans, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2030<sup>(b)</sup> | 1040000 | 1095969  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2031<sup>(b)</sup> | 1125000 | 1193598  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2032<sup>(b)</sup> | 900000 | 959189  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2034<sup>(b)</sup> | 560000 | 600381  |

---

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

191<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Strategic Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Indiana - (Continued)**  | **Indiana - (Continued)**  | **Indiana - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/01/2046 (Callable 06/01/2034)<sup>(b)</sup> | $3000000 | $2906107  |
|  Lawrence Township School Building Corp., 2.25%, 07/15/2038 (Callable 07/15/2030) | 2000000 | 1634501  |
| Merrillville Redevelopment Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2036 (Callable 07/15/2035) | 435000 | 486970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2036 (Callable <br>07/15/2035)  | 355000  | 397413  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2037 (Callable 07/15/2035) | 460000 | 509999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2037 (Callable <br>07/15/2035)  | 370000  | 410217  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2038 (Callable 07/15/2035) | 485000 | 534564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2038 (Callable <br>07/15/2035)  | 385000  | 424345  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2039 (Callable 07/15/2035) | 1015000 | 1112475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2039 (Callable <br>07/15/2035)  | 815000  | 893268  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2040 (Callable 07/15/2035) | 1065000 | 1153281  |
|  Noblesville Community Development Corp., 5.00%, 08/01/2038 (Callable 02/01/2034) | 2300000 | 2527225  |
|  Noblesville Redevelopment Authority, 5.50%, 07/15/2043 (Callable 07/15/2031) | 100000 | 107920  |
|  Perry Township Schools/Marion County IN<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2027 | 1750000 | 1789946  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2027 | 1800000 | 1860141  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2028 | 1200000 | 1253638  |
| Plainfield Redevelopment Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2030 | 220000 | 237540  |
| &nbsp;&nbsp;&nbsp; 3.25%, 08/01/2032 (Callable 02/02/2026) | 145000 | 143170  |
|  Salem Elementary School Building Corp./IN, 4.38%, 07/15/2032 (Callable 07/15/2031) | 1495000 | 1555242  |
|  Shelbyville Redevelopment Authority, 3.00%, 08/01/2030 (Callable 02/01/2029) | 860000 | 854621  |
|  Town of Plainfield IN Redevelopment District, 3.00%, 07/01/2031 (Callable 07/01/2027) | 435000 | 435453  |
| West Lafayette School Building Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 07/15/2036 (Callable 07/15/2029) | 1650000 | 1568047  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2038 (Callable 07/15/2028) | 1000000 | 1041861  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  Westfield-Washington Multi-School Building Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2035 (Callable 07/15/2034) | $580000 | $656864  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2036 (Callable 07/15/2034) | 750000 | 842717  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2037 (Callable 07/15/2034) | 1625000 | 1811056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2037 (Callable <br>07/15/2034)  | 1535000  | 1710752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2037 (Callable <br>07/15/2034)  | 800000  | 891597  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2038 (Callable 07/15/2034) | 2335000 | 2584740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2038 (Callable <br>07/15/2034)  | 1700000  | 1881824  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2038 (Callable <br>07/15/2034)  | 400000  | 442782  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2039 (Callable 07/15/2034) | 500000 | 550259  |
| Whitestown Redevelopment Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2035 | 690000 | 788287  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2036 (Callable 08/01/2035) | 650000 | 735574  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2037 (Callable 08/01/2035) | 725000 | 812515  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2038 (Callable 08/01/2035) | 550000 | 613293  |
|  |  | 82554773  |
| **Iowa - 1.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; City of Bondurant IA, <br>5.00%, 06/01/2044 (Callable 06/01/2033) | 4000000 | 4111260  |
| &nbsp;&nbsp;&nbsp; City of Coralville IA, <br>4.50%, 06/01/2032 (Callable 02/02/2026) | 2000000 | 1996810  |
| City of Le Mars IA Water Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2038 (Callable 06/01/2033) | 1425000 | 1555792  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2039 (Callable 06/01/2033) | 1500000 | 1628025  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2040 (Callable 06/01/2033) | 1575000 | 1696686  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2043 (Callable 06/01/2033) | 1480000 | 1556807  |
|  City of Stuart IA, 5.00%, 06/01/2039 (Callable 06/01/2032) | 575000 | 597374  |
|  Clear Creek-Amana Community School District, 4.00%, 06/01/2027 (Callable 06/01/2026) | 4000000 | 4015702  |
|  County of Polk IA, 5.00%, 06/01/2037 (Callable 06/01/2032)<sup>(b)</sup> | 2595000 | 2801591  |
| Iowa Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 01/01/2032 (Callable 01/01/2030)<sup>(c)</sup> | 1000000 | 941185  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2042 (Callable 02/01/2035) | 3000000 | 3300046 |

---

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

192<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Strategic Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Iowa - (Continued)** | **Iowa - (Continued)** | **Iowa - (Continued)** |
| &nbsp;&nbsp;&nbsp; 6.00%, 11/01/2042 (Callable 11/01/2041)<sup>(c)</sup> | $4500000 | $4463850  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2047 (Callable 07/01/2028) | 110000 | 110952  |
| &nbsp;&nbsp;&nbsp; 3.25%, 07/01/2050 (Callable 07/01/2029) | 90000 | 89353  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/01/2053 (Callable 01/01/2033) | 2220000 | 2339558  |
| Iowa Higher Education Loan Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2026 | 750000 | 759613  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2041 (Callable 12/01/2026) | 1000000 | 1008266  |
| Iowa Student Loan Liquidity Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2027<sup>(b)</sup> | 580000 | 597128  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2028<sup>(b)</sup> | 580000 | 606182  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029<sup>(b)</sup> | 500000 | 525456  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030<sup>(b)</sup> | 950000 | 1011397  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031<sup>(b)</sup> | 1000000 | 1070789  |
| Keokuk Municipal Water Works<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/01/2033 (Callable 04/01/2032) | 245000 | 251365  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/01/2034 (Callable 04/01/2032) | 255000 | 260562  |
| &nbsp;&nbsp;&nbsp; 4.25%, 04/01/2037 (Callable 04/01/2032) | 170000 | 172593  |
| &nbsp;&nbsp;&nbsp; 4.35%, 04/01/2038 (Callable 04/01/2032) | 470000 | 476992  |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/01/2040 (Callable 04/01/2032) | 535000 | 541030  |
|  PEFA, Inc., 5.00%, 09/01/2049 (Callable 06/01/2026)<sup>(a)</sup> | 5160000 | 5206270  |
|  |  | 43692634  |
| **Kansas - 0.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; City of Andover KS, <br>3.50%, 10/01/2028 (Callable 04/01/2027) | 8000000 | 8035371  |
| &nbsp;&nbsp;&nbsp; City of Burlington KS, <br>4.30%, 03/01/2045 (Callable 03/03/2026)<sup>(a)</sup> | 2850000 | 2854306  |
| &nbsp;&nbsp;&nbsp; City of Goddard KS, <br>4.00%, 10/01/2026 (Callable 04/01/2026) | 3000000 | 3008757  |
|  City of Maize KS, 4.00%, 10/01/2027 (Callable 02/02/2026) | 1560000 | 1560556  |
| &nbsp;&nbsp;&nbsp; City of Manhattan KS, <br>3.75%, 06/01/2031 (Callable 11/01/2027) | 1000000 | 1001121  |
| City of Wichita KS<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.15%, 02/01/2030 (Callable 06/01/2028)<sup>(a)</sup> | 3850000 | 3861165  |
| &nbsp;&nbsp;&nbsp; 5.88%, 05/15/2050 (Callable 05/15/2031) | 1065000 | 1008130  |
| &nbsp;&nbsp;&nbsp; City of Wichita KS Water & Sewer Utility Revenue, <br>3.50%, 10/01/2028 (Callable 02/02/2026) | 1440000 | 1440188  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Miami County Unified School District No 367 Osawatomie<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/01/2037 (Callable 09/01/2034) | $250000 | $279965  |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/01/2038 (Callable 09/01/2034) | 310000 | 345626  |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/01/2039 (Callable 09/01/2034) | 485000 | 537484  |
|  Wyandotte County-Kansas City Unified Government, 0.00%, 12/01/2027<sup>(e)</sup> | 170000 | 158409  |
|  Wyandotte County-Kansas City Unified Government Utility System Revenue, 5.00%, 09/01/2036 (Callable 09/01/2026) | 3000000 | 3030784  |
|  |  | 27121862  |
| **Kentucky - 2.1%**<br>|  |  |
|  City of Columbia KY, 3.25%, 12/01/2028 | 50000 | 48548  |
| County of Trimble KY<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 06/01/2033 (Callable 06/01/2027) | 1905000 | 1912271  |
| &nbsp;&nbsp;&nbsp; 4.70%, 06/01/2054 (Callable 03/03/2027)<sup>(a)(b)</sup> | 2000000 | 2015052  |
|  Garrard County School District Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2036 (Callable 08/01/2031) | 1220000 | 1328811  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2037 (Callable 08/01/2031) | 1000000 | 1081142  |
|  Jefferson County School District Finance Corp., 2.00%, 06/01/2033 (Callable 06/01/2028) | 3170000 | 2816829  |
| Kenton County Airport Board<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2032<sup>(b)</sup> | 1750000 | 1935608  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2033<sup>(b)</sup> | 3225000 | 3601854  |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/01/2041 (Callable 01/01/2034)<sup>(b)</sup> | 1790000 | 1936379  |
|  Kentucky Economic Development Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 (Callable 02/02/2026) | 2335000 | 2338240  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2030 (Callable 06/01/2027) | 50000 | 50872  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2036 (Callable 08/15/2027) | 2940000 | 3015957  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2037 (Callable 06/01/2027) | 745000 | 750238  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2040 (Callable 02/02/2026) | 1290000 | 1290871  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2041 (Callable 08/15/2027) | 325000 | 331178  |
| &nbsp;&nbsp;&nbsp; Kentucky Housing Corp., <br>3.15%, 05/01/2030 (Callable 05/01/2028)<sup>(a)</sup> | 1500000 | 1501392 |

---

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

193<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Strategic Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Kentucky - (Continued)**  | **Kentucky - (Continued)**  | **Kentucky - (Continued)**  |
|  Kentucky Municipal Power Agency, 5.00%, 09/01/2029 (Callable 01/28/2026) | $1000000 | $1001583  |
| Kentucky Public Energy Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2027 | 700000 | 722905  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2029 | 700000 | 737611  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 (Callable 09/01/2029) | 1000000 | 1055419  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 2000000 | 2101049  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033 (Callable 09/01/2033) | 1560000 | 1617221  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2036 (Callable 02/01/2036) | 7000000 | 7434313  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2050 (Callable 03/02/2026)<sup>(a)</sup> | 275000 | 277331  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/2055 (Callable 09/01/2029)<sup>(a)</sup> | 5265000 | 5569512  |
|  Kentucky State Property & Building Commission<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2028 (Callable 11/01/2026) | 200000 | 204117  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2037 (Callable 04/01/2027) | 2000000 | 2044133  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2038 (Callable 04/01/2027) | 2500000 | 2554366  |
|  Lexington-Fayette Urban County Airport Board, 5.00%, 07/01/2038 (Callable 07/01/2033) | 320000 | 350443  |
| &nbsp;&nbsp;&nbsp; Louisville/Jefferson County Metropolitan Government, <br>5.00%, 10/01/2029 (Callable 10/01/2026) | 1775000 | 1801029  |
| &nbsp;&nbsp;&nbsp; Morehead State University, <br>5.00%, 04/01/2028 (Callable 02/02/2026) | 455000 | 455779  |
| Rural Water Financing Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.63%, 08/01/2028 (Callable 08/01/2026) | 1000000 | 986433  |
| &nbsp;&nbsp;&nbsp; 2.88%, 08/01/2028 (Callable 02/01/2027) | 5000000 | 4962894  |
| University of Louisville<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2033 (Callable 09/01/2026) | 1200000 | 1213532  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2034 (Callable 09/01/2026) | 2120000 | 2142780  |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/01/2035 (Callable 09/01/2026) | 595000 | 598656  |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/01/2036 (Callable 09/01/2026) | 1645000 | 1653955  |
|  |  | 65440303  |
| **Louisiana - 1.0%**<br>|  |  |
| City of Shreveport LA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2034 | 625000 | 695555  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2035 | 350000 | 390743  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/01/2036 (Callable 03/01/2035) | $325000 | $372531  |
|  City of Shreveport LA Water & Sewer Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 (Callable 12/01/2028) | 880000 | 918234  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2036 (Callable 12/01/2027) | 1400000 | 1441152  |
| Louisiana Housing Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2028 (Callable 04/01/2027)<sup>(a)</sup> | 2220000 | 2274182  |
| &nbsp;&nbsp;&nbsp; 3.20%, 08/01/2029 (Callable 08/01/2028)<sup>(a)</sup> | 1200000 | 1201335  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2046 (Callable 02/01/2026)<sup>(a)</sup> | 1500000 | 1502419  |
|  Louisiana Local Government Environmental Facilities & Community Development Auth<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 1030000 | 1102473  |
| &nbsp;&nbsp;&nbsp; 3.02%, 04/01/2031 (Callable 02/02/2026)<sup>(c)</sup> | 985000 | 985170  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | 1145000 | 1260299  |
| Louisiana Public Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2026 | 1000000 | 1007353  |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/2029 | 735000 | 777464  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2033 (Callable 05/15/2030) | 350000 | 376023  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2039 (Callable 07/01/2035) | 700000 | 778523  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2040 (Callable 07/01/2035) | 700000 | 772194  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2041 (Callable 07/01/2035) | 1075000 | 1171219  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2042 (Callable 07/01/2035) | 1100000 | 1185171  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2044 (Callable 07/01/2035) | 800000 | 842906  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2045 (Callable 07/01/2035) | 800000 | 837251  |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/2046 (Callable 10/01/2033) | 1400000 | 1404988  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/2050 (Callable 07/01/2035) | 2600000 | 2723877  |
| New Orleans Aviation Board<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2029 (Callable 01/01/2027)<sup>(b)</sup> | 750000 | 761460  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2033 (Callable 01/01/2028) | 1930000 | 2008951  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2034 (Callable 01/01/2028) | 1900000 | 1974575  |
|  Port New Orleans Board of Commissioners, 5.00%, 04/01/2036 (Callable 04/01/2028)<sup>(b)</sup> | 2220000 | 2273842  |
|  St Tammany Parish Hospital Service District No 1, 5.00%, 07/01/2034 (Callable 07/01/2028) | 1520000 | 1576660  |
|  |  | 32616550  |

---

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

194<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Strategic Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Maine - 0.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; City of Lewiston ME, <br>1.50%, 02/15/2035 (Callable 02/15/2028) | $1435000 | $1147356  |
|  Eastern Maine Healthcare Systems, 5.02%, 07/01/2036 | 1000000 | 752582  |
|  Finance Authority of Maine, 5.00%, 12/01/2026<sup>(b)</sup> | 200000 | 202270  |
|  Maine Governmental Facilities Authority, 5.00%, 10/01/2041 (Callable 10/01/2034) | 1500000 | 1636803  |
|  Maine Health & Higher Educational Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2026 | 100000 | 101064  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034 (Callable 07/01/2030) | 960000 | 1043218  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035 (Callable 07/01/2030) | 1510000 | 1636953  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036 (Callable 07/01/2030) | 1615000 | 1740096  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037 (Callable 07/01/2030) | 350000 | 374741  |
|  Maine State Housing Authority, 5.00%, 11/15/2052 (Callable 11/15/2031) | 635000 | 659888  |
|  |  | 9294971  |
| **Maryland - 0.7%**<br>|  |  |
|  City of Baltimore MD, 5.00%, 07/01/2030 (Callable 01/01/2027) | 3000000 | 3066825  |
|  Howard County Housing Commission, 4.13%, 12/01/2043 (Callable 12/01/2033) | 2325000 | 2244192  |
|  Maryland Community Development Administration<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.55%, 09/01/2026 | 555000 | 541704  |
| &nbsp;&nbsp;&nbsp; 3.75%, 03/01/2050 (Callable 03/01/2029) | 1070000 | 1071199  |
|  Maryland Economic Development Corp., 5.00%, 06/01/2030 (Callable 06/01/2028) | 100000 | 104269  |
|  Maryland Health & Higher Educational Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027 | 400000 | 411427  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2041 (Callable 07/01/2035) | 400000 | 433750  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2043 (Callable 07/01/2035) | 800000 | 848404  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2044 (Callable 07/01/2035) | 500000 | 524352  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/2050 (Callable 07/01/2035) | 1475000 | 1530115  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/01/2056 (Callable 07/01/2035) | 1000000 | 1037450  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Maryland Stadium Authority, <br>5.00%, 05/01/2036 (Callable 05/01/2028) | $2315000 | $2410309  |
|  Maryland State Transportation Authority, 5.00%, 07/01/2046 (Callable 07/01/2031) | 1695000 | 1766587  |
| &nbsp;&nbsp;&nbsp; Montgomery County Housing Opportunities Commission, <br>5.75%, 01/01/2058 (Callable 01/01/2034) | 1145000 | 1243507  |
|  Washington Suburban Sanitary Commission, 1.25%, 06/01/2027 (Callable 01/02/2026)<sup>(a)</sup> | 3700000 | 3700000  |
|  |  | 20934090  |
| **Massachusetts - 1.6%**<br>|  |  |
| Commonwealth of Massachusetts<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2038 (Callable 12/01/2026) | 2680000 | 2721865  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/01/2047 (Callable 04/01/2027) | 5500000 | 5566231  |
|  Commonwealth of Massachusetts Transportation Fund Revenue, 5.00%, 06/01/2042 (Callable 06/01/2027) | 2245000 | 2282814  |
|  Greater Fall River Vocational School District, 5.00%, 06/01/2055 (Callable 06/01/2034) | 13100000 | 13547327  |
|  Massachusetts Development Finance Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.98%, 10/01/2030 | 115000 | 111209  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035 (Callable 07/01/2026) | 2000000 | 2019066  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036 (Callable 07/01/2026) | 8360000 | 8414205  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2044 (Callable 07/01/2027) | 575000 | 575499  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/2065 (Callable 06/01/2035) | 3500000 | 3607795  |
|  Massachusetts Educational Financing Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 07/01/2032<sup>(b)</sup> | 1000000 | 1019373  |
| &nbsp;&nbsp;&nbsp; 2.00%, 07/01/2037 (Callable 07/01/2031)<sup>(b)</sup> | 1825000 | 1518600  |
| &nbsp;&nbsp;&nbsp; 4.25%, 07/01/2044 (Callable 07/01/2033)<sup>(b)</sup> | 760000 | 760000  |
|  Massachusetts School Building Authority, 5.25%, 02/15/2048 (Callable 02/15/2028) | 1925000 | 1965445  |
|  Town of Hudson MA, 5.00%, 06/11/2026 | 2000000 | 2010455  |
|  University of Massachusetts Building Authority, 5.25%, 11/01/2042 (Callable 11/01/2027) | 2700000 | 2767769  |
|  |  | 48887653  |

---

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

195<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Strategic Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Michigan - 1.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Betsie Lake Utilities Authority, <br>5.50%, 09/01/2054 (Callable 03/01/2035) | $1110000 | $1140069  |
|  Charter Township of Lansing MI, 2.75%, 05/01/2028 (Callable 02/02/2026) | 265000 | 258584  |
|  City of Detroit MI, 6.00%, 05/01/2039 (Callable 05/01/2033) | 1000000 | 1139306  |
|  City of Wyandotte MI Electric System Revenue, 5.00%, 10/01/2035 (Callable 02/02/2026) | 1705000 | 1707509  |
| Elkton-Pigeon-Bay Port Laker Schools<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2042 (Callable 05/01/2035) | 500000 | 540405  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2043 (Callable 05/01/2035) | 350000 | 374697  |
|  Flint Hospital Building Authority, 5.00%, 07/01/2029 | 130000 | 135185  |
| &nbsp;&nbsp;&nbsp; Grand Rapids Public Schools, <br>5.00%, 11/01/2040 (Callable 05/01/2029) | 1800000 | 1876768  |
| &nbsp;&nbsp;&nbsp; Great Lakes Water Authority Water Supply System Revenue, <br>5.00%, 07/01/2036 (Callable 07/01/2026) | 3500000 | 3531974  |
| Holly Area School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2039 (Callable 05/01/2035) | 175000 | 199197  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2040 (Callable 05/01/2035) | 155000 | 173532  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2041 (Callable 05/01/2035) | 345000 | 380328  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2042 (Callable 05/01/2035) | 365000 | 397917  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2043 (Callable 05/01/2035) | 755000 | 814785  |
| Howell Public Schools<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2036 (Callable 05/01/2035) | 800000 | 928005  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2037 (Callable 05/01/2035) | 750000 | 862309  |
|  MBS International Airport Revenue, 6.00%, 06/01/2045 (Callable 06/01/2035)<sup>(b)</sup> | 1000000 | 1029364  |
| Michigan Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/01/2027 | 770000 | 775311  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2028 (Callable 04/01/2027) | 5000000 | 5011323  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/31/2028 | 490000 | 515052  |
| &nbsp;&nbsp;&nbsp; 5.50%, 11/01/2028 (Callable 11/01/2026) | 675000 | 686542  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/28/2029 | 400000 | 424192  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/31/2029 | 500000 | 534978  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/01/2032 (Callable 02/01/2027) | 100000 | 100727  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2032 (Callable 02/02/2026) | $2000000 | $2006633  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2033 (Callable 02/02/2026) | 1265000 | 1269160  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2037 (Callable 12/01/2027) | 2110000 | 2177360  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2041 (Callable 11/15/2026) | 1000000 | 1008873  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2042 (Callable 07/01/2035) | 1500000 | 1627245  |
|  Michigan State Housing Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.70%, 04/01/2030 (Callable 04/01/2026) | 2335000 | 2336050  |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/01/2054 (Callable 06/01/2033) | 4520000 | 4905406  |
| Michigan Strategic Fund<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/01/2027<sup>(b)</sup> | 300000 | 300740  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/30/2032 (Callable 12/31/2028)<sup>(b)</sup> | 1350000 | 1402790  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/31/2043 (Callable 12/31/2028)<sup>(b)</sup> | 100000 | 100284  |
| &nbsp;&nbsp;&nbsp; Northview Public Schools, <br>3.00%, 11/01/2031 (Callable 05/01/2030) | 1000000 | 1002287  |
| Oakland University<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2026 (Callable 01/01/2026) | 790000 | 791200  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 (Callable 07/01/2026) | 1520000 | 1521663  |
| &nbsp;&nbsp;&nbsp; Van Dyke Public Schools, <br>5.25%, 05/01/2040 (Callable 05/01/2035) | 3730000 | 4054398  |
|  Walled Lake Consolidated School District, 5.00%, 05/01/2047 (Callable 05/01/2032) | 435000 | 448348  |
| Wayne County Airport Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 (Callable 12/01/2027)<sup>(b)</sup> | 295000 | 304701  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2034<sup>(b)</sup> | 600000 | 669382  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2035<sup>(b)</sup> | 700000 | 782833  |
|  |  | 50247412  |
| **Minnesota - 0.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; City of Center City MN, <br>4.00%, 11/01/2031 (Callable 11/01/2027) | 245000 | 250660  |
| &nbsp;&nbsp;&nbsp; City of Coon Rapids MN, <br>5.60%, 12/01/2039 | 1734732 | 1960926  |
| &nbsp;&nbsp;&nbsp; City of Maple Grove MN, <br>5.00%, 05/01/2031 (Callable 05/01/2027) | 500000 | 507410  |
| City of Minneapolis MN<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2034 (Callable 01/23/2026) | 200000 | 200128  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2035 (Callable 11/15/2028) | 2000000 | 2089092  |

---

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

196<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Strategic Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Minnesota - (Continued)**  | **Minnesota - (Continued)**  | **Minnesota - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2053 (Callable 11/15/2029)<sup>(a)</sup> | $1670000 | $1813978  |
| City of Virginia MN<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2026 (Callable 02/02/2026) | 5110000 | 5114551  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/01/2031 | 425000 | 435126  |
| &nbsp;&nbsp;&nbsp; County of Washington MN, <br>2.38%, 02/01/2035 (Callable 02/01/2028) | 1550000 | 1421365  |
|  Federal Home Loan Mortgage Corp., Series 2024-ML21, Class AUS, 4.52%, 08/25/2041 (Callable 08/25/2041)<sup>(a)</sup> | 2979291 | 3015639  |
|  Housing & Redevelopment Authority of The City of St Paul Minnesota, 4.00%, 09/01/2031 (Callable 02/02/2026) | 700000 | 696065  |
| &nbsp;&nbsp;&nbsp; Metropolitan Council, <br>4.00%, 03/01/2042 (Callable 03/01/2033) | 2965000 | 2998715  |
| &nbsp;&nbsp;&nbsp; Minnesota Health & Education Facilities Authority, <br>5.00%, 10/01/2039 (Callable 10/01/2030) | 100000 | 106126  |
| Minnesota Housing Finance Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 07/01/2053 (Callable 01/01/2033) | 855000 | 908528  |
| &nbsp;&nbsp;&nbsp; 6.25%, 07/01/2054 (Callable 01/01/2033) | 885000 | 957157  |
| &nbsp;&nbsp;&nbsp; 6.50%, 07/01/2054 (Callable 07/01/2033) | 940000 | 1028457  |
|  Rosemount-Apple Valley-Eagan Independent School District No 196, 4.00%, 02/01/2042 (Callable 02/01/2032) | 1145000 | 1152717  |
|  Southern Minnesota Municipal Power Agency, 0.00%, 01/01/2027<sup>(e)</sup> | 445000 | 430080  |
| &nbsp;&nbsp;&nbsp; State of Minnesota, <br>5.00%, 08/01/2034 (Callable 08/01/2026) | 1500000 | 1519051  |
|  |  | 26605771  |
| **Mississippi - 1.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Biloxi Public School District, <br>5.00%, 04/01/2029 (Callable 04/01/2026) | 250000 | 251157  |
|  City of Oxford MS, 3.50%, 09/01/2029 | 40000 | 38781  |
| County of Hinds MS<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/01/2027 | 140000 | 139953  |
| &nbsp;&nbsp;&nbsp; 4.63%, 09/01/2054 (Callable 09/01/2029)<sup>(c)</sup> | 6200000 | 5725104  |
| &nbsp;&nbsp;&nbsp; County of Warren MS, <br>6.00%, 09/01/2035 (Callable 09/01/2033) | 1020000 | 1213110  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Harrison County School District, 3.00%, 06/01/2037 (Callable 06/01/2029) | $1500000 | $1383555  |
|  Harrison County Utility Authority, 2.15%, 07/01/2038 (Callable 02/02/2026)<sup>(c)</sup> | 1500000 | 1036624  |
| Mississippi Business Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.20%, 12/01/2030 (Callable 02/02/2026)<sup>(a)</sup> | 6380000 | 6380000  |
| &nbsp;&nbsp;&nbsp; 1.20%, 11/01/2035 (Callable 02/02/2026)<sup>(a)</sup> | 6100000 | 6100000  |
| Mississippi Development Bank<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2026 | 780000 | 781988  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2029 (Callable 11/01/2027) | 105000 | 106523  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2031 (Callable 06/01/2030) | 1250000 | 1361045  |
| &nbsp;&nbsp;&nbsp; 1.48%, 07/01/2031 (Callable 02/02/2026)<sup>(c)</sup> | 1310000 | 1184826  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2032 (Callable 06/01/2030) | 1425000 | 1541838  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2034 (Callable 06/01/2030) | 1445000 | 1550530  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2034 (Callable 11/01/2027) | 1830000 | 1877050  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2036 | 3000000 | 3206296  |
| &nbsp;&nbsp;&nbsp; 3.63%, 11/01/2036 (Callable 11/01/2030)<sup>(c)</sup> | 1500000 | 1431983  |
| &nbsp;&nbsp;&nbsp; 3.50%, 11/01/2047 (Callable 11/01/2027) | 25000 | 17520  |
| Mississippi Home Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.45%, 12/01/2032 | 135000 | 135889  |
| &nbsp;&nbsp;&nbsp; 3.50%, 06/01/2033 (Callable 12/01/2032) | 200000 | 200164  |
| &nbsp;&nbsp;&nbsp; 3.55%, 12/01/2033 (Callable 12/01/2032) | 415000 | 418208  |
| &nbsp;&nbsp;&nbsp; 3.65%, 06/01/2034 (Callable 12/01/2032) | 430000 | 432600  |
| &nbsp;&nbsp;&nbsp; 3.70%, 12/01/2034 (Callable 12/01/2032) | 445000 | 448034  |
| &nbsp;&nbsp;&nbsp; 3.75%, 06/01/2035 (Callable 12/01/2032) | 285000 | 287610  |
| &nbsp;&nbsp;&nbsp; 3.80%, 12/01/2035 (Callable 12/01/2032) | 440000 | 442889  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2043 (Callable 12/01/2026) | 15000 | 15041  |
| &nbsp;&nbsp;&nbsp; 4.65%, 12/01/2044 (Callable 06/01/2033) | 2000000 | 2030089  |
|  State of Mississippi Gaming Tax Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/2035 (Callable 02/02/2026) | 1955000 | 1956807  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/2036 (Callable 10/15/2028) | 1000000 | 1044169  |
|  Vicksburg Warren School District, 5.00%, 03/01/2028 | 270000 | 275275  |
|  |  | 43014658  |

---

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

197<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Strategic Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Missouri - 2.7%**<br>|  |  |
| Boonville School District No R-1/MO<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2042 (Callable 03/01/2029) | $1500000 | $1559881  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2044 (Callable 03/01/2029) | 1400000 | 1444183  |
|  Citizens Memorial Hospital District, 5.00%, 12/01/2026 (Callable 09/01/2026) | 3500000 | 3512188  |
| &nbsp;&nbsp;&nbsp; City of Kansas City MO, <br>5.00%, 02/01/2043 (Callable 02/01/2035) | 650000 | 697620  |
| &nbsp;&nbsp;&nbsp; City of Kansas City MO Sanitary Sewer System Revenue, <br>4.00%, 01/01/2036 (Callable 01/01/2028) | 200000 | 202791  |
|  City of St Louis MO Airport Revenue, 5.00%, 07/01/2039 (Callable 07/01/2029) | 110000 | 114958  |
| City of University City MO<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2027 | 590000 | 604838  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2028 | 525000 | 548625  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2030 | 660000 | 713139  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2031 | 715000 | 784322  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2032 | 700000 | 777819  |
| &nbsp;&nbsp;&nbsp; Clay County School District No 40 Excelsior Springs, <br>5.00%, 04/01/2036 (Callable 04/01/2033) | 550000 | 613479 |
|  Cole County Reorganized School District No 2, 5.00%, 03/01/2040 (Callable 03/01/2029) | 1150000 | 1192499  |
| &nbsp;&nbsp;&nbsp; County of Phelps MO, <br>6.00%, 12/01/2055 (Callable 12/01/2035) | 2500000 | 2671287  |
| &nbsp;&nbsp;&nbsp; County of Platte MO, <br>3.00%, 03/01/2027 (Callable 02/02/2026) | 200000 | 196847  |
|  Hannibal Industrial Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2027 | 965000 | 963943  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029 (Callable 10/01/2027) | 960000 | 960437  |
|  Health & Educational Facilities Authority of the State of Missouri<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/01/2027 | 810000 | 807283  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2027 | 150000 | 152224  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2030 (Callable 02/02/2026) | 160000 | 160176  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/01/2030 (Callable 02/02/2026) | 670000 | 666541  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2031 | 1195000 | 1144296 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2031  | 1175000  | 1125145  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/01/2032 (Callable 02/01/2029) | 360000 | 363322  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2034 (Callable 09/01/2029) | $1315000 | $1328360  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/2035 (Callable 05/01/2033) | 730000 | 619068  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2036 (Callable 05/15/2026) | 3790000 | 3814347  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2038 (Callable 09/01/2028) | 1500000 | 1548593  |
|  Kansas City Industrial Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2031 (Callable 03/01/2030)<sup>(b)</sup> | 2720000 | 2910090  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2035 (Callable 03/01/2029)<sup>(b)</sup> | 3020000 | 3155958  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2036 (Callable 03/01/2029)<sup>(b)</sup> | 3030000 | 3156538  |
|  Kansas City Municipal Assistance Corp., 0.00%, 04/15/2031<sup>(e)</sup> | 625000 | 521677  |
| Kansas City School District/MO<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2036 (Callable 04/01/2035) | 4625000 | 5261972  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2037 (Callable 04/01/2035) | 4860000 | 5484915  |
|  Lincoln County Reorganized School District No R-4, 5.00%, 03/01/2037 (Callable 03/01/2029) | 1175000 | 1244685  |
| Missouri Development Finance Board<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033 | 250000 | 282605  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2034 (Callable 12/01/2033) | 300000 | 337036  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2035 (Callable 12/01/2033) | 430000 | 480076  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2039 (Callable 12/01/2033) | 625000 | 679829  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2040 (Callable 12/01/2033) | 560000 | 626973  |
|  Missouri Joint Municipal Electric Utility Commission<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2027 | 585000 | 604129  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2028 | 650000 | 686391 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2028  | 615000  | 648840  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2030 | 715000 | 786436 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2030  | 680000  | 745558  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2030  | 360000  | 388541  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2031 | 755000 | 844463 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2031  | 710000  | 790718  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2031  | 695000  | 760551  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2032 | 790000 | 896079 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2032  | 750000  | 845999  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2032  | 730000  | 808381  |
|  Orchard Farm R-V School District/MO, 5.25%, 04/01/2043 (Callable 04/01/2029) | 2695000 | 2795434  |
|  Platte County R-III School District, 6.25%, 03/01/2043 (Callable 03/01/2035) | 2050000 | 2399427  |

---

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

198<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Strategic Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Missouri - (Continued)** <br>|  |  |
|  Scott County Reorganized School District No R-IV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/15/2035 (Callable 04/15/2031) | $330000 | $353397  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/15/2039 (Callable 04/15/2031) | 200000 | 210125  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/15/2045 (Callable 04/15/2031) | 535000 | 542584  |
|  St Louis Land Clearance for Redevelopment Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 06/01/2026 | 55000 | 55069  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2028 (Callable 12/01/2026) | 1000000 | 1010552  |
| &nbsp;&nbsp;&nbsp; 3.00%, 07/15/2032 (Callable 07/15/2031) | 1570000 | 1549622  |
| &nbsp;&nbsp;&nbsp; 3.00%, 07/15/2033 (Callable 07/15/2031) | 1000000 | 968803  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/01/2037 (Callable 12/01/2026) | 45000 | 43368  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2038 (Callable 04/01/2027) | 595000 | 604635  |
| St Louis Municipal Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 07/15/2029<sup>(c)(e)</sup> | 1000000 | 883973  |
| &nbsp;&nbsp;&nbsp; 0.00%, 07/15/2030<sup>(c)(e)</sup> | 1400000 | 1195684 |
| &nbsp;&nbsp;&nbsp; 0.00%, 07/15/2030<sup>(c)(e)</sup> | 1215000  | 1037683  |
| &nbsp;&nbsp;&nbsp; 0.00%, 07/15/2037<sup>(e)</sup> | 1850000 | 1157099  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2038 (Callable 10/01/2027) | 2500000 | 2561760  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2045 (Callable 10/01/2030) | 1000000 | 1023675  |
| &nbsp;&nbsp;&nbsp; St Louis School District, <br>4.00%, 04/01/2029 (Callable 04/01/2026) | 1000000 | 1002892  |
| &nbsp;&nbsp;&nbsp; University City Industrial Development Authority, <br>5.50%, 06/15/2042 (Callable 06/15/2033) | 1000000 | 1014873  |
|  Warren County School District No R-III, 5.00%, 03/01/2040 (Callable 03/01/2030) | 2700000 | 2800431  |
|  |  | 85447737  |
| **Montana - 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Montana Board of Housing, <br>3.00%, 12/01/2045 (Callable 06/01/2029) | 115000 | 92283  |
|  Montana Facility Finance Authority, 5.00%, 07/01/2033 (Callable 07/01/2028) | 1635000 | 1700123  |
|  |  | 1792406  |
| **Nebraska - 0.7%**<br>|  |  |
| Central Plains Energy Project<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2054 (Callable 08/01/2029)<sup>(a)</sup> | 1500000 | 1599803  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2055 (Callable 05/01/2031)<sup>(a)</sup> | $3750000 | $3996039  |
| &nbsp;&nbsp;&nbsp; City of Fremont NE Combined Utility System Revenue, <br>1.75%, 07/15/2034 (Callable 07/08/2028) | 1055000 | 885499  |
| City of Gretna NE<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2035 (Callable 09/19/2030) | 450000 | 480729  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2037 (Callable 09/19/2030) | 485000 | 510559  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2038 (Callable 09/19/2030) | 325000 | 340696  |
|  City of Lincoln NE, 3.37%, 01/10/2048 (Callable 01/01/2028)<sup>(a)</sup> | 3450000 | 3477638  |
|  City of Wayne NE, 5.00%, 12/15/2038 (Callable 10/16/2030) | 1805000 | 1877225  |
|  County of Perkins NE, 4.00%, 12/15/2026 | 1100000 | 1100039  |
| County of Sarpy NE<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.63%, 06/01/2033 (Callable 06/23/2026) | 1000000 | 865003  |
| &nbsp;&nbsp;&nbsp; 1.63%, 06/01/2034 (Callable 06/23/2026) | 1765000 | 1488341  |
| &nbsp;&nbsp;&nbsp; 1.75%, 06/01/2034 (Callable 06/01/2026) | 2295000 | 1962450  |
|  Douglas County Hospital Authority No 2, 5.00%, 05/15/2026 (Callable 02/02/2026) | 315000 | 315226  |
|  Madison County Hospital Authority No 1<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027 | 585000 | 598337  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 (Callable 01/23/2026) | 500000 | 500194  |
|  Nebraska Public Power District, 5.00%, 01/01/2037 (Callable 02/02/2026) | 1000000 | 1001038  |
| &nbsp;&nbsp;&nbsp; Omaha Public Power District, <br>5.00%, 02/01/2042 (Callable 12/01/2027) | 1765000 | 1807666  |
|  |  | 22806482  |
| **Nevada - 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; County of Clark NV, <br>3.75%, 01/01/2036<sup>(a)</sup> | 550000 | 550602  |
|  Henderson Public Improvement Trust/NV, 3.00%, 01/01/2026 | 95000 | 95000  |
| Las Vegas Redevelopment Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.13%, 06/15/2033 (Callable 06/15/2026) | 50000 | 47008  |
| &nbsp;&nbsp;&nbsp; 3.25%, 06/15/2034 (Callable 06/15/2026) | 990000 | 928648  |
|  Las Vegas Valley Water District, 5.00%, 06/01/2041 (Callable 06/01/2026) | 1455000 | 1462003  |

---

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

199<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Strategic Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Nevada - (Continued)** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Nevada Housing Division, <br>7.50%, 04/01/2049 (Callable 10/01/2033) | $1500000 | $1815040  |
|  Sparks Tourism Improvement District No 1, 3.88%, 06/15/2028 | 1275000 | 1276529  |
|  |  | 6174830  |
| **New Hampshire - 1.6%**<br>|  |  |
|  New Hampshire Business Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 04/01/2028 (Callable 01/01/2028) | 8400000 | 3813708  |
| &nbsp;&nbsp;&nbsp; 4.50%, 10/01/2033 | 2750000 | 2897046  |
| &nbsp;&nbsp;&nbsp; 4.38%, 09/20/2036 | 2574368 | 2620684  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/20/2036 | 1911711 | 1896750  |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/01/2039 (Callable 04/01/2033)<sup>(b)</sup> | 270000 | 296592  |
| &nbsp;&nbsp;&nbsp; 4.17%, 01/20/2041 | 1986955 | 1969139  |
| &nbsp;&nbsp;&nbsp; 4.79%, 02/20/2041<sup>(a)</sup> | 4496941 | 4711937  |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/01/2041 (Callable 04/01/2033)<sup>(b)</sup> | 305000 | 328383  |
| &nbsp;&nbsp;&nbsp; 4.22%, 11/20/2042<sup>(a)</sup> | 10463974 | 10209395  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/2045 (Callable 06/01/2035) | 2000000 | 2088049  |
| &nbsp;&nbsp;&nbsp; 4.16%, 10/01/2051<sup>(a)</sup> | 1982650 | 1964938  |
|  New Hampshire Health and Education Facilities Authority Act<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036 (Callable 01/01/2028) | 3095000 | 3204404  |
| &nbsp;&nbsp;&nbsp; 3.30%, 06/01/2038 (Callable 05/01/2027)<sup>(a)</sup> | 2000000 | 2006632  |
| &nbsp;&nbsp;&nbsp; 3.30%, 06/01/2040 (Callable 05/01/2027)<sup>(a)</sup> | 5000000 | 5016581  |
|  New Hampshire Housing Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.70%, 01/01/2027 (Callable 07/01/2026) | 3560000 | 3573928  |
| &nbsp;&nbsp;&nbsp; 3.15%, 07/01/2027 (Callable 08/01/2026) | 1375000 | 1377495  |
| &nbsp;&nbsp;&nbsp; 3.20%, 01/01/2028 (Callable 01/01/2027) | 1250000 | 1251965  |
|  |  | 49227626  |
| **New Jersey - 1.3%**<br>|  |  |
|  Camden County Improvement Authority, 5.00%, 03/01/2027 (Callable 03/01/2026)<sup>(a)</sup> | 1135000 | 1138561  |
|  Madison Borough Board of Education, 1.00%, 08/15/2029 | 2850000 | 2652230  |
|  New Jersey Economic Development Authority, 5.63%, 01/01/2052 (Callable 02/02/2026)<sup>(b)</sup> | 1000000 | 1000831  |
|  New Jersey Educational Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2026 (Callable 02/02/2026) | 595000 | 595810  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2026 (Callable 02/02/2026) | $70000 | $70106  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027 | 150000 | 153024  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 | 125000 | 129329  |
| &nbsp;&nbsp;&nbsp; New Jersey Health Care Facilities Financing Authority, <br>5.00%, 07/01/2026 (Callable 02/02/2026) | 1095000 | 1114032  |
|  New Jersey Higher Education Student Assistance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2027<sup>(b)</sup> | 1775000  | 1832080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2027 (Callable <br>12/01/2026)<sup>(b)</sup> | 1400000 | 1421701  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2028 (Callable 06/01/2028)<sup>(b)</sup> | 1000000 | 1040300  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2044 (Callable 12/01/2033)<sup>(b)</sup> | 285000 | 274540  |
| &nbsp;&nbsp;&nbsp; 4.25%, 12/01/2045 (Callable 12/01/2034)<sup>(b)</sup> | 2990000 | 2986856  |
| &nbsp;&nbsp;&nbsp; 4.50%, 12/01/2045 (Callable 12/01/2035)<sup>(b)</sup> | 6000000 | 6159074  |
|  New Jersey Housing & Mortgage Finance Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.60%, 05/01/2026 | 3000000 | 3003312  |
| &nbsp;&nbsp;&nbsp; 3.45%, 10/01/2026<sup>(b)</sup> | 920000 | 921904  |
|  New Jersey Transportation Trust Fund Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2026<sup>(e)</sup> | 235000 | 229158  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2031 (Callable 06/15/2026) | 2000000 | 2017859  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2035 (Callable 12/15/2028) | 5000000 | 5261377  |
|  New Jersey Turnpike Authority, 5.00%, 01/01/2027 | 2500000 | 2560447  |
| &nbsp;&nbsp;&nbsp; Newark Housing Authority, <br>4.50%, 01/01/2028 | 235000 | 239684  |
| River Dell Regional School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.00%, 09/01/2029 | 765000 | 710557  |
| &nbsp;&nbsp;&nbsp; 1.00%, 09/01/2030 | 800000 | 725216  |
| &nbsp;&nbsp;&nbsp; 1.00%, 09/01/2031 | 825000 | 727420  |
| &nbsp;&nbsp;&nbsp; 1.00%, 09/01/2032 (Callable 09/01/2031) | 860000 | 734429  |
| South Jersey Port Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 01/01/2027 (Callable 01/28/2026) | 35000 | 34963  |
| &nbsp;&nbsp;&nbsp; 3.50%, 01/01/2032 (Callable 01/28/2026) | 100000 | 100004  |
|  Toms River Board of Education, 3.00%, 07/15/2029 (Callable 07/15/2026) | 750000 | 710272  |
| &nbsp;&nbsp;&nbsp; Township of Freehold NJ, <br>1.00%, 10/15/2031 (Callable 10/15/2028) | 975000 | 856597  |
|  |  | 39401673  |

---

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

200<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Strategic Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **New Mexico - 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; City of Farmington NM, <br>3.88%, 06/01/2040<sup>(a)</sup> | $2500000 | $2540877  |
|  New Mexico Hospital Equipment Loan Council, 5.00%, 08/01/2033 (Callable 08/01/2029) | 925000 | 980293  |
|  New Mexico Mortgage Finance Authority, 2.70%, 09/01/2047 (Callable 03/01/2031) | 1635000 | 1211230  |
| &nbsp;&nbsp;&nbsp; Village of Los Ranchos de Albuquerque NM, <br>5.00%, 09/01/2027 | 350000 | 361184  |
|  |  | 5093584  |
| **New York - 5.4%**<br>|  |  |
| Albany Capital Resource Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2031 (Callable 05/01/2026) | 125000 | 125559  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/2044 (Callable 05/01/2035) | 1000000 | 1066949  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/2045 (Callable 05/01/2035) | 2000000 | 2118228  |
|  Albany County Capital Resource Corp., 3.10%, 07/01/2030 | 200000 | 193429  |
| &nbsp;&nbsp;&nbsp; Battery Park City Authority, <br>5.00%, 11/01/2044 (Callable 11/01/2033) | 9130000 | 9821460  |
| Build NYC Resource Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2031 (Callable 12/01/2029)<sup>(c)</sup> | 1770000 | 1739051  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2056 (Callable 12/01/2035) | 1200000 | 1262956  |
| &nbsp;&nbsp;&nbsp; City of Amsterdam NY, <br>4.75%, 03/04/2026 | 3760000 | 3765338  |
| &nbsp;&nbsp;&nbsp; City of Little Falls NY, <br>4.75%, 09/17/2026 | 1550000 | 1556835  |
| &nbsp;&nbsp;&nbsp; City of Long Beach NY, <br>5.25%, 07/15/2037 (Callable 07/15/2030) | 325000 | 351819  |
| &nbsp;&nbsp;&nbsp; City of Mount Vernon NY, <br>4.50%, 12/23/2026<sup>(c)</sup> | 1000000 | 1006665  |
| City of New York NY<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2034 (Callable 12/01/2026) | 5710000 | 5816951  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/01/2048 (Callable 08/01/2035) | 2000000 | 2113701  |
| City of Poughkeepsie NY<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/15/2028 | 230000 | 230350  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/15/2030 | 250000 | 250980  |
|  Clinton County Capital Resource Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035 (Callable 07/01/2034)<sup>(c)</sup> | 1000000 | 1130364  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037 (Callable 07/01/2034)<sup>(c)</sup> | 1000000 | 1114418  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 4.75%, 07/01/2043 (Callable 07/01/2034)<sup>(c)</sup> | $1475000 | $1507691  |
|  Dutchess County Local Development Corp., 5.00%, 07/01/2030 (Callable 07/01/2026) | 180000 | 181612  |
| Empire State Development Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/2034 (Callable 09/15/2027) | 3500000 | 3626491  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/2041 (Callable 09/15/2029) | 5305000 | 5562181  |
|  Genesee County Funding Corp., 5.25%, 12/01/2050 (Callable 12/01/2035) | 2590000 | 2650527  |
|  Huntington Local Development Corp., 4.00%, 07/01/2027 | 315000 | 309799  |
|  Jamestown City School District, 4.00%, 07/17/2026 | 2450000 | 2466423  |
| Long Island Power Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2041 (Callable 09/01/2026) | 1065000 | 1074185  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2042 (Callable 09/01/2027) | 2500000 | 2557588  |
| &nbsp;&nbsp;&nbsp; 3.00%, 09/01/2055 (Callable 03/01/2028)<sup>(a)</sup> | 6000000 | 6011602  |
|  Monroe County Industrial Development Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 (Callable 07/01/2027)<sup>(a)</sup> | 2000000 | 2058883  |
| &nbsp;&nbsp;&nbsp; 4.84%, 11/01/2040 | 2602946 | 2756519  |
|  New York City Housing Development Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.25%, 11/01/2041 (Callable 05/01/2029) | 1410000 | 1074594  |
| &nbsp;&nbsp;&nbsp; 2.50%, 11/01/2042 (Callable 11/01/2026)<sup>(a)(d)</sup> | 1500000 | 1318264  |
| &nbsp;&nbsp;&nbsp; 2.10%, 11/01/2046 (Callable 07/01/2029)<sup>(a)</sup> | 4655000 | 4486954  |
| &nbsp;&nbsp;&nbsp; 5.30%, 11/01/2053 (Callable 11/01/2031) | 1000000 | 1019196  |
| &nbsp;&nbsp;&nbsp; 3.80%, 11/01/2063 (Callable 06/01/2027)<sup>(a)</sup> | 3140000 | 3173190  |
|  New York City Municipal Water Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2037 (Callable 06/15/2027) | 2500000 | 2567966  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/15/2037 (Callable 06/15/2027) | 3140000 | 3237790  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2038 (Callable 06/15/2027) | 3000000 | 3076885  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2040 (Callable 12/15/2027) | 200000 | 205808  |
|  New York City Transitional Finance Authority Building Aid Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2032 (Callable 07/15/2028) | 1900000 | 2006721  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2034 (Callable 07/15/2027) | 2500000 | 2577641  |

---

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

201<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Strategic Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **New York - (Continued)**  | **New York - (Continued)**  | **New York - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/15/2038 (Callable 07/15/2028) | $200000 | $201521  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2045 (Callable 07/15/2028) | 3500000 | 3571716  |
|  New York City Transitional Finance Authority Future Tax Secured Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2034 (Callable 05/01/2028) | 2780000 | 2906934  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2035 (Callable 05/01/2028) | 3700000 | 3856107  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2036 (Callable 05/01/2029) | 1065000 | 1132340  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2036 (Callable 11/01/2029) | 7000000 | 7489891  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/01/2037 (Callable 08/01/2028) | 2000000 | 2096192  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2040 (Callable 11/01/2034) | 4000000 | 4408165  |
| &nbsp;&nbsp;&nbsp; 5.50%, 11/01/2045 (Callable 11/01/2032) | 5000000 | 5367364  |
| New York State Dormitory Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/2040 (Callable 09/15/2028) | 5745000 | 5963525  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2042 (Callable 08/15/2027) | 4000000 | 4078411  |
|  New York State Housing Finance Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.65%, 05/15/2039 | 2312861 | 1942387  |
| &nbsp;&nbsp;&nbsp; 3.35%, 06/15/2054 (Callable 04/15/2027)<sup>(a)</sup> | 1000000 | 1003342  |
| &nbsp;&nbsp;&nbsp; 3.30%, 05/01/2065 (Callable 05/01/2028)<sup>(a)</sup> | 1500000 | 1505952  |
| &nbsp;&nbsp;&nbsp; 3.38%, 05/01/2065 (Callable 04/01/2029)<sup>(a)</sup> | 10000000 | 9994557  |
|  New York Transportation Development Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2027 | 100000 | 104047  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2036 (Callable 01/01/2028)<sup>(b)</sup> | 1000000 | 1017858  |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/30/2050 (Callable 06/30/2034)<sup>(b)</sup> | 9500000 | 10311207  |
| Onondaga Civic Development Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 10/01/2028 (Callable 02/02/2026) | 205000 | 194307  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029 (Callable 02/02/2026) | 280000 | 274173  |
| &nbsp;&nbsp;&nbsp; 4.13%, 10/01/2035 (Callable 02/02/2026) | 1210000 | 1049824  |
|  Onondaga County Trust for Cultural Resources<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2027 | 180000 | 184195  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2029 (Callable 05/01/2027) | 345000 | 353131  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Port Authority of New York & New Jersey<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2030<sup>(b)</sup> | $100000 | $108558  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2032 (Callable 11/15/2026)<sup>(b)</sup> | 1000000 | 1014023  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2034 (Callable 11/15/2026)<sup>(b)</sup> | 1000000 | 1012905  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2035 (Callable 02/02/2026)<sup>(b)</sup> | 1000000 | 1000785  |
|  Saratoga County Capital Resource Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037 (Callable 07/01/2035) | 680000 | 784627  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2039 (Callable 07/01/2035) | 1000000 | 1133601  |
|  State of New York Mortgage Agency Homeowner Mortgage Revenue, 3.50%, 04/01/2049 (Callable 10/01/2028) | 130000 | 129723  |
| Town of Ramapo NY<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/15/2027 (Callable 02/02/2026) | 20000 | 20002  |
| &nbsp;&nbsp;&nbsp; 3.00%, 11/01/2027 (Callable 01/23/2026) | 100000 | 97401  |
| &nbsp;&nbsp;&nbsp; 4.13%, 05/15/2028 (Callable 02/02/2026) | 135000 | 135044  |
| &nbsp;&nbsp;&nbsp; Town of Watertown NY, <br>5.25%, 04/09/2026 (Callable 02/02/2026) | 2000000 | 2002419  |
|  Triborough Bridge & Tunnel Authority, 5.00%, 11/15/2036 (Callable 05/15/2027) | 1565000 | 1606147  |
|  Washingtonville Central School District, 1.00%, 06/15/2033 (Callable 06/15/2027) | 535000 | 444776  |
|  |  | 167670720  |
| **North Carolina - 0.3%**<br>|  |  |
| Durham Housing Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.20%, 01/01/2044 (Callable 02/01/2028)<sup>(a)</sup> | 1600000 | 1602091  |
| &nbsp;&nbsp;&nbsp; 3.20%, 01/01/2044 (Callable 07/01/2028)<sup>(a)</sup> | 1000000 | 1001999  |
|  North Carolina Housing Finance Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.15%, 02/01/2030 (Callable 02/01/2027)<sup>(a)</sup> | 1500000 | 1500390  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2050 (Callable 01/01/2029) | 1250000 | 1256718  |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/01/2055 (Callable 07/01/2032) | 950000 | 1024677  |
|  Raleigh Durham Airport Authority, 5.00%, 05/01/2034 (Callable 05/01/2027)<sup>(b)</sup> | 3500000 | 3572258  |
|  Raleigh Housing Authority, 3.15%, 01/01/2044 (Callable 08/01/2028)<sup>(a)</sup> | 1000000 | 1001121  |
|  |  | 10959254  |

---

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

202<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Strategic Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **North Dakota - 0.9%**<br>|  |  |
|  Cass County Joint Water Resource District, 3.45%, 04/01/2027 (Callable 01/23/2026) | $10075000 | $10077046  |
| &nbsp;&nbsp;&nbsp; City of Grand Forks ND, <br>5.00%, 12/01/2029 | 750000 | 788687  |
| City of Horace ND<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.85%, 08/01/2026 (Callable 01/23/2026) | 1650000 | 1650580  |
| &nbsp;&nbsp;&nbsp; 3.00%, 05/01/2027 (Callable 05/01/2026) | 115000 | 113164  |
| &nbsp;&nbsp;&nbsp; 3.00%, 05/01/2029 (Callable 05/01/2026) | 730000 | 699662  |
| &nbsp;&nbsp;&nbsp; 6.00%, 05/01/2049 (Callable 05/01/2032) | 1500000 | 1559971  |
| &nbsp;&nbsp;&nbsp; 5.38%, 05/01/2050 (Callable 05/01/2033) | 800000 | 819898  |
|  City of Mandan ND Sales Tax Revenue, 3.00%, 09/01/2036 (Callable 02/02/2026) | 340000 | 309582  |
| City of Mayville ND<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/2038 (Callable 05/01/2031) | 1325000 | 1370205  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2044 (Callable 05/01/2031) | 1825000 | 1792391  |
|  North Dakota Housing Finance Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2042 (Callable 07/01/2033) | 1000000 | 1076791  |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/01/2049 (Callable 01/01/2028) | 70000 | 70299  |
| Williston Basin School District No 7<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2033 (Callable 08/01/2032) | 970000 | 1099893  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2036 (Callable 08/01/2032) | 1815000 | 2025500  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/01/2039 (Callable 08/01/2032) | 2080000 | 2098318  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/01/2040 (Callable 08/01/2032) | 1865000 | 1872444  |
|  |  | 27424431  |
| **Ohio - 3.5%**<br>|  |  |
| Bedford City School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2041 (Callable 06/01/2032) | 1325000 | 1459742  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2042 (Callable 06/01/2032) | 3540000 | 3868582  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2043 (Callable 06/01/2032) | 4430000 | 4800739  |
| &nbsp;&nbsp;&nbsp; City of Chillicothe OH, <br>5.00%, 12/01/2037 (Callable 12/01/2027) | 1750000 | 1782380  |
|  City of Dayton OH Airport Revenue, 5.00%, 12/01/2028 (Callable 12/01/2026)<sup>(b)</sup> | 1210000 | 1226915  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Cleveland-Cuyahoga County Port Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2033 (Callable 08/01/2032) | $1200000 | $1323665  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2039 (Callable 11/15/2032) | 1365000 | 1463357  |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/01/2052 (Callable 08/01/2032) | 1400000 | 1452438  |
|  Columbus Metropolitan Housing Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 11/01/2026 (Callable 01/18/2026) | 265000 | 262393  |
| &nbsp;&nbsp;&nbsp; 3.00%, 11/01/2028 (Callable 01/18/2026) | 275000 | 273989  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2035 (Callable 12/01/2032) | 1900000 | 2011062  |
| &nbsp;&nbsp;&nbsp; 4.63%, 08/01/2042 (Callable 08/01/2034) | 1100000 | 1108996  |
|  Columbus-Franklin County Finance Authority, 3.19%, 06/01/2044 (Callable 11/01/2028)<sup>(a)</sup> | 3000000 | 3009472  |
|  County of Allen OH Hospital Facilities Revenue, 1.20%, 11/01/2050 (Callable 01/02/2026)<sup>(a)</sup> | 5650000 | 5650000  |
|  County of Cuyahoga OH Sales Tax Revenue, 4.00%, 01/01/2033 (Callable 01/01/2031) | 100000 | 105557  |
|  County of Fayette OH, 5.25%, 12/01/2045 (Callable 12/01/2034) | 3000000 | 3157784  |
|  County of Hamilton OH Sewer System Revenue, 5.00%, 12/01/2028 | 1000000 | 1072067  |
|  County of Hardin OH, 4.00%, 05/01/2026 | 55000 | 54766  |
| County of Montgomery OH<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 08/01/2034 (Callable 02/01/2031) | 200000 | 191931  |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/01/2049 (Callable 09/01/2034) | 1430000 | 1467299  |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/01/2054 (Callable 09/01/2034) | 1500000 | 1531323  |
|  Cuyahoga Metropolitan Housing Authority, 2.00%, 12/01/2031 (Callable 12/01/2028) | 3420000 | 3100552  |
|  Dayton-Montgomery County Port Authority, 3.20%, 01/01/2044 (Callable 07/01/2028)<sup>(a)</sup> | 3000000 | 3006714  |
|  FHLMC Multifamily VRD Certificates, 2.55%, 06/15/2035 | 2640000 | 2333734  |
| &nbsp;&nbsp;&nbsp; Kings Local School District, <br>5.50%, 12/01/2062 (Callable 06/01/2032) | 2000000 | 2114820  |
|  Lexington Local School District, 3.00%, 10/01/2044 (Callable 04/01/2029) | 970000 | 783295  |

---

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

203<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Strategic Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Ohio - (Continued)**  | **Ohio - (Continued)**  | **Ohio - (Continued)**  |
|  Lorain Metropolitan Housing Authority, 3.22%, 06/01/2029 (Callable 12/01/2027)<sup>(a)</sup> | $3500000 | $3509370  |
| Margaretta Local School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/01/2047 (Callable 10/01/2032) | 2375000 | 2498580  |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/01/2050 (Callable 10/01/2032) | 1625000 | 1700119  |
|  Northeast Ohio Medical University, 5.00%, 12/01/2026 | 100000 | 101450  |
|  Ohio Air Quality Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.70%, 07/01/2028<sup>(b)</sup> | 1250000 | 1253732  |
| &nbsp;&nbsp;&nbsp; 3.70%, 10/01/2028<sup>(b)</sup> | 3000000 | 3009872  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/2030<sup>(a)</sup> | 2150000 | 2177705  |
| &nbsp;&nbsp;&nbsp; Ohio Higher Educational Facility Commission, <br>5.00%, 12/01/2032 | 1190000 | 1258991  |
| Ohio Housing Finance Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/01/2026 (Callable 01/01/2026)<sup>(c)</sup> | 1000000 | 1001012  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2027 (Callable 05/01/2026)<sup>(a)</sup> | 500000 | 503211  |
| &nbsp;&nbsp;&nbsp; 6.00%, 03/01/2032 | 400000 | 471861  |
| &nbsp;&nbsp;&nbsp; 6.00%, 09/01/2033 | 280000 | 336596  |
| &nbsp;&nbsp;&nbsp; 6.00%, 03/01/2034 | 250000 | 301829  |
| &nbsp;&nbsp;&nbsp; 4.70%, 01/01/2043 | 1750000 | 1839081  |
| &nbsp;&nbsp;&nbsp; 2.45%, 09/01/2045 (Callable 09/01/2029) | 550000 | 403235  |
| &nbsp;&nbsp;&nbsp; 3.20%, 01/01/2046 (Callable 04/01/2028)<sup>(a)</sup> | 1500000 | 1501445  |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/01/2050 (Callable 09/01/2028) | 555000 | 561000  |
|  Port of Greater Cincinnati Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2048 (Callable 06/01/2034) | 640000 | 666282  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2050 (Callable 12/01/2035) | 750000 | 766044  |
|  Reynoldsburg City School District, 4.92%, 09/01/2030 | 3650000 | 3854711  |
| State of Ohio<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/31/2026 (Callable 02/02/2026)<sup>(b)</sup> | 1000000 | 1001146  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/31/2027 (Callable 02/02/2026)<sup>(b)</sup> | 950000 | 951860  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2032 | 4000000 | 4444391  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/31/2035 (Callable 02/02/2026)<sup>(b)</sup> | 1700000 | 1702429  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/31/2039 (Callable 02/02/2026)<sup>(b)</sup> | 2030000 | 2030198  |
| &nbsp;&nbsp;&nbsp; 2.60%, 01/15/2045 (Callable 01/02/2026)<sup>(a)</sup> | 7765000 | 7765000  |
| &nbsp;&nbsp;&nbsp; 2.91%, 01/15/2045 (Callable 02/02/2026)<sup>(a)</sup> | 875000 | 875000  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Summit County Development Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034 | $515000 | $574176  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035 | 440000 | 492216  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036 (Callable 07/01/2035) | 360000 | 400217  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037 (Callable 07/01/2035) | 475000 | 523396  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2038 (Callable 07/01/2035) | 495000 | 541371  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2039 (Callable 07/01/2035) | 430000 | 466273  |
| &nbsp;&nbsp;&nbsp; 5.75%, 12/01/2053 (Callable 12/01/2033) | 750000 | 785989  |
| &nbsp;&nbsp;&nbsp; Triway Local School District, <br>4.00%, 12/01/2031 (Callable 12/01/2028) | 1005000 | 1031622  |
| &nbsp;&nbsp;&nbsp; University of Akron, <br>5.00%, 01/01/2036 (Callable 07/01/2026) | 2000000 | 2013521  |
| University of Cincinnati<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2030 | 585000 | 644038  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2031 | 620000 | 694230  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2032 | 500000 | 567548  |
| &nbsp;&nbsp;&nbsp; Village of Bluffton OH, <br>5.00%, 12/01/2031 (Callable 12/01/2027) | 565000 | 583248  |
| &nbsp;&nbsp;&nbsp; Warren County Port Authority, <br>5.00%, 12/01/2034 | 4225000 | 4519829  |
|  |  | 108937396  |
| **Oklahoma - 2.1%**<br>|  |  |
|  Blaine County Educational Facilities Authority, 5.00%, 12/01/2033 (Callable 12/01/2032) | 1080000 | 1183986  |
|  Cache Educational Facilities Authority, 5.00%, 09/01/2034 (Callable 09/01/2033) | 1185000 | 1309309  |
| &nbsp;&nbsp;&nbsp; Canadian County Educational Facilities Authority, <br>5.25%, 09/01/2034 (Callable 09/01/2033) | 2500000 | 2876741  |
|  Canadian County Independent School District No 34 El Reno, 4.50%, 07/01/2026 | 2000000 | 2019341  |
|  Cleveland Educational Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2026 | 200000 | 202352  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2027 | 285000 | 293629  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2028 | 260000 | 272360  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2029 | 280000 | 297809  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2030 | 330000 | 355371  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2031 | 350000 | 381325  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2033 | 285000 | 316265  |
|  Delaware County Educational Facilities Authority, 5.00%, 09/01/2029 | 1665000 | 1767933  |

---

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

204<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Strategic Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Oklahoma - (Continued)**  | **Oklahoma - (Continued)**  | **Oklahoma - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Elk City Industrial Authority, <br>3.00%, 05/01/2039 (Callable 05/01/2029) | $1195000 | $1030189  |
|  Lawton Industrial Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037 (Callable 07/01/2033) | 1250000 | 1385227  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2038 (Callable 07/01/2033) | 805000 | 887711  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2039 (Callable 07/01/2033) | 750000 | 821228  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2040 (Callable 07/01/2033) | 500000 | 542620  |
|  Love County Educational Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 12/01/2036 (Callable 12/01/2031) | 1000000 | 900765  |
| &nbsp;&nbsp;&nbsp; 4.75%, 09/01/2037 (Callable 09/01/2034) | 1135000 | 1142477  |
|  Mcintosh County Educational Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2032 | 535000 | 581904  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2033 | 480000 | 524516  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2034 | 800000 | 872669  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2036 (Callable 09/01/2035) | 795000 | 857537  |
|  Muskogee County Public Safety Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2028 | 810000 | 825165  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2029 | 870000 | 892069  |
| Muskogee Industrial Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2027 | 275000 | 282020  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/2031 (Callable 09/01/2029) | 760000 | 771379  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/2033 (Callable 09/01/2029) | 1500000 | 1512652  |
|  Nowata County Educational Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2027 | 255000 | 261718  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2028 | 280000 | 291707  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2029 | 310000 | 327187  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2030 | 670000 | 716714  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2031 | 725000 | 783265  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2032 | 300000 | 326115  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2033 | 430000 | 470783  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2036 (Callable 09/01/2035) | 420000 | 454088  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2037 (Callable 09/01/2035) | 1170000 | 1253754  |
|  Oklahoma Capitol Improvement Authority, 3.00%, 07/01/2033 (Callable 07/01/2029) | 1290000 | 1268719  |
| Oklahoma County Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2031 | 2250000 | 2384434  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2035 | 3750000 | 3966040 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Oklahoma Development Finance Authority, 2.75%, 08/15/2031 (Callable 01/02/2026)<sup>(a)</sup> | $1950000 | $1950000  |
| Oklahoma Turnpike Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2042 (Callable 01/01/2036) | 1750000 | 1927733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2042 (Callable <br>01/02/2026)  | 1135000  | 1135000  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2043 (Callable 01/01/2027) | 1500000 | 1519043  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/01/2053 (Callable 01/01/2032) | 7960000 | 8457169  |
| &nbsp;&nbsp;&nbsp; Okmulgee County Educational Facilities Authority, <br>4.00%, 09/01/2035 (Callable 09/01/2034) | 1955000 | 1961165  |
|  Payne County Economic Development Authority, 4.25%, 09/01/2034 | 945000 | 940820  |
|  Pontotoc County Educational Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/2026 | 200000 | 201143  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/2030 | 400000 | 414788  |
|  Tulsa County Independent School District No 1 Tulsa, 1.00%, 03/01/2026 | 2000000 | 1991390  |
|  Tulsa County Independent School District No 9 Union<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.05%, 04/01/2026 | 4000000 | 3971048  |
| &nbsp;&nbsp;&nbsp; 2.00%, 04/01/2027 | 2800000 | 2758911  |
|  |  | 64839283  |
| **Oregon - 1.6%**<br>|  |  |
|  Astoria Hospital Facilities Authority, 5.00%, 08/01/2034 (Callable 02/01/2034) | 3000000 | 3346268  |
|  City of Portland OR Sewer System Revenue, 4.50%, 05/01/2032 (Callable 05/01/2026) | 2250000 | 2259966  |
| City of Redmond OR<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2033<sup>(b)</sup> | 1200000 | 1342821  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/01/2052 (Callable 06/01/2035)<sup>(b)</sup> | 1000000 | 1060331  |
| &nbsp;&nbsp;&nbsp; Clackamas County School District No 12 North Clackamas, <br>5.00%, 06/15/2037 (Callable 06/15/2027) | 1000000 | 1025729  |
|  Coos County School District No 9 Coos Bay, 5.00%, 06/15/2043 (Callable 06/15/2028) | 2500000 | 2560424  |
| County of Crook OR<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 06/01/2033 (Callable 06/01/2032)<sup>(e)</sup> | 110000 | 114278  |
| &nbsp;&nbsp;&nbsp; 0.00%, 06/01/2037 (Callable 06/01/2032)<sup>(e)</sup> | 345000 | 350584  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/01/2046 (Callable 06/01/2032)<sup>(e)</sup> | 1315000 | 1271724  |

---

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

205<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Strategic Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Oregon - (Continued)**  | **Oregon - (Continued)**  | **Oregon - (Continued)**  |
|  Hillsboro School District No 1J, 5.00%, 06/15/2036 (Callable 06/15/2027) | $2000000 | $2055479  |
|  Lane County School District No 40 Creswell<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 06/15/2032<sup>(e)</sup> | 450000 | 364433  |
| &nbsp;&nbsp;&nbsp; 0.00%, 06/15/2033<sup>(e)</sup> | 400000 | 311011  |
| &nbsp;&nbsp;&nbsp; 0.00%, 06/15/2038 (Callable 06/15/2033)<sup>(e)</sup> | 1675000 | 977906  |
|  Marion County School District No 1 Gervais/OR, 5.25%, 06/15/2049 (Callable 06/15/2034) | 4815000 | 5195430  |
|  Metro/OR, 5.00%, 06/15/2042 (Callable 06/15/2027) | 2000000 | 2032931  |
| Oregon Health & Science University<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034 (Callable 07/01/2026) | 1400000 | 1413192  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2046 (Callable 11/01/2031)<sup>(a)</sup> | 1150000 | 1268989  |
|  Oregon State Business Development Commission, 3.80%, 12/01/2040 (Callable 02/01/2028)<sup>(a)</sup> | 1000000 | 1010746  |
| Oregon State Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2027 (Callable 10/01/2026) | 100000 | 100678  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028 | 150000 | 156097  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2032 (Callable 10/01/2026) | 2050000 | 2055653  |
| Oregon State Lottery<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/01/2042 (Callable 04/01/2035) | 1105000 | 1245123  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/01/2043 (Callable 04/01/2035) | 1500000 | 1673344  |
|  Port of Morrow OR, 5.15%, 10/01/2026 (Callable 01/23/2026)<sup>(c)</sup> | 6750000 | 6751029  |
| State of Oregon<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/2044 (Callable 06/01/2035) | 1160000 | 1286312  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/2045 (Callable 06/01/2035) | 1700000 | 1868596  |
|  State of Oregon Housing & Community Services Department<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.90%, 01/01/2033 (Callable 02/02/2026)<sup>(b)</sup> | 70000 | 70002  |
| &nbsp;&nbsp;&nbsp; 3.60%, 07/01/2034 (Callable 02/02/2026) | 700000 | 699993  |
| &nbsp;&nbsp;&nbsp; 2.90%, 07/01/2043 (Callable 07/01/2027) | 1000000 | 785820  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2047 (Callable 07/01/2026) | 155000 | 155102  |
| &nbsp;&nbsp;&nbsp; 3.50%, 01/01/2051 (Callable 01/01/2029) | 135000 | 134617  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Washington & Multnomah Counties School District No 48J Beaverton<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2035 (Callable 06/15/2027) | $1000000 | $1028891  |
| &nbsp;&nbsp;&nbsp; 0.00%, 06/15/2037 (Callable 06/15/2035)<sup>(e)</sup> | 3500000 | 2246068  |
|  Washington County School District No 13 Banks<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 06/15/2028<sup>(e)</sup> | 400000 | 370951  |
| &nbsp;&nbsp;&nbsp; 0.00%, 06/15/2029<sup>(e)</sup> | 450000 | 404522  |
|  Yamhill County Hospital Authority, 4.00%, 11/15/2026 (Callable 01/23/2026) | 100000 | 99612  |
|  |  | 49094652  |
| **Pennsylvania - 5.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Allegheny County Hospital Development Authority, <br>5.00%, 04/01/2035 (Callable 04/01/2028) | 1200000 | 1240601  |
|  Allentown City School District, 5.00%, 02/01/2032 (Callable 08/01/2029) | 1545000 | 1650136  |
|  Bethlehem Area School District, 5.00%, 08/01/2035 (Callable 02/01/2033) | 750000 | 843349  |
|  Bucks County Industrial Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 | 2020000 | 2096273  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 1050000 | 1105240  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 (Callable 07/01/2031) | 1000000 | 1073312  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 (Callable 07/01/2031) | 1150000 | 1229557  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035 (Callable 07/01/2031) | 1100000 | 1166603  |
|  Central Bradford Progress Authority, 3.00%, 12/01/2041 (Callable 02/02/2026)<sup>(a)</sup> | 875000 | 875000  |
|  Cheltenham Township School District, 3.00%, 02/15/2029 (Callable 01/23/2026) | 45000 | 45004  |
|  Chester County Industrial Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2027 (Callable 09/01/2026) | 2000000 | 2015583  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2030 (Callable 02/02/2026) | 95000 | 95043  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2035 (Callable 02/02/2026) | 730000 | 730112  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2045 (Callable 02/02/2026) | 655000 | 614286  |
| City of Bradford PA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/01/2026 (Callable 02/02/2026) | 415000 | 415320  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/01/2027 (Callable 02/02/2026) | 370000 | 370271  |

---

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

206<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Strategic Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Pennsylvania - (Continued)**  | **Pennsylvania - (Continued)**  | **Pennsylvania - (Continued)**  |
|  City of Erie Higher Education Building Authority, 5.00%, 05/01/2029 | $370000 | $383002  |
| City of Erie PA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2043 (Callable 11/15/2033) | 1355000 | 1440071  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2046 (Callable 11/15/2033) | 2400000 | 2536470  |
| &nbsp;&nbsp;&nbsp; City of Hazleton PA, <br>5.00%, 09/15/2040 (Callable 09/15/2030) | 2000000 | 2080131  |
| &nbsp;&nbsp;&nbsp; City of Philadelphia PA, <br>5.00%, 08/01/2036 (Callable 08/01/2027) | 3000000 | 3084770  |
|  City of Philadelphia PA Airport Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 (Callable 07/01/2027)<sup>(b)</sup> | 1500000 | 1544301  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 (Callable 07/01/2027)<sup>(b)</sup> | 1250000 | 1285440  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 (Callable 07/01/2027)<sup>(b)</sup> | 2500000 | 2560131  |
|  City of Philadelphia PA Water & Wastewater Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2043 (Callable 10/01/2028) | 2000000 | 2061679  |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/01/2049 (Callable 09/01/2034) | 4050000 | 4320188  |
| City of York PA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2026 | 205000 | 206716  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2027 | 220000 | 224118  |
| &nbsp;&nbsp;&nbsp; Coatesville School District, <br>5.00%, 11/15/2031 (Callable 11/15/2030) | 3000000 | 3266116  |
|  Commonwealth Financing Authority, 5.00%, 06/01/2034 (Callable 06/01/2028) | 3030000 | 3161137  |
|  Commonwealth of Pennsylvania, 5.00%, 08/15/2034 | 5000000 | 5874799  |
| &nbsp;&nbsp;&nbsp; County of Allegheny PA, <br>5.00%, 11/01/2041 (Callable 11/01/2026) | 1230000 | 1238225  |
| &nbsp;&nbsp;&nbsp; County of Lackawanna PA, <br>3.25%, 09/15/2035 (Callable 02/02/2026) | 50000 | 49562  |
|  Cumberland County Municipal Authority, 5.00%, 01/01/2029 (Callable 02/02/2026) | 50000 | 50051  |
|  Dauphin County General Authority, 5.00%, 06/01/2035 (Callable 06/01/2026) | 1800000 | 1811972  |
|  Delaware County Industrial Development Authority/PA, 4.38%, 06/01/2026<sup>(c)</sup> | 390000 | 390593  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Delaware County Regional Water Quality Control Authority, 5.00%, 11/01/2041 (Callable 11/01/2026) | $4250000 | $4277381  |
|  Delaware County Vocational & Technical School Authority, 4.00%, 11/01/2054 (Callable 11/01/2032) | 6000000 | 5573633  |
|  Delaware River Joint Toll Bridge Commission, 5.00%, 07/01/2042 (Callable 07/01/2027) | 3250000 | 3312673  |
|  East Allegheny School District, 0.00%, 02/01/2039<sup>(e)</sup> | 975000 | 574668  |
|  East Hempfield Township Industrial Development Authority, 5.00%, 12/01/2027 (Callable 02/02/2026) | 1510000 | 1510780  |
| Erie Sewer Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2041 (Callable 12/01/2033) | 1800000 | 1916926  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2042 (Callable 12/01/2033) | 900000 | 952917  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2043 (Callable 12/01/2033) | 1225000 | 1281483  |
|  Geisinger Authority, 5.00%, 02/15/2039 (Callable 02/15/2027) | 2150000 | 2180542  |
|  Health Care Facilities Authority of Sayre, 3.37% (3 mo. Term SOFR + 0.83%), 12/01/2031 (Callable 02/02/2026) | 1995000 | 1978935  |
| Highlands School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/15/2034 (Callable 04/15/2032) | 330000 | 361576  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/15/2035 (Callable 04/15/2032) | 270000 | 294964  |
|  Indiana County Municipal Services Authority, 5.00%, 10/01/2030 | 270000 | 293553  |
|  Lancaster School District, 5.00%, 06/01/2044 (Callable 06/01/2033) | 2000000 | 2120712  |
|  Latrobe Industrial Development Authority, 5.00%, 03/01/2026 | 260000 | 260324  |
|  Northeastern Pennsylvania Hospital and Education Authority, 5.00%, 05/01/2033 (Callable 05/01/2029) | 460000 | 469485  |
|  Northern Lebanon School District, 3.00%, 09/01/2034 (Callable 09/01/2029) | 910000 | 892707  |
|  Pennsylvania Economic Development Financing Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/31/2029 (Callable 06/30/2026)<sup>(b)</sup> | 3655000 | 3677111  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/2060 (Callable 09/15/2031)<sup>(a)</sup> | 4500000 | 4937944  |

---

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

207<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Strategic Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Pennsylvania - (Continued)** | **Pennsylvania - (Continued)** | **Pennsylvania - (Continued)** |
|  Pennsylvania Economic Development Financing Authority Parking System Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2027 | $1100000 | $1122661  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/01/2031<sup>(e)</sup> | 1405000 | 1189229  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/01/2037<sup>(e)</sup> | 3495000 | 2293395  |
|  Pennsylvania Higher Education Assistance Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 06/01/2043 (Callable 06/01/2031)<sup>(b)</sup> | 875000 | 889080  |
| &nbsp;&nbsp;&nbsp; 4.75%, 06/01/2046 (Callable 06/01/2034)<sup>(b)</sup> | 3680000 | 3632396  |
|  Pennsylvania Higher Educational Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2033 (Callable 11/01/2027) | 390000 | 397373  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2035 (Callable 05/01/2026) | 2000000 | 2005698  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035 (Callable 07/01/2026) | 1300000 | 1280786  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2042 (Callable 08/15/2027) | 2500000 | 2535888  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2049 (Callable 08/15/2029) | 1000000 | 1018657  |
|  Pennsylvania Housing Finance Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.20%, 04/01/2040 (Callable 02/02/2026) | 155000 | 140412  |
| &nbsp;&nbsp;&nbsp; 4.90%, 06/01/2041 | 2695000 | 2780240  |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/01/2053 | 1180000 | 1242403  |
| &nbsp;&nbsp;&nbsp; 6.25%, 10/01/2053 (Callable 04/01/2033) | 1745000 | 1889185  |
| Pennsylvania Turnpike Commission<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 12/01/2030 (Callable 12/01/2027) | 865000 | 919938  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2036 (Callable 12/01/2027) | 1935000 | 2006739  |
| &nbsp;&nbsp;&nbsp; 5.13%, 12/01/2039 (Callable 06/01/2029) | 505000 | 533840  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2040 (Callable 12/01/2027) | 425000 | 436613  |
| &nbsp;&nbsp;&nbsp; 5.13%, 12/01/2040 (Callable 06/01/2029) | 45000 | 47363  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2041 (Callable 12/01/2027) | 700000 | 718044  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2042 (Callable 12/01/2026) | 1835000 | 1866497  |
| &nbsp;&nbsp;&nbsp; 4.90%, 12/01/2044 (Callable 12/01/2026) | 1435000 | 1447465  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2044 (Callable 12/01/2029) | 2000000 | 2065248  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2045 (Callable 06/01/2032)<sup>(a)</sup> | 3500000 | 3916268  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Philadelphia Authority for Industrial Development, 5.25%, 11/01/2052 (Callable 11/01/2032) | $1750000 | $1795389  |
| Philadelphia Gas Works Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2030 (Callable 10/01/2026) | 1000000 | 1017043  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2034 (Callable 10/01/2026) | 400000 | 406250  |
| Philadelphia Municipal Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2038 (Callable 04/01/2027) | 1000000 | 1017541  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2039 (Callable 04/01/2027) | 1000000 | 1016807  |
|  Public Parking Authority Of Pittsburgh, 5.00%, 12/01/2026 (Callable 02/02/2026) | 90000 | 90154  |
| Reading School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/15/2026<sup>(e)</sup> | 190000 | 189745  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/15/2027<sup>(e)</sup> | 50000 | 48108  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2037 (Callable 03/01/2027) | 1750000 | 1779837  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2038 (Callable 03/01/2027) | 1000000 | 1016817  |
| Ridley School District<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2050 (Callable <br>05/15/2032) | 3500000 | 3567756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2050 (Callable <br>05/15/2032)  | 2000000  | 2043142  |
| School District of Philadelphia<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2031 (Callable 09/01/2029) | 1000000 | 1076856  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2043 (Callable 09/01/2028) | 1500000 | 1535044  |
|  Scranton-Lackawanna Health and Welfare Authority, 5.00%, 11/01/2030 | 555000 | 602853  |
|  State Public School Building Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2028 (Callable 12/01/2026) | 15000 | 15335  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2032 (Callable 12/01/2026) | 4825000 | 4901364  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 (Callable 12/01/2026) | 1600000 | 1624888  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2033 (Callable 12/01/2026) | 4850000 | 4923688  |
|  Suburban Lancaster Sewer Authority, 5.00%, 06/15/2035 (Callable 06/15/2029) | 1100000 | 1171083  |
|  West York Area School District, 5.00%, 04/01/2038 (Callable 04/01/2032) | 1250000 | 1356863  |
|  Westmoreland County Industrial Development Authority/PA, 5.00%, 07/01/2028 | 700000 | 724055  |

---

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

208<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Strategic Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **South Carolina - 1.4%**<br>|  |  |
|  Westmoreland County Municipal Authority, 5.00%, 08/15/2049 (Callable 08/15/2033) | $1350000 | $1405718  |
|  York County Industrial Development Authority/PA, 4.00%, 06/01/2029 (Callable 02/02/2026)<sup>(b)</sup> | 795000 | 795106  |
|  |  | 160500336  |
| **Rhode Island - 1.0%**<br>|  |  |
| Providence Public Building Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/15/2038 (Callable 09/15/2029) | 2470000 | 2576375  |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/15/2043 (Callable 09/15/2034) | 1000000 | 1079956  |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/15/2044 (Callable 09/15/2034) | 1000000 | 1070311  |
|  Providence Redevelopment Agency, 5.00%, 04/01/2027 (Callable 02/02/2026) | 500000 | 500320  |
|  Rhode Island Health and Educational Building Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2039 (Callable 05/15/2027) | 2520000 | 2571773  |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/15/2047 (Callable 05/15/2032) | 3965000 | 4206654  |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/15/2049 (Callable 05/15/2034) | 3000000 | 3248546  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2055 (Callable 07/01/2035) | 2780000 | 2798564  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2060 (Callable 07/01/2035) | 4500000 | 4513104  |
|  Rhode Island Housing & Mortgage Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.70%, 04/01/2031 (Callable 04/01/2030) | 150000 | 136253  |
| &nbsp;&nbsp;&nbsp; 2.10%, 10/01/2035 (Callable 10/01/2029) | 590000 | 495078  |
| &nbsp;&nbsp;&nbsp; 2.35%, 10/01/2044 (Callable 04/01/2030) | 1000000 | 746218  |
| &nbsp;&nbsp;&nbsp; 3.35%, 10/01/2055 (Callable 10/01/2026)<sup>(a)</sup> | 1000000 | 1002652  |
| Rhode Island Student Loan Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2028<sup>(b)</sup> | 1175000 | 1229704  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031<sup>(b)</sup> | 3350000 | 3588984  |
|  |  | 29764492  |
|  Charleston Housing Authority/SC, 5.00%, 12/01/2041 (Callable 12/01/2034) | 1450000 | 1510165  |
| &nbsp;&nbsp;&nbsp; City of Myrtle Beach SC, <br>5.00%, 10/01/2029 (Callable 10/01/2026) | 500000 | 507807  |
| &nbsp;&nbsp;&nbsp; County of Lancaster SC, <br>4.00%, 06/01/2032 (Callable 06/01/2027) | 997000 | 1003190  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  South Carolina Jobs-Economic Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/15/2028 (Callable 02/02/2026) | $2000000 | $2001840  |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/15/2029 (Callable 02/02/2026) | 1000000 | 1000156  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/15/2030 (Callable 08/15/2026) | 130000 | 130255  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2033 (Callable 05/01/2028) | 1750000 | 1827745  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/15/2033 (Callable 08/15/2026) | 350000 | 353275  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2034 (Callable 05/01/2028) | 1435000 | 1495547  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/01/2035 (Callable 11/01/2032) | 1165000 | 1156403  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2043 (Callable 05/01/2028) | 2000000 | 2032054  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/15/2046 (Callable 08/15/2026) | 2930000 | 2935265  |
| &nbsp;&nbsp;&nbsp; 2.50%, 03/15/2051 (Callable 03/15/2031) | 155000 | 79262  |
|  South Carolina Public Service Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 (Callable 06/01/2026) | 3440000 | 3470675  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 (Callable 06/01/2026) | 3000000 | 3026952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 (Callable <br>06/01/2026)  | 465000  | 469004  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2037 (Callable 12/01/2026) | 2000000 | 2027876  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2040 (Callable 12/01/2034) | 2100000 | 2322553  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2042 (Callable 12/01/2034) | 1255000 | 1358894  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2054 (Callable 12/01/2034) | 1540000 | 1642896  |
|  South Carolina State Housing Finance & Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2028 (Callable 04/01/2027)<sup>(a)</sup> | 1125000 | 1152457  |
| &nbsp;&nbsp;&nbsp; 3.50%, 07/01/2043 (Callable 01/01/2026) | 10000 | 10000  |
| &nbsp;&nbsp;&nbsp; 3.15%, 11/01/2043 (Callable 05/01/2028)<sup>(a)</sup> | 2225000 | 2229295  |
| &nbsp;&nbsp;&nbsp; 6.50%, 07/01/2055 (Callable 07/01/2033) | 4000000 | 4559860  |
| &nbsp;&nbsp;&nbsp; South Carolina Transportation Infrastructure Bank, <br>5.00%, 10/01/2040 (Callable 10/01/2027) | 3205000 | 3285777  |
|  Three Rivers Solid Waste Authority/SC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 10/01/2026<sup>(e)</sup> | 650000 | 632755  |
| &nbsp;&nbsp;&nbsp; 0.00%, 10/01/2031<sup>(e)</sup> | 500000 | 404121  |
|  |  | 42626079  |

---

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

209<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Strategic Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **South Dakota - 0.8%**<br>|  |  |
|  City of Rapid City SD Airport Revenue, 4.00%, 12/01/2035 (Callable 12/01/2029) | $250000 | $244747  |
|  South Dakota Health & Educational Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2032 (Callable 09/01/2027) | 100000 | 102633  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2040 (Callable 09/01/2027) | 7180000 | 7289929  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2051 (Callable 11/01/2031)<sup>(a)</sup> | 3000000 | 3326758  |
|  South Dakota Housing Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.05%, 11/01/2041 (Callable 05/01/2030) | 1660000 | 1213175  |
| &nbsp;&nbsp;&nbsp; 6.25%, 05/01/2055 (Callable 05/01/2032) | 1855000 | 2007893  |
| &nbsp;&nbsp;&nbsp; 6.25%, 05/01/2056 (Callable 11/01/2033) | 7000000 | 7978552  |
| Viborg-Hurley School District No 60-6<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2040 (Callable 08/01/2033) | 540000 | 586206  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2044 (Callable 08/01/2033) | 680000 | 710132  |
|  |  | 23460025  |
| **Tennessee - 1.9%**<br>|  |  |
|  City of Chattanooga TN Electric Revenue, 5.00%, 09/01/2039 (Callable 09/01/2031) | 780000 | 850722  |
| City of Jackson TN<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2033 (Callable 10/01/2028) | 1755000 | 1822723  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2036 (Callable 01/23/2026) | 2000000 | 2001015  |
|  Cleveland Health & Educational Facilities Board, 4.20%, 05/01/2040 | 2975000 | 2980291  |
|  Industrial Development Board Of The City Of Kingsport Tennessee, 2.95%, 09/01/2029<sup>(a)</sup> | 2000000 | 1995603  |
|  Knox County Health Educational & Housing Facility Board<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2029 (Callable 09/01/2026) | 325000 | 328115  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2030 (Callable 09/01/2026) | 925000 | 933540  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2031 (Callable 09/01/2026) | 100000 | 100867  |
| &nbsp;&nbsp;&nbsp; 3.30%, 12/01/2043<sup>(a)</sup> | 646000 | 649774  |
|  Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2028 | 50000 | 50135  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035 (Callable 07/01/2026) | $7325000 | $7385751  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2036 (Callable 05/01/2033) | 800000 | 883385  |
|  New Memphis Arena Public Building Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 04/01/2028<sup>(e)</sup> | 1990000 | 1978084  |
| &nbsp;&nbsp;&nbsp; 0.00%, 04/01/2029<sup>(e)</sup> | 1065000 | 1060920  |
| &nbsp;&nbsp;&nbsp; 0.00%, 04/01/2030<sup>(e)</sup> | 765000 | 763629  |
| &nbsp;&nbsp;&nbsp; 0.00%, 04/01/2031<sup>(e)</sup> | 1670000 | 1664187  |
|  Rutherford County Health & Educational Facilities Board<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036 (Callable 07/01/2035) | 620000 | 680889  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2038 (Callable 07/01/2035) | 735000 | 796539  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2040 (Callable 07/01/2035) | 420000 | 447135  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2050 (Callable 07/01/2035) | 4500000 | 4511226  |
|  Shelby County Health Educational & Housing Facilities Board<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2030 (Callable 05/01/2027) | 1440000 | 1471659  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2035 (Callable 05/01/2027) | 3665000 | 3721266  |
| Tennergy Corp./TN<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2028 | 1000000 | 1054639  |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/01/2053 (Callable 09/01/2030)<sup>(a)</sup> | 1000000 | 1072620  |
| Tennessee Energy Acquisition Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2027 | 125000 | 126246  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2053 (Callable 02/01/2028)<sup>(a)</sup> | 10500000 | 10795020  |
|  Tennessee Housing Development Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.85%, 01/01/2035 (Callable 01/23/2026) | 1205000 | 1205108  |
| &nbsp;&nbsp;&nbsp; 2.05%, 07/01/2036 (Callable 07/01/2030) | 425000 | 357513  |
| &nbsp;&nbsp;&nbsp; 2.90%, 07/01/2039 (Callable 01/01/2029) | 605000 | 529438  |
| &nbsp;&nbsp;&nbsp; 3.85%, 07/01/2043 (Callable 07/01/2027) | 1475000 | 1429379  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2048 (Callable 01/01/2027) | 390000 | 390764  |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/01/2049 (Callable 01/01/2028) | 10000 | 10092  |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/01/2054 (Callable 07/01/2032) | 1440000 | 1554958  |
|  Williamson County Industrial Development Board, 5.00%, 05/01/2042 (Callable 11/01/2026)<sup>(a)</sup> | 3561000 | 3619227  |
|  |  | 59222459  |

---

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

210<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Strategic Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Texas - 12.3%**<br>|  |  |
|  Allen Independent School District, 5.00%, 02/15/2031 (Callable 02/15/2026) | $1000000 | $1002717  |
| Argyle Independent School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2037 (Callable 08/15/2035) | 925000 | 1049513  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2038 (Callable 08/15/2035) | 910000 | 1024991  |
|  Arlington Higher Education Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2031 (Callable 02/02/2026) | 1675000 | 1676604  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2032 (Callable 02/02/2026) | 1500000 | 1501127  |
| Aubrey Independent School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2038 (Callable 02/15/2035) | 805000 | 904948  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2039 (Callable 02/15/2035) | 1700000 | 1899083  |
|  Austin Convention Enterprises, Inc., 5.00%, 01/01/2028 (Callable 01/01/2027) | 450000 | 453525  |
|  Austin Independent School District, 5.25%, 08/01/2049 (Callable 08/01/2034) | 1115000 | 1188251  |
|  Austin-Bergstrom Landhost Enterprises, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2031 (Callable 10/01/2027) | 1900000 | 1949198  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2035 (Callable 10/01/2027) | 1310000 | 1336394  |
|  Baytown Municipal Development District, 5.00%, 10/01/2032 (Callable 10/01/2031) | 825000 | 873644  |
|  Blue Ridge Independent School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/15/2045 (Callable 02/15/2035) | 750000 | 805865  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/15/2050 (Callable 02/15/2035) | 495000 | 529090  |
| &nbsp;&nbsp;&nbsp; 5.50%, 02/15/2055 (Callable 02/15/2035) | 1500000 | 1630024  |
| Boerne Independent School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.85%, 12/01/2043<sup>(a)</sup> | 2805000 | 2865212  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/01/2054<sup>(a)</sup> | 1320000 | 1354686  |
| Brazos Higher Education Authority, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2029<sup>(b)</sup> | 1250000 | 1304904  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2030<sup>(b)</sup> | 2000000 | 2110450  |
| &nbsp;&nbsp;&nbsp; 2.35%, 04/01/2040 (Callable 04/01/2030)<sup>(b)</sup> | 5000 | 4975  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/01/2045 (Callable 04/01/2034)<sup>(b)</sup> | 3395000 | 3088688  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Brushy Creek Regional Utility Authority, Inc., 4.00%, 08/01/2031 (Callable 08/01/2026) | $785000 | $788472  |
|  Cibolo Canyons Special Improvement District, 3.50%, 08/15/2026 (Callable 02/02/2026) | 105000 | 105023  |
|  City of Austin TX, 4.00%, 09/01/2034 (Callable 09/01/2029) | 1215000 | 1251770  |
|  City of Austin TX Airport System Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2031 (Callable 11/15/2026)<sup>(b)</sup> | 920000 | 932742  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2034 (Callable 11/15/2026)<sup>(b)</sup> | 3200000 | 3235228  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2035 (Callable 11/15/2026)<sup>(b)</sup> | 1805000 | 1823312  |
|  City of Beaumont TX Waterworks & Sewer System Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2026 | 250000 | 253622  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2027 | 200000 | 206886  |
| City of Brownsville TX<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2026 | 180000 | 180485  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2027 | 250000 | 256508  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2028 | 225000 | 236268  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2029 | 400000 | 429109  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2030 | 520000 | 568556  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2031 | 585000 | 650620  |
| &nbsp;&nbsp;&nbsp; City of Brownsville TX Utilities System Revenue, <br>5.00%, 09/01/2032 (Callable 09/01/2031) | 100000 | 111403  |
| City of Celina TX<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2026 | 411000 | 415352  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2027 | 278000 | 285697  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2033 (Callable 09/01/2032) | 562000 | 613710  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2034 (Callable 09/01/2032) | 376000 | 410421  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2035 (Callable 09/01/2032) | 318000 | 345641  |
| City of Dallas Housing Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2027 (Callable 08/01/2026)<sup>(a)</sup> | 1785000 | 1804068  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2042 (Callable 01/01/2027)<sup>(a)</sup> | 1570000 | 1601090  |
|  City of Dallas TX Hotel Occupancy Tax Revenue, 4.00%, 08/15/2028 (Callable 08/15/2026) | 2000000 | 2010433  |
| &nbsp;&nbsp;&nbsp; City of El Paso TX, <br>4.00%, 08/15/2032 (Callable 08/15/2026) | 2000000 | 2008333  |
| City of Fort Worth TX<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2031 | 744000 | 816017  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2032 (Callable 09/01/2031) | 785000 | 856748  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2033 (Callable 09/01/2031) | 826000 | 896532  |

---

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

211<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Strategic Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Texas - (Continued)**  | **Texas - (Continued)**  | **Texas - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2034 (Callable 09/01/2031) | $870000 | $942539  |
| City of Godley TX<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/15/2041 (Callable 08/15/2034) | 1990000 | 2172029  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/15/2042 (Callable 08/15/2034) | 1095000 | 1184523  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/15/2043 (Callable 08/15/2034) | 1205000 | 1291309  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/15/2044 (Callable 08/15/2034) | 1170000 | 1245906  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/15/2045 (Callable 08/15/2034) | 2395000 | 2536735  |
| &nbsp;&nbsp;&nbsp; City of Houston TX, <br>5.00%, 03/01/2031 (Callable 03/01/2027) | 2385000 | 2450281  |
|  City of Houston TX Airport System Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 (Callable 07/01/2028)<sup>(b)</sup> | 2820000 | 2940246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 (Callable <br>07/01/2028)<sup>(b)</sup>  | 120000  | 125117  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035 (Callable 07/01/2028)<sup>(b)</sup> | 1400000 | 1451218  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2038 (Callable 07/01/2028) | 1010000 | 1049264  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2039 (Callable 07/01/2028) | 3000000 | 3109892  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2041 (Callable 07/01/2028)<sup>(b)</sup> | 750000 | 764208  |
| &nbsp;&nbsp;&nbsp; City of Houston TX Hotel Occupancy Tax & Special Revenue, <br>5.00%, 09/01/2026 (Callable 02/02/2026) | 765000 | 766231  |
| City of Kyle TX<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2041 (Callable 08/15/2034) | 525000 | 565467  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2043 (Callable 08/15/2034) | 625000 | 662242  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2044 (Callable 08/15/2034) | 585000 | 615804  |
| &nbsp;&nbsp;&nbsp; City of Levelland TX, <br>5.00%, 08/15/2036 (Callable 08/15/2032) | 355000 | 388284  |
|  City of Liberty Hill TX Wastewater Treatment Facility Revenue, 5.00%, 09/01/2039 (Callable 09/01/2032) | 475000 | 514300  |
| &nbsp;&nbsp;&nbsp; City of Magnolia TX, <br>5.70%, 09/01/2046<sup>(c)</sup> | 450000 | 460349  |
| &nbsp;&nbsp;&nbsp; City of Odessa TX, <br>4.00%, 03/01/2039 (Callable 03/01/2028) | 1000000 | 980571  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; City of Portland TX, <br>5.00%, 08/15/2039 (Callable 08/15/2033) | $1250000 | $1362516  |
| &nbsp;&nbsp;&nbsp; City of San Antonio TX, <br>3.00%, 08/01/2029 (Callable 08/01/2028) | 3000000 | 3012647  |
|  City of San Antonio TX Electric & Gas Systems Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/01/2043 (Callable 08/01/2033) | 2515000 | 2725893  |
| &nbsp;&nbsp;&nbsp; 5.50%, 02/01/2049 (Callable 08/01/2034) | 5000000 | 5424208  |
| &nbsp;&nbsp;&nbsp; 3.08%, 02/01/2055<sup>(a)</sup> | 5000000 | 5016789  |
| &nbsp;&nbsp;&nbsp; City of San Marcos TX, <br>5.00%, 08/15/2038 (Callable 08/15/2027) | 1000000 | 1025204  |
| Clifton Higher Education Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2026 | 700000 | 707549  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2029 | 1000000 | 1066988  |
| &nbsp;&nbsp;&nbsp; 3.95%, 12/01/2032 (Callable 02/02/2026) | 200000 | 200030  |
| &nbsp;&nbsp;&nbsp; 4.25%, 12/01/2034 (Callable 02/02/2026) | 375000 | 375066  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2035 (Callable 04/01/2034) | 425000 | 477572  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2036 (Callable 04/01/2034) | 360000 | 400527  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2037 (Callable 04/01/2034) | 435000 | 479457  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2038 (Callable 04/01/2034) | 475000 | 520843  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2039 (Callable 04/01/2034) | 400000 | 435709  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2040 (Callable 04/01/2034) | 625000 | 675855  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2041 (Callable 04/01/2034) | 475000 | 510277  |
| &nbsp;&nbsp;&nbsp; 4.38%, 02/15/2042 (Callable 02/15/2034) | 1000000 | 1016572  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2042 (Callable 04/01/2034) | 525000 | 558828  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2043 (Callable 04/01/2034) | 675000 | 711486  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/2055<sup>(a)</sup> | 7500000 | 7832915  |
|  Collin County Municipal Utility District No 2<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/01/2030 (Callable 10/01/2029) | 560000 | 586728  |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/01/2032 (Callable 10/01/2029) | 1110000 | 1156218  |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/01/2034 (Callable 10/01/2029) | 1335000 | 1379838  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2038 (Callable 10/01/2029) | 620000 | 643158  |
| County of Wise TX<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2026 | 330000 | 332263  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2027 | 505000 | 514971  |

---

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

212<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Strategic Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Texas - (Continued)**  | **Texas - (Continued)**  | **Texas - (Continued)**  |
|  Dallas Fort Worth International Airport, 4.00%, 11/01/2038 (Callable 11/01/2030) | $100000 | $101705  |
| Dallas Independent School District <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2055<sup>(a)</sup>  | 4500000  | 4962791 |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2055<sup>(a)</sup> | 3625000  | 3936134  |
| Dallas Metrocare Services<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2028 | 925000 | 983314  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2044 (Callable 11/01/2035) | 1370000 | 1436392  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2045 (Callable 11/01/2035) | 2000000 | 2081153  |
| &nbsp;&nbsp;&nbsp; 4.75%, 11/01/2055 (Callable 11/01/2035) | 1340000 | 1332026  |
|  Denton Independent School District, 4.00%, 08/15/2055<sup>(a)</sup> | 2000000 | 2066228  |
|  Eagle Mountain & Saginaw Independent School District <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/01/2050<sup>(a)</sup>  | 2970000  | 3023361 |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/01/2050<sup>(a)</sup> | 30000  | 30634  |
|  Ector County Independent School District, 4.00%, 08/15/2049<sup>(a)</sup> | 3020000 | 3076129  |
|  El Paso Independent School District, 5.00%, 08/15/2038 (Callable 08/15/2026) | 2000000 | 2009498  |
| EP Cimarron Ventanas PFC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2034 | 1600000 | 1619708  |
| &nbsp;&nbsp;&nbsp; 4.13%, 12/01/2039 (Callable 12/01/2034) | 2000000 | 2015674  |
| &nbsp;&nbsp;&nbsp; EP La Privada PFC, <br>4.50%, 06/01/2040 (Callable 06/01/2035) | 1600000 | 1632031  |
| &nbsp;&nbsp;&nbsp; EP Tuscany Zaragosa PFC, <br>4.00%, 12/01/2033 (Callable 12/01/2028) | 1825000 | 1829026  |
|  Flour Bluff Independent School District, 5.00%, 08/15/2035 (Callable 02/15/2035) | 1400000 | 1619233  |
| Forney Independent School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/15/2044 (Callable 08/15/2035) | 1300000 | 1423417  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/15/2045 (Callable 08/15/2035) | 1500000 | 1630287  |
|  Fort Bend County Municipal Utility District No 146, 3.13%, 09/01/2032 (Callable 02/02/2026) | 300000 | 294057  |
|  Fort Bend Independent School District, 4.00%, 08/01/2054<sup>(a)</sup> | 9000000 | 9167298  |
|  Fourth Ward Redevelopment Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2030 | 255000 | 277268  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2031 | 325000 | 357345  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2032 | 315000 | 348954  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2033 | 250000 | 279418  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Freddie Mac Multifamily ML Certificates, <br>4.14%, 01/25/2040<sup>(a)</sup> | $2924413 | $2851323  |
|  Frisco Independent School District, 0.00%, 08/15/2029<sup>(e)</sup> | 100000 | 89665  |
| FW Chaparral PFC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2035 (Callable 10/01/2032) | 3800000 | 3798955  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2035 (Callable 10/01/2032) | 5970000 | 6364055  |
|  Gainesville Independent School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/15/2047 (Callable 08/15/2035) | 1770000 | 1909379  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/15/2048 (Callable 08/15/2035) | 925000 | 996607  |
|  Galena Park Independent School District, 0.00%, 08/15/2026<sup>(e)</sup> | 1525000 | 1498413  |
|  Generation Park Management District, 4.00%, 09/01/2028 (Callable 02/02/2026) | 125000 | 125092  |
|  Grand Mission Municipal Utility District No 2, 2.25%, 09/01/2028 (Callable 02/02/2026) | 95000 | 91632  |
| Grand Parkway Transportation Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2037 (Callable 04/01/2028) | 2145000 | 2234811  |
| &nbsp;&nbsp;&nbsp; 5.75%, 10/01/2044 (Callable 10/01/2028) | 2500000 | 2635950  |
| &nbsp;&nbsp;&nbsp; 5.80%, 10/01/2046 (Callable 10/01/2028) | 3000000 | 3157592  |
| &nbsp;&nbsp;&nbsp; 5.85%, 10/01/2047 (Callable 10/01/2028) | 3000000 | 3158437  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2052 (Callable 01/01/2028)<sup>(a)</sup> | 4000000 | 4157716  |
|  Greater Texoma Utility Authority, 5.00%, 10/01/2039 (Callable 10/01/2032) | 1000000 | 1080573  |
| Green Valley Special Utility District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 09/15/2030 | 615000 | 720896  |
| &nbsp;&nbsp;&nbsp; 7.00%, 09/15/2031 | 545000 | 654664  |
|  Greenwood Utility District/TX, 9.00%, 08/01/2034 (Callable 02/01/2030) | 205000 | 249121  |
|  Gulf Coast Industrial Development Authority, 1.25%, 11/01/2041 (Callable 01/02/2026)<sup>(a)</sup> | 3910000 | 3910000  |
|  Harris County Cultural Education Facilities Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/15/2029 (Callable 05/15/2026) | 285000 | 285943  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2050 (Callable 05/15/2030)<sup>(a)</sup> | 3000000 | 3280254  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2054 (Callable 02/15/2032)<sup>(a)</sup> | 9450000 | 10286316  |

---

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

213<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Strategic Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Texas - (Continued)**  | **Texas - (Continued)**  | **Texas - (Continued)**  |
|  Harris County Hospital District, 2.40%, 02/15/2042 (Callable 01/02/2026)<sup>(a)</sup> | $190000 | $190000  |
|  Harris County Municipal Utility District No 165<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2035 (Callable 03/01/2031) | 665000 | 719665  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2036 (Callable 03/01/2031) | 690000 | 741860  |
| &nbsp;&nbsp;&nbsp; 4.13%, 03/01/2044 (Callable 10/01/2031) | 1330000 | 1262053  |
|  Harris County Municipal Utility District No 406, 3.63%, 09/01/2034 (Callable 09/01/2028) | 380000 | 366148  |
|  Huffman Independent School District, 5.25%, 02/15/2041 (Callable 02/15/2035) | 1065000 | 1185289  |
|  Karnes County Hospital District, 5.00%, 02/01/2044 (Callable 02/01/2029)<sup>(a)</sup> | 3000000 | 3137234  |
|  Katy Independent School District, 5.00%, 02/15/2042 (Callable 02/15/2027) | 1950000 | 1977209  |
|  Kaufman County Municipal Utility District No 7, 3.75%, 09/01/2032 (Callable 02/02/2026) | 295000 | 295135  |
|  Kendall County Water Control & Improvement District No 2A, 5.00%, 09/01/2038 (Callable 11/01/2030) | 1000000 | 1047199  |
|  La Feria Independent School District/TX<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2045 (Callable 02/15/2035) | 480000 | 503801  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/15/2050 (Callable 02/15/2035) | 795000 | 847899  |
|  Lake Dallas Independent School District, 0.00%, 08/15/2026<sup>(e)</sup> | 2000000 | 1966452  |
|  Las Varas Public Facility Corp., 4.25%, 10/01/2035 (Callable 10/01/2032) | 2000000 | 2006667  |
| Leander Independent School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/15/2027<sup>(e)</sup> | 1275000 | 1216599 |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/15/2027<sup>(e)</sup>  | 400000  | 382288  |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/15/2030<sup>(e)</sup> | 540000 | 472335  |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/15/2031<sup>(e)</sup> | 500000 | 423358  |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/15/2032<sup>(e)</sup> | 600000 | 490165  |
|  Legacy Denton Public Facility Corp., 3.15%, 11/01/2043 (Callable 05/01/2028)<sup>(a)</sup> | 4000000 | 4002818  |
|  Love Field Airport Modernization Corp., 5.00%, 11/01/2029 (Callable 02/02/2026)<sup>(b)</sup> | 2140000 | 2143022  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Lower Colorado River Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/01/2028 | $5000 | $5092  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2039 (Callable 05/15/2029) | 1000000 | 1044685  |
|  Matagorda County Navigation District No 1, 4.55%, 05/01/2030<sup>(b)</sup> | 1000000 | 1044232  |
|  Mckinney Municipal Utility District No 1, 3.38%, 09/01/2034 (Callable 05/01/2030) | 170000 | 168371  |
|  Mckinney Municipal Utility District No 2<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/01/2029 | 345000 | 386770  |
| &nbsp;&nbsp;&nbsp; 6.00%, 09/01/2030 (Callable 09/01/2029) | 290000 | 319550  |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/01/2030 (Callable 09/01/2029) | 360000 | 402878  |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/01/2031 (Callable 09/01/2029) | 380000 | 424176  |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/01/2032 (Callable 09/01/2029) | 170000 | 189190  |
| Melissa Independent School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2029 | 175000 | 186883  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2031 | 250000 | 277494  |
| &nbsp;&nbsp;&nbsp; Midway Independent School District/McLennan County, <br>4.00%, 08/15/2034 (Callable 08/15/2029) | 2155000 | 2224304  |
|  New Hope Cultural Education Facilities Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 10/01/2030 (Callable 10/01/2026) | 1500000 | 1506385  |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/2030 (Callable 10/01/2026) | 1000000 | 1004405  |
|  North Texas Higher Education Authority, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 06/01/2045 (Callable 06/01/2031)<sup>(b)</sup> | 1825000 | 1797260  |
| &nbsp;&nbsp;&nbsp; 4.50%, 06/01/2046 (Callable 06/01/2034)<sup>(b)</sup> | 4000000 | 4044162  |
| North Texas Tollway Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/01/2030<sup>(e)</sup> | 380000 | 337347  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/01/2035<sup>(e)</sup> | 3240000 | 2410350  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/01/2036<sup>(e)</sup> | 1690000 | 1204141  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/01/2037<sup>(e)</sup> | 5050000 | 3433978  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/01/2038<sup>(e)</sup> | 2455000 | 1590368  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2039 (Callable 01/01/2026) | 1015000 | 1015000  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2043 (Callable 01/01/2028) | 2465000 | 2517873  |
| &nbsp;&nbsp;&nbsp; Northlake Municipal Management District No 1, <br>6.75%, 03/01/2029 | 395000 | 438519  |
| Odessa Junior College District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/2044 (Callable 07/01/2034) | 300000 | 318441  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/2045 (Callable 07/01/2034) | 320000 | 337950  |

---

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

214<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Strategic Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Texas - (Continued)**  | **Texas - (Continued)**  | **Texas - (Continued)**  |
|  Pecos Barstow Toyah Independent School District, 5.00%, 02/15/2039 (Callable 02/15/2026) | $2500000 | $2502420  |
|  Perryton Independent School District, 5.00%, 08/15/2036 (Callable 08/15/2034) | 640000 | 726916  |
|  Ponder Independent School District, 4.00%, 02/15/2051<sup>(a)</sup> | 2000000 | 2036853  |
|  Port Authority of Houston of Harris County Texas<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2032 (Callable 10/01/2028)<sup>(b)</sup> | 1400000 | 1465531  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2033 (Callable 10/01/2028)<sup>(b)</sup> | 2980000 | 3110339  |
| Port Freeport TX<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2028 (Callable 02/02/2026)<sup>(b)</sup> | 1090000 | 1091135  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2029 (Callable 02/02/2026)<sup>(b)</sup> | 1145000 | 1146164  |
| &nbsp;&nbsp;&nbsp; Port Neches-Groves Independent School District/TX, <br>2.00%, 02/15/2034 (Callable 02/15/2029) | 2115000 | 1877867  |
|  Port of Port Arthur Navigation District, 1.25%, 04/01/2040 (Callable 01/02/2026)<sup>(a)</sup> | 3000000 | 3000000  |
|  Pottsboro Higher Education Finance Corp., 5.00%, 08/15/2046 (Callable 08/15/2026) | 1000000 | 917506  |
|  Pottsboro Independent School District/TX<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2040 (Callable 02/15/2032) | 1200000 | 1295329  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/2052<sup>(a)</sup> | 3600000 | 3664617  |
|  Prosper Independent School District, 5.00%, 02/15/2038 (Callable 02/15/2028) | 2000000 | 2073787  |
| PSC/TX, 3.75%, 12/01/2040 | 2190000 | 2193653  |
|  Rio Hondo Independent School District, 5.00%, 02/15/2028 | 775000 | 810216  |
|  San Angelo Independent School District, 5.00%, 02/15/2035 | 3500000 | 4097316  |
|  San Antonio Housing Trust Public Facility Corp., 4.00%, 07/01/2045 (Callable 08/01/2027)<sup>(a)</sup> | 5000000 | 5100341  |
|  San Antonio Municipal Facilities Corp., 5.00%, 08/01/2050<sup>(a)</sup> | 1250000 | 1288703  |
|  Southeast Regional Management District, 5.00%, 04/01/2030 | 115000 | 123946  |
|  Springtown Independent School District, 5.00%, 02/15/2048 (Callable 08/15/2035) | 5000000 | 5265048  |
|  Strategic Housing Finance Corp. of Travis County, 3.35%, 03/01/2046 (Callable 10/01/2026)<sup>(a)</sup> | 3020000 | 3028798  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Tarrant County Cultural Education Facilities Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2026 | $290000 | $292797 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2027  | 1300000  | 1327461  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2027 (Callable 11/15/2026) | 1000000 | 1009986  |
| &nbsp;&nbsp;&nbsp; 2.75%, 02/15/2036 (Callable 01/23/2026)<sup>(a)(d)</sup> | 5470000 | 5268234  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2038 (Callable 01/01/2029) | 2000000 | 2086692  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2043 (Callable 01/01/2029) | 4000000 | 4098282  |
|  Tarrant County Hospital District, 4.00%, 08/15/2043 (Callable 08/15/2032) | 500000 | 487877  |
|  Tender Option Bond Trust Receipts/Certificates, 1.30%, 03/01/2033<sup>(a)(c)</sup> | 6500000 | 6500000  |
| &nbsp;&nbsp;&nbsp; Texas Department of Housing & Community Affairs, <br>3.38%, 09/01/2039 (Callable 09/01/2028) | 2050000 | 1950483  |
|  Texas Municipal Gas Acquisition & Supply Corp. III<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2029 | 5000000 | 5300605  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2030 | 4875000 | 5224299  |
|  Texas Municipal Gas Acquisition & Supply Corp. IV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/01/2054 (Callable 07/01/2029)<sup>(a)</sup> | 3000000 | 3188055 |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/01/2054 (Callable 07/01/2033)<sup>(a)</sup> | 1470000  | 1634022  |
|  Texas Municipal Gas Acquisition and Supply Corp. I<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.12% (3 mo. Term SOFR + 1.63%), 12/15/2026 (Callable 01/02/2026) | 500000 | 500177  |
| &nbsp;&nbsp;&nbsp; 6.25%, 12/15/2026 | 1480000 | 1526645  |
| &nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition and Supply Corp. II, <br>3.54% (3 mo. Term SOFR + 1.05%), 09/15/2027 | 1000000 | 1002420  |
|  Texas Private Activity Bond Surface Transportation Corp., 5.38%, 06/30/2037 (Callable 06/30/2028)<sup>(b)</sup> | 1835000 | 1950736  |
| Texas Public Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/2037 (Callable 05/01/2033) | 400000 | 446560  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/2039 (Callable 05/01/2033) | 500000 | 551647  |
|  Texas State Affordable Housing Corp., 3.90%, 03/01/2038 (Callable 03/01/2033) | 200000 | 199688  |
| Texas Water Development Board<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 10/15/2043 (Callable 10/15/2035) | 1500000 | 1546881  |

---

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

215<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Strategic Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Texas - (Continued)**  | **Texas - (Continued)**  | **Texas - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 4.88%, 10/15/2048 (Callable 10/15/2033) | $5000000 | $5131249  |
| University of Houston<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 02/15/2032 (Callable 02/15/2030) | 2095000 | 1911257  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2036 (Callable 02/15/2026) | 1900000 | 1904173  |
|  Uptown Development Authority, 5.00%, 09/01/2034 (Callable 09/01/2026) | 1275000 | 1282769  |
|  Venus Independent School District, 5.25%, 08/15/2042 (Callable 08/15/2035) | 1535000 | 1703446  |
|  Viridian Municipal Management District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2037 (Callable 12/01/2029) | 550000 | 574577  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2039 (Callable 12/01/2029) | 330000 | 342568  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2042 (Callable 12/01/2029) | 890000 | 912929  |
| &nbsp;&nbsp;&nbsp; 6.00%, 12/01/2043 (Callable 12/01/2029) | 100000 | 102247  |
|  Waller County Road Improvement District No 1<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 03/01/2027 | 270000 | 278743  |
| &nbsp;&nbsp;&nbsp; 6.00%, 03/01/2028 | 285000 | 302197  |
| &nbsp;&nbsp;&nbsp; 6.00%, 03/01/2029 | 300000 | 325941  |
| &nbsp;&nbsp;&nbsp; 6.00%, 03/01/2030 (Callable 03/01/2029) | 315000 | 341841  |
| &nbsp;&nbsp;&nbsp; 6.00%, 03/01/2031 (Callable 03/01/2029) | 330000 | 357435  |
|  Westpointe Special Improvement District, 5.00%, 08/15/2040 (Callable 08/15/2031) | 635000 | 661907  |
|  Woodridge Municipal Utility District, 3.75%, 09/01/2029 (Callable 02/02/2026) | 45000 | 45011  |
| Yoakum Independent School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2027 | 120000 | 123164  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2028 | 190000 | 199596  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2029 | 230000 | 247024  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2031 | 575000 | 642126  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2032 | 305000 | 345568  |
|  |  | 382737832  |
| **Utah - 1.5%**<br>|  |  |
|  City of Salt Lake City UT Airport Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 (Callable 07/01/2027)<sup>(b)</sup> | 1500000 | 1542522  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034 (Callable 07/01/2027)<sup>(b)</sup> | 1000000 | 1024213  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2038 (Callable 07/01/2028)<sup>(b)</sup> | 1500000 | 1543078  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2042 (Callable 07/01/2027) | $6345000 | $6441749 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2042 (Callable 07/01/2027)<sup>(b)</sup>  | 1500000  | 1512877  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/2048 (Callable 07/01/2033)<sup>(b)</sup> | 4000000 | 4145574  |
| &nbsp;&nbsp;&nbsp; County of Utah UT, <br>5.00%, 05/15/2041 (Callable 05/15/2026) | 1245000 | 1250823  |
| &nbsp;&nbsp;&nbsp; Downtown Revitalization Public Infrastructure District, <br>5.00%, 06/01/2036 (Callable 06/01/2030) | 1600000 | 1714171  |
|  Nebo School District Local Building Authority, 2.00%, 07/01/2032 (Callable 07/01/2030) | 1880000 | 1743494  |
|  Point Phase 1 Public Infrastructure District No 1, 5.13%, 03/01/2035 (Callable 09/01/2030) | 1000000 | 1045837  |
|  Utah Associated Municipal Power Systems, 5.00%, 09/01/2035 (Callable 03/01/2028) | 1080000 | 1116877  |
|  Utah Board of Higher Education, 2.55%, 06/01/2038 (Callable 06/01/2029) | 1250000 | 1030267  |
|  Utah Charter School Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 04/15/2027 | 160000 | 159324  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/15/2030 | 875000 | 886754  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/15/2032 | 1000000 | 1030067  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/15/2032 | 700000 | 712287  |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/15/2037 (Callable 02/02/2026) | 150000 | 150098  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/15/2037 (Callable 04/15/2026) | 770000 | 772431  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/15/2040 (Callable 04/15/2033) | 450000 | 484425  |
| &nbsp;&nbsp;&nbsp; 5.13%, 04/15/2045 (Callable 04/15/2033) | 385000 | 399766  |
| Utah Housing Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.24%, 06/01/2044 (Callable 12/01/2028)<sup>(a)</sup> | 8000000 | 8019914  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2045 (Callable 02/02/2026) | 155000 | 155011  |
| &nbsp;&nbsp;&nbsp; 3.18%, 07/01/2045 (Callable 02/01/2028)<sup>(a)</sup> | 1000000 | 1001307  |
| &nbsp;&nbsp;&nbsp; 4.50%, 10/21/2052 | 5077793 | 5028654  |
| &nbsp;&nbsp;&nbsp; 6.00%, 12/21/2052 | 715382 | 779273  |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/21/2053 | 605735 | 659791  |
| &nbsp;&nbsp;&nbsp; 6.50%, 05/21/2053 | 793905 | 849500  |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/21/2053 | 1202598 | 1310342  |
| &nbsp;&nbsp;&nbsp; 6.50%, 08/21/2053 | 78517 | 86261  |
| &nbsp;&nbsp;&nbsp; 6.50%, 01/01/2054 (Callable 07/01/2032) | 925000 | 1006287  |
|  |  | 47602974  |

---

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

216<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Strategic Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Vermont - 0.1%**<br>|  |  |
|  Vermont Educational & Health Buildings Financing Agency, 5.00%, 12/01/2038 (Callable 06/01/2026) | $1000000 | $1003348  |
|  Vermont Housing Finance Agency, 5.25%, 11/01/2052 (Callable 05/01/2032) | 808000 | 841644  |
| Vermont Student Assistance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2026<sup>(b)</sup> | 50000 | 50348  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2031<sup>(b)</sup> | 2185000 | 2315598  |
|  |  | 4210938  |
| **Virginia - 0.6%**<br>|  |  |
|  Alexandria Redevelopment & Housing Authority, 3.20%, 12/01/2054 (Callable 06/01/2027)<sup>(a)</sup> | 5000000 | 5004769  |
|  Fairfax County Redevelopment & Housing Authority, 5.00%, 01/01/2045 (Callable 07/01/2027)<sup>(a)</sup> | 3250000 | 3344061  |
|  Norfolk Redevelopment & Housing Authority, 5.00%, 05/01/2043 (Callable 05/01/2026)<sup>(a)</sup> | 3000000 | 3018466  |
|  Northern Virginia Transportation Authority, 5.00%, 06/01/2030 (Callable 02/02/2026) | 780000 | 781360  |
|  Virginia Beach Development Authority, 5.38%, 09/01/2029 (Callable 09/01/2026) | 1000000 | 1011434  |
|  Virginia Public Building Authority, 5.00%, 08/01/2035 (Callable 08/01/2026)<sup>(b)</sup> | 1000000 | 1006825  |
|  Virginia Resources Authority, 5.00%, 11/01/2045 (Callable 02/02/2026) | 1180000 | 1180364  |
|  Virginia Small Business Financing Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028 | 1200000 | 1255512  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2035 (Callable 07/01/2027) | 100000 | 104930  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2060 (Callable 03/15/2035)<sup>(a)</sup> | 2000000 | 2247169  |
|  |  | 18954890  |
| **Washington - 2.8%**<br>|  |  |
|  City of Marysville WA, 5.00%, 12/01/2044 (Callable 06/01/2028) | 1100000 | 1122005  |
|  City of Seattle WA Municipal Light & Power Revenue, 5.00%, 04/01/2039 (Callable 04/01/2029) | 3405000 | 3584357  |
|  City of Tacoma WA Sewer Revenue, 5.00%, 12/01/2032 (Callable 01/23/2026) | 2000000 | 2002207  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Clark County School District No 114 Evergreen, 5.25%, 12/01/2040 (Callable 06/01/2032) | $215000 | $236825  |
|  County of Lewis WA, 3.00%, 12/01/2026 (Callable 01/23/2026) | 100000 | 99933  |
|  Grant County Public Hospital District No 2, 5.50%, 12/01/2044 (Callable 06/01/2034) | 930000 | 970198  |
| King County Housing Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2028 (Callable 01/01/2027) | 1000000 | 1019816  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/01/2033 (Callable 11/01/2029) | 600000 | 618386  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2035 (Callable 07/01/2034) | 240000 | 262446  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035 (Callable 07/01/2034) | 255000 | 279096  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2040 (Callable 07/01/2034) | 1500000 | 1575815  |
| &nbsp;&nbsp;&nbsp; 5.38%, 07/01/2045 (Callable 07/01/2034) | 4120000 | 4312578  |
|  King County Public Hospital District No 1<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2028 (Callable 12/01/2026) | 225000 | 229222  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 (Callable 12/01/2026) | 400000 | 406780  |
|  King County Public Hospital District No 4, 7.00%, 12/01/2060 (Callable 12/01/2035) | 7825000 | 8003900  |
| &nbsp;&nbsp;&nbsp; Kitsap County School District No 303 Bainbridge Island, <br>4.00%, 12/01/2027 (Callable 06/01/2027) | 1000000 | 1017886  |
|  Pacific County Public Healthcare Services District No 3<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/2039 (Callable 12/01/2033) | 500000 | 552374  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/2044 (Callable 12/01/2033) | 695000 | 733698  |
|  Pend Oreille County Public Utility District No 1 Box Canyon<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2028 | 220000 | 229344  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2029 (Callable 01/01/2028) | 165000 | 171842  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2038 (Callable 01/01/2029) | 300000 | 310505  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2039 (Callable 01/01/2028) | 500000 | 510507  |
|  Pierce County School District No 10 Tacoma, 5.00%, 12/01/2026 (Callable 01/23/2026) | 800000 | 800922  |
| Port of Seattle WA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2036 (Callable 05/01/2027)<sup>(b)</sup> | 4500000 | 4583499  |

---

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

217<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Strategic Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Washington - (Continued)**  | **Washington - (Continued)**  | **Washington - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/2042 (Callable 05/01/2027)<sup>(b)</sup> | $5500000 | $5561842  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/2042 (Callable 07/01/2034)<sup>(b)</sup> | 2080000 | 2258330  |
| &nbsp;&nbsp;&nbsp; Seattle Housing Authority, <br>2.50%, 06/01/2041 (Callable 06/01/2031) | 950000 | 740209  |
|  Snohomish County Housing Authority, 4.00%, 04/01/2033 (Callable 04/01/2031) | 2500000 | 2579056  |
| State of Washington<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2037 (Callable 02/01/2028) | 7275000 | 7564743  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2037 (Callable 06/01/2030) | 1000000 | 1077680  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2042 (Callable 02/01/2031) | 1000000 | 1054572  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2043 (Callable 02/01/2033) | 3200000 | 3423053 |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2043 (Callable 02/01/2032)  | 500000  | 529370  |
| Tacoma Metropolitan Park District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2026 | 95000 | 97043  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2027 (Callable 12/01/2026) | 605000 | 612695  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2028 (Callable 12/01/2026) | 25000 | 25283  |
| &nbsp;&nbsp;&nbsp; University of Washington, <br>5.00%, 12/01/2035 (Callable 12/01/2026) | 2400000 | 2440061  |
| Vancouver Housing Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/01/2034 (Callable 08/01/2031) | 3000000 | 2987355  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/01/2038 (Callable 02/01/2035) | 2000000 | 2057005  |
|  Washington Health Care Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2027 | 1500000 | 1549142  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2028 (Callable 08/15/2027) | 95000 | 97771  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2028 | 2125000 | 2235981  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 (Callable 12/01/2030)<sup>(c)</sup> | 200000 | 219517  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2036 (Callable 01/18/2026) | 135000 | 135001  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2037 (Callable 02/15/2028) | 1500000 | 1537460  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2044 (Callable 08/01/2029) | 2000000 | 2025801  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2049 (Callable 08/01/2029) | 2640000 | 2657521  |
| &nbsp;&nbsp;&nbsp; Washington State Convention Center Public Facilities District, <br>5.00%, 07/01/2027 | 100000 | 102551  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Washington State Housing Finance Commission<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 12/01/2033 (Callable 02/02/2026) | $1830000 | $1819556  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037 (Callable 07/01/2035)<sup>(c)</sup> | 1255000 | 1348543  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2038 (Callable 07/01/2035)<sup>(c)</sup> | 1360000 | 1452740  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2045 (Callable 07/01/2035)<sup>(c)</sup> | 500000 | 504339  |
|  Whatcom County Public Utility District No 1<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2027<sup>(b)</sup> | 450000 | 464564  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031<sup>(b)</sup> | 2335000 | 2557205  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032<sup>(b)</sup> | 825000 | 911410  |
|  |  | 86261540  |
| **West Virginia - 0.3%**<br>|  |  |
|  County of Ohio WV Special District Excise Tax Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2038 (Callable 06/01/2035) | 800000 | 872178  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/01/2054 (Callable 06/01/2035) | 2000000 | 2120803  |
|  Glenville State College, 4.00%, 06/01/2027 | 425000 | 419479  |
|  West Virginia Housing Development Fund, 5.00%, 08/01/2027 (Callable 04/01/2027)<sup>(a)</sup> | 2000000 | 2048813  |
| Wyoming County Board of Education<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2031 | 1230000 | 1371803  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2032 | 1305000 | 1472039  |
|  |  | 8305115  |
| **Wisconsin - 4.5%**<br>|  |  |
|  Beaver Dam Unified School District, 4.00%, 04/01/2043 (Callable 04/01/2033) | 5500000 | 5484944  |
| &nbsp;&nbsp;&nbsp; Boscobel Area School District, <br>5.00%, 03/01/2036 (Callable 03/01/2031) | 720000 | 779096  |
| &nbsp;&nbsp;&nbsp; City of Algoma WI, <br>5.00%, 10/01/2030 (Callable 10/01/2028) | 3505000 | 3669199  |
| &nbsp;&nbsp;&nbsp; City of Milwaukee WI Sewerage System Revenue, <br>4.00%, 06/01/2029 (Callable 06/01/2026) | 2005000 | 2012984  |
| &nbsp;&nbsp;&nbsp; County of Portage WI, <br>0.05%, 06/01/2026 | 2435000 | 2400851  |
| Cudahy School District/WI<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2035 (Callable 03/01/2033) | 615000 | 684487  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2036 (Callable 03/01/2033) | 650000 | 719121  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2037 (Callable 03/01/2033) | 685000 | 752373  |

---

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

218<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Strategic Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Wisconsin - (Continued)**  | **Wisconsin - (Continued)**  | **Wisconsin - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2038 (Callable 03/01/2033) | $720000 | $784283  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2039 (Callable 03/01/2033) | 760000 | 820508  |
|  Deerfield Community School District, 4.00%, 03/01/2029 (Callable 03/01/2027) | 3000000 | 3039776  |
|  Howard-Suamico School District/WI, 1.63%, 03/01/2031 (Callable 03/01/2028) | 3250000 | 2919601  |
| Public Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2026 (Callable 01/23/2026)<sup>(c)</sup> | 1660000 | 1663754  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028<sup>(c)</sup> | 1750000 | 1808275  |
| &nbsp;&nbsp;&nbsp; 9.00%, 11/01/2028 (Callable 11/01/2027)<sup>(c)</sup> | 715000 | 763129  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2029 (Callable 03/01/2026) | 1080000 | 1083227  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/2030 | 1060000 | 1137501  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2033 (Callable 07/01/2029) | 605000 | 620333  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2033 (Callable 03/01/2026) | 5900000 | 5916155  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/01/2033 (Callable 01/23/2026) | 70000 | 70012  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2034 (Callable 07/01/2029) | 1150000 | 1176871  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2034 (Callable 03/01/2026) | 2000000 | 2005210  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2034 (Callable 10/01/2029)<sup>(c)</sup> | 4450000 | 4617955  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2044 (Callable 04/01/2029) | 2675000 | 2714345  |
| &nbsp;&nbsp;&nbsp; 6.25%, 04/01/2045 (Callable 04/01/2035)<sup>(c)</sup> | 1000000 | 975638  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2051 (Callable 07/01/2031)<sup>(c)</sup> | 500000 | 371512  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/2054 (Callable 12/01/2034) | 4250000 | 4022453  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2055<sup>(c)</sup> | 12500000 | 12489199  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/01/2055 (Callable 12/01/2033)<sup>(c)(e)</sup> | 8000000 | 4483724  |
| &nbsp;&nbsp;&nbsp; 6.00%, 12/01/2055 (Callable 12/01/2033)<sup>(c)</sup> | 4500000 | 4434023  |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/30/2060 (Callable 06/30/2035)<sup>(b)</sup> | 3125000 | 3224782  |
| &nbsp;&nbsp;&nbsp; 6.50%, 06/30/2060 (Callable 06/30/2035)<sup>(b)</sup> | 5500000 | 6040246  |
| &nbsp;&nbsp;&nbsp; 5.75%, 12/31/2065 (Callable 06/30/2035)<sup>(b)</sup> | 2625000 | 2702900  |
|  Racine Unified School District, 5.00%, 04/01/2038 (Callable 04/01/2032) | 1180000 | 1288707  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  State of Wisconsin, 5.00%, 05/01/2038 (Callable 05/01/2028) | $2000000 | $2084907  |
|  Village of Hobart WI, 1.00%, 03/01/2032 (Callable 03/01/2030) | 1395000 | 1229229  |
| Village of Kewaskum WI<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2029 | 165000 | 172665  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2035 (Callable 04/01/2033) | 305000 | 323839  |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/01/2039 (Callable 04/01/2033) | 645000 | 648442  |
|  Waunakee Community School District, 3.63%, 04/01/2030 (Callable 04/01/2028) | 7340000 | 7436828  |
|  West De Pere School District, 4.00%, 04/01/2031 (Callable 04/01/2028) | 2245000 | 2293667  |
| Wisconsin Center District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2038 (Callable 12/15/2030)<sup>(e)</sup> | 1000000 | 604776  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/15/2061 (Callable 12/15/2030)<sup>(c)</sup> | 1100000 | 1082794  |
|  Wisconsin Health & Educational Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/15/2026 | 475000 | 474604  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2027 (Callable 07/01/2026)<sup>(c)</sup> | 4250000 | 4285536  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2027 (Callable 11/01/2026) | 745000 | 757602  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2029 (Callable 02/15/2026) | 2080000 | 2084916  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2029 (Callable 11/01/2026) | 580000 | 600886  |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/15/2031 (Callable 02/15/2026) | 55000 | 53260  |
| &nbsp;&nbsp;&nbsp; 3.25%, 02/15/2033 (Callable 02/15/2027) | 1060000 | 1023237  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2033 (Callable 10/01/2028) | 1025000 | 1079497  |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/15/2036 (Callable 02/15/2027) | 965000 | 919142  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2036 (Callable 07/01/2029) | 1000000 | 1009896  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/15/2036 (Callable 09/15/2027) | 775000 | 756322 |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/15/2036 (Callable 09/15/2027)  | 580000  | 566022  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2039 (Callable 10/01/2034) | 900000 | 968379  |
| &nbsp;&nbsp;&nbsp; 4.38%, 11/01/2039 (Callable 11/01/2034) | 3830000 | 3996236  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2039 (Callable 05/15/2026) | 2100000 | 2106638  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2040 (Callable 10/01/2034) | 500000 | 535165  |

---

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

219<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Strategic Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Wisconsin - (Continued)**  | **Wisconsin - (Continued)**  | **Wisconsin - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2044 (Callable 10/01/2028) | $1000000 | $1013058  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2046 (Callable 06/01/2031)<sup>(a)(f)</sup> | 4500000 | 4874540  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2047 (Callable 02/15/2027) | 750000 | 751537  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/2050 (Callable 02/15/2027) | 80000 | 71461  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2052 (Callable 12/01/2032) | 1750000 | 1870278  |
| &nbsp;&nbsp;&nbsp; 6.00%, 10/01/2054 (Callable 10/01/2032) | 2000000 | 2056612  |
|  Wisconsin Housing & Economic Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2030 (Callable 07/01/2028)<sup>(c)</sup> | 160000 | 150974  |
| &nbsp;&nbsp;&nbsp; 4.38%, 07/01/2037 (Callable 07/01/2028)<sup>(c)</sup> | 480000 | 415775  |
| &nbsp;&nbsp;&nbsp; Wisconsin Housing & Economic Development Authority Home Ownership Revenue, <br>4.00%, 03/01/2048 (Callable 03/01/2027) | 5000 | 5008  |
|  Wisconsin Housing & Economic Development Authority Housing Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 05/01/2054 (Callable 01/23/2026)<sup>(a)</sup> | 560000 | 560185  |
| &nbsp;&nbsp;&nbsp; 3.88%, 11/01/2054 (Callable 01/23/2026)<sup>(a)</sup> | 4060000 | 4061919  |
|  |  | 140603006  |
| &nbsp;&nbsp;&nbsp; **TOTAL MUNICIPAL BONDS** <br>**(Cost $2,993,260,279)** |  | 3031759982  |
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **Money Market Funds - 1.1%**<br>|  |  |
|  Federated Institutional Tax-Free Cash Trust - Class Premier, 3.09%<sup>(g)</sup> | 33955740 | 33955740  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $33,955,740)** |  | 33955740  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.9%** <br>**(Cost $3,027,216,019)** |  | $3065715722  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.1% |  |  |
|  |  | 33683929  |
| **TOTAL NET ASSETS - 100.0%** |  | $3099399651 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

FHLMC - Federal Home Loan Mortgage Corporation

LLC - Limited Liability Company

SIFMA - Securities Industry and Financial Markets Association

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> Coupon rate may be variable or floating based on components other than reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of December 31, 2025.

<sup>(b)</sup> Security subject to the Alternative Minimum Tax ("AMT"). As of December 31, 2025, the total value of securities subject to the AMT was $288,071,909 or 9.3% of net assets.

<sup>(c)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of December 31, 2025, the value of these securities total $117,948,000 or 3.8% of the Fund's net assets.

<sup>(d)</sup> Step coupon bond. The rate disclosed is as of December 31, 2025.

<sup>(e)</sup> Zero coupon bonds make no periodic interest payments.

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

<sup>(g)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

220<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD STRATEGIC MUNICIPAL BOND FUND** 

**SUMMARY OF FAIR VALUE DISCLOSURE** 

**as of December 31, 2025** 

Baird Strategic Municipal Bond Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the year, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

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

---

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

---

---

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

---

The following is a summary of the fair valuation hierarchy of the Fund's securities as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | $— | $3031759982 | $— | $3031759982  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 33955740 |  |  | 33955740  |
| **Total Investments** | $33955740 | $3031759982 | $— | $3065715722 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting year, as compared to the security classifications from the prior year's core financial statements. See the Fund's Valuation Policy in Note 2a to the financial statements.

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

221<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Baird Quality Intermediate Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - 97.5%**<br>|  |  |
| **Alabama - 2.6%**<br>|  |  |
| Alabama Housing Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/01/2047 <br>(Callable 07/01/2028)<sup>(a)</sup> | $4000000 | $4005773  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/01/2055 <br>(Callable 04/01/2033) | 1910000 | 2078232  |
| &nbsp;&nbsp;&nbsp; Alabama Public School and College Authority, <br>4.00%, 09/01/2043 (Callable 09/01/2034) | 1915000 | 1872811  |
| Black Belt Energy Gas District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2053<sup>(a)</sup> | 4000000 | 4191408  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2055 (Callable 04/01/2031)<sup>(a)</sup> | 4500000 | 4824722  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2055 (Callable 05/01/2035)<sup>(a)</sup> | 500000 | 536701  |
|  Morgan County Board of Education/AL, 5.00%, 03/01/2038 (Callable 03/01/2032) | 1000000 | 1086777  |
|  Southeast Energy Authority A Cooperative District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2030 (Callable 07/01/2030) | 3500000 | 3760207  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2033 | 1300000 | 1429793  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2034 | 1950000 | 2157668  |
| &nbsp;&nbsp;&nbsp; Town of Pike Road AL, <br>5.00%, 09/01/2044 (Callable 09/01/2034) | 800000 | 848538  |
| &nbsp;&nbsp;&nbsp; University of Alabama, <br>3.00%, 07/01/2038 (Callable 07/01/2029) | 2000000 | 1839258  |
|  |  | 28631888  |
| **Alaska - 0.1%**<br>|  |  |
| Alaska Housing Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 12/01/2044 <br>(Callable 06/01/2029) | 95000 | 94041  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2048 <br>(Callable 06/01/2027) | 280000 | 281742  |
| &nbsp;&nbsp;&nbsp; City of Valdez AK, <br>5.00%, 06/30/2029 <br>(Callable 01/23/2026) | 1225000 | 1246407  |
|  |  | 1622190  |
| **Arizona - 0.4%**<br>|  |  |
|  Arizona Industrial Development Authority, 1.79%, 09/01/2030<sup>(a)(b)(c)</sup> | 1033453 | 1006523  |
| City of Tempe AZ<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 <br>(Callable 07/01/2028) | 40000 | 42413  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034 <br>(Callable 07/01/2028) | 325000 | 344601 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034 (Callable 07/01/2027)  | 165000  | 170951  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035 <br>(Callable 07/01/2027) | 185000 | 191673  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037 <br>(Callable 07/01/2028) | $215000 | $227967  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2038 <br>(Callable 07/01/2028) | 350000 | 371109  |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, <br>4.00%, 01/01/2045 <br>(Callable 07/01/2030) | 2000000 | 1842569  |
|  |  | 4197806  |
| **Arkansas - 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; City of Pine Bluff AR, <br>3.00%, 02/01/2047 <br>(Callable 08/01/2027) | 815000 | 797428  |
| &nbsp;&nbsp;&nbsp; University of Arkansas, <br>5.00%, 10/01/2031 <br>(Callable 10/01/2026) | 250000 | 253052  |
|  |  | 1050480  |
| **California - 6.3%**<br>|  |  |
| Amador County Unified School District | Amador County Unified School District | Amador County Unified School District |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2031 | 250000 | 276754  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2035 <br>(Callable 08/01/2033) | 300000 | 339264  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2037 <br>(Callable 08/01/2033) | 540000 | 610675  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2040 <br>(Callable 08/01/2033) | 245000 | 260598  |
|  Anaheim Public Financing Authority, 0.00%, 09/01/2036<sup>(d)</sup> | 19985000 | 14504431  |
| Brea Redevelopment Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2033 <br>(Callable 08/01/2027) | 1500000 | 1552236  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2034 <br>(Callable 08/01/2027) | 1750000 | 1808240  |
| &nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, <br>5.00%, 01/01/2056 (Callable 05/01/2033)<sup>(a)</sup> | 2000000 | 2188632  |
|  California Housing Finance Agency, 3.75%, 03/25/2035 | 4700515 | 4759386  |
| &nbsp;&nbsp;&nbsp; California State University, <br>3.13%, 11/01/2051 (Callable 05/01/2026)<sup>(a)</sup> | 2250000 | 2250725  |
|  Central Basin Municipal Water District, 5.00%, 08/01/2044 (Callable 08/01/2028) | 70000 | 74504  |
|  City of Richmond CA Wastewater Revenue, 0.00%, 08/01/2028<sup>(d)</sup> | 180000 | 168070  |
|  El Monte City School District/CA, 0.00%, 08/01/2029<sup>(d)</sup> | 1640000 | 1466690  |
|  Escalon Unified School District, 0.00%, 08/01/2040 (Callable 08/01/2033)<sup>(d)</sup> | 1055000 | 995153  |
|  Federal Home Loan Mortgage Corp., 4.00%, 12/25/2036<sup>(a)</sup> | 2422321 | 2428666  |
|  Fontana Unified School District, 0.00%, 02/01/2033<sup>(d)</sup> | 605000 | 494333 |

---

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

222<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Baird Quality Intermediate Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **California - (Continued)**  | **California - (Continued)**  | **California - (Continued)**  |
|  Foothill-Eastern Transportation Corridor Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/01/2026<sup>(d)</sup> | $4695000 | $4695000  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/01/2028<sup>(d)</sup> | 3260000 | 3109142  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/01/2030<sup>(d)</sup> | 125000 | 113717  |
|  Freddie Mac Multifamily ML Certificates, 2.88%, 07/25/2036 | 7020494 | 6470788  |
| &nbsp;&nbsp;&nbsp; Gateway Unified School District/CA, <br>0.00%, 03/01/2037<sup>(d)</sup> | 100000 | 68210  |
|  Golden State Tobacco Securitization Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 06/01/2026<sup>(d)</sup> | 240000 | 237557  |
| &nbsp;&nbsp;&nbsp; 0.00%, 06/01/2028<sup>(d)</sup> | 630000 | 594341  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2028 <br>(Callable 06/01/2027) | 425000 | 441141  |
|  Kingsburg Joint Union High School District, 5.00%, 08/01/2044 (Callable 08/01/2026) | 150000 | 152233  |
|  Long Beach Community College District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 06/01/2032<sup>(d)</sup> | 1540000 | 1286650  |
| &nbsp;&nbsp;&nbsp; 0.00%, 06/01/2033<sup>(d)</sup> | 1560000 | 1260000  |
| Los Alamitos Unified School District<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 08/01/2041 <br>(Callable 08/01/2031)<sup>(d)</sup> | 630000 | 689802  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 08/01/2042 <br>(Callable 08/01/2031)<sup>(d)</sup> | 500000 | 546120  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 08/01/2043 <br>(Callable 08/01/2031)<sup>(d)</sup> | 425000 | 460183  |
|  Los Angeles Department of Water & Power, 5.25%, 07/01/2044 (Callable 01/01/2035) | 1350000 | 1465089  |
| &nbsp;&nbsp;&nbsp; Menlo Park City School District, 0.00%, 07/01/2044 <br>(Callable 07/01/2032)<sup>(d)</sup> | 525000 | 550830  |
|  Moreno Valley Unified School District/CA, 0.00%, 07/01/2029<sup>(d)</sup> | 75000 | 68666  |
| &nbsp;&nbsp;&nbsp; Morongo Unified School District, 5.50%, 08/01/2041 <br>(Callable 08/01/2030) | 300000 | 326718  |
|  Municipal Water District Of Orange County Water Facilities Corp., 5.00%, 08/15/2034 | 285000 | 316898  |
|  Pacheco Union Elementary School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 02/01/2028<sup>(d)</sup> | 40000 | 37802 |
| &nbsp;&nbsp;&nbsp; 0.00%, 02/01/2028<sup>(d)</sup>  | 25000  | 23626  |
| &nbsp;&nbsp;&nbsp; 0.00%, 02/01/2037<sup>(d)</sup> | 300000 | 208751  |
|  Pajaro Valley Unified School District, 0.00%, 08/01/2027<sup>(d)</sup> | 25000 | 23978  |
|  Palmdale Elementary School District, 0.00%, 08/01/2031<sup>(d)</sup> | 30000 | 25729  |
|  Rio Hondo Community College District, 6.85%, 08/01/2042 (Callable 08/01/2034) | 7160000 | 8935100  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Riverside County Redevelopment Successor Agency, <br>8.25%, 10/01/2031 (Callable 10/01/2026) | $650000 | $675237  |
|  Roseville Joint Union High School District, 0.00%, 08/01/2034 (Callable 08/01/2026)<sup>(d)</sup> | 85000 | 61803  |
|  San Diego Unified School District/CA <br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 07/01/2030<sup>(d)</sup>  | 100000  | 88490 |
| &nbsp;&nbsp;&nbsp; 0.00%, 07/01/2030<sup>(d)</sup>  | 45000  | 39820 |
| &nbsp;&nbsp;&nbsp; 0.00%, 07/01/2030<sup>(d)</sup>  | 25000  | 22122 |
| &nbsp;&nbsp;&nbsp; San Joaquin Hills Transportation Corridor Agency, <br>0.00%, 01/01/2028<sup>(d)</sup> | 1110000 | 1059679  |
|  St Helena Unified School District, 0.00%, 08/01/2037 (Callable 02/02/2026)<sup>(d)</sup> | 25000 | 14367  |
|  Woodlake Union High School District, 0.00%, 08/01/2033<sup>(d)</sup> | 880000 | 638972  |
|  |  | 68886918  |
| **Colorado - 2.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Adams & Weld Counties School District No 27J Brighton/CO, 5.00%, 12/01/2036 <br>(Callable 12/01/2027) | 1000000 | 1034206  |
| &nbsp;&nbsp;&nbsp; Adams County School District No 14, 5.50%, 12/01/2041 <br>(Callable 12/01/2034) | 350000 | 400484  |
|  Arapahoe County School District No 6 Littleton, 5.50%, 12/01/2043 (Callable 12/01/2028) | 2000000 | 2104878  |
|  Boulder Valley School District No Re-2 Boulder, 5.00%, 12/01/2038 (Callable 02/02/2026) | 1225000 | 1226411  |
| &nbsp;&nbsp;&nbsp; City & County of Denver CO, 5.00%, 06/01/2038 <br>(Callable 06/01/2026) | 310000 | 312016  |
| &nbsp;&nbsp;&nbsp; City of Boulder CO Storm Water & Flood Management Revenue, 3.00%, 12/01/2030 <br>(Callable 02/02/2026) | 925000 | 925001  |
| &nbsp;&nbsp;&nbsp; City of Fort Lupton CO, <br>4.00%, 12/01/2042 <br>(Callable 12/01/2027) | 850000 | 850724  |
| Colorado Health Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2027 <br>(Callable 05/15/2026) | 210000 | 211794  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2028 <br>(Callable 06/01/2027) | 100000 | 103331  |
|  Colorado Housing and Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/2050 <br>(Callable 05/01/2029) | 170000 | 169514  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/01/2050 <br>(Callable 11/01/2028) | 180000 | 180593  |
|  Denver City & County Housing Authority, 5.00%, 06/01/2029 (Callable 12/01/2028) | 1500000 | 1575085 |

---

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

223<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Quality Intermediate Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Colorado - (Continued)**  | **Colorado - (Continued)**  | **Colorado - (Continued)**  |
|  El Paso County School District No 20 Academy<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/15/2040 <br>(Callable 12/15/2034) | $200000 | $226695  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/15/2041 <br>(Callable 12/15/2034) | 350000 | 392576  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/15/2042 <br>(Callable 12/15/2034) | 400000 | 443879  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/15/2043 <br>(Callable 12/15/2034) | 450000 | 494522  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/15/2044 <br>(Callable 12/15/2034) | 400000 | 436080  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/15/2045 <br>(Callable 12/15/2034) | 200000 | 216521  |
|  Mesa County Valley School District No. 51, 5.50%, 12/01/2037 (Callable 12/01/2027) | 1000000 | 1041149  |
| Park Creek Metropolitan District<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2037 <br>(Callable 12/01/2032) | 1400000 | 1539335  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2038 <br>(Callable 12/01/2032) | 1600000 | 1749378  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2039 <br>(Callable 12/01/2032) | 1500000 | 1628516  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2041 <br>(Callable 12/01/2032) | 125000 | 133637  |
| &nbsp;&nbsp;&nbsp; State of Colorado, <br>5.25%, 03/15/2042 <br>(Callable 03/15/2027) | 1000000 | 1014905  |
| &nbsp;&nbsp;&nbsp; University of Colorado, <br>5.00%, 06/01/2044 <br>(Callable 06/01/2029) | 545000 | 562635  |
|  Weld County School District No RE-9 Ault-Highland<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/01/2041 <br>(Callable 12/01/2034) | 500000 | 558615  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/01/2042 <br>(Callable 12/01/2034) | 500000 | 552690  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/01/2043 <br>(Callable 12/01/2034) | 600000 | 656822  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/01/2044 <br>(Callable 12/01/2034) | 500000 | 543018  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/01/2045 <br>(Callable 12/01/2034) | 450000 | 485325  |
| &nbsp;&nbsp;&nbsp; Wiggins School District No RE-50J Adams Morgan & Weld Counties, 4.00%, 12/01/2039 <br>(Callable 12/01/2031) | 500000 | 512702  |
|  |  | 22283037  |
| **Connecticut - 1.0%**<br>|  |  |
| Connecticut Housing Finance Authority | Connecticut Housing Finance Authority | Connecticut Housing Finance Authority |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/15/2030 <br>(Callable 02/02/2026) | 1325000 | 1299862  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/2045 <br>(Callable 05/15/2028) | 1670000 | 1676300  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/2047 <br>(Callable 11/15/2026) | $165000 | $165387  |
|  Connecticut State Health & Educational Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/01/2032 | 100000 | 109575  |
| &nbsp;&nbsp;&nbsp; 2.80%, 07/01/2057<sup>(a)</sup> | 3165000 | 3164941  |
| &nbsp;&nbsp;&nbsp; State of Connecticut Clean Water Fund - State Revolving Fund, 5.00%, 05/01/2036 <br>(Callable 05/01/2027) | 1500000 | 1542353  |
|  State of Connecticut Special Tax Revenue, 5.00%, 10/01/2036 (Callable 10/01/2028) | 3000000 | 3156403  |
|  |  | 11114821  |
| **District of Columbia - 0.2%**<br>|  |  |
|  District of Columbia Housing Finance Agency, 3.15%, 05/01/2046<sup>(a)</sup> | 2500000 | 2499101  |
| **Florida - 3.5%**<br>|  |  |
|  Broward County Housing Finance Authority, 3.50%, 04/01/2041 (Callable 02/02/2026)<sup>(a)</sup> | 1000000 | 999932  |
| &nbsp;&nbsp;&nbsp; City of Fort Lauderdale FL Water & Sewer Revenue, <br>5.50%, 09/01/2048 <br>(Callable 09/01/2033) | 3500000 | 3797130  |
| &nbsp;&nbsp;&nbsp; City of Fort Myers FL, <br>4.00%, 12/01/2037 <br>(Callable 02/02/2026) | 480000 | 480162  |
| &nbsp;&nbsp;&nbsp; City of Melbourne FL Water & Sewer Revenue, <br>0.00%, 10/01/2026<sup>(d)</sup> | 40000 | 39151  |
| &nbsp;&nbsp;&nbsp; City of Ocoee FL, <br>4.00%, 10/01/2040 <br>(Callable 10/01/2030) | 300000 | 305308  |
| &nbsp;&nbsp;&nbsp; City of Orlando FL Tourist Development Tax Revenue, 5.00%, 11/01/2034 <br>(Callable 11/01/2027) | 1000000 | 1033298  |
| County of Miami-Dade FL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 10/01/2026<sup>(d)</sup> | 150000 | 146925  |
| &nbsp;&nbsp;&nbsp; 0.00%, 10/01/2027<sup>(d)</sup> | 370000 | 352578  |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/2030 | 5400000 | 5905015  |
| &nbsp;&nbsp;&nbsp; County of Orange FL Water Utility System Revenue, <br>5.00%, 10/01/2039 <br>(Callable 10/01/2030) | 3000000 | 3242271  |
| Florida Housing Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.94%, 08/01/2036 | 4890725 | 4136382  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 01/01/2045 <br>(Callable 01/01/2028) | 2195000 | 2153370  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/2051 <br>(Callable 07/01/2029) | 520000 | 518543  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2054 <br>(Callable 07/01/2032) | 445000 | 463398  |

---

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

224<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Quality Intermediate Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Florida - (Continued)**  | **Florida - (Continued)**  | **Florida - (Continued)**  |
|  Leon County - City of Tallahassee Blueprint Intergovernmental Agency, 4.00%, 10/01/2038 (Callable 10/01/2031) | $4805000 | $4932934  |
|  Osceola County Expressway Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 10/01/2028 | 170000 | 182353  |
| &nbsp;&nbsp;&nbsp; 5.75%, 10/01/2031 | 60000 | 69624  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/01/2042 <br>(Callable 10/01/2031) | 7540000 | 8922335  |
|  State of Florida, 3.00%, 07/01/2037 (Callable 07/01/2026) | 510000 | 486038  |
|  |  | 38166747  |
| **Georgia - 2.9%**<br>|  |  |
|  Atlanta Urban Residential Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 02/01/2030 <br>(Callable 02/01/2029)<sup>(a)</sup> | 1350000 | 1351640  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 02/01/2030 <br>(Callable 08/01/2028)<sup>(a)</sup> | 2500000 | 2507112  |
| &nbsp;&nbsp;&nbsp; City of Decatur GA, <br>3.00%, 08/01/2038 <br>(Callable 02/02/2026) | 500000 | 472683  |
|  DeKalb County Housing Authority, 3.23%, 04/01/2026 | 530000 | 530111  |
|  DeKalb Newton & Gwinnett Counties Joint Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2028 | 295000 | 309367  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2028  | 230000  | 241202 |
|  Forsyth County Hospital Authority, 6.38%, 10/01/2028 | 3375000 | 3591888  |
|  Georgia Housing & Finance Authority, 2.50%, 06/01/2050 (Callable 06/10/2030) | 1500000 | 1103219  |
| &nbsp;&nbsp;&nbsp; Georgia Local Government, <br>4.75%, 06/01/2028 | 55000 | 56409  |
| &nbsp;&nbsp;&nbsp; Gwinnett County School District, 5.00%, 02/01/2040 <br>(Callable 02/01/2029) | 3000000 | 3148217  |
|  Homerville Housing Authority, 3.45%, 01/01/2028<sup>(a)</sup> | 1065000 | 1069764  |
| Main Street Natural Gas, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2052 <br>(Callable 06/01/2027)<sup>(a)</sup> | 1615000 | 1630551  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2053 <br>(Callable 12/01/2029)<sup>(a)</sup> | 8000000 | 8442951  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2054 <br>(Callable 01/02/2031)<sup>(a)</sup> | 5000000 | 5371831  |
| &nbsp;&nbsp;&nbsp; Savannah Housing Authority, <br>3.15%, 07/01/2043 <br>(Callable 01/01/2028)<sup>(a)</sup> | 1950000 | 1953411  |
|  State of Georgia, 4.00%, 02/01/2031 (Callable 02/02/2026) | 375000 | 375460  |
|  |  | 32155816  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Hawaii - 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; City & County of Honolulu HI, 5.00%, 09/01/2033 <br>(Callable 09/01/2027) | $1240000 | $1283926  |
| **Idaho - 0.3%**<br>|  |  |
|  Idaho Housing & Finance Association, 6.00%, 07/01/2054 (Callable 01/01/2033) | 2650000 | 2917243  |
| **Illinois - 3.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Cary Park District, <br>4.00%, 12/15/2032 <br>(Callable 12/15/2026) | 125000 | 125984  |
| &nbsp;&nbsp;&nbsp; Chillicothe Park District, <br>5.50%, 12/01/2029 | 150000 | 163376  |
| City of Chicago IL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/01/2027<sup>(d)</sup> | 105000 | 101809  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2027 | 375000 | 383407  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/01/2028<sup>(d)</sup> | 350000 | 329361  |
| &nbsp;&nbsp;&nbsp; Community Unit School District Number 427 DeKalb and Kane Counties Illinois, <br>0.00%, 01/01/2026<sup>(d)</sup> | 2785000 | 2785000  |
|  Cook County School District No 130 Blue Island, 5.00%, 12/01/2026 (Callable 02/02/2026) | 1150000 | 1150262  |
|  Cook County School District No 159 Matteson-Richton Park<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/01/2026<sup>(d)</sup> | 460000 | 447931  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/01/2028<sup>(d)</sup> | 535000 | 491965  |
| &nbsp;&nbsp;&nbsp; County of Cook IL, <br>5.00%, 11/15/2033 <br>(Callable 11/15/2027) | 3000000 | 3114978  |
| &nbsp;&nbsp;&nbsp; Fayette & Montgomery Counties Community Unit School District No 203 Vandalia, <br>5.00%, 12/01/2036 <br>(Callable 12/01/2034) | 305000 | 341052  |
| &nbsp;&nbsp;&nbsp; Hoffman Estates Park District, 5.00%, 12/01/2040 <br>(Callable 12/01/2030) | 1415000 | 1486745  |
| &nbsp;&nbsp;&nbsp; Illinois Development Finance <br>Authority, 2.45%, 11/15/2039<sup>(a)</sup> | 2290000 | 2288006  |
| Illinois Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/15/2031 <br>(Callable 08/15/2026) | 1830000 | 1860355  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2039 <br>(Callable 12/01/2028) | 650000 | 654823  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/2041 <br>(Callable 02/15/2027) | 495000 | 503125  |
| Illinois Housing Development Authority | Illinois Housing Development Authority | Illinois Housing Development Authority |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 02/01/2029 <br>(Callable 02/01/2028)<sup>(a)</sup> | 2000000 | 2001293  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 02/01/2035 <br>(Callable 02/02/2026) | 875000 | 846289  |

---

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

225<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Quality Intermediate Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Illinois - (Continued)** <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/2046 <br>(Callable 02/02/2026) | $320000 | $319620  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2048 <br>(Callable 08/01/2027) | 210000 | 210911  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/01/2053 <br>(Callable 10/01/2032) | 3000000 | 3197951  |
|  Kane McHenry Cook & De Kalb Counties Unit School District No 300/IL, 5.00%, 01/01/2032 (Callable 01/01/2027) | 2085000 | 2135598  |
| &nbsp;&nbsp;&nbsp; Knox & Warren Counties Community Unit School District No 205 Galesburg, <br>4.00%, 12/01/2034 <br>(Callable 12/01/2027) | 425000 | 430264  |
| &nbsp;&nbsp;&nbsp; Mason Logan & Tazewell Counties Community Unit School Dist No 189 Illini Central, <br>5.00%, 12/01/2040 <br>(Callable 12/01/2028) | 600000 | 621495  |
| &nbsp;&nbsp;&nbsp; Metropolitan Water Reclamation District of Greater Chicago, 5.00%, 12/01/2034 <br>(Callable 12/01/2026) | 295000 | 299135  |
|  Rock Island & Mercer Counties Community Unit School District No 300, 5.00%, 12/01/2040 (Callable 12/01/2034) | 925000 | 1029186  |
| &nbsp;&nbsp;&nbsp; State of Illinois Sales Tax Revenue, 4.00%, 06/15/2038 <br>(Callable 06/15/2028) | 1850000 | 1856618  |
| &nbsp;&nbsp;&nbsp; Village of Downers Grove IL, 4.00%, 01/01/2038 <br>(Callable 02/02/2026) | 375000 | 375053  |
| &nbsp;&nbsp;&nbsp; Village of Manhattan IL, <br>4.00%, 01/01/2030 <br>(Callable 01/01/2027) | 250000 | 252480  |
| &nbsp;&nbsp;&nbsp; Village of Romeoville IL, <br>4.00%, 12/30/2030 <br>(Callable 12/30/2028) | 1320000 | 1365401  |
| &nbsp;&nbsp;&nbsp; Village of Schaumburg IL, <br>4.00%, 12/01/2028 | 470000 | 488091  |
| &nbsp;&nbsp;&nbsp; Waukegan Park District, <br>3.13%, 12/15/2028 <br>(Callable 02/02/2026) | 390000 | 388343  |
|  Westville Area Fire Protection District, 5.00%, 12/01/2044 (Callable 12/01/2034) | 200000 | 206408  |
|  Will County School District No 122, 0.00%, 10/01/2027<sup>(d)</sup> | 470000 | 447869  |
|  |  | 32700184  |
| **Indiana - 2.9%**<br>|  |  |
|  Bluffton-Harrison Middle School Building Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2035 <br>(Callable 07/15/2033) | 465000 | 520387  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2037 <br>(Callable 07/15/2033) | $540000 | $594485  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2039 <br>(Callable 07/15/2033) | 350000 | 380958  |
|  Brownsburg 1999 School Building Corp., 5.50%, 01/15/2043 (Callable 07/15/2031) | 1460000 | 1567182  |
| &nbsp;&nbsp;&nbsp; City of Evansville IN, <br>5.00%, 02/01/2029 <br>(Callable 02/02/2026) | 735000 | 736080  |
|  City of West Lafayette IN Sewer Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2041 <br>(Callable 07/01/2034) | 800000 | 859954  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2043 <br>(Callable 07/01/2034) | 440000 | 464415  |
| &nbsp;&nbsp;&nbsp; Clark-Pleasant Community School Building Corp., <br>5.00%, 07/15/2042 <br>(Callable 07/15/2034) | 1600000 | 1714580  |
| Columbus Multi School Building Corp. | Columbus Multi School Building Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2039 <br>(Callable 07/15/2034) | 310000 | 343320  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2040 <br>(Callable 07/15/2034) | 425000 | 465178  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2041 <br>(Callable 07/15/2034) | 400000 | 433402  |
| Fishers Redevelopment Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/2042 <br>(Callable 01/15/2034) | 1000000 | 968064  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/2044 <br>(Callable 01/15/2034) | 1000000 | 941377  |
| &nbsp;&nbsp;&nbsp; Fishers Town Hall Building Corp., 5.50%, 07/15/2040 <br>(Callable 07/15/2032) | 1000000 | 1118511  |
|  Hammond Multi-School Building Corp., 5.00%, 07/15/2033 (Callable 01/15/2028) | 820000 | 852746  |
| &nbsp;&nbsp;&nbsp; Indiana Housing & Community Development Authority, <br>5.75%, 07/01/2053 <br>(Callable 07/01/2032) | 720000 | 760432  |
|  Indianapolis Local Public Improvement Bond Bank<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/01/2048 <br>(Callable 08/01/2033) | 730000 | 769167  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/2048 <br>(Callable 02/01/2033) | 2000000 | 2225036  |
|  Lake Ridge Multi-School Building Corp., 5.50%, 01/15/2042 (Callable 07/15/2032) | 2000000 | 2179489  |
| &nbsp;&nbsp;&nbsp; MSD of Wabash County Multi-School Building Corp., <br>5.00%, 01/15/2044 <br>(Callable 07/15/2034) | 1275000 | 1351549  |

---

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

226<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Quality Intermediate Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Indiana - (Continued)**  | **Indiana - (Continued)**  | **Indiana - (Continued)**  |
|  Nineveh-Hensley-Jackson Intermediate School Building Corp., 5.00%, 07/15/2038 (Callable 07/15/2032) | $800000 | $863823  |
| &nbsp;&nbsp;&nbsp; Northwestern School Building Corp., 6.00%, 07/15/2040 <br>(Callable 07/15/2031) | 700000 | 782212  |
|  Perry Central Multi-School Building Corp., 5.00%, 07/15/2038 (Callable 07/15/2033) | 375000 | 409424  |
| &nbsp;&nbsp;&nbsp; Plainfield Redevelopment Authority, 4.00%, 02/01/2040 <br>(Callable 02/01/2035) | 325000 | 324707  |
| Richmond Multi-School Building Corp. | Richmond Multi-School Building Corp. | Richmond Multi-School Building Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2036 <br>(Callable 07/15/2032) | 300000 | 332654  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2037 <br>(Callable 07/15/2032) | 225000 | 248148  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2038 <br>(Callable 07/15/2032) | 235000 | 257919  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/2040 <br>(Callable 07/15/2032) | 195000 | 210321  |
|  Speedway Multi-School Building Corp., 5.00%, 01/15/2044 (Callable 07/15/2034) | 755000 | 792027  |
|  Sunman-Dearborn High School Building Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2043 <br>(Callable 07/15/2033) | 3550000 | 3746751  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/2044 <br>(Callable 07/15/2033) | 550000 | 576460  |
|  Wawasee High School Building Corp., 5.00%, 07/15/2041 (Callable 07/15/2034) | 2485000 | 2694395  |
| &nbsp;&nbsp;&nbsp; Westfield-Washington Multi-School Building Corp., <br>5.25%, 01/15/2044 <br>(Callable 07/15/2034) | 1100000 | 1189740  |
|  |  | 31674893  |
| **Iowa - 1.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Clinton Community School District/IA Infrastructure Sales Services & Use Tax, <br>4.38%, 07/01/2036 <br>(Callable 07/01/2028) | 2100000 | 2148786  |
|  County of Dallas IA Local Option Sales & Services Tax Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2042 <br>(Callable 06/01/2032) | 1680000 | 1788122  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2043 <br>(Callable 06/01/2032) | 1765000 | 1861043  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2044 <br>(Callable 06/01/2032) | 600000 | 574995  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2045 <br>(Callable 06/01/2032) | 500000 | 470588  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Iowa Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2037 <br>(Callable 08/01/2030) | $1020000 | $1105166  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2047 <br>(Callable 07/01/2028) | 640000 | 645540 |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2047 (Callable 07/01/2027)  | 145000  | 145340  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2050 <br>(Callable 12/01/2032)<sup>(a)</sup> | 730000 | 839340  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/2053 <br>(Callable 01/01/2033) | 2680000 | 2824332  |
|  |  | 12403252  |
| **Kansas - 0.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; City of Abilene KS, <br>3.38%, 03/01/2029 (Callable 03/01/2027) | 3000000 | 3009431  |
| &nbsp;&nbsp;&nbsp; City of Goddard KS, <br>3.20%, 12/01/2027 <br>(Callable 06/01/2027) | 1895000 | 1893473  |
| &nbsp;&nbsp;&nbsp; Crawford County Unified School District No 250 Pittsburg, <br>5.00%, 09/01/2035 <br>(Callable 09/01/2027) | 60000 | 62477  |
|  Kansas Development Finance Authority, 5.00%, 11/15/2054 (Callable 11/15/2028)<sup>(a)</sup> | 1615000 | 1712836  |
|  |  | 6678217  |
| **Kentucky - 0.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; City of Versailles KY, <br>3.00%, 08/15/2026 <br>(Callable 02/02/2026) | 2000000 | 1991299  |
| &nbsp;&nbsp;&nbsp; Kentucky Bond Development Corp., 3.00%, 05/01/2034 <br>(Callable 05/01/2026) | 695000 | 682073  |
| Kentucky Housing Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/2028 <br>(Callable 01/01/2027)<sup>(a)</sup> | 2000000 | 2012495  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 05/01/2030 <br>(Callable 05/01/2028)<sup>(a)</sup> | 2225000 | 2227064  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2043 <br>(Callable 03/01/2026)<sup>(a)</sup> | 1615000 | 1620265  |
|  |  | 8533196  |
| **Louisiana - 2.9%**<br>|  |  |
| Louisiana Housing Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 08/01/2029 <br>(Callable 08/01/2028)<sup>(a)</sup> | 1175000 | 1176308  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/2043 <br>(Callable 07/01/2026)<sup>(a)</sup> | 3650000 | 3668237  |
| Louisiana Public Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/15/2027 <br>(Callable 05/15/2026) | 14065000 | 14213421  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/15/2032 <br>(Callable 05/15/2026) | 12190000 | 12318635  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2050 <br>(Callable 04/01/2030) | 260000 | 272709  |
|  |  | 31649310 |

---

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

227<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Quality Intermediate Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Maryland - 0.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; City of Baltimore MD, <br>5.00%, 07/01/2028 | $120000 | $123430  |
| County of Anne Arundel MD<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2037 <br>(Callable 10/01/2027) | 2785000 | 2871578  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2041 <br>(Callable 10/01/2029) | 1400000 | 1466406  |
| &nbsp;&nbsp;&nbsp; County of Cecil MD, <br>2.75%, 08/01/2039 <br>(Callable 08/01/2029) | 230000 | 228487  |
|  Maryland Health & Higher Educational Facilities Authority, 5.00%, 07/01/2027 | 750000 | 763321  |
|  |  | 5453222  |
| **Massachusetts - 0.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, 5.25%, 09/01/2043 <br>(Callable 09/01/2028) | 2000000 | 2072902  |
| &nbsp;&nbsp;&nbsp; Massachusetts Bay Transportation Authority Sales Tax Revenue, 0.00%, 07/01/2030 <br>(Callable 07/01/2026)<sup>(d)</sup> | 1400000 | 1222492  |
|  Massachusetts Housing Finance Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2048 <br>(Callable 06/01/2027) | 560000 | 562039  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2049 <br>(Callable 12/01/2028) | 280000 | 281603  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/2050 <br>(Callable 12/01/2029) | 115000 | 113842  |
|  Massachusetts State College Building Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 05/01/2027<sup>(d)</sup> | 695000 | 668426  |
| &nbsp;&nbsp;&nbsp; 0.00%, 05/01/2028<sup>(d)</sup> | 5790000 | 5412989  |
|  |  | 10334293  |
| **Michigan - 1.8%**<br>|  |  |
| Carman-Ainsworth Community Schools | Carman-Ainsworth Community Schools | Carman-Ainsworth Community Schools |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2040 <br>(Callable 05/01/2035) | 200000 | 223069  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2041 <br>(Callable 05/01/2035) | 345000 | 380328  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2042 <br>(Callable 05/01/2035) | 500000 | 545092  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2043 <br>(Callable 05/01/2035) | 370000 | 399298  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2044 <br>(Callable 05/01/2035) | 440000 | 470914  |
| &nbsp;&nbsp;&nbsp; City of Ferndale MI, <br>3.00%, 04/01/2032 <br>(Callable 04/01/2029) | 450000 | 450098  |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, <br>5.00%, 11/01/2044 <br>(Callable 02/02/2026) | 1000000 | 1000387  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Michigan State Housing Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 12/01/2034 <br>(Callable 12/01/2028) | $4700000 | $4339197  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/01/2037 <br>(Callable 02/02/2026) | 755000 | 721406  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/01/2049 <br>(Callable 06/01/2028) | 1155000 | 1167405  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2053 <br>(Callable 12/01/2031) | 645000 | 672154  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/2053 <br>(Callable 12/01/2031) | 1440000 | 1520932  |
| Warren Consolidated Schools<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2033 <br>(Callable 05/01/2026) | 4660000 | 4683387 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2033 (Callable 05/01/2026)  | 2595000  | 2608023  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2035 <br>(Callable 05/01/2026) | 950000 | 953856  |
|  |  | 20135546  |
| **Minnesota - 1.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; City of Coon Rapids MN, <br>5.60%, 12/01/2039 | 2478189 | 2801323  |
| &nbsp;&nbsp;&nbsp; City of Kiester MN, <br>4.00%, 12/01/2026 <br>(Callable 06/01/2026) | 1190000 | 1194371  |
| &nbsp;&nbsp;&nbsp; County of Hennepin MN, <br>5.00%, 12/01/2035 <br>(Callable 12/01/2026) | 1835000 | 1866370  |
| &nbsp;&nbsp;&nbsp; County of Washington MN, <br>2.13%, 02/01/2033 <br>(Callable 02/01/2028) | 1495000 | 1382051  |
|  Duluth Independent School District No 709<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.60%, 03/01/2028 | 1415000 | 1408916  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/01/2034 <br>(Callable 03/01/2027) | 665000 | 676353  |
|  Housing & Redevelopment Authority of The City of St Paul Minnesota<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/2028 <br>(Callable 07/01/2026) | 265000 | 267228  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036 <br>(Callable 07/01/2026) | 1315000 | 1329281  |
| Minnesota Housing Finance Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2047 <br>(Callable 01/01/2027) | 55000 | 55080  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/01/2049 <br>(Callable 07/01/2028) | 430000 | 434248  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 07/01/2054 <br>(Callable 01/01/2033) | 1790000 | 1935946  |
|  |  | 13351167  |
| **Mississippi - 0.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; County of Warren MS, <br>6.00%, 09/01/2036 <br>(Callable 09/01/2033) | 625000 | 736635  |

---

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

228<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Quality Intermediate Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Mississippi - (Continued)**  | **Mississippi - (Continued)**  | **Mississippi - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Mississippi Development Bank, 5.25%, 03/01/2035 <br>(Callable 03/01/2028) | $495000 | $506600  |
| Mississippi Home Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 12/01/2043 <br>(Callable 12/01/2031) | 1250000 | 1252117  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 12/01/2044 <br>(Callable 06/01/2033) | 2345000 | 2380279  |
|  |  | 4875631  |
| **Missouri - 2.6%**<br>|  |  |
| Affton School District No 101<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2040 <br>(Callable 03/01/2034) | 385000 | 421920  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2041 <br>(Callable 03/01/2034) | 365000 | 395840  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2042 <br>(Callable 03/01/2034) | 575000 | 617578  |
| Arcadia Valley R-II School District<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2033 <br>(Callable 03/01/2030) | 110000 | 118654  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2034 <br>(Callable 03/01/2030) | 295000 | 316507  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2036 <br>(Callable 03/01/2030) | 325000 | 346301  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2038 <br>(Callable 03/01/2030) | 360000 | 381347  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2039 <br>(Callable 03/01/2030) | 380000 | 402725  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2040 <br>(Callable 03/01/2030) | 395000 | 417304  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2041 <br>(Callable 03/01/2030) | 415000 | 437199  |
| &nbsp;&nbsp;&nbsp; Cameron School District No <br>R-I/MO, 4.00%, 03/01/2037 (Callable 03/01/2030) | 715000 | 726153  |
|  Carl Junction R-I School District/MO, 5.00%, 03/01/2035 (Callable 03/01/2029) | 565000 | 600440  |
|  Cass County Reorganized School District No R-1 Midway<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2042 <br>(Callable 03/01/2029) | 550000 | 574177  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2044 <br>(Callable 03/01/2029) | 700000 | 726941  |
| &nbsp;&nbsp;&nbsp; De Soto School District No 73, 5.00%, 03/01/2035 <br>(Callable 03/01/2030) | 250000 | 270399  |
|  Jackson County Consolidated School District No 4<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/2028 <br>(Callable 03/01/2026) | 900000 | 900817  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/2044 <br>(Callable 03/01/2035) | 750000 | 842536  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Jackson County School District No. R-IV, 5.50%, 03/01/2037 (Callable 03/01/2029) | $1040000 | $1112413  |
|  Jefferson County School District No R-VI Festus<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/01/2039 <br>(Callable 04/01/2033) | 200000 | 220403  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/01/2040 <br>(Callable 04/01/2033) | 175000 | 191254  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/01/2041 <br>(Callable 04/01/2033) | 205000 | 221650  |
| Mexico School District No 59<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2042 <br>(Callable 03/01/2029) | 2250000 | 2348150  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2043 <br>(Callable 03/01/2029) | 1000000 | 1041492  |
|  Missouri Housing Development Commission, 5.50%, 05/01/2055 (Callable 05/01/2033) | 1920000 | 2062028  |
|  North Callaway County School District No R-1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2035 <br>(Callable 03/01/2029) | 850000 | 903317  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2036 <br>(Callable 03/01/2029) | 1030000 | 1092365  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2037 <br>(Callable 03/01/2029) | 1100000 | 1164554  |
|  Orchard Farm R-V School District/MO, 3.00%, 04/01/2035 (Callable 04/01/2029) | 425000 | 428927  |
| &nbsp;&nbsp;&nbsp; Pattonville R-3 School District, 5.25%, 03/01/2041 <br>(Callable 03/01/2031) | 1000000 | 1084687  |
| Pleasant Hill R-III School District<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2042 <br>(Callable 03/01/2030) | 2120000 | 2193924  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2043 <br>(Callable 03/01/2030) | 2460000 | 2533428  |
| &nbsp;&nbsp;&nbsp; Taney County Reorganized School District No R-V Hollister, <br>5.50%, 03/01/2040 <br>(Callable 03/01/2034) | 385000 | 433675  |
| &nbsp;&nbsp;&nbsp; Troy Reorganized School District No 3 Lincoln County, <br>5.00%, 03/01/2042 <br>(Callable 03/01/2032) | 1000000 | 1065901  |
| &nbsp;&nbsp;&nbsp; Union R-XI School District, <br>5.00%, 03/01/2041 <br>(Callable 03/01/2032) | 1000000 | 1073499  |
| Warrensburg School District No R-VI | Warrensburg School District No R-VI |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/2041 <br>(Callable 03/01/2035) | 525000 | 605105  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/2042 <br>(Callable 03/01/2035) | 600000 | 683656  |
|  |  | 28957266  |

---

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

229<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Quality Intermediate Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Montana - 0.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; City of Belgrade MT, <br>5.25%, 07/01/2043 <br>(Callable 07/01/2032) | $2000000 | $2147582  |
| Montana Board of Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/2045 <br>(Callable 06/01/2029) | 525000 | 421290  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 06/01/2050 <br>(Callable 06/01/2029) | 260000 | 200170  |
|  |  | 2769042  |
| **Nebraska - 1.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Central Plains Energy Project, 5.00%, 05/01/2054 <br>(Callable 08/01/2029)<sup>(a)</sup> | 5000000 | 5332676  |
| &nbsp;&nbsp;&nbsp; City of Omaha NE, <br>6.50%, 12/01/2030 | 1930000 | 2134512  |
|  Nebraska Educational Health Cultural & Social Services Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/2033 <br>(Callable 02/02/2026) | 435000 | 439190  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/2034 <br>(Callable 02/02/2026) | 2000000 | 2008885  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/2035 <br>(Callable 02/02/2026) | 1000000 | 1002916  |
| Nebraska Investment Finance Authority | Nebraska Investment Finance Authority | Nebraska Investment Finance Authority |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/01/2050 <br>(Callable 09/01/2029) | 195000 | 192478  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/2050 <br>(Callable 03/01/2029) | 910000 | 907199  |
| University of Nebraska<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/2035 <br>(Callable 05/15/2026) | 20000 | 20031  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/2039 <br>(Callable 07/01/2026) | 15000 | 15033  |
|  |  | 12052920  |
| **New Hampshire - 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; New Hampshire Health and Education Facilities Authority Act, 3.30%, 06/01/2040 <br>(Callable 05/01/2027)<sup>(a)</sup> | 2000000 | 2006632  |
| **New Jersey - 0.2%**<br>|  |  |
|  Flemington Raritan Regional Board of Education<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/01/2031 <br>(Callable 09/01/2026) | 1000000 | 937666  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 09/01/2033 <br>(Callable 09/01/2026) | 650000 | 597199  |
| &nbsp;&nbsp;&nbsp; New Jersey Health Care Facilities Financing Authority, <br>3.75%, 07/01/2027 | 90000 | 90683  |
|  New Jersey Housing & Mortgage Finance Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/2048 <br>(Callable 10/01/2027) | 555000 | 562610  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 10/01/2050 <br>(Callable 04/01/2029) | $525000 | $355787  |
|  |  | 2543945  |
| **New Mexico - 0.5%**<br>|  |  |
| New Mexico Mortgage Finance Authority | New Mexico Mortgage Finance Authority | New Mexico Mortgage Finance Authority |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/2033 <br>(Callable 01/01/2028) | 685000 | 685908  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 09/01/2037 <br>(Callable 03/01/2027) | 685000 | 677709  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 09/01/2040 <br>(Callable 02/02/2026) | 800000 | 797688  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/01/2053 <br>(Callable 03/01/2032) | 3300000 | 3478064  |
|  |  | 5639369  |
| **New York - 2.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Empire State Development Corp., 5.00%, 03/15/2041 <br>(Callable 09/15/2029) | 1000000 | 1048479  |
| &nbsp;&nbsp;&nbsp; Monroe County Industrial Development Corp., <br>4.84%, 11/01/2040 | 3044956 | 3224607  |
|  New York City Transitional Finance Authority Future Tax Secured Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2035 <br>(Callable 05/01/2028) | 1000000 | 1042191  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2036 <br>(Callable 11/01/2029) | 1635000 | 1749424  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2042 <br>(Callable 11/01/2035) | 3500000 | 3793501  |
| New York State Dormitory Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 07/01/2028<sup>(d)</sup> | 65000 | 60570  |
| &nbsp;&nbsp;&nbsp; 0.00%, 07/01/2029<sup>(d)</sup> | 1475000 | 1336985  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/15/2039 <br>(Callable 09/15/2028) | 3750000 | 3935803  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/2040 <br>(Callable 09/15/2028) | 3000000 | 3114112  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/2043 <br>(Callable 03/15/2029) | 2450000 | 2525835  |
|  New York State Environmental Facilities Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/15/2029 | 300000 | 330605  |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/15/2030 | 390000 | 439703  |
|  New York State Housing Finance Agency, 3.60%, 11/01/2062 (Callable 01/23/2026)<sup>(a)</sup> | 2920000 | 2920775  |
|  North Colonie Central School District, 2.00%, 07/15/2032 (Callable 07/15/2029) | 1115000 | 1011447  |
| &nbsp;&nbsp;&nbsp; State of New York Mortgage Agency Homeowner Mortgage Revenue, 4.00%, 10/01/2049 <br>(Callable 04/01/2028) | 1335000 | 1339075  |
|  |  | 27873112  |

---

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

230<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Quality Intermediate Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **North Carolina - 2.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; County of Forsyth NC, <br>3.00%, 03/01/2033 <br>(Callable 03/01/2031) | $600000 | $600196  |
| &nbsp;&nbsp;&nbsp; County of New Hanover NC, <br>5.00%, 10/01/2027 | 200000 | 208430  |
| &nbsp;&nbsp;&nbsp; County of Wake NC, <br>5.13%, 10/01/2026 | 285000 | 290241  |
| Durham Housing Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/01/2044 <br>(Callable 07/01/2028)<sup>(a)</sup> | 1000000 | 1001999  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 07/01/2059 <br>(Callable 01/01/2028)<sup>(a)</sup> | 2000000 | 2005425  |
| Inlivian<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.55%, 05/01/2037 | 4584057 | 4040357  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2043 <br>(Callable 01/23/2026)<sup>(a)</sup> | 2000000 | 2001928  |
| North Carolina Housing Finance Agency | North Carolina Housing Finance Agency | North Carolina Housing Finance Agency |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/2028<sup>(a)</sup> | 6450000 | 6518411  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 02/01/2030 <br>(Callable 02/01/2027)<sup>(a)</sup> | 1000000 | 1000260  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 01/01/2034 <br>(Callable 07/01/2031) | 560000 | 581553  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2050 <br>(Callable 07/01/2029) | 865000 | 869796  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/01/2054 <br>(Callable 07/01/2032) | 3605000 | 3836051  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 07/01/2056 <br>(Callable 01/15/2026)<sup>(a)</sup> | 2000000 | 1999872  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/01/2057 <br>(Callable 01/01/2034) | 1000000 | 1139718  |
| &nbsp;&nbsp;&nbsp; Town of Morehead City NC, <br>4.05%, 01/01/2028<sup>(a)</sup> | 3500000 | 3532700  |
|  |  | 29626937  |
| **North Dakota - 0.9%**<br>|  |  |
|  Cass County Joint Water Resource District, 3.45%, 04/01/2027 (Callable 01/23/2026) | 3160000 | 3160642  |
| North Dakota Housing Finance Agency | North Dakota Housing Finance Agency | North Dakota Housing Finance Agency |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 07/01/2033 <br>(Callable 01/01/2028) | 1140000 | 1141729  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 07/01/2037 <br>(Callable 07/01/2026) | 900000 | 885555  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 07/01/2039 (<br>Callable 07/01/2033) | 1000000 | 1030558  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/2046 <br>(Callable 01/23/2026) | 335000 | 334590  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/2050 <br>(Callable 07/01/2028) | 625000 | 629795  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/01/2056 <br>(Callable 01/01/2034) | 2000000 | 2210290  |
|  |  | 9393159  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Ohio - 4.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; County of Van Wert OH, <br>6.13%, 12/01/2049 <br>(Callable 12/01/2029) | $24046000 | $26794751  |
| EHOVE Joint Vocational School District | EHOVE Joint Vocational School District | EHOVE Joint Vocational School District |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/01/2043 <br>(Callable 06/01/2032) | 740000 | 800625  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/01/2044 <br>(Callable 06/01/2032) | 400000 | 430113  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/01/2045 <br>(Callable 06/01/2032) | 275000 | 293020  |
|  FHLMC Multifamily VRD Certificates, 2.55%, 06/15/2035 | 3410000 | 3014406  |
|  North Ridgeville City School District, 5.00%, 12/01/2043 (Callable 06/01/2029) | 1025000 | 1055446  |
| Ohio Housing Finance Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/01/2030 | 100000 | 110269  |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/01/2030 | 125000 | 139239  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/01/2031 | 100000 | 112055  |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/01/2031 | 125000 | 141460  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/01/2032 | 125000 | 141972  |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/01/2032 | 100000 | 114325  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/01/2033 | 100000 | 114667  |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/01/2033 | 100000 | 115264  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 09/01/2043 <br>(Callable 09/01/2027) | 165000 | 161526  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 01/01/2044 <br>(Callable 01/01/2029)<sup>(a)</sup> | 6375000 | 6382556  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/01/2046 <br>(Callable 04/01/2028)<sup>(a)</sup> | 3000000 | 3002891  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/2046 <br>(Callable 03/01/2026) | 235000 | 234593  |
| &nbsp;&nbsp;&nbsp; Ohio Water Development Authority, 5.00%, 12/01/2038 <br>(Callable 12/01/2029) | 2100000 | 2239530  |
| State of Ohio, 2.75%, 01/01/2052<sup>(a)</sup> | 2795000 | 2782685  |
| &nbsp;&nbsp;&nbsp; University of Akron, <br>5.00%, 01/01/2033 <br>(Callable 07/01/2026) | 335000 | 337826  |
|  |  | 48519219  |
| **Oregon - 0.7%**<br>|  |  |
|  Oregon Coast Community College District<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2038 <br>(Callable 06/15/2034) | 175000 | 198825  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2039 <br>(Callable 06/15/2034) | 400000 | 451729  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2040 <br>(Callable 06/15/2034) | 365000 | 407313  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2041 <br>(Callable 06/15/2034) | 350000 | 386463  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2043 <br>(Callable 06/15/2034) | 400000 | 432475  |

---

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

231<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Quality Intermediate Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Oregon - (Continued)**  | **Oregon - (Continued)**  | **Oregon - (Continued)**  |
|  Portland Community College District, 5.00%, 06/15/2038 (Callable 06/15/2033) | $1000000 | $1123259  |
| State of Oregon<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2042 <br>(Callable 08/01/2027) | 1800000 | 1831190  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2048 <br>(Callable 12/01/2026) | 260000 | 260497  |
|  State of Oregon Housing & Community Services Department<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 07/01/2033 <br>(Callable 07/01/2027) | 1005000 | 1006152  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 07/01/2043 <br>(Callable 07/01/2027) | 1000000 | 785820  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/01/2048 <br>(Callable 01/01/2027) | 1020000 | 943152  |
|  |  | 7826875  |
| **Pennsylvania - 1.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Commonwealth Financing Authority, 4.00%, 06/01/2039 <br>(Callable 06/01/2028) | 1525000 | 1501804  |
| &nbsp;&nbsp;&nbsp; Delaware County Vocational & Technical School Authority, 4.00%, 11/01/2054 <br>(Callable 11/01/2032) | 5000000 | 4644694  |
|  Pennsylvania Housing Finance Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/2051 <br>(Callable 10/01/2029) | 875000 | 873711  |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/01/2053 | 1720000 | 1810960  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/01/2053 <br>(Callable 10/01/2032) | 1010000 | 1073232  |
|  Philadelphia Authority for Industrial Development, 5.25%, 12/01/2047 (Callable 12/01/2026)<sup>(b)</sup> | 2000000 | 2041898  |
| Pittsburgh Water & Sewer Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 09/01/2026<sup>(d)</sup> | 890000 | 873855  |
| &nbsp;&nbsp;&nbsp; 0.00%, 09/01/2027<sup>(d)</sup> | 1110000 | 1060093  |
| &nbsp;&nbsp;&nbsp; 0.00%, 09/01/2028<sup>(d)</sup> | 370000 | 344004  |
|  |  | 14224251  |
| **Puerto Rico - 1.6%**<br>|  |  |
| Puerto Rico Public Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 08/01/2026 | 3585000 | 3650103 |
| &nbsp;&nbsp;&nbsp; 6.00%, 08/01/2026  | 1825000  | 1858142 |
| &nbsp;&nbsp;&nbsp; 6.00%, 08/01/2026  | 1710000  | 1741053 |
| &nbsp;&nbsp;&nbsp; 6.00%, 08/01/2026  | 1440000  | 1466150  |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/01/2027 | 7965000 | 8304420 |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/01/2027  | 400000  | 417046  |
|  |  | 17436914  |
| **Rhode Island - 0.5%**<br>|  |  |
|  Rhode Island Health and Educational Building Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/2040 <br>(Callable 05/15/2034) | 1000000 | 1111595  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/2041 <br>(Callable 05/15/2034) | $1455000 | $1595411  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/2042 <br>(Callable 05/15/2034) | 2000000 | 2173304  |
| &nbsp;&nbsp;&nbsp; Rhode Island Housing & Mortgage Finance Corp., <br>3.50%, 10/01/2050 <br>(Callable 10/01/2029) | 595000 | 593305  |
|  |  | 5473615  |
| **South Carolina - 2.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; City of Columbia SC Waterworks & Sewer System Revenue, <br>5.00%, 02/01/2049 <br>(Callable 02/01/2029) | 5680000 | 6110152  |
|  South Carolina Jobs-Economic Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2036 <br>(Callable 08/15/2026)<sup>(b)(c)</sup> | 7500000 | 7594397  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2041 <br>(Callable 08/15/2026)<sup>(b)(c)</sup> | 4165000 | 4217422  |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Revenue Management Authority, <br>6.38%, 05/15/2030 | 11325000 | 12848223  |
|  |  | 30770194  |
| **South Dakota - 0.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; County of Clay SD, <br>5.00%, 12/01/2038 <br>(Callable 12/01/2031) | 1000000 | 1091184  |
|  Mc Cook Central School District 43-7, 3.00%, 08/01/2029 (Callable 02/02/2026) | 520000 | 518406  |
|  South Dakota Housing Development Authority, 6.25%, 05/01/2056 (Callable 11/01/2033) | 3000000 | 3419380  |
|  |  | 5028970  |
| **Tennessee - 2.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Knoxville's Community Development Corp., <br>3.15%, 05/01/2046 <br>(Callable 05/01/2028)<sup>(a)</sup> | 3970000 | 3979897  |
|  Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 11/01/2028 | 910000 | 943773  |
| &nbsp;&nbsp;&nbsp; 3.85%, 02/01/2048<sup>(a)</sup> | 1000000 | 1000430  |
| &nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson County Industrial Development Board, <br>3.15%, 07/01/2044 <br>(Callable 01/01/2029)<sup>(a)</sup> | 1350000 | 1354950  |
| &nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville & Davidson County TN, 3.00%, 01/01/2034 <br>(Callable 01/01/2031) | 1625000 | 1604202  |
| &nbsp;&nbsp;&nbsp; Rutherford County Health & Educational Facilities Board, 5.00%, 11/15/2048 <br>(Callable 11/15/2029)<sup>(a)</sup> | 2500000 | 2733362 |

---

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

232<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Quality Intermediate Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Tennessee - (Continued)**  | **Tennessee - (Continued)**  | **Tennessee - (Continued)**  |
| Tennessee Housing Development Agency | Tennessee Housing Development Agency |  |
| &nbsp;&nbsp;&nbsp; 1.75%, 07/01/2028 | $350000 | $334121  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 07/01/2030 <br>(Callable 07/01/2029) | 550000 | 511612  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 01/01/2035 <br>(Callable 01/23/2026) | 230000 | 230021  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 07/01/2042 <br>(Callable 07/01/2027) | 350000 | 342990  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/2043 <br>(Callable 07/01/2027) | 280000 | 280436  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 07/01/2043 <br>(Callable 07/01/2027) | 1810000 | 1754018  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 07/01/2043 <br>(Callable 07/01/2032) | 7000000 | 7313676  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 07/01/2047 <br>(Callable 01/01/2027) | 705000 | 638616  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 01/01/2049 <br>(Callable 01/01/2028) | 1645000 | 1495209  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/01/2051 <br>(Callable 01/01/2030) | 730000 | 722052  |
|  Tennessee State School Bond Authority, 5.00%, 11/01/2047 (Callable 11/01/2027) | 500000 | 505937  |
| &nbsp;&nbsp;&nbsp; Town of Collierville TN, <br>3.50%, 01/01/2032 <br>(Callable 02/02/2026) | 435000 | 435132  |
|  |  | 26180434  |
| **Texas - 26.0%<sup>(e)</sup>**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Aldine Independent School District, 5.00%, 02/15/2040 <br>(Callable 02/15/2034) | 240000 | 264997  |
| &nbsp;&nbsp;&nbsp; Alto Independent School District, 2.00%, 02/15/2035 <br>(Callable 02/15/2029) | 645000 | 622134  |
|  Arlington Higher Education Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/2028 <br>(Callable 08/15/2026) | 850000 | 855846  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/2032 <br>(Callable 08/15/2031) | 835000 | 831756  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/2033 <br>(Callable 08/15/2031) | 1070000 | 1058749  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/2033 <br>(Callable 08/15/2026) | 475000 | 477503  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2033 <br>(Callable 08/15/2030) | 1770000 | 1888079  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2033 | 150000 | 171312  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/2034 <br>(Callable 08/15/2026) | 195000 | 196327  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/2035 <br>(Callable 08/15/2026) | 480000 | 483267  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2035 <br>(Callable 06/01/2027) | 450000 | 453436  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/2036 <br>(Callable 08/15/2031) | 1000000 | 1031571  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/2036 <br>(Callable 08/15/2030) | $510000 | $523670  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2036 <br>(Callable 08/15/2034) | 175000 | 197748  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2036 <br>(Callable 08/15/2035) | 500000 | 560125  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2037 <br>(Callable 08/15/2032) | 1610000 | 1757397  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2037 <br>(Callable 08/15/2035) | 500000 | 557288  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/2038 <br>(Callable 08/15/2030) | 550000 | 559384  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/2039 <br>(Callable 02/02/2026) | 495000 | 495021  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2039 <br>(Callable 08/15/2034) | 105000 | 115989  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/2040 <br>(Callable 08/15/2031) | 290000 | 251227  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/2041 <br>(Callable 08/15/2031) | 300000 | 252789  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/2042 <br>(Callable 08/15/2031) | 265000 | 216282  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/2042 <br>(Callable 08/15/2032) | 500000 | 495156  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/2044 <br>(Callable 08/15/2031) | 245000 | 188348  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/2044 <br>(Callable 08/15/2034) | 360000 | 344002  |
| &nbsp;&nbsp;&nbsp; Baird Independent School District, 5.00%, 08/15/2043 <br>(Callable 08/15/2032) | 1760000 | 1864882  |
|  Balmorhea Independent School District, 5.00%, 02/15/2034 (Callable 02/15/2031) | 335000 | 369689  |
| Barbers Hill Independent School District | Barbers Hill Independent School District | Barbers Hill Independent School District |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2043 <br>(Callable 08/15/2034) | 1000000 | 1079081  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2044 <br>(Callable 08/15/2034) | 750000 | 802412  |
|  Boerne Independent School District, 3.85%, 12/01/2043<sup>(a)</sup> | 940000 | 960178  |
| Brazoria County Toll Road Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/2039 <br>(Callable 03/01/2030) | 200000 | 202656  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/2041 <br>(Callable 03/01/2030) | 65000 | 64941  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/2042 <br>(Callable 03/01/2030) | 750000 | 733736  |
| Cedar Hill Independent School District | Cedar Hill Independent School District | Cedar Hill Independent School District |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2040 <br>(Callable 02/15/2034) | 1475000 | 1628627  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2041 <br>(Callable 02/15/2034) | 2500000 | 2735557  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2042 <br>(Callable 02/15/2034) | 3500000 | 3792607  |
| City of Houston TX<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2029 | 13480000 | 14411682  |

---

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

233<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Quality Intermediate Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Texas - (Continued)**  | **Texas - (Continued)**  | **Texas - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 5.75%, 12/01/2032 | $24965000 | $29916281  |
|  City of Houston TX Combined Utility System Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/01/2026<sup>(d)</sup> | 1050000 | 1022451  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/01/2027<sup>(d)</sup> | 265000 | 250694  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/01/2028<sup>(d)</sup> | 4620000 | 4248368  |
| &nbsp;&nbsp;&nbsp; City of San Antonio TX, <br>4.00%, 02/01/2029 <br>(Callable 02/02/2026) | 2205000 | 2206869  |
| City of Sugar Land TX<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/2039 <br>(Callable 02/15/2033) | 515000 | 534217  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/2040 <br>(Callable 02/15/2033) | 515000 | 527313  |
| Clifton Higher Education Finance Corp. | Clifton Higher Education Finance Corp. |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2029 | 295000 | 316668  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/2031 <br>(Callable 08/15/2026) | 170000 | 170702  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/2033 <br>(Callable 08/15/2026) | 1200000 | 1204342  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/2034 <br>(Callable 08/15/2032) | 160000 | 168675  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2037 <br>(Callable 08/15/2028) | 3185000 | 3296621  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/2040 <br>(Callable 08/15/2031) | 390000 | 391395  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/2041 <br>(Callable 08/15/2031) | 805000 | 799088  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/2042 <br>(Callable 08/15/2032) | 500000 | 492781  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/2043 <br>(Callable 08/15/2028) | 250000 | 241188  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/2055<sup>(a)</sup> | 3500000 | 3655360  |
|  Corpus Christi Independent School District, 5.00%, 08/15/2039 (Callable 08/15/2033) | 250000 | 276821  |
| County of Bexar TX<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2036 <br>(Callable 06/15/2026) | 2145000 | 2167577  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2040 <br>(Callable 06/15/2031) | 1525000 | 1633410  |
| &nbsp;&nbsp;&nbsp; County of Brazoria TX, <br>3.00%, 03/01/2037 <br>(Callable 03/01/2030) | 270000 | 254490  |
| County of Johnson TX<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2037 <br>(Callable 02/15/2035) | 420000 | 472141  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2038 <br>(Callable 02/15/2035) | 550000 | 613264  |
|  Crandall Independent School District, 5.00%, 08/15/2036 (Callable 02/15/2026) | 1005000 | 1007669  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Crockett County Consolidated Common School District No 1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2034 <br>(Callable 08/15/2029) | $220000 | $236581  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2035 <br>(Callable 08/15/2028) | 200000 | 210329  |
| &nbsp;&nbsp;&nbsp; Dalhart Independent School District, 5.00%, 02/15/2040 <br>(Callable 02/15/2032) | 1170000 | 1262946  |
| &nbsp;&nbsp;&nbsp; Dallas Independent School District, 4.00%, 02/15/2054 <br>(Callable 02/15/2033) | 4500000 | 4157636  |
| Decatur Hospital Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/2029 | 400000 | 407317  |
| &nbsp;&nbsp;&nbsp; 5.75%, 09/01/2029 | 240000 | 253445  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/2034 <br>(Callable 09/01/2031) | 2441000 | 2541263  |
| Denton Independent School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/15/2055<sup>(a)</sup> | 1000000 | 1058025  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/15/2055<sup>(a)</sup>  | 1000000  | 1033114 |
| &nbsp;&nbsp;&nbsp; Eagle Mountain & Saginaw Independent School District, 4.00%, 08/15/2045 <br>(Callable 02/02/2026) | 675000 | 631909  |
|  Eula Independent School District/TX, 4.13%, 02/15/2048 (Callable 02/15/2032) | 1610000 | 1553058  |
|  Flour Bluff Independent School District, 5.00%, 08/15/2038 (Callable 02/15/2035) | 1675000 | 1878677  |
|  Fort Bend Independent School District, 4.00%, 08/01/2054<sup>(a)</sup> | 4500000 | 4583649  |
| &nbsp;&nbsp;&nbsp; Freddie Mac Multifamily ML Certificates, <br>4.14%, 01/25/2040<sup>(a)</sup> | 2924413 | 2851323  |
| &nbsp;&nbsp;&nbsp; Frisco Independent School District, 4.00%, 08/15/2033 <br>(Callable 02/15/2026) | 1000000 | 1001599  |
| &nbsp;&nbsp;&nbsp; Garland Independent School District, 5.00%, 02/15/2039 <br>(Callable 02/15/2033) | 490000 | 542808  |
|  Generation Park Management District, 4.00%, 09/01/2034 (Callable 09/01/2030) | 560000 | 572567  |
| Grand Parkway Transportation Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2043 <br>(Callable 04/01/2028) | 4500000 | 4608677  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 10/01/2045 <br>(Callable 10/01/2028) | 300000 | 316216  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 10/01/2046 <br>(Callable 10/01/2028) | 1000000 | 1052531  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 10/01/2048 <br>(Callable 10/01/2028) | 800000 | 841395  |
| &nbsp;&nbsp;&nbsp; Gregory-Portland Independent School District/TX, <br>5.00%, 02/15/2038 <br>(Callable 02/15/2032) | 2890000 | 3169468  |

---

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

234<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Quality Intermediate Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Texas - (Continued)**  | **Texas - (Continued)**  | **Texas - (Continued)**  |
|  Harris County Health Facilities Development Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 07/01/2027 | $4540000 | $4653638 |
| &nbsp;&nbsp;&nbsp; 5.75%, 07/01/2027  | 1575000  | 1608625  |
| &nbsp;&nbsp;&nbsp; 6.25%, 07/01/2027 | 3425000 | 3527675  |
| &nbsp;&nbsp;&nbsp; Harris County Water Control & Improvement District No 164, 6.63%, 09/01/2032 <br>(Callable 09/01/2031) | 45000 | 52611  |
| Harris County-Houston Sports Authority | Harris County-Houston Sports Authority | Harris County-Houston Sports Authority |
| &nbsp;&nbsp;&nbsp; 0.00%, 11/15/2030<sup>(d)</sup> | 2150000 | 1860504 |
| &nbsp;&nbsp;&nbsp; 0.00%, 11/15/2030<sup>(d)</sup>  | 85000  | 73555  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 11/15/2039 <br>(Callable 11/15/2031)<sup>(d)</sup> | 25000 | 12790  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 11/15/2040 <br>(Callable 11/15/2031)<sup>(d)</sup> | 25000 | 12013  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 11/15/2041 <br>(Callable 11/15/2031)<sup>(d)</sup> | 575000 | 259455  |
|  Houston Higher Education Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2026 <br>(Callable 02/02/2026) | 1030000 | 1031583  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2034 <br>(Callable 02/02/2026) | 1795000 | 1797203  |
| &nbsp;&nbsp;&nbsp; Killeen Independent School District, 4.00%, 02/15/2042 <br>(Callable 02/15/2028) | 690000 | 690206  |
|  La Porte Independent School District/TX, 5.00%, 02/15/2038 (Callable 08/15/2033) | 1630000 | 1821763  |
|  La Pryor Independent School District, 5.00%, 02/15/2032 | 75000 | 84344  |
| &nbsp;&nbsp;&nbsp; Leander Independent School District, 0.00%, 08/16/2044 <br>(Callable 08/16/2026)<sup>(d)</sup> | 14815000 | 7057613  |
|  Lower Colorado River Authority, 4.75%, 01/01/2028 | 65000 | 66199  |
| &nbsp;&nbsp;&nbsp; Melissa Independent School District, 5.00%, 08/01/2036 <br>(Callable 08/01/2026) | 1020000 | 1027823  |
|  Midland County Fresh Water Supply District No 1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 09/15/2033 <br>(Callable 09/15/2027)<sup>(d)</sup> | 3530000 | 2536064  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 09/15/2034 <br>(Callable 09/15/2027)<sup>(d)</sup> | 1295000 | 881825  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 09/15/2035 <br>(Callable 09/15/2027)<sup>(d)</sup> | 2865000 | 1846596  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 09/15/2036 <br>(Callable 09/15/2027)<sup>(d)</sup> | 1580000 | 964577  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 09/15/2037 <br>(Callable 09/15/2027)<sup>(d)</sup> | 110000 | 63582  |
|  Moulton Independent School District, 4.00%, 08/15/2036 (Callable 08/15/2027) | 285000 | 287494  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  New Hope Cultural Education Facilities Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2030 <br>(Callable 04/01/2027) | $1150000 | $1185575  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2031 <br>(Callable 04/01/2027) | 1180000 | 1216503  |
| &nbsp;&nbsp;&nbsp; New Hope Higher Education Finance Corp., <br>4.00%, 06/15/2028 | 100000 | 101896  |
| North Texas Tollway Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/01/2036<sup>(d)</sup> | 1525000 | 1086577  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/01/2037<sup>(d)</sup> | 4600000 | 3127980  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 09/01/2037 <br>(Callable 09/01/2031)<sup>(d)</sup> | 11760000 | 6349164  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 09/01/2043 <br>(Callable 09/01/2031)<sup>(d)</sup> | 35505000 | 12217299  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 09/01/2043 <br>(Callable 09/01/2031) | 8445000 | 10156959  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/01/2045 <br>(Callable 09/01/2031) | 18135000 | 21997432  |
|  Northside Independent School District, 2.00%, 06/01/2052<sup>(a)</sup> | 2470000 | 2428403  |
|  Onalaska Independent School District, 4.00%, 08/15/2030 (Callable 02/02/2026) | 340000 | 340181  |
|  Pecos Barstow Toyah Independent School District<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2041 <br>(Callable 02/15/2026) | 2000000 | 2001185  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2042 <br>(Callable 02/15/2026) | 3000000 | 3008151  |
| Plains Independent School District<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2033 <br>(Callable 08/15/2030) | 490000 | 533039  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2035 <br>(Callable 08/15/2030) | 285000 | 307476  |
|  Plemons-Stinnett-Phillips Consolidated School District<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2028 <br>(Callable 02/15/2027) | 670000 | 686517  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2029 <br>(Callable 02/15/2027) | 810000 | 829879  |
| Port Aransas Independent School District | Port Aransas Independent School District | Port Aransas Independent School District |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2041 <br>(Callable 08/15/2027) | 575000 | 585945  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2043 <br>(Callable 02/02/2026) | 625000 | 625296  |
| PSC/TX, 3.75%, 12/01/2040 | 4390000 | 4397323  |
|  San Angelo Independent School District, 5.00%, 02/15/2038 (Callable 02/15/2035) | 5600000 | 6394328  |
| &nbsp;&nbsp;&nbsp; San Antonio Public Facilities Corp., 4.00%, 09/15/2042 <br>(Callable 02/02/2026) | 50000 | 47570  |
| &nbsp;&nbsp;&nbsp; Socorro Independent School District, 4.00%, 08/15/2034 <br>(Callable 02/15/2027) | 1500000 | 1511709  |

---

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

235<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Quality Intermediate Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Texas - (Continued)**  | **Texas - (Continued)**  | **Texas - (Continued)**  |
|  State of Texas, 5.00%, 04/01/2041 (Callable 04/01/2026) | $2000000 | $2003976  |
| &nbsp;&nbsp;&nbsp; Tarrant County Hospital District, 5.25%, 08/15/2038 <br>(Callable 08/15/2032) | 1320000 | 1460720  |
|  Texarkana Independent School District, 4.00%, 02/15/2053<sup>(a)</sup> | 1800000 | 1813243  |
|  Texas Department of Housing & Community Affairs<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 09/01/2035 <br>(Callable 03/01/2029) | 545000 | 461257  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 07/01/2044 <br>(Callable 07/01/2028) | 3000000 | 2810308  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/01/2044 <br>(Callable 09/01/2028) | 1570000 | 1446965  |
| Texas State Affordable Housing Corp. | Texas State Affordable Housing Corp. | Texas State Affordable Housing Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/01/2049 <br>(Callable 03/01/2029) | 150000 | 150826  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/2053 <br>(Callable 03/01/2033) | 1665000 | 1756886  |
| Texas Water Development Board<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/2036 <br>(Callable 10/15/2028) | 3940000 | 4003636  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2042 <br>(Callable 10/15/2027) | 2000000 | 2038786  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/15/2048 <br>(Callable 10/15/2033) | 2000000 | 2052500  |
| &nbsp;&nbsp;&nbsp; Town of Westlake TX, <br>4.00%, 02/15/2030 <br>(Callable 02/02/2026) | 335000 | 335180  |
| Venus Independent School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2035 | 325000 | 376831  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2036 <br>(Callable 08/15/2035) | 330000 | 377798  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/15/2037 <br>(Callable 08/15/2035) | 470000 | 545796  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/15/2038 <br>(Callable 08/15/2035) | 370000 | 426894  |
| &nbsp;&nbsp;&nbsp; Veribest Independent School District, 5.00%, 08/15/2039 <br>(Callable 08/15/2032) | 645000 | 706091  |
| Viridian Municipal Management District | Viridian Municipal Management District |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2034 <br>(Callable 12/01/2029) | 930000 | 984408  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2036 <br>(Callable 12/01/2029) | 1050000 | 1101336  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2037 <br>(Callable 12/01/2029) | 550000 | 574577  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2039 <br>(Callable 12/01/2029) | 1000000 | 1038085  |
|  Whitehouse Independent School District, 5.00%, 02/15/2037 (Callable 02/15/2027) | 1200000 | 1223083  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Willis Independent School District, 5.00%, 02/15/2039 <br>(Callable 02/15/2035) | $1410000 | $1589208  |
| Wink-Loving Independent School District | Wink-Loving Independent School District | Wink-Loving Independent School District |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2034 <br>(Callable 08/15/2026) | 4000000 | 4059933  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2035 <br>(Callable 08/15/2026) | 4500000 | 4565558  |
|  |  | 285386375  |
| **Utah - 1.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; County of Utah UT, <br>5.00%, 05/15/2060 <br>(Callable 02/01/2026)<sup>(a)</sup> | 2875000 | 2912555  |
| &nbsp;&nbsp;&nbsp; Davis School District, <br>3.50%, 06/01/2034 <br>(Callable 02/02/2026) | 2000000 | 2000280  |
| &nbsp;&nbsp;&nbsp; Salt Lake County Municipal Building Authority, <br>5.00%, 01/15/2041 <br>(Callable 01/15/2028) | 375000 | 385091  |
|  Utah Charter School Finance Authority, 5.00%, 04/15/2037 (Callable 04/15/2026) | 500000 | 501665  |
| Utah Housing Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/2045 <br>(Callable 02/02/2026) | 2040000 | 2040141  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.18%, 07/01/2045 <br>(Callable 02/01/2028)<sup>(a)</sup> | 3000000 | 3003921  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 07/01/2053 <br>(Callable 01/01/2032) | 2175000 | 2333463  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 07/01/2054 <br>(Callable 01/01/2033) | 330000 | 362877  |
| &nbsp;&nbsp;&nbsp; Utah Telecommunication Open Infrastructure Agency, <br>5.50%, 06/01/2040 <br>(Callable 06/01/2032) | 500000 | 558384  |
|  |  | 14098377  |
| **Vermont - 0.3%**<br>|  |  |
| Vermont Housing Finance Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 11/01/2036 <br>(Callable 02/02/2026) | 1255000 | 1255087  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/2048 <br>(Callable 05/01/2027) | 95000 | 95176  |
| &nbsp;&nbsp;&nbsp; Vermont Municipal Bond Bank, 5.00%, 12/01/2034 <br>(Callable 12/01/2026) | 1625000 | 1650130  |
|  |  | 3000393  |
| **Virginia - 2.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Chesapeake Redevelopment & Housing Authority, <br>5.00%, 05/01/2043 <br>(Callable 05/01/2026)<sup>(a)</sup> | 2415000 | 2430186  |
|  Danville Industrial Development Authority, 5.25%, 10/01/2028 | 110000 | 114094  |
| &nbsp;&nbsp;&nbsp; Fairfax County Water Authority, 5.00%, 04/01/2043 <br>(Callable 04/01/2027) | 1700000 | 1724163  |

---

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

236<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Quality Intermediate Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Virginia - (Continued)**  | **Virginia - (Continued)**  | **Virginia - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Hampton Roads Transportation Accountability Commission, 5.50%, 07/01/2057 <br>(Callable 01/01/2028) | $15000000 | $15909535  |
| Virginia Resources Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 11/01/2027<sup>(d)</sup> | 520000 | 494416  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/2032 <br>(Callable 11/01/2026) | 1500000 | 1513043  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2045 <br>(Callable 02/02/2026) | 1000000 | 1000309  |
|  |  | 23185746  |
| **Washington - 2.0%**<br>|  |  |
|  Clark County School District No 114 Evergreen, 5.25%, 12/01/2040 (Callable 06/01/2032) | 9400000 | 10354202  |
| &nbsp;&nbsp;&nbsp; County of King WA, <br>5.00%, 12/01/2042 <br>(Callable 12/01/2034) | 385000 | 421988  |
| King County Housing Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/01/2033 <br>(Callable 05/01/2028) | 1500000 | 1502744  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/2034 <br>(Callable 11/01/2029) | 1520000 | 1553107  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/2036 <br>(Callable 11/01/2029) | 3250000 | 3306852  |
| Orchard Prairie School District No 123 | Orchard Prairie School District No 123 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/01/2045 <br>(Callable 06/01/2035) | 720000 | 784228  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/01/2050 <br>(Callable 06/01/2035) | 325000 | 349773  |
| &nbsp;&nbsp;&nbsp; State of Washington, <br>4.00%, 07/01/2039 <br>(Callable 07/01/2031) | 940000 | 953057  |
|  Washington Health Care Facilities Authority, 5.00%, 09/01/2032 (Callable 09/01/2030) | 465000 | 507366  |
|  Washington State Housing Finance Commission<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 12/01/2040 <br>(Callable 06/01/2029) | 1800000 | 1470942  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2049 <br>(Callable 06/01/2028) | 250000 | 251302  |
|  |  | 21455561  |
| **Wisconsin - 4.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Baraboo School District, <br>3.00%, 04/01/2033 <br>(Callable 04/01/2026) | 650000 | 646723  |
|  Big Foot Union High School District, 3.00%, 03/01/2032 (Callable 03/01/2027) | 430000 | 432356  |
| &nbsp;&nbsp;&nbsp; City of Fitchburg WI, <br>4.00%, 12/01/2042 <br>(Callable 12/01/2032) | 1365000 | 1359806  |
| &nbsp;&nbsp;&nbsp; County of Kenosha WI, <br>3.50%, 09/01/2028 <br>(Callable 02/02/2026) | 820000 | 820410  |
|  D C Everest Area School District/WI, 3.63%, 04/01/2038 (Callable 04/01/2027) | 3900000 | 3948006  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Greendale School District, <br>5.00%, 03/01/2032 <br>(Callable 03/01/2027) | $110000 | $113021  |
|  Menominee Indian School District/WI, 4.00%, 03/01/2033 (Callable 03/01/2030) | 2385000 | 2509144  |
|  Southeast Wisconsin Professional Baseball Park District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/15/2026 | 580000 | 595124  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2027<sup>(d)</sup> | 1185000 | 1120844  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2028<sup>(d)</sup> | 1000000 | 919869  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2029<sup>(d)</sup> | 1170000 | 1046909  |
| &nbsp;&nbsp;&nbsp; St Croix Falls School District, 2.00%, 04/01/2040 <br>(Callable 04/01/2028) | 660000 | 646189  |
| State of Wisconsin<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2032 <br>(Callable 05/01/2026) | 1000000 | 1008168  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2038 <br>(Callable 05/01/2028) | 1000000 | 1042454  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2043 <br>(Callable 05/01/2034) | 2840000 | 3070252  |
| &nbsp;&nbsp;&nbsp; State of Wisconsin Environmental Improvement Fund Revenue, 5.00%, 06/01/2038 <br>(Callable 06/01/2029) | 1500000 | 1591100  |
| Village of Mount Pleasant WI<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2036 <br>(Callable 04/01/2028) | 275000 | 288128  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2037 <br>(Callable 04/01/2028) | 2400000 | 2429819  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2048 <br>(Callable 04/01/2028) | 1500000 | 1519968  |
|  Waterford Union High School District, 3.00%, 03/01/2039 (Callable 03/01/2029) | 665000 | 675012  |
| &nbsp;&nbsp;&nbsp; West De Pere School District, 2.50%, 04/01/2040 <br>(Callable 04/01/2030) | 2500000 | 2470978  |
| Wisconsin Center District<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/2029 <br>(Callable 06/15/2026) | 1480000 | 1490987  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 12/15/2034 <br>(Callable 12/15/2030)<sup>(d)</sup> | 1810000 | 1341768  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 12/15/2038 <br>(Callable 12/15/2030)<sup>(d)</sup> | 1000000 | 604776  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 12/15/2060 <br>(Callable 12/15/2030)<sup>(d)</sup> | 32275000 | 8453026  |
|  Wisconsin Health & Educational Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2029 <br>(Callable 08/15/2027) | 70000 | 72528  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2033 <br>(Callable 04/01/2027) | 900000 | 922126  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2035 <br>(Callable 04/01/2027) | 180000 | 183851  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2039 <br>(Callable 04/01/2027) | 2500000 | 2494615  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2042 <br>(Callable 07/01/2027) | 2000000 | 2019988  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/2046 <br>(Callable 05/15/2026) | 1705000 | 1713980 |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/15/2046 (Callable 05/15/2026)  | 1470000  | 1477743  |

---

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

237<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Baird Quality Intermediate Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Wisconsin - (Continued)**  | **Wisconsin - (Continued)**  | **Wisconsin - (Continued)**  |
|  Wisconsin Housing & Economic Development Authority Home Ownership Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 03/01/2032 <br>(Callable 09/01/2030) | $635000 | $577988  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 09/01/2032 <br>(Callable 09/01/2030) | 600000 | 539605  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/2046 <br>(Callable 02/02/2026) | 135000 | 134813  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/2048 <br>(Callable 03/01/2027) | 370000 | 370584 |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/2048 (Callable 03/01/2027)  | 160000  | 160293  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/01/2049 <br>(Callable 09/01/2028) | 690000 | 697184  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/01/2054 <br>(Callable 09/01/2032) | 1460000 | 1600240  |
|  Wisconsin Housing & Economic Development Authority Housing Revenue, 4.63%, 11/01/2043 (Callable 05/01/2032) | 435000 | 444769  |
|  |  | 53555144  |
| **Wyoming - 0.1%**<br>|  |  |
|  Wyoming Community Development Authority, 4.00%, 12/01/2048 (Callable 06/01/2028) | 665000 | 668479  |
| &nbsp;&nbsp;&nbsp; **TOTAL MUNICIPAL BONDS** <br>**(Cost $1,067,907,085)** |  | 1070271813  |
| **U.S. TREASURY SECURITIES - 1.3%** | **U.S. TREASURY SECURITIES - 1.3%** |  |
|  United States Treasury Note/Bond, 3.75%, 08/15/2027 | 15000000 | 15063282  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $14,928,516)** |  | 15063282 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **Money Market Funds - 0.1%** | **Money Market Funds - 0.1%** |  |
|  Federated Institutional Tax-Free Cash Trust - Class Premier, 3.09%<sup>(f)</sup> | 958654 | 958654  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $958,654)** |  | 958654  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.9%**<br>**(Cost $1,083,794,255)** |  | $1086293749  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.1% |  | 11655559  |
| **TOTAL NET ASSETS - 100.0%** |  | $1097949308 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

FHLMC - Federal Home Loan Mortgage Corporation

<sup>(a)</sup> Coupon rate may be variable or floating based on components other than reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of December 31, 2025.

<sup>(b)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of December 31, 2025, the value of these securities total $14,860,240 or 1.4% of the Fund's net assets.

<sup>(c)</sup> Step coupon bond. The rate disclosed is as of December 31, 2025.

<sup>(d)</sup> Zero coupon bonds make no periodic interest payments.

<sup>(e)</sup> To the extent that the Fund invests more heavily in a particular state, its performance will be especially sensitive to developments that significantly affect that state.

<sup>(f)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

238<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Baird Quality Intermediate Municipal Bond Fund** 

**Summary of Fair Value Disclosure** 

**as of December 31, 2025** 

Baird Quality Intermediate Municipal Bond Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the year, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

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

---

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

---

---

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

---

The following is a summary of the fair valuation hierarchy of the Fund's securities as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | $— | $1070271813 | $— | $1070271813  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 15063282 |  | 15063282  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 958654 |  |  | 958654  |
| **Total Investments** | $958654 | $1085335095 | $— | $1086293749 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting year, as compared to the security classifications from the prior year's core financial statements. See the Fund's Valuation Policy in Note 2a to the financial statements.

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

239<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **MUNICIPAL BONDS - 97.6%**<br>|  |  |
| **Alabama - 3.9%**<br>|  |  |
|  Alabama Community College System<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028 (Callable 10/01/2026) | $310000 | $314844  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/2043 (Callable 06/01/2033) | 500000 | 542570  |
|  Alabama Corrections Institution Finance Authority, 5.00%, 07/01/2042 (Callable 07/01/2032) | 9250000 | 9785422  |
| Alabama Housing Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.13%, 03/01/2029 (Callable 03/01/2028)<sup>(a)</sup> | 2600000 | 2602080  |
| &nbsp;&nbsp;&nbsp; 3.20%, 01/01/2047 (Callable 07/01/2028)<sup>(a)</sup> | 9000000 | 9012990  |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/01/2055 (Callable 04/01/2033) | 1915000 | 2083673  |
| Alabama State University<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2030 | 600000 | 659523  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2031 | 840000 | 938239  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2032 | 1035000 | 1167733  |
| Birmingham Airport Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2036 (Callable 07/01/2030) | 360000 | 369093  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2037 (Callable 07/01/2030) | 500000 | 508529  |
|  Birmingham-Jefferson Civic Center Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2035 (Callable 05/01/2028) | 615000 | 637936  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2036 (Callable 05/01/2028) | 870000 | 900680  |
| Black Belt Energy Gas District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2026 | 250000 | 251840  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2026 | 795000 | 801664  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2026 | 400000 | 406602  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/01/2027<sup>(b)</sup> | 1000000 | 1012508  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/01/2028<sup>(b)</sup> | 1250000 | 1275722  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/01/2029<sup>(b)</sup> | 1400000 | 1437173  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/01/2030<sup>(b)</sup> | 1600000 | 1649798  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/01/2031<sup>(b)</sup> | 2010000 | 2080365  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/01/2032<sup>(b)</sup> | 1905000 | 1980488  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2053<sup>(a)</sup> | 11500000 | 12050298  |
| &nbsp;&nbsp;&nbsp; 5.50%, 11/01/2053 (Callable 09/01/2028)<sup>(a)</sup> | 2000000 | 2099463  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2055 (Callable 05/01/2035)<sup>(a)</sup> | 10000000 | 10734014  |
| &nbsp;&nbsp;&nbsp; 5.50%, 11/01/2056 (Callable 05/01/2034)<sup>(a)(b)</sup> | 3500000 | 3709269  |
|  Chilton County Health Care Authority, 4.00%, 11/01/2045 (Callable 02/02/2026) | 205000 | 197903  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| City of Gadsden AL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2039 (Callable 10/01/2035) | $625000 | $697295  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2040 (Callable 10/01/2035) | 475000 | 523925  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/30/2041 (Callable 10/01/2035) | 450000 | 490783  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2043 (Callable 10/01/2035) | 740000 | 789517  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2044 (Callable 10/01/2035) | 685000 | 724595  |
| County of Elmore AL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/2026 | 400000 | 401134  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/01/2031 | 200000 | 222925  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/01/2032 | 200000 | 225836  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/01/2033 | 200000 | 228156  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/01/2034 | 200000 | 230128  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/01/2035 | 200000 | 231488  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/01/2037 (Callable 08/01/2035) | 200000 | 227466  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/01/2040 (Callable 08/01/2035) | 750000 | 830323  |
| &nbsp;&nbsp;&nbsp; 4.20%, 05/01/2042 (Callable 05/01/2032) | 1625000 | 1616910  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/01/2042 (Callable 08/01/2035) | 1120000 | 1217263  |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/01/2045 (Callable 08/01/2035) | 500000 | 541166  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2047 (Callable 05/01/2032) | 1000000 | 1022584  |
| &nbsp;&nbsp;&nbsp; 5.15%, 08/01/2050 (Callable 08/01/2035) | 1000000 | 1029118  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/01/2055 (Callable 08/01/2035) | 1000000 | 1042135  |
|  County of Jefferson AL, 5.00%, 09/15/2029 (Callable 03/15/2027) | 570000 | 585489  |
|  County of Jefferson AL Sewer Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2039 (Callable 10/01/2033) | 625000 | 678804  |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/2042 (Callable 10/01/2033) | 6250000 | 6721489  |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/2049 (Callable 10/01/2033) | 5000000 | 5163866  |
|  Elmore County Public Building Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/01/2035 | 165000 | 191007  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/01/2037 (Callable 08/01/2035) | 360000 | 409501  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/01/2040 (Callable 08/01/2035) | 650000 | 719723  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/01/2042 (Callable 08/01/2035) | 675000 | 730953  |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/01/2045 (Callable 08/01/2035) | 615000 | 660764  |

---

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

240<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **Alabama - (Continued)**  | **Alabama - (Continued)**  | **Alabama - (Continued)**  |
|  Energy Southeast A Cooperative District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2030 | $1605000 | $1708878  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2032 (Callable 03/01/2032) | 1600000 | 1721603  |
| Fort Payne Waterworks Board<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037 (Callable 07/01/2034) | 290000 | 329217  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2038 (Callable 07/01/2034) | 250000 | 281962  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2039 (Callable 07/01/2034) | 285000 | 319474  |
|  Health Care Authority of the City of Huntsville, 5.00%, 06/01/2053 (Callable 03/01/2030)<sup>(a)</sup> | 5335000 | 5760577  |
|  Homewood Educational Building Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2033 (Callable 12/01/2029) | 785000 | 779427  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2034 (Callable 12/01/2029) | 255000 | 251595  |
| &nbsp;&nbsp;&nbsp; Industrial Development Board of the City of Mobile Alabama, <br>3.92%, 06/01/2034<sup>(a)</sup> | 13000000 | 13041857  |
| &nbsp;&nbsp;&nbsp; Jacksonville Public Educational Building Authority, <br>5.13%, 08/01/2044 (Callable 08/01/2034) | 2725000 | 2855224  |
|  Jefferson County Board of Education/AL, 5.00%, 02/01/2042 (Callable 02/01/2028) | 4620000 | 4706565  |
|  Limestone County Water & Sewer Authority, 5.00%, 12/01/2041 (Callable 12/01/2034) | 330000 | 358862  |
| &nbsp;&nbsp;&nbsp; Lower Alabama Gas District, <br>5.00%, 12/01/2033 (Callable 09/01/2033) | 14000000 | 14798505  |
|  Madison Water & Wastewater Board, 4.00%, 12/01/2037 (Callable 12/01/2029) | 530000 | 540879  |
|  Public Building Authority of the City of Clanton, 5.00%, 05/01/2049 (Callable 05/01/2034) | 750000 | 777598  |
|  Southeast Alabama Gas Supply District, 5.00%, 04/01/2028 | 2265000 | 2360542  |
|  Southeast Energy Authority A Cooperative District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029 | 8250000 | 8819486  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2030 (Callable 07/01/2030) | 23400000 | 25139668  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2035 (Callable 06/01/2035) | 9250000 | 10035419  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/01/2053 (Callable 09/01/2029)<sup>(a)</sup> | 7000000 | 7503991  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2054 (Callable 03/01/2030)<sup>(a)</sup> | $2750000 | $2907784  |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/01/2054 (Callable 04/01/2029)<sup>(a)</sup> | 11990000 | 12633605  |
|  State of Alabama Docks Department, 5.00%, 10/01/2030 (Callable 10/01/2027)<sup>(c)</sup> | 3160000 | 3243656  |
|  University of South Alabama, 5.00%, 11/01/2033 (Callable 11/01/2026) | 1610000 | 1629847  |
|  |  | 219870983  |
| **Alaska - 0.2%**<br>|  |  |
|  Alaska Housing Finance Corp., 5.25%, 12/01/2041 (Callable 06/01/2033) | 5375000 | 5834161  |
|  Alaska Industrial Development & Export Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/01/2030 (Callable 04/01/2029) | 2745000 | 2809231  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2034 (Callable 10/01/2029) | 1585000 | 1607343  |
|  Alaska Municipal Bond Bank Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2031 (Callable 02/01/2028)<sup>(c)</sup> | 565000 | 583880  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033<sup>(c)</sup> | 2270000 | 2481769  |
|  |  | 13316384  |
| **Arizona - 1.8%**<br>|  |  |
|  Apache County Unified School District No 8 Window Rock, 4.13%, 07/01/2042 (Callable 07/01/2032) | 1625000 | 1629279  |
|  Arizona Industrial Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.55%, 07/15/2029 (Callable 07/15/2027) | 690000 | 676943  |
| &nbsp;&nbsp;&nbsp; 1.79%, 09/01/2030<sup>(a)(b)(d)</sup> | 2756296 | 2684471  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 (Callable 07/01/2027) | 515000 | 525724  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 (Callable 07/01/2027) | 545000 | 555782  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 (Callable 07/01/2026) | 205000 | 206169  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 (Callable 07/01/2027) | 575000 | 585617  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 (Callable 07/01/2026) | 340000 | 341772  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2034 (Callable 07/01/2026) | 230000 | 228206  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2035 (Callable 07/01/2026) | 475000 | 467653  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2035 (Callable 11/01/2032) | 1875000 | 2036874  |
| &nbsp;&nbsp;&nbsp; 6.00%, 07/01/2037 (Callable 07/01/2027)<sup>(b)</sup> | 4510000 | 4638705  |

---

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

241<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **Arizona - (Continued)**  | **Arizona - (Continued)**  | **Arizona - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2045 (Callable 05/01/2026)<sup>(a)</sup> | $1000000 | $1006624  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/2048 (Callable 11/01/2032) | 1500000 | 1534424  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2058 (Callable 09/01/2026)<sup>(a)</sup> | 6265000 | 6339521  |
| &nbsp;&nbsp;&nbsp; 4.88%, 07/01/2060 (Callable 07/01/2030)<sup>(a)(b)</sup> | 1235000 | 1229972  |
|  Chandler Industrial Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/01/2049 (Callable 02/01/2029)<sup>(a)(c)</sup> | 4635000 | 4698950  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2052 (Callable 03/05/2027)<sup>(a)(c)</sup> | 3000000 | 3057132  |
|  City of Phoenix Civic Improvement Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035 (Callable 07/01/2026) | 5000000 | 5048921  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036 (Callable 07/01/2027) | 400000 | 410328  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037 (Callable 07/01/2027) | 1900000 | 1945803  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/2047 (Callable 07/01/2033) | 2490000 | 2657635  |
| City of Sedona AZ Excise Tax Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036 (Callable 07/01/2033) | 125000 | 139437  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037 (Callable 07/01/2033) | 125000 | 138374  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2038 (Callable 07/01/2033) | 125000 | 137393  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2039 (Callable 07/01/2033) | 120000 | 130679  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2040 (Callable 07/01/2033) | 75000 | 81205  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2041 (Callable 07/01/2033) | 100000 | 107373  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2042 (Callable 07/01/2033) | 100000 | 106426  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2043 (Callable 07/01/2033) | 125000 | 132107  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2044 (Callable 07/01/2033) | 200000 | 196307  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2054 (Callable 07/01/2033) | 250000 | 257414  |
| &nbsp;&nbsp;&nbsp; Gilbert Water Resource Municipal Property Corp., <br>4.00%, 07/01/2031 (Callable 07/01/2026) | 2165000 | 2178747  |
|  Industrial Development Authority of the City of Phoenix Arizona<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/2033 | 1450000 | 1648250  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/2034 | 1520000 | 1741546  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/2044 (Callable 10/15/2034) | 11270000 | 11796059  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2047 (Callable 10/01/2026) | $90000 | $76469  |
| &nbsp;&nbsp;&nbsp; 3.10%, 02/01/2059 (Callable 08/01/2027)<sup>(a)</sup> | 6010000 | 6028004  |
|  Industrial Development Authority of the County of Pima<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.45%, 07/01/2044 (Callable 07/01/2034) | 395000 | 397576  |
| &nbsp;&nbsp;&nbsp; 4.80%, 07/01/2049 (Callable 07/01/2033) | 795000 | 798401  |
| &nbsp;&nbsp;&nbsp; La Paz County Industrial Development Authority, <br>5.00%, 02/15/2026<sup>(b)</sup> | 140000 | 140171  |
|  Maricopa County Industrial Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 | 755000 | 784995  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037 (Callable 07/01/2027) | 1250000 | 1269865  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2037 (Callable 06/01/2034) | 2600000 | 2865233  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2038 (Callable 01/01/2027) | 4995000 | 5077979  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2042 (Callable 09/01/2028) | 1000000 | 1020669  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2045 (Callable 07/01/2030) | 7000000 | 6448992  |
|  Maricopa County Pollution Control Corp., 3.88%, 01/01/2038<sup>(a)</sup> | 4735000 | 4812420  |
|  Salt River Project Agricultural Improvement & Power District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2045 (Callable 01/01/2031) | 1810000 | 1885478  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2048 (Callable 01/01/2034) | 3500000 | 3675221  |
|  Tucson Industrial Development Authority/Pima County Industrial Development Auth<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.60%, 07/01/2044 (Callable 07/01/2033) | 470000 | 474086  |
| &nbsp;&nbsp;&nbsp; 4.85%, 07/01/2048 (Callable 07/01/2032) | 660000 | 669702  |
| &nbsp;&nbsp;&nbsp; 4.75%, 07/01/2049 (Callable 07/01/2033) | 240000 | 241783  |
| &nbsp;&nbsp;&nbsp; 4.80%, 07/01/2054 (Callable 07/01/2033) | 965000 | 960910  |
|  |  | 98925776  |
| **Arkansas - 0.9%**<br>|  |  |
|  Arkadelphia Water & Sewer System, 4.75%, 12/01/2043 (Callable 06/01/2029) | 1210000 | 1236104  |
|  Arkansas Development Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2032 (Callable 02/01/2031) | 1255000 | 1325156  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2033 (Callable 02/01/2031) | 1250000 | 1315333  |

---

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

242<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Arkansas - (Continued)** | **Arkansas - (Continued)** | **Arkansas - (Continued)** |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2034 (Callable 02/01/2031) | $1500000 | $1569021  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2035 (Callable 12/01/2027) | 445000 | 450133  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2038 (Callable 12/01/2027) | 275000 | 276710  |
| &nbsp;&nbsp;&nbsp; 4.25%, 07/01/2041 (Callable 07/01/2028) | 500000 | 436596  |
| &nbsp;&nbsp;&nbsp; 3.77%, 09/01/2044 (Callable 02/02/2026)<sup>(a)</sup> | 4819000 | 4819000  |
| &nbsp;&nbsp;&nbsp; 6.88%, 07/01/2048 (Callable 07/01/2028)<sup>(b)(c)</sup> | 1000000 | 1074669  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2054 (Callable 07/01/2033) | 2675000 | 2805224  |
|  Arkansas Technical University, 4.00%, 06/01/2028 (Callable 02/02/2026) | 1025000 | 1025733  |
|  Benton Washington Regional Public Water Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2033 (Callable 10/01/2029) | 250000 | 259395  |
| &nbsp;&nbsp;&nbsp; 4.25%, 10/01/2054 (Callable 10/01/2029) | 960000 | 911201  |
| Carroll-Boone Water District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 12/01/2028 (Callable 02/02/2026) | 780000 | 779984  |
| &nbsp;&nbsp;&nbsp; 3.00%, 12/01/2029 (Callable 02/02/2026) | 505000 | 505016  |
| &nbsp;&nbsp;&nbsp; 3.00%, 12/01/2030 (Callable 02/02/2026) | 630000 | 630060  |
|  City of Batesville AR Sales & Use Tax 4.00%, 02/01/2041 (Callable 02/01/2031) | 880000 | 880339  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/01/2049 (Callable 02/01/2031) | 2245000 | 2176053  |
|  City of Beebe AR Water & Sewer System, 3.00%, 08/01/2041 (Callable 08/01/2028) | 1500000 | 1319862  |
|  City of Cabot AR Sales & Use Tax Revenue, 3.00%, 12/01/2056 (Callable 12/01/2028) | 2700000 | 2291238  |
|  City of Fayetteville AR, 3.05%, 01/01/2047 (Callable 01/01/2026) | 35000 | 35000  |
|  City of Fort Smith AR Water & Sewer Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2034 (Callable 10/01/2028) | 255000 | 266751  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2035 (Callable 10/01/2028) | 5865000 | 6107036  |
| &nbsp;&nbsp;&nbsp; City of Heber Springs AR Water & Sewer Revenue, <br>3.00%, 11/01/2034 (Callable 02/02/2026) | 685000 | 668215  |
|  City of Hope AR Sales & Use Tax Revenue, 4.25%, 06/01/2048 (Callable 06/01/2032) | 1655000 | 1650590  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  City of Hot Springs AR Wastewater Revenue, 4.13%, 12/01/2045 (Callable 06/01/2030) | $755000 | $734536  |
| &nbsp;&nbsp;&nbsp; City of Jonesboro AR, <br>4.00%, 08/01/2035 (Callable 02/01/2031) | 275000 | 283381  |
| City of Maumelle AR<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/01/2028 (Callable 02/02/2026) | 315000 | 315179  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/01/2029 (Callable 02/02/2026) | 700000 | 700414  |
|  City of Maumelle AR Sales & Use Tax, 4.00%, 08/01/2026 (Callable 02/02/2026) | 65000 | 65031  |
|  City of Osceola AR Sales & Use Tax, 4.13%, 06/01/2049 (Callable 06/01/2031) | 1250000 | 1231915  |
| &nbsp;&nbsp;&nbsp; City of Pine Bluff AR, <br>3.00%, 02/01/2047 (Callable 08/01/2027) | 345000 | 337562  |
|  City of Rogers AR Sales & Use Tax Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2031 (Callable 11/01/2026) | 2500000 | 2539651  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2035 (Callable 11/01/2026) | 1000000 | 1011909  |
|  City of Springdale AR Sales & Use Tax Revenue, 5.00%, 08/01/2038 (Callable 02/01/2030) | 240000 | 254860  |
|  City of West Memphis AR Public Utility System Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 (Callable 12/01/2031) | 225000 | 249064  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033 (Callable 12/01/2031) | 200000 | 219761  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2034 (Callable 12/01/2031) | 200000 | 218463  |
| &nbsp;&nbsp;&nbsp; 3.00%, 12/01/2041 (Callable 12/01/2028) | 1750000 | 1489233  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2044 (Callable 12/01/2031) | 1000000 | 957538  |
| &nbsp;&nbsp;&nbsp; 4.25%, 12/01/2049 (Callable 12/01/2031) | 1000000 | 950210  |
|  Conway Health Facilities Board, 5.00%, 08/01/2029 (Callable 08/01/2026) | 360000 | 363127  |
|  County of Madison AR Sales & Use Tax, 4.25%, 12/01/2058 (Callable 12/01/2030) | 2725000 | 2743933  |
|  Jonesboro City Water & Light Plant, 4.00%, 06/01/2043 (Callable 12/01/2032) | 2500000 | 2461193  |
| University of Central Arkansas<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/01/2027 (Callable 01/23/2026) | 340000 | 340178  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/01/2028 (Callable 01/23/2026) | 250000 | 250060  |
|  |  | 52531617  |

---

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

243<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **California - 4.1%**<br>|  |  |
| Acalanes Union High School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.65%, 08/01/2028 | $110000 | $115161  |
| &nbsp;&nbsp;&nbsp; 6.35%, 08/01/2039 (Callable 08/01/2029) | 350000 | 390437  |
|  Alameda Corridor Transportation Authority, 5.00%, 10/01/2037 (Callable 10/01/2026) | 500000 | 505881  |
|  Alvord Unified School District, 0.00%, 08/01/2046 (Callable 08/01/2036)<sup>(e)</sup> | 505000 | 614008  |
| &nbsp;&nbsp;&nbsp; Anaheim Housing & Public Improvements Authority, <br>5.00%, 10/01/2038 (Callable 10/01/2027) | 1190000 | 1229025  |
|  Antelope Valley Community College District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/2029<sup>(e)</sup> | 650000 | 587495  |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/2031<sup>(e)</sup> | 1000000 | 850354  |
|  Burbank Unified School District, 4.53%, 02/01/2038 (Callable 08/01/2028) | 210000 | 216331  |
|  California Community Choice Financing Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2028 | 1660000 | 1731040  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2028 | 1885000 | 1982761  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2033 (Callable 08/01/2033) | 9345000 | 10158883  |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/01/2054 (Callable 10/01/2030)<sup>(a)</sup> | 5800000 | 6162740  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2056 (Callable 05/01/2033)<sup>(a)</sup> | 10500000 | 11490316  |
|  California Enterprise Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2029 | 245000 | 265468  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2030 | 260000 | 287108  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2031 | 265000 | 298095  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2034 (Callable 06/01/2033) | 285000 | 327625  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2035 (Callable 06/01/2033) | 215000 | 245962  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2036 (Callable 06/01/2033) | 230000 | 261140  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2038 (Callable 06/01/2033) | 250000 | 279834  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2040 (Callable 06/01/2033) | 355000 | 390102  |
|  California Health Facilities Financing Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.85%, 11/15/2027 (Callable 02/15/2026) | 1850000 | 1851314  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 (Callable 09/01/2032) | 7350000 | 8159785  |
| California Housing Finance Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 12/01/2027 (Callable 06/01/2027)<sup>(b)</sup> | 3750000 | 3810109  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| &nbsp;&nbsp;&nbsp; 3.75%, 03/25/2035 | $4230463 | $4283447  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2054 (Callable 09/01/2026)<sup>(a)</sup> | 4600000 | 4655541  |
| &nbsp;&nbsp;&nbsp; 3.60%, 08/01/2063 (Callable 02/01/2026)<sup>(a)</sup> | 1500000 | 1500765  |
|  California Infrastructure & Economic Development Bank, 4.02% (SIFMA Municipal Swap Index + 0.70%), 12/01/2050 (Callable 01/23/2026) | 250000 | 249635  |
|  California Municipal Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2031 | 470000 | 517909  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2035 (Callable 08/01/2026) | 1715000 | 1733366  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2036 (Callable 11/15/2028) | 1000000 | 1047099  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/15/2039 (Callable 05/15/2031) | 175000 | 177919  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2040 (Callable 08/15/2031) | 320000 | 338105  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2041 (Callable 08/15/2031) | 335000 | 351283  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2042 (Callable 08/15/2031) | 230000 | 239440  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2043 (Callable 08/15/2031) | 370000 | 383590  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/15/2053 (Callable 08/15/2031) | 900000 | 928714  |
| California Public Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 06/01/2039 (Callable 06/01/2031)<sup>(b)</sup> | 2685000 | 2720751  |
| &nbsp;&nbsp;&nbsp; 6.50%, 06/01/2054 (Callable 06/01/2031)<sup>(b)</sup> | 4955000 | 4846849  |
|  California State Public Works Board, 3.00%, 10/01/2035 (Callable 10/01/2026) | 510000 | 494199  |
|  California Statewide Communities Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2031 (Callable 11/15/2029) | 280000 | 304769  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2033 (Callable 11/15/2029) | 360000 | 389355  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2037 (Callable 04/01/2030) | 350000 | 376707  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2038 (Callable 04/01/2030) | 400000 | 428570  |
| &nbsp;&nbsp;&nbsp; 4.25%, 09/01/2067 (Callable 09/01/2034)<sup>(a)</sup> | 3065000 | 3183205  |
|  City of Los Angeles Department of Airports<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2034 (Callable 05/15/2029)<sup>(c)</sup> | 4230000 | 4472705  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2038 (Callable 05/15/2029)<sup>(c)</sup> | 3000000 | 3131687  |

---

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

244<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **California - (Continued)** | **California - (Continued)** | **California - (Continued)** |
| &nbsp;&nbsp;&nbsp; City of Palo Alto CA, <br>5.00%, 11/01/2036 (Callable 11/01/2028) | $1295000 | $1379600  |
| &nbsp;&nbsp;&nbsp; City of San Jose CA, <br>4.05%, 09/01/2035 | 1060000 | 1095028  |
| &nbsp;&nbsp;&nbsp; City of San Mateo CA, <br>5.25%, 09/01/2040 (Callable 09/01/2032) | 1250000 | 1372010  |
|  College of the Sequoias Tulare Area Improvement District No 3, 0.00%, 08/01/2042 (Callable 08/01/2037)<sup>(e)</sup> | 990000 | 847221  |
|  Compton Community College District, 0.00%, 08/01/2034<sup>(e)</sup> | 450000 | 345637  |
| &nbsp;&nbsp;&nbsp; Compton Community Redevelopment Agency Successor Agency, <br>5.00%, 08/01/2037 (Callable 08/01/2032) | 1300000 | 1444735  |
| County of Santa Barbara CA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/2033 (Callable 12/01/2028)<sup>(c)</sup> | 4550000 | 4794963  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2037 (Callable 12/01/2028)<sup>(c)</sup> | 3000000 | 3117030  |
|  Denair Unified School District, 6.50%, 08/01/2031 | 130000 | 149979  |
|  Escondido Union High School District, 0.00%, 08/01/2035<sup>(e)</sup> | 500000 | 370881  |
|  Freddie Mac Multifamily ML Certificates<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.88%, 07/25/2036 | 6933025 | 6390169  |
| &nbsp;&nbsp;&nbsp; 2.25%, 09/25/2037 | 7755686 | 6563059  |
| &nbsp;&nbsp;&nbsp; 3.16%, 12/25/2038<sup>(a)</sup> | 3463263 | 3057142  |
|  Gonzales Public Financing Authority, 3.95%, 05/01/2044 (Callable 01/23/2026)<sup>(a)</sup> | 5725000 | 5727336  |
|  Grossmont Union High School District, 3.00%, 08/01/2033 (Callable 08/01/2026) | 1750000 | 1750799  |
|  Hayward Unified School District, 0.00%, 08/01/2034<sup>(e)</sup> | 500000 | 385341  |
|  Hueneme Elementary School District, 4.00%, 08/01/2037 (Callable 08/01/2028) | 500000 | 505918  |
| &nbsp;&nbsp;&nbsp; Indio Finance Authority, <br>5.25%, 11/01/2042 (Callable 11/01/2032) | 1000000 | 1099088  |
| Inglewood Unified School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2026 | 3000000 | 3043380  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2031 | 1000000 | 1134677  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2033 | 1250000 | 1459804  |
|  Inglewood Unified School District School Facilities Financing Authority, 5.25%, 10/15/2026 | 275000 | 279289  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  Long Beach Bond Finance Authority, 5.00%, 11/15/2029 | $50000 | $53770  |
|  Los Angeles County Development Authority, 3.75%, 12/01/2046 (Callable 02/01/2026)<sup>(a)</sup> | 1100000 | 1100521  |
|  Los Angeles Department of Water & Power<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 (Callable 07/01/2031) | 3095000 | 3424803  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 (Callable 01/01/2027)  | 870000 | 887834 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034 (Callable 01/01/2027) | 1640000 | 1672334  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034 (Callable 02/02/2026)  | 1295000 | 1296824  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036 (Callable 07/01/2027) | 1780000 | 1826484  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037 (Callable 07/01/2028) | 1995000 | 2078292  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2038 (Callable 01/01/2028) | 1465000 | 1512644  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2038 (Callable 01/01/2035)  | 1000000 | 1136084 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2039 (Callable 01/01/2027) | 350000 | 355011  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2042 (Callable 01/01/2035) | 500000 | 543727  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2043 (Callable 01/01/2035) | 1000000 | 1076802  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/2045 (Callable 01/01/2035) | 1000000 | 1076891  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2049 (Callable 07/01/2029) | 800000 | 807033  |
|  Los Angeles Department of Water & Power Water System Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 (Callable 01/01/2026) | 200000 | 200000  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 (Callable 01/01/2026) | 555000 | 555000  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035 (Callable 01/01/2026) | 1500000 | 1500000  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037 (Callable 07/01/2030) | 980000 | 1052667 |
|  Los Angeles Unified School District/CA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/2042 (Callable 01/01/2028) | 6500000 | 6759513  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/2042 (Callable 01/01/2028) | 5000000 | 5194705  |
| Mayers Memorial Hospital District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/2027<sup>(e)</sup> | 260000 | 242912  |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/2028<sup>(e)</sup> | 290000 | 259883  |
|  Moorpark Unified School District, 0.00%, 08/01/2036 (Callable 08/01/2032)<sup>(e)</sup> | 175000 | 190882  |

---

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

245<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **California - (Continued)**  | **California - (Continued)**  | **California - (Continued)**  |
|  Morongo Unified School District, 5.50%, 08/01/2041 (Callable 08/01/2030) | $1140000 | $1241528  |
|  Mountain Empire Unified School District, 6.25%, 08/01/2048 (Callable 08/01/2032) | 500000 | 551640  |
|  Mt San Antonio Community College District, 0.00%, 08/01/2043 (Callable 08/01/2035)<sup>(e)</sup> | 2145000 | 2182729  |
| &nbsp;&nbsp;&nbsp; Norman Y Mineta San Jose International Airport SJC, <br>5.00%, 03/01/2035 (Callable 03/01/2027)<sup>(c)</sup> | 3500000 | 3554661  |
|  Palmdale Elementary School District, 0.00%, 08/01/2028<sup>(e)</sup> | 585000 | 542986  |
|  Palomar Community College District, 6.20%, 08/01/2039 (Callable 08/01/2035) | 1080000 | 1362213  |
| Paradise Unified School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2037 (Callable 05/01/2030) | 1000000 | 1044285  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/2044 (Callable 05/01/2029) | 1250000 | 1272910  |
|  Perris Union High School District/CA, 3.00%, 09/01/2037 (Callable 09/01/2029) | 800000 | 763491  |
|  Rio Hondo Community College District, 6.85%, 08/01/2042 (Callable 08/01/2034) | 1500000 | 1871879  |
|  River Islands Public Financing Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/2038 (Callable 09/01/2030) | 200000 | 205886  |
| &nbsp;&nbsp;&nbsp; 4.25%, 09/01/2042 (Callable 09/01/2029) | 1000000 | 1013178  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2042 (Callable 09/01/2029) | 3250000 | 3473740  |
| &nbsp;&nbsp;&nbsp; 4.25%, 09/01/2043 (Callable 09/01/2030) | 1500000 | 1530317  |
| &nbsp;&nbsp;&nbsp; 4.25%, 09/01/2043 (Callable 09/01/2030)  | 660000 | 664644 |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/01/2047 (Callable 09/01/2029) | 1250000 | 1255266  |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/01/2048 (Callable 09/01/2030) | 850000 | 852322  |
|  Rocklin Unified School District, 0.00%, 08/01/2026<sup>(e)</sup> | 5365000 | 5282369  |
|  Sacramento City Unified School District/CA, 5.50%, 08/01/2047 (Callable 08/01/2030) | 2120000 | 2239140  |
| &nbsp;&nbsp;&nbsp; San Francisco City & County Airport Comm-San Francisco International Airport, <br>5.00%, 05/01/2041 (Callable 05/01/2026)<sup>(c)</sup> | 2500000 | 2505794  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  San Jacinto Unified School District, 3.00%, 09/01/2028 | $165000 | $165595  |
|  San Luis Obispo County Financing Authority, 5.00%, 09/01/2037 (Callable 01/23/2026) | 1000000 | 1000635  |
|  San Marcos Schools Financing Authority, 5.00%, 08/15/2037 (Callable 08/15/2027) | 1400000 | 1439934  |
|  San Mateo Union High School District, 0.00%, 09/01/2041 (Callable 09/01/2036)<sup>(e)</sup> | 6615000 | 7200344  |
|  Santa Ana Unified School District, 0.00%, 08/01/2033<sup>(e)</sup> | 5000000 | 3705286  |
|  Santa Monica-Malibu Unified School District, 3.00%, 08/01/2036 (Callable 08/01/2026) | 600000 | 588204  |
|  Sierra Joint Community College District School Facilities District No 1, 0.00%, 08/01/2031<sup>(e)</sup> | 370000 | 320928  |
|  Southern Kern Unified School District, 0.00%, 11/01/2034<sup>(e)</sup> | 425000 | 322130  |
| &nbsp;&nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates, <br>1.45%, 04/01/2043 (Callable 01/08/2026)<sup>(a)(b)</sup> | 2180000 | 2180000  |
| &nbsp;&nbsp;&nbsp; University of California, <br>5.00%, 05/15/2041 (Callable 05/15/2026) | 7850000 | 7872479  |
|  Washington Township Health Care District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/01/2041 (Callable 08/01/2033) | 250000 | 258062  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/01/2042 (Callable 08/01/2033) | 300000 | 307339  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/01/2043 (Callable 08/01/2033) | 275000 | 281627  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/01/2045 (Callable 08/01/2033) | 400000 | 405601  |
|  Waterford Unified School District/CA, 4.00%, 08/01/2042 (Callable 08/01/2032) | 1455000 | 1473280  |
| &nbsp;&nbsp;&nbsp; West Hills Community College District School Facilities Improvement District 2, <br>5.10%, 08/01/2035 (Callable 08/01/2027) | 50000 | 51741  |
|  Woodlake Union High School District, 0.00%, 08/01/2033<sup>(e)</sup> | 1650000 | 1198073  |
| &nbsp;&nbsp;&nbsp; Yorba Linda Redevelopment Agency Successor Agency, <br>0.00%, 09/01/2028<sup>(e)</sup> | 560000 | 510814  |
|  |  | 232777336  |
| **Colorado - 3.3%**<br>|  |  |
|  Adams & Arapahoe Counties Joint School District 28J Aurora<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/2043 (Callable 06/01/2033) | 650000 | 699685  |

---

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

246<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Colorado - (Continued)**  | **Colorado - (Continued)**  | **Colorado - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/2045 (Callable 06/01/2033) | $1350000 | $1433478  |
|  Adams & Weld Counties School District No 27J Brighton/CO, 5.00%, 12/01/2040 (Callable 02/02/2026) | 1105000 | 1105012  |
|  Adams County School District No 14, 5.50%, 12/01/2043 (Callable 12/01/2034) | 3665000 | 4109508  |
|  Arapahoe County School District No 6 Littleton<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2037 (Callable 12/01/2028) | 4000000 | 4264678  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2038 (Callable 12/01/2028) | 2000000 | 2126943  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2043 (Callable 12/01/2028) | 3370000 | 3546719  |
| Arkansas River Power Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2026 | 610000 | 617005  |
| &nbsp;&nbsp;&nbsp; 5.88%, 10/01/2026 | 1240000 | 1269167  |
| Baseline Metropolitan District No 1<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2037 (Callable 12/01/2029) | 550000 | 598048  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2038 (Callable 12/01/2029) | 500000 | 542041  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2039 (Callable 12/01/2029) | 500000 | 540100  |
|  Brighton Crossing Metropolitan District No 4<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 475000 | 531008  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033 | 270000 | 303221  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2034 | 340000 | 384576  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2035 (Callable 12/01/2034) | 535000 | 605490  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2036 (Callable 12/01/2034) | 400000 | 448520  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2037 (Callable 12/01/2034) | 500000 | 556814  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2038 (Callable 12/01/2034) | 425000 | 472440  |
|  Bromley Park Metropolitan District No 2<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2038 (Callable 12/01/2033) | 600000 | 676597  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2043 (Callable 12/01/2033) | 440000 | 479558  |
| &nbsp;&nbsp;&nbsp; 5.38%, 12/01/2053 (Callable 12/01/2033) | 1000000 | 1056494  |
|  Buckhorn Valley Metropolitan District No 2<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/2045 (Callable 12/01/2030) | 425000 | 448713  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2050 (Callable 12/01/2030) | 325000 | 334513  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Canyons Metropolitan District No 5<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033 | $250000 | $281146  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2034 | 250000 | 283206  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2035 (Callable 12/01/2034) | 300000 | 337818  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2036 (Callable 12/01/2034) | 275000 | 307032  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2037 (Callable 12/01/2034) | 250000 | 276809  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2038 (Callable 12/01/2034) | 350000 | 385154  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2039 (Callable 12/01/2034) | 350000 | 382349  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2040 (Callable 12/01/2034) | 300000 | 324903  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2041 (Callable 12/01/2034) | 680000 | 728922  |
| &nbsp;&nbsp;&nbsp; 4.13%, 12/01/2054 (Callable 12/01/2034) | 1750000 | 1551314  |
| Central Weld County Water District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2045 (Callable 12/01/2035) | 1000000 | 1048958  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2050 (Callable 12/01/2035) | 1000000 | 1037383  |
|  City & County of Denver CO Airport System Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2026<sup>(c)</sup> | 4700000 | 4785848  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/15/2027<sup>(c)</sup> | 1000000 | 1045144  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2028<sup>(c)</sup> | 2000000 | 2114788  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2035 (Callable 12/01/2028)<sup>(c)</sup> | 10475000 | 10891126  |
|  City & County of Denver CO Pledged Excise Tax Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/2030 (Callable 08/01/2026)<sup>(e)</sup> | 500000 | 420475  |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/2032 (Callable 08/01/2026)<sup>(e)</sup> | 365000 | 281823  |
|  City of Colorado Springs CO Utilities System Revenue, 5.00%, 11/15/2042 (Callable 11/15/2027) | 2770000 | 2832597  |
| City of Commerce City CO<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2029 (Callable 12/15/2027) | 310000 | 322687  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2030 (Callable 12/15/2027) | 500000 | 518916  |
|  City of Thornton CO, 3.00%, 12/01/2037 (Callable 12/01/2029) | 1825000 | 1696497  |
|  Colorado Educational & Cultural Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 07/01/2026<sup>(b)</sup> | 500000 | 499754  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/2029 (Callable 05/01/2028) | 260000 | 263197  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2029 (Callable 05/15/2026) | 3685000 | 3704948  |

---

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

247<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Colorado - (Continued)**  | **Colorado - (Continued)**  | **Colorado - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2030 (Callable 02/02/2026) | $945000 | $946134  |
| &nbsp;&nbsp;&nbsp; 2.00%, 09/01/2030 (Callable 09/01/2028) | 175000 | 165587  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2032 | 45000 | 46641  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2034 (Callable 02/02/2026) | 985000 | 987490  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/2035 (Callable 03/01/2027) | 450000 | 453104  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/2037 (Callable 03/01/2027) | 700000 | 703147  |
| Colorado Health Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.13%, 05/15/2028 (Callable 02/02/2026) | 1320000 | 1309864  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2028 | 5575000 | 5860082  |
| &nbsp;&nbsp;&nbsp; 2.63%, 05/15/2029 (Callable 02/02/2026) | 3165000 | 3126613  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2032 | 4750000 | 5306631  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2032 (Callable 11/01/2029) | 3000000 | 3202850  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/2035 (Callable 11/01/2032) | 1100000 | 1226323  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2036 (Callable 08/01/2029) | 150000 | 157606  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/2036 (Callable 11/01/2032) | 1160000 | 1285286  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2037 (Callable 10/01/2030) | 820000 | 816882  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2042 (Callable 02/02/2026) | 375000 | 352125  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2044 (Callable 08/01/2029) | 4265000 | 4327048  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/15/2045 (Callable 02/02/2026) | 120000 | 113678  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2060 (Callable 11/15/2029)<sup>(a)</sup> | 2000000 | 2185735  |
| &nbsp;&nbsp;&nbsp; 2.91% (SIFMA Municipal Swap Index + 0.55%), 05/15/2061 (Callable 02/17/2026) | 3000000 | 2998477  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2062 (Callable 02/17/2026)<sup>(a)</sup> | 4175000 | 4235833  |
|  Colorado Housing and Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 11/01/2043 (Callable 05/01/2026)<sup>(a)</sup> | 1000000 | 1001574  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/2048 (Callable 11/01/2026) | 50000 | 50153  |
| &nbsp;&nbsp;&nbsp; 4.25%, 11/01/2049 (Callable 11/01/2028) | 770000 | 776976  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/2052 (Callable 11/01/2031) | 2655000 | 2751874  |
| &nbsp;&nbsp;&nbsp; 6.00%, 11/01/2052 (Callable 11/01/2031) | 145000 | 154322  |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/01/2054 (Callable 05/01/2033) | 5900000 | 6507164  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| &nbsp;&nbsp;&nbsp; 6.25%, 05/01/2055 (Callable 05/01/2033) | $8500000 | $9548159  |
| &nbsp;&nbsp;&nbsp; 6.50%, 05/01/2055 (Callable 05/01/2033) | 1750000 | 1984268  |
|  Colorado International Center Metropolitan District No 3, 5.25%, 12/01/2046 (Callable 12/01/2030) | 600000 | 625916  |
|  Colorado Springs School District No 11 Facilities Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2041 (Callable 12/15/2033) | 500000 | 542348  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2044 (Callable 12/15/2033) | 650000 | 685591  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/15/2048 (Callable 12/15/2033) | 2750000 | 2896125  |
|  Colorado Water Resources & Power Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/01/2043 (Callable 09/01/2033) | 900000 | 993552  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2048 (Callable 09/01/2033) | 300000 | 312152  |
|  Crystal Valley Metropolitan District No 2<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2037 (Callable 12/01/2030) | 800000 | 815982  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2038 (Callable 12/01/2030) | 1000000 | 1014279  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2039 (Callable 12/01/2030) | 1785000 | 1804815  |
|  Denver City & County Housing Authority, 5.00%, 06/01/2029 (Callable 12/01/2028) | 1750000 | 1837599  |
|  Denver City & County School District No 1, 5.50%, 12/01/2047 (Callable 12/01/2034) | 3000000 | 3319155  |
|  Denver Convention Center Hotel Authority, 5.00%, 12/01/2030 (Callable 12/01/2026) | 1000000 | 1012868  |
| Denver Health & Hospital Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2027 | 340000 | 351247  |
| &nbsp;&nbsp;&nbsp; 4.25%, 12/01/2033 (Callable 02/02/2026) | 275000 | 275130  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/2045 (Callable 02/02/2026) | 485000 | 485154  |
|  E-470 Public Highway Authority, 0.00%, 09/01/2029<sup>(e)</sup> | 2550000 | 2305822  |
|  Fossil Ridge Metropolitan District No 3<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 (Callable 12/01/2030) | 390000 | 433678  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2034 (Callable 12/01/2030) | 450000 | 497903  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2035 (Callable 12/01/2030) | 250000 | 275359  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2036 (Callable 12/01/2030) | 200000 | 219255  |

---

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

248<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Colorado - (Continued)**  | **Colorado - (Continued)**  | **Colorado - (Continued)**  |
| Grand River Hospital District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/2030 (Callable 12/01/2028) | $350000 | $371067  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/2031 (Callable 12/01/2028) | 1190000 | 1258902  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/2035 (Callable 12/01/2028) | 845000 | 884581  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/2037 (Callable 12/01/2028) | 2555000 | 2660119  |
|  Hunters Overlook Metropolitan District No 5<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2026 | 315000 | 320628  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2027 | 175000 | 181621  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2028 | 380000 | 401799  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 | 400000 | 430642  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 455000 | 497905  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 | 480000 | 532523  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 540000 | 605457  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033 | 565000 | 638729  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2034 | 630000 | 717294  |
|  Midtown Clear Creek Metropolitan District, 5.50%, 12/01/2043 (Callable 12/01/2033) | 555000 | 609138  |
| Park Creek Metropolitan District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2036 (Callable 12/01/2032) | 225000 | 249494  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2037 (Callable 12/01/2032) | 275000 | 302547  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2038 (Callable 12/01/2032) | 300000 | 328008  |
|  Raindance Metropolitan District No 2, 5.00%, 12/01/2039 (Callable 12/01/2029) | 1125000 | 1214910  |
| Ravenna Metropolitan District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2038 (Callable 12/01/2033) | 725000 | 786067  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2043 (Callable 12/01/2033) | 1650000 | 1721692  |
| Regional Transportation District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2028 | 1500000 | 1549868  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2031 | 1715000 | 1851027  |
|  Regional Transportation District Sales Tax Revenue, 5.00%, 11/01/2033 (Callable 11/01/2027) | 500000 | 519508  |
| &nbsp;&nbsp;&nbsp; Rio Blanco County School District No Re-1 Meeker, <br>5.50%, 12/01/2037 (Callable 12/01/2028) | 250000 | 265116  |
| State of Colorado<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/2037 (Callable 03/15/2027) | 2000000 | 2040781  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/15/2037 (Callable 12/15/2028) | 705000 | 714221  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/15/2042 (Callable 03/15/2027) | $9535000 | $9677120  |
|  Stetson Ridge Metropolitan District No 3, 2.00%, 12/01/2030 | 525000 | 493485  |
|  Timnath Ranch Metropolitan District No 4, 4.25%, 12/01/2054 (Callable 12/01/2034) | 1000000 | 909040  |
| Town of Vail CO<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2045 (Callable 06/01/2035) | 1200000 | 1265729  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2064 (Callable 06/01/2035) | 2500000 | 2682256  |
|  Trails at Crowfoot Metropolitan District No 3, 5.00%, 12/01/2039 (Callable 06/01/2034) | 1100000 | 1189396  |
| Vauxmont Metropolitan District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2028 (Callable 01/23/2026) | 125000 | 127620  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2029 (Callable 01/23/2026) | 125000 | 127620  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2030 (Callable 01/23/2026) | 125000 | 127616  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2031 (Callable 01/23/2026) | 135000 | 137826  |
| &nbsp;&nbsp;&nbsp; 3.25%, 12/15/2050 (Callable 01/23/2026) | 2724000 | 2333033  |
|  Vista Ridge Metropolitan District, 5.00%, 12/01/2026 | 460000 | 469265  |
|  Weld County School District No 6 Greeley, 5.25%, 12/01/2050 (Callable 12/01/2030) | 1150000 | 1186845  |
|  |  | 189139173  |
| **Connecticut - 0.4%**<br>|  |  |
| City of West Haven CT<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2028 | 350000 | 366132  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2030 | 450000 | 489284  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2032 | 350000 | 392370  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2034 | 400000 | 457536  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2036 (Callable 02/15/2034) | 200000 | 226389  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2040 (Callable 02/15/2034) | 100000 | 109673  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/2044 (Callable 02/15/2034) | 250000 | 242787  |
|  Connecticut Housing Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2026 | 395000 | 403068  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2028 | 210000 | 220804  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2028 | 225000 | 238987  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2029 | 230000 | 246284  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2029 | 125000 | 135135  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2030 | 160000 | 175344  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/15/2047 (Callable 11/15/2026) | 15000 | 15035  |
| &nbsp;&nbsp;&nbsp; 3.50%, 11/15/2051 (Callable 05/15/2031) | 2595000 | 2584493  |

---

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

249<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **Connecticut - (Continued)**  | **Connecticut - (Continued)**  | **Connecticut - (Continued)**  |
|  Connecticut State Health & Educational Facilities Authority, 2.95%, 07/01/2049<sup>(a)</sup> | $4300000 | $4324300  |
| &nbsp;&nbsp;&nbsp; Stamford Housing Authority, <br>4.75%, 10/01/2032 | 4000000 | 4130930  |
|  State of Connecticut Clean Water Fund - State Revolving Fund, 5.00%, 05/01/2036 (Callable 05/01/2027) | 840000 | 863717  |
|  State of Connecticut Special Tax Revenue, 5.00%, 10/01/2036 (Callable 10/01/2028) | 4000000 | 4208538  |
| &nbsp;&nbsp;&nbsp; Town of Hamden CT, <br>5.00%, 08/15/2032 | 1000000 | 1138608  |
|  Waterbury Housing Authority, 4.50%, 02/01/2042 (Callable 03/01/2035) | 2495000 | 2525858  |
|  |  | 23495272  |
| **Delaware - 0.2%**<br>|  |  |
|  Delaware Municipal Electric Corp., 4.00%, 07/01/2036 (Callable 07/01/2031) | 330000 | 339940  |
| Delaware State Housing Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/01/2056 (Callable 01/01/2034) | 2500000 | 2717666  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/01/2056 (Callable 01/01/2034) | 5000000 | 5532187  |
|  |  | 8589793  |
| **District of Columbia - 0.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; District of Columbia, <br>5.00%, 06/01/2042 (Callable 06/01/2027) | 1100000 | 1117419  |
|  District of Columbia Housing Finance Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2028 | 2000000 | 2081191  |
| &nbsp;&nbsp;&nbsp; 2.95%, 09/01/2028 | 4500000 | 4485541  |
| &nbsp;&nbsp;&nbsp; 3.15%, 02/01/2030 (Callable 08/01/2028)<sup>(a)</sup> | 3450000 | 3458121  |
| &nbsp;&nbsp;&nbsp; 3.60%, 03/01/2046<sup>(a)</sup> | 2500000 | 2521220  |
|  District of Columbia Water & Sewer Authority, 3.00%, 10/01/2057 (Callable 07/01/2027)<sup>(a)</sup> | 7600000 | 7542299  |
|  Metropolitan Washington Airports Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/01/2044 (Callable 10/01/2028) | 3610000 | 3839603 |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/01/2044 (Callable 10/01/2028) | 3065000 | 3264919  |
|  Metropolitan Washington Airports Authority Aviation Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2031 (Callable 10/01/2026)<sup>(c)</sup> | 8665000 | 8768566  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2032<sup>(c)</sup> | 1425000 | 1592450  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  Metropolitan Washington Airports Authority Dulles Toll Road Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 10/01/2029<sup>(e)</sup> | $110000 | $98405  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2033 (Callable 10/01/2028) | 730000 | 770999  |
| &nbsp;&nbsp;&nbsp; 0.00%, 10/01/2037<sup>(e)</sup> | 1800000 | 1154927  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2038 (Callable 10/01/2028) | 330000 | 344298  |
| &nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit Authority, <br>5.00%, 07/01/2037 (Callable 07/01/2027) | 965000 | 988747  |
|  |  | 42028705  |
| **Florida - 3.9%**<br>|  |  |
|  Alachua County Health Facilities Authority, 5.00%, 12/01/2027 (Callable 02/02/2026) | 815000 | 816243  |
|  Broward County Housing Finance Authority, 3.50%, 04/01/2041 (Callable 02/02/2026)<sup>(a)</sup> | 3150000 | 3149786  |
| Capital Trust Agency, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/01/2041 (Callable 06/01/2028) | 330000 | 306091  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/01/2056 (Callable 06/01/2028) | 485000 | 394125  |
| &nbsp;&nbsp;&nbsp; Capital Trust Authority, <br>5.00%, 06/15/2034 (Callable 06/15/2032) | 610000 | 643149  |
| Central Florida Expressway Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2031 (Callable 07/01/2026) | 1610000 | 1617683  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037 (Callable 07/01/2029) | 1625000 | 1728921  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2043 (Callable 07/01/2028) | 440000 | 451821  |
|  Central Florida Tourism Oversight District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/01/2035 (Callable 06/01/2027) | 1000000 | 1008215  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2035 (Callable 06/01/2026) | 5000000 | 5036142  |
|  Charlotte County Industrial Development Authority/FL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 10/01/2035 (Callable 10/01/2033)<sup>(c)</sup> | 480000 | 496223  |
| &nbsp;&nbsp;&nbsp; 5.88%, 10/01/2045 (Callable 10/01/2033)<sup>(c)</sup> | 950000 | 987881  |
|  City of Cape Coral FL Water & Sewer Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.60%, 03/01/2048 (Callable 03/01/2033) | 4950000 | 5298971  |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/2053 (Callable 10/01/2033) | 1250000 | 1319311  |
| &nbsp;&nbsp;&nbsp; City of Fort Lauderdale FL Water & Sewer Revenue, <br>5.50%, 09/01/2048 (Callable 09/01/2033) | 7000000 | 7594261  |

---

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

250<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **Florida - (Continued)**  | **Florida - (Continued)**  | **Florida - (Continued)**  |
| City of Fort Myers FL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 (Callable 02/02/2026) | $475000 | $475775  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2037 (Callable 02/02/2026) | 1000000 | 1000338  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2038 (Callable 02/02/2026) | 500000 | 500167  |
| City of Jacksonville FL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/01/2032 (Callable 11/01/2029) | 375000 | 382720  |
| &nbsp;&nbsp;&nbsp; 2.40%, 08/01/2036 (Callable 02/02/2026)<sup>(a)</sup> | 5000000 | 5000000  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/01/2040 (Callable 02/02/2026) | 65000 | 63414  |
|  City of Orlando FL Tourist Development Tax Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2034 (Callable 11/01/2027) | 775000 | 800806  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2036 (Callable 11/01/2027) | 1010000 | 1039828  |
|  City of Pensacola FL Airport Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/2042 (Callable 10/01/2035)<sup>(c)</sup> | 1250000 | 1343540  |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/2043 (Callable 10/01/2035)<sup>(c)</sup> | 1025000 | 1090356  |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/2044 (Callable 10/01/2035)<sup>(c)</sup> | 1400000 | 1476695  |
| City of Tallahassee FL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 (Callable 02/02/2026) | 610000 | 610692  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2040 (Callable 02/02/2026) | 1260000 | 1260495  |
| City of Tampa FL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/2043 (Callable 05/01/2028) | 7155000 | 7385769  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/2046 (Callable 05/01/2028) | 4100000 | 4186272  |
|  Collier County Educational Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2026 | 1840000 | 1845579  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2028 | 1775000 | 1815380  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2029 | 1065000 | 1098212  |
| &nbsp;&nbsp;&nbsp; Collier County Industrial Development Authority, <br>5.00%, 10/01/2054 (Callable 10/01/2030)<sup>(a)</sup> | 1250000 | 1357304  |
|  Columbia County School Board, 5.00%, 07/01/2039 (Callable 07/01/2034) | 1350000 | 1511604  |
| &nbsp;&nbsp;&nbsp; County of Broward FL Airport System Revenue, <br>5.00%, 10/01/2031 (Callable 02/02/2026)<sup>(c)</sup> | 3000000 | 3003652  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| &nbsp;&nbsp;&nbsp; County of Charlotte FL, <br>5.00%, 10/01/2028 (Callable 02/02/2026) | $1420000 | $1422183  |
|  County of Escambia FL Sales Tax Revenue, 5.00%, 10/01/2046 (Callable 10/01/2027) | 2000000 | 2021624  |
|  County of Lee FL Airport Revenue, 5.00%, 10/01/2026<sup>(c)</sup> | 5395000 | 5469399  |
| County of Miami-Dade FL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 10/01/2034 (Callable 10/01/2029) | 550000 | 627714  |
| &nbsp;&nbsp;&nbsp; 7.00%, 10/01/2039 (Callable 10/01/2029) | 755000 | 855109  |
|  County of Miami-Dade FL Aviation Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2031 (Callable 02/02/2026)<sup>(c)</sup> | 1365000 | 1366489  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2032 (Callable 10/01/2026) | 360000 | 365188  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2041 (Callable 10/01/2026) | 2585000 | 2601919  |
| &nbsp;&nbsp;&nbsp; County of Orange FL Water Utility System Revenue, <br>5.00%, 10/01/2039 (Callable 10/01/2030) | 7565000 | 8175926  |
| &nbsp;&nbsp;&nbsp; County of Sarasota FL Utility System Revenue, <br>5.00%, 10/01/2040 (Callable 04/01/2029) | 2500000 | 2610881  |
| &nbsp;&nbsp;&nbsp; County of Seminole FL, <br>5.00%, 10/01/2052 (Callable 10/01/2032) | 2500000 | 2566535  |
|  Escambia County Health Facilities Authority, 5.00%, 08/15/2035 (Callable 02/15/2030) | 820000 | 858975  |
|  Escambia County Housing Finance Authority, 3.80%, 06/01/2027<sup>(a)</sup> | 4500000 | 4514233  |
| Florida Development Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/01/2026<sup>(b)</sup> | 225000 | 224936  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2029 | 250000 | 266339  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2034 (Callable 06/15/2027) | 800000 | 812109  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/15/2034 (Callable 06/15/2032)<sup>(b)</sup> | 1225000 | 1304629  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2040 (Callable 06/15/2027) | 1650000 | 1658231  |
| &nbsp;&nbsp;&nbsp; Florida Gulf Coast University Financing Corp., <br>5.00%, 08/01/2029 (Callable 02/01/2028) | 600000 | 622797  |
|  Florida Higher Educational Facilities Financing Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2029 (Callable 04/01/2026) | 950000 | 953961  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035 (Callable 07/01/2033)<sup>(b)</sup> | 7600000 | 7612317  |

---

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

251<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **Florida - (Continued)**  | **Florida - (Continued)**  | **Florida - (Continued)**  |
| Florida Housing Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.35%, 10/01/2027<sup>(a)</sup> | $2250000 | $2252183  |
| &nbsp;&nbsp;&nbsp; 3.10%, 01/01/2029 (Callable 09/01/2027)<sup>(a)</sup> | 2275000 | 2280493  |
| &nbsp;&nbsp;&nbsp; 3.15%, 12/01/2029 (Callable 06/01/2028)<sup>(a)</sup> | 3180000 | 3186241  |
| &nbsp;&nbsp;&nbsp; 3.15%, 07/01/2043 (Callable 01/01/2028)<sup>(a)</sup> | 2350000 | 2354549  |
| &nbsp;&nbsp;&nbsp; 4.20%, 01/01/2045 (Callable 01/01/2028) | 595000 | 583715  |
| &nbsp;&nbsp;&nbsp; 3.00%, 01/01/2052 (Callable 01/01/2030) | 650000 | 642652  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/01/2054 (Callable 01/01/2032) | 2105000 | 2198290  |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/01/2055 (Callable 07/01/2033) | 3475000 | 3807660  |
| &nbsp;&nbsp;&nbsp; 6.25%, 07/01/2056 (Callable 07/01/2033) | 3500000 | 3897066  |
|  Florida Local Government Finance Commission, 4.20%, 11/15/2030 (Callable 11/15/2027)<sup>(b)</sup> | 3000000 | 3018661  |
|  Florida Municipal Power Agency, 4.00%, 10/01/2030 (Callable 10/01/2027) | 500000 | 510517  |
| Greater Orlando Aviation Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2031 (Callable 10/01/2027)<sup>(c)</sup> | 1200000 | 1236160  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2035 (Callable 02/02/2026)<sup>(c)</sup> | 2780000 | 2783308  |
|  Highlands County Health Facilities Authority, 3.24%, 11/15/2037 (Callable 02/02/2026)<sup>(a)</sup> | 4000000 | 4000000  |
|  Hillsborough County Housing Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.35%, 06/01/2029<sup>(a)</sup> | 4880000 | 4910293  |
| &nbsp;&nbsp;&nbsp; 4.55%, 02/01/2042 | 3985000 | 4050790  |
|  Jacksonville Housing Authority, 5.00%, 02/01/2034 (Callable 02/01/2033) | 4000000 | 4277810  |
|  Key West Utility Board, 5.00%, 10/01/2035 (Callable 10/01/2028) | 90000 | 94858  |
|  Lee County Housing Finance Authority, 3.50%, 02/01/2027<sup>(a)</sup> | 1000000 | 1000340  |
|  Lee County Industrial Development Authority/FL, 5.00%, 04/01/2035 (Callable 04/01/2029) | 1195000 | 1256145  |
|  Miami-Dade County Housing Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.15%, 08/01/2029 (Callable 02/01/2028)<sup>(a)</sup> | 2000000 | 2004609  |
| &nbsp;&nbsp;&nbsp; 4.95%, 11/01/2041 | 2000000 | 2102108  |
|  Northern Palm Beach County Improvement District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2026 | 620000 | 627060  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2030 | 755000 | 816747  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2031 | $790000 | $866181  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2032 | 825000 | 914131  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2033 | 585000 | 653340  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2034 | 460000 | 517395  |
|  Orange County Housing Finance Authority, 3.00%, 09/01/2050 (Callable 09/01/2029) | 770000 | 761664  |
| Orlando Utilities Commission<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2035 (Callable 10/01/2027) | 705000 | 729694  |
| &nbsp;&nbsp;&nbsp; 1.25%, 10/01/2046 (Callable 04/01/2028)<sup>(a)</sup> | 1310000 | 1203546  |
|  Osceola County Housing Finance Authority, 3.40%, 04/01/2028<sup>(a)</sup> | 2500000 | 2512743  |
|  Palm Beach County Health Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2032 | 200000 | 219646  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/15/2035 (Callable 01/23/2026) | 250000 | 242197  |
|  Pinellas County Housing Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.70%, 10/01/2043 (Callable 10/01/2040) | 6045000 | 6149961  |
| &nbsp;&nbsp;&nbsp; 6.00%, 03/01/2054 (Callable 03/01/2032) | 1975000 | 2088560  |
|  Polk County Industrial Development Authority/FL, 5.33%, 06/15/2040 (Callable 06/15/2034)<sup>(b)</sup> | 1640000 | 1649418  |
|  Putnam County Development Authority/FL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/2042 (Callable 05/01/2028) | 2000000 | 2031582 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/2042 (Callable 05/01/2028)  | 1665000 | 1703166  |
|  Santa Rosa County School Board, 5.00%, 02/01/2038 (Callable 08/01/2029) | 1030000 | 1087165  |
|  Sarasota County Public Hospital District, 5.50%, 07/01/2028 | 3730000 | 3872989  |
|  School Board of Miami-Dade County, 5.00%, 03/15/2038 (Callable 02/02/2026) | 225000 | 225258  |
|  School District of Broward County/FL, 5.00%, 07/01/2036 (Callable 07/01/2032) | 3000000 | 3329060  |
|  Seminole County Industrial Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/15/2028<sup>(b)</sup> | 245000 | 242720  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/15/2029<sup>(b)</sup> | 260000 | 257433  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/15/2030<sup>(b)</sup> | 535000 | 528794  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/15/2036 (Callable 06/15/2031)<sup>(b)</sup> | 470000 | 443756  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/15/2041 (Callable 06/15/2031)<sup>(b)</sup> | 845000 | 736922  |
|  Southeast Overtown Park West Community Redevelopment Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2036 (Callable 03/01/2035) | 2500000 | 2797694  |

---

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

252<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **Florida - (Continued)**  | **Florida - (Continued)**  | **Florida - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2037 (Callable 03/01/2035) | $2000000 | $2213708  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/01/2041 (Callable 03/01/2035) | 2000000 | 2192785  |
| &nbsp;&nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates, <br>2.46%, 04/01/2045 (Callable 04/01/2032)<sup>(a)(b)</sup> | 8785000 | 8785000  |
|  Tohopekaliga Water Authority, 4.00%, 10/01/2033 (Callable 10/01/2026) | 1500000 | 1511222  |
| &nbsp;&nbsp;&nbsp; Town of Davie FL, <br>5.00%, 04/01/2034 (Callable 04/01/2028) | 1105000 | 1152089  |
| &nbsp;&nbsp;&nbsp; Village Community Development District No 10, <br>5.00%, 05/01/2035 (Callable 05/01/2033) | 1075000 | 1193697  |
|  Volusia County Educational Facility Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2026 | 440000 | 443017  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2028 | 660000 | 685181  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/15/2036 (Callable 10/15/2029) | 500000 | 509590  |
|  |  | 223352474  |
| **Georgia - 2.2%**<br>|  |  |
|  Barrow County School District, 5.00%, 02/01/2038 (Callable 02/01/2035) | 2790000 | 3208912  |
|  Bartow County Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.80%, 09/01/2029 (Callable 11/19/2026)<sup>(a)</sup> | 4810000 | 4458913  |
| &nbsp;&nbsp;&nbsp; 3.95%, 12/01/2032<sup>(a)</sup> | 2750000 | 2793886  |
|  Bleckley County & Dodge County Joint Development Authority, 5.00%, 07/01/2038 (Callable 07/01/2028) | 815000 | 840348  |
|  City of Atlanta GA, 5.00%, 01/01/2028 (Callable 02/02/2026) | 1000000 | 1001307  |
|  City of Monroe GA Combined Utility Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2036 (Callable 12/01/2030) | 500000 | 508921  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2037 (Callable 12/01/2030) | 750000 | 759858  |
|  Clayton County Development Authority, 4.00%, 07/01/2031 (Callable 07/01/2027) | 495000 | 499665  |
|  Cobb County Kennestone Hospital Authority, 5.00%, 04/01/2042 (Callable 04/01/2027) | 890000 | 899544  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  College Park Housing Authority, 3.45%, 04/01/2044 (Callable 09/01/2027)<sup>(a)</sup> | $4300000 | $4335668  |
| Commerce School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 08/01/2040 (Callable 08/01/2035) | 225000 | 270664  |
| &nbsp;&nbsp;&nbsp; 6.00%, 08/01/2041 (Callable 08/01/2035) | 250000 | 297487  |
| &nbsp;&nbsp;&nbsp; 6.00%, 08/01/2042 (Callable 08/01/2035) | 400000 | 470729  |
| DeKalb County Housing Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.20%, 02/01/2030 (Callable 08/01/2028)<sup>(a)</sup> | 4500000 | 4511692  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2033 (Callable 12/01/2030) | 7500000 | 7649709  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/2034 (Callable 03/01/2031) | 3180000 | 3200783  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2035 (Callable 12/01/2032) | 5000000 | 4963114  |
|  Development Authority for Fulton County<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029 | 1710000 | 1844969  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2040 (Callable 04/01/2034) | 940000 | 1032092  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/2044 (Callable 03/15/2029) | 2105000 | 2131702  |
|  Development Authority of Bulloch County<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 | 405000 | 443488  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 (Callable 07/01/2030) | 420000 | 457875  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 (Callable 07/01/2030) | 445000 | 483931  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 (Callable 07/01/2030) | 465000 | 503028  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2039 (Callable 07/01/2030) | 305000 | 306156  |
| &nbsp;&nbsp;&nbsp; Gainesville & Hall County Development Authority, <br>1.50%, 11/15/2033 (Callable 02/01/2026)<sup>(a)</sup> | 5600000 | 5600000  |
|  Gainesville & Hall County Hospital Authority, 5.00%, 02/15/2029 (Callable 02/15/2027) | 500000 | 512227  |
|  Georgia Housing & Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.60%, 12/01/2033 (Callable 06/01/2027) | 225000 | 225542  |
| &nbsp;&nbsp;&nbsp; 2.75%, 12/01/2035 (Callable 06/01/2029) | 625000 | 576423  |
| &nbsp;&nbsp;&nbsp; 2.50%, 06/01/2050 (Callable 06/10/2030) | 7250000 | 5332223  |
| &nbsp;&nbsp;&nbsp; Georgia Local Government, <br>4.75%, 06/01/2028 | 4127000 | 4232747  |

---

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

253<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **Georgia - (Continued)**  | **Georgia - (Continued)**  | **Georgia - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Griffin Housing Authority, <br>3.13%, 03/01/2029 (Callable 03/01/2028)<sup>(a)</sup> | $1175000 | $1176184  |
| Main Street Natural Gas, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2026 | 875000 | 888484  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2027 | 1500000 | 1545701  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033 | 10430000 | 11237882  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2034 (Callable 05/15/2029) | 1530000 | 1604803  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/2050 (Callable 06/01/2026)<sup>(a)</sup> | 6015000 | 6046954  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2052 (Callable 06/01/2027)<sup>(a)</sup> | 10515000 | 10616247  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/01/2052 (Callable 05/01/2027)<sup>(a)(b)</sup> | 6750000 | 6742965  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2052 (Callable 03/01/2029)<sup>(a)</sup> | 3545000 | 3707317  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2053 (Callable 03/01/2030)<sup>(a)</sup> | 1170000 | 1233484  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2053 (Callable 12/01/2029)<sup>(a)</sup> | 4290000 | 4527533  |
|  Municipal Electric Authority of Georgia<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/01/2038 (Callable 01/01/2034) | 2745000 | 3109526  |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/01/2041 (Callable 01/01/2034) | 1150000 | 1264619  |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/01/2044 (Callable 01/01/2034) | 875000 | 935180  |
|  Paulding County Hospital Authority/GA, 5.00%, 04/01/2043 (Callable 04/01/2032) | 1000000 | 1046919  |
|  Private Colleges & Universities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2028 | 495000 | 515510  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2029 | 400000 | 423321  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/01/2034 (Callable 06/01/2031) | 395000 | 406958  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/01/2035 (Callable 06/01/2031) | 500000 | 514858  |
|  Savannah Georgia Convention Center Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2040 (Callable 06/01/2035) | 550000 | 601618  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/2040 (Callable 06/01/2035) | 500000 | 537472  |
| Treutlen County School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2037 (Callable 10/01/2035) | 200000 | 231649  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2041 (Callable 10/01/2035) | 350000 | 390450  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2043 (Callable 10/01/2035) | 670000 | 731108  |
|  |  | 124390345  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Guam - 0.1%**<br>|  |  |
|  Guam Government Waterworks Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036 (Callable 07/01/2035) | $590000 | $656261  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037 (Callable 07/01/2035) | 820000 | 902648  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2038 (Callable 07/01/2035) | 1010000 | 1106045  |
| &nbsp;&nbsp;&nbsp; Guam Power Authority, <br>5.00%, 10/01/2036 (Callable 10/01/2027) | 590000 | 603675  |
|  |  | 3268629  |
| **Hawaii - 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; State of Hawaii, <br>5.00%, 01/01/2036 (Callable 01/01/2029) | 4000000 | 4239182  |
|  State of Hawaii Airports System Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2027 (Callable 01/23/2026)<sup>(c)</sup> | 1000000 | 1000954  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 (Callable 07/01/2028)<sup>(c)</sup> | 3300000 | 3438284  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034 (Callable 07/01/2028)<sup>(c)</sup> | 2000000 | 2079952  |
|  |  | 10758372  |
| **Idaho - 0.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; County of Nez Perce ID, <br>5.50%, 03/01/2042 (Callable 03/01/2032) | 680000 | 737508  |
|  Idaho Housing & Finance Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/2031 | 200000 | 205290  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/2035 (Callable 05/01/2032) | 425000 | 430640  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/2038 (Callable 05/01/2031) | 600000 | 635025  |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/01/2043 (Callable 05/01/2031) | 400000 | 416490  |
| &nbsp;&nbsp;&nbsp; 6.00%, 07/01/2054 (Callable 01/01/2033) | 4325000 | 4761160  |
| &nbsp;&nbsp;&nbsp; Southern Idaho Regional Solid Waste District, <br>4.00%, 03/01/2028 (Callable 09/01/2027) | 11700000 | 11832127  |
|  |  | 19018240  |
| **Illinois - 9.5%**<br>|  |  |
|  Adams & Hancock Counties Community Unit School District No 4/IL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2027 (Callable 02/02/2026) | 290000 | 290252  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2029 (Callable 02/02/2026) | 310000 | 310246  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2032 (Callable 02/02/2026) | 350000 | 350217  |

---

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

254<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Illinois - (Continued)** | **Illinois - (Continued)** | **Illinois - (Continued)** |
|  Berwyn Municipal Securitization Corp., 5.00%, 01/01/2035 (Callable 01/01/2029) | $3600000 | $3790657  |
| &nbsp;&nbsp;&nbsp; Bridgeview Finance Corp., <br>5.00%, 12/01/2037 (Callable 12/01/2027) | 735000 | 739595  |
|  Champaign County Community Unit School District No 7 Tolono<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 205000 | 225686  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033 | 610000 | 675619  |
| Channahon Park District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/15/2031 (Callable 12/15/2029) | 460000 | 477818  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/15/2034 (Callable 12/15/2029) | 510000 | 525603  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/15/2036 (Callable 12/15/2029) | 950000 | 966957  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/15/2038 (Callable 12/15/2029) | 595000 | 601935  |
| Chicago Board of Education<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/01/2029<sup>(e)</sup> | 250000 | 215983  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 (Callable 12/01/2028) | 1000000 | 1048362  |
| &nbsp;&nbsp;&nbsp; 6.50%, 12/01/2046 (Callable 12/01/2026) | 1000000 | 1006131  |
|  Chicago Board of Education Dedicated Capital Improvement Tax<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/01/2033 | 1000000 | 1107660  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/01/2035 (Callable 04/01/2033) | 1500000 | 1645076  |
| Chicago Midway International Airport<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2029 (Callable 01/01/2026)<sup>(c)</sup> | 2000000 | 2000000  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2046 (Callable 01/01/2026) | 2000000 | 2000000  |
| Chicago O'Hare International Airport<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2029<sup>(c)</sup> | 660000 | 696439  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2035 (Callable 01/20/2026) | 2825000 | 2828206  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2036 (Callable 01/01/2029)<sup>(c)</sup> | 4000000 | 4160014 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2036 (Callable 01/01/2026)<sup>(c)</sup> | 1255000 | 1255000 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2036 (Callable 01/01/2032)<sup>(c)</sup> | 335000 | 360461  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2037 (Callable 01/01/2027)<sup>(c)</sup> | 1540000 | 1559439  |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/01/2041 (Callable 01/01/2035)<sup>(c)</sup> | 1000000 | 1087921  |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/01/2042 (Callable 01/01/2027) | 4290000 | 4354043  |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/01/2042 (Callable 01/01/2035)<sup>(c)</sup> | 4000000 | 4302331 |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/01/2042 (Callable 01/01/2033) | 1370000 | 1467480  |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/01/2043 (Callable 01/01/2033) | 1000000 | 1062702  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Chicago Park District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/01/2043 (Callable 01/01/2033) | $1000000 | $1055464 |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/01/2044 (Callable 01/01/2033) | 1730000 | 1811596  |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/01/2046 (Callable 01/01/2033) | 2500000 | 2593887  |
| &nbsp;&nbsp;&nbsp; City of Calumet City IL, <br>5.50%, 03/01/2032 (Callable 03/01/2030) | 600000 | 649798  |
| City of Chicago Heights IL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2030 (Callable 12/01/2029) | 350000 | 365857  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2031 (Callable 12/01/2029) | 365000 | 380182  |
| City of Chicago IL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/01/2027<sup>(e)</sup> | 195000 | 189073  |
| &nbsp;&nbsp;&nbsp; 3.50%, 08/01/2027 (Callable 08/01/2026)<sup>(a)</sup> | 2230000 | 2234103  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/01/2028<sup>(e)</sup> | 3285000 | 3091287  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2028 (Callable 11/01/2027) | 625000 | 648320  |
| &nbsp;&nbsp;&nbsp; 3.40%, 06/01/2029 (Callable 06/01/2028)<sup>(a)</sup> | 3000000 | 3028358  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2033 (Callable 11/01/2027) | 1200000 | 1238201  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/01/2046 (Callable 01/01/2034) | 7990000 | 8718322  |
|  City of Chicago IL Wastewater Transmission Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/01/2030 | 795000 | 829471  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2041 (Callable 01/01/2034) | 1350000 | 1465898  |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/01/2042 (Callable 07/01/2032) | 2420000 | 2586948  |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/01/2043 (Callable 07/01/2032) | 6490000 | 6892708  |
|  City of Chicago IL Waterworks Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2029 (Callable 11/01/2026) | 1810000 | 1839622  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/2035 (Callable 11/01/2027) | 3025000 | 3120533  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2036 (Callable 05/01/2032) | 1000000 | 1094081 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2036 (Callable 11/01/2027) | 510000 | 523717  |
| &nbsp;&nbsp;&nbsp; City of Decatur IL, <br>5.00%, 03/01/2034 (Callable 03/01/2026) | 905000 | 908389  |
| City of Elgin IL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2037 (Callable 12/15/2034) | 1375000 | 1542779  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2038 (Callable 12/15/2034) | 1445000 | 1613811  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2039 (Callable 12/15/2034) | 1520000 | 1683801  |

---

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

255<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **Illinois - (Continued)**  | **Illinois - (Continued)**  | **Illinois - (Continued)**  |
| &nbsp;&nbsp;&nbsp; City of Evanston IL, <br>5.00%, 12/01/2043 (Callable 12/01/2029) | $1800000 | $1872206  |
|  City of Joliet IL, 5.50%, 12/15/2042 (Callable 12/15/2032) | 1195000 | 1301765  |
| City of Mount Vernon IL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/15/2031 (Callable 06/15/2030) | 1395000 | 1444815  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/15/2036 (Callable 06/15/2030) | 630000 | 638666  |
| City of Quincy IL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2037 (Callable 12/01/2033) | 1020000 | 1129216  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2038 (Callable 12/01/2033) | 550000 | 606297  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2039 (Callable 12/01/2033) | 1080000 | 1182669  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2040 (Callable 12/01/2033) | 1185000 | 1286712  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2041 (Callable 12/01/2033) | 1245000 | 1339237  |
| &nbsp;&nbsp;&nbsp; City of Warrenville IL, <br>5.00%, 12/15/2031 | 200000 | 221560  |
| &nbsp;&nbsp;&nbsp; Community Unit School District Number 427 DeKalb and Kane Counties Illinois, <br>0.00%, 01/01/2026<sup>(e)</sup> | 1340000 | 1340000  |
|  Cook County Community Consolidated School District No 15 Palatine, 5.25%, 06/15/2041 (Callable 06/15/2033) | 1190000 | 1289921  |
|  Cook County Community High School District No 217 Argo, 4.50%, 12/01/2039 (Callable 12/01/2031) | 1495000 | 1560552  |
| &nbsp;&nbsp;&nbsp; Cook County High School District No 220 Reavis, <br>5.00%, 12/01/2043 (Callable 12/01/2034) | 1985000 | 2076028  |
|  Cook County School District No 130 Blue Island, 5.00%, 12/01/2027 (Callable 02/02/2026) | 1210000 | 1210301  |
|  Cook County School District No 143.5 Posen-Robbins, 5.00%, 12/01/2033 | 65000 | 69753  |
| &nbsp;&nbsp;&nbsp; Cook County School District No 144 Prairie Hills, <br>5.00%, 12/01/2032 | 2505000 | 2800368  |
| Cook County School District No 145<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2043 (Callable 12/01/2034) | 430000 | 449073  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2044 (Callable 12/01/2034) | 155000 | 160676  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2045 (Callable 12/01/2034) | 420000 | 431418  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2047 (Callable 12/01/2034) | $1110000 | $1132548  |
|  Cook County School District No 67 Golf, 5.00%, 12/15/2043 (Callable 12/15/2033) | 1720000 | 1799282  |
|  Cook County School District No 86 Harwood Heights<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2035 (Callable 12/01/2033) | 340000 | 377670  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2036 (Callable 12/01/2033) | 350000 | 386566  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2037 (Callable 12/01/2033) | 350000 | 383433  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2038 (Callable 12/01/2033) | 275000 | 300762  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2040 (Callable 12/01/2033) | 425000 | 458458  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2041 (Callable 12/01/2033) | 425000 | 454182  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2042 (Callable 12/01/2033) | 645000 | 683058  |
|  Cook County School District No 99 Cicero, 4.00%, 12/01/2030 | 250000 | 263875  |
|  Cook County School District No. 163, 6.00%, 12/15/2027 | 1150000 | 1218298  |
|  Cook County School District No. 83, 5.63%, 06/01/2033 | 775000 | 867734  |
|  County of Cook IL, 5.00%, 11/15/2033 (Callable 11/15/2030) | 1500000 | 1636426  |
|  County of Cook IL Sales Tax Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2036 (Callable 11/15/2027) | 3000000 | 3098607  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/15/2036 (Callable 11/15/2027) | 10000000 | 10377395  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/15/2038 (Callable 11/15/2027) | 1675000 | 1679654  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/15/2040 (Callable 11/15/2030) | 595000 | 595698  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2041 (Callable 11/15/2032) | 1890000 | 2025546  |
| Crawford Hospital District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2031 (Callable 01/01/2029) | 345000 | 354552  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2041 (Callable 01/01/2030) | 1160000 | 1086911  |
|  DuPage County School District No 60 Maercker, 4.00%, 12/30/2036 (Callable 12/30/2027) | 1000000 | 1008444  |
|  Eastern Illinois Economic Development Authority, 5.00%, 11/01/2033 (Callable 11/01/2028) | 765000 | 762160  |
|  Governors State University, 5.00%, 10/01/2028 | 555000 | 579945  |

---

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

256<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **Illinois - (Continued)**  | **Illinois - (Continued)**  | **Illinois - (Continued)**  |
|  Greene Jersey & Macoupin Counties Community Unit School District No 9 Southweste<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 | $350000 | $377484  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 320000 | 349715  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 (Callable 12/01/2030) | 535000 | 582169  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 (Callable 12/01/2030) | 600000 | 649282  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033 (Callable 12/01/2030) | 325000 | 349804  |
| Hampshire Special Service Area No 13<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 03/01/2032 (Callable 03/01/2027) | 165000 | 164415  |
| &nbsp;&nbsp;&nbsp; 3.30%, 03/01/2033 (Callable 03/01/2027) | 175000 | 173897  |
| &nbsp;&nbsp;&nbsp; 3.35%, 03/01/2034 (Callable 03/01/2027) | 185000 | 183038  |
| &nbsp;&nbsp;&nbsp; 3.40%, 03/01/2035 (Callable 03/01/2027) | 195000 | 192607  |
| &nbsp;&nbsp;&nbsp; 3.45%, 03/01/2036 (Callable 03/01/2027) | 205000 | 201659  |
|  Henry & Whiteside Counties Community Unit School District No 228 Geneseo<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2031 (Callable 02/02/2026) | 270000 | 270462  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2032 | 200000 | 221827  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2033 | 490000 | 548741  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2034 (Callable 02/15/2033) | 1060000 | 1179537  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2035 (Callable 02/15/2033) | 500000 | 554227  |
|  Hoffman Estates Park District, 5.00%, 12/01/2040 (Callable 12/01/2030) | 5000000 | 5253517  |
|  Huntley Area Public Library District, 5.00%, 02/01/2037 (Callable 02/01/2029) | 500000 | 526994  |
|  Illinois Development Finance Authority, 2.45%, 11/15/2039<sup>(a)</sup> | 1125000 | 1124020  |
|  Illinois Educational Facilities Authority, 4.00%, 11/01/2036 (Callable 02/02/2026) | 1065000 | 1065226  |
| Illinois Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2028 | 400000 | 413857  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2029 (Callable 05/15/2026) | 385000 | 387627  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2030 (Callable 03/01/2026) | 1500000 | 1504681  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2030 (Callable 10/01/2026) | 140000 | 141960  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2031 (Callable 08/15/2027) | 1000000 | 1017021  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2031 (Callable 03/01/2027) | $1075000 | $1096114  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2031 (Callable 02/02/2026) | 1000000 | 1001120  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2032 (Callable 11/15/2028) | 2000000 | 2095729  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2033 (Callable 11/15/2028) | 4500000 | 4703394  |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/01/2033<sup>(b)</sup> | 1275000 | 1321168  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/15/2034 (Callable 05/15/2026) | 300000 | 300103  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034 (Callable 07/01/2029) | 1025000 | 1100240 |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2036 (Callable 02/15/2027)  | 430000 | 441773  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2036 (Callable 02/15/2027) | 2085000 | 2123640  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2036 (Callable 10/01/2029) | 300000 | 316649  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/01/2040 (Callable 04/01/2034) | 1655000 | 1740872  |
| &nbsp;&nbsp;&nbsp; 3.88%, 05/01/2040<sup>(a)</sup> | 2220000 | 2265845  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2040 (Callable 12/01/2027) | 270000 | 270890  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/01/2041 (Callable 04/01/2034) | 1135000 | 1246610  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/01/2041 (Callable 04/01/2034) | 1245000 | 1293518  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/2041 (Callable 09/01/2026) | 835000 | 738983  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2041 (Callable 10/01/2026) | 1900000 | 1910268  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/01/2043 (Callable 04/01/2034) | 1000000 | 1021580  |
| &nbsp;&nbsp;&nbsp; 4.80%, 12/01/2043 (Callable 07/01/2033)<sup>(a)(b)(c)</sup> | 4400000 | 4541831  |
| &nbsp;&nbsp;&nbsp; 1.20%, 07/15/2055 (Callable 01/02/2026)<sup>(a)</sup> | 17800000 | 17800000  |
| Illinois Housing Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.15%, 07/01/2029 (Callable 01/01/2028)<sup>(a)</sup> | 2200000 | 2202155  |
| &nbsp;&nbsp;&nbsp; 3.15%, 08/01/2029 (Callable 02/01/2028)<sup>(a)</sup> | 1500000 | 1501353  |
| &nbsp;&nbsp;&nbsp; 3.10%, 02/01/2035 (Callable 02/02/2026) | 580000 | 560969  |
| &nbsp;&nbsp;&nbsp; 2.45%, 06/01/2043 (Callable 02/02/2026) | 235951 | 204872  |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/2043 (Callable 10/01/2032) | 2145000 | 2247330  |
| &nbsp;&nbsp;&nbsp; 2.39%, 04/01/2045 (Callable 01/02/2026)<sup>(a)</sup> | 9970000 | 9970000  |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/01/2045 (Callable 10/01/2033) | 9800000 | 11120886  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2048 (Callable 04/01/2027) | 1505000 | 1508454  |
| &nbsp;&nbsp;&nbsp; 3.00%, 04/01/2051 (Callable 04/01/2030) | 115000 | 113245 |

---

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

257<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **Illinois - (Continued)**  | **Illinois - (Continued)**  | **Illinois - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 6.25%, 10/01/2052 (Callable 04/01/2032) | $5450000 | $5833158  |
| &nbsp;&nbsp;&nbsp; 5.75%, 10/01/2053 (Callable 04/01/2032) | 4440000 | 4751534  |
| &nbsp;&nbsp;&nbsp; 6.25%, 10/01/2054 (Callable 10/01/2032) | 7595000 | 8477576  |
| &nbsp;&nbsp;&nbsp; 6.25%, 10/01/2055 (Callable 10/01/2033) | 4500000 | 5086665  |
| Illinois Sports Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2028 | 1900000 | 1957749  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2029 | 3780000 | 4017268 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2029 | 1750000 | 1828369  |
| Illinois State Toll Highway Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2032 (Callable 07/01/2026) | 2055000 | 2080735  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 (Callable 02/02/2026) | 1285000 | 1287412  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2034 (Callable 07/01/2026) | 1500000 | 1516176  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2036 (Callable 02/02/2026) | 2100000 | 2103190  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2038 (Callable 02/02/2026) | 2750000 | 2753692  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2041 (Callable 07/01/2026) | 3425000 | 3443240  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2042 (Callable 01/01/2028) | 8790000 | 8975331  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2044 (Callable 07/01/2029) | 4685000 | 4815612  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2045 (Callable 01/01/2031) | 3705000 | 3831224  |
| Illinois State University<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2031 (Callable 04/01/2028) | 500000 | 523430  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2038 (Callable 04/01/2028) | 325000 | 334597  |
|  Jefferson County School District No 82 Bethel<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2026 | 75000 | 76305  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2027 | 80000 | 82873  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2028 | 90000 | 94776  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 | 100000 | 106896  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 110000 | 119323  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 | 125000 | 137255  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 155000 | 171750  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2034 (Callable 12/01/2033) | 220000 | 245360  |
|  Jo Daviess County Community Unit School District No 119 East Dubuque<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2034 (Callable 12/01/2028) | 280000 | 283782  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2037 (Callable 12/01/2028) | 380000 | 382874 |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2037 (Callable 12/01/2028) | 310000 | 312430  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2039 (Callable 12/01/2028) | $285000 | $286786 |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2039 (Callable 12/01/2028) | 230000 | 231063  |
| Joliet Park District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2034 (Callable 02/01/2033) | 500000 | 556046  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2035 (Callable 02/01/2033) | 250000 | 277240  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2036 (Callable 02/01/2033) | 235000 | 259110 |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2036 (Callable 02/01/2033)  | 225000 | 248084  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2037 (Callable 02/01/2033) | 285000 | 312395 |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2037 (Callable 02/01/2033) | 260000 | 284992 |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2038 (Callable 02/01/2033)  | 285000 | 310690  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2038 (Callable 02/01/2033) | 250000 | 272535  |
| Joliet Regional Port District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/30/2040 (Callable 12/30/2035) | 430000 | 467459  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/30/2041 (Callable 12/30/2035) | 455000 | 488997  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/30/2042 (Callable 12/30/2035) | 475000 | 504553  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/30/2043 (Callable 12/30/2035) | 500000 | 525485  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/30/2045 (Callable 12/30/2035) | 1155000 | 1194182  |
|  Kane McHenry Cook & De Kalb Counties Unit School District No 300/IL, 5.00%, 01/01/2030 (Callable 07/01/2027) | 1345000 | 1393088  |
|  Kendall Kane & Will Counties Community Unit School District No 308<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2035 (Callable 02/01/2026) | 1000000 | 1001871  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2036 (Callable 02/01/2026) | 1000000 | 1001871  |
|  Knox & Warren Counties Community Unit School District No 205 Galesburg<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2029 | 330000 | 342538  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2030 | 450000 | 472399  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2031 | 300000 | 316333  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2034 (Callable 01/01/2028) | 855000 | 869116  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2036 (Callable 01/01/2028) | 920000 | 930047  |
| &nbsp;&nbsp;&nbsp; Knox Warren Etc Counties Community College District No 518 Carl Sandburg, <br>3.38%, 12/01/2035 (Callable 03/01/2026)<sup>(a)(d)</sup> | 3250000 | 3250185  |

---

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

258<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **Illinois - (Continued)**  | **Illinois - (Continued)**  | **Illinois - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Lake Cook Kane & McHenry Counties Community Unit School District 220 Barrington, <br>3.00%, 12/01/2033 (Callable 12/01/2030) | $1000000 | $990854  |
|  Lake County Community Unit School District No 187 North Chicago<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2035 (Callable 01/01/2027) | 1190000 | 1199771  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2036 (Callable 01/01/2034) | 795000 | 870043  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2041 (Callable 01/01/2034) | 980000 | 1034995  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2044 (Callable 01/01/2034) | 805000 | 829844  |
|  Lake County Consolidated High School District No 120 Mundelein<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2037 (Callable 12/01/2032) | 905000 | 1009881  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2038 (Callable 12/01/2032) | 845000 | 934996  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2040 (Callable 12/01/2032) | 2335000 | 2540735  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2041 (Callable 12/01/2032) | 945000 | 1020400  |
|  Lake County School District No 33 Emmons<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/01/2026<sup>(e)</sup> | 525000 | 507927  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/01/2028<sup>(e)</sup> | 335000 | 301327  |
|  Lake County School District No 38 Big Hollow<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2026 | 220000 | 223433  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2027 | 210000 | 217125  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2028 | 220000 | 231538  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2029 | 250000 | 267643  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2030 (Callable 11/01/2029) | 190000 | 205443  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2031 (Callable 11/01/2029) | 515000 | 555421  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2032 (Callable 11/01/2029) | 610000 | 656318  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2033 (Callable 11/01/2029) | 400000 | 429280  |
|  Lake County Township High School District No 113-Highland Park, 4.00%, 01/01/2032 (Callable 01/01/2029) | 4130000 | 4273891  |
|  Macon & De Witt Counties Community Unit School District No 2 Maroa-Forsyth<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2035 (Callable 12/01/2030) | 1670000 | 1724190  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2036 (Callable 12/01/2030) | 835000 | 857613  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2037 (Callable 12/01/2030) | $400000 | $408208  |
|  Macon County School District No 61 Decatur<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2034 (Callable 12/01/2028) | 150000 | 152576  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2037 (Callable 12/01/2028) | 200000 | 201194  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2037 (Callable 12/01/2028) | 1500000 | 1564597  |
|  Madison Bond Etc Counties Community Unit School District No 5 Highland<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 02/01/2036 (Callable 02/01/2030) | 975000 | 1066001  |
| &nbsp;&nbsp;&nbsp; 5.50%, 02/01/2037 (Callable 02/01/2030) | 1050000 | 1142651  |
| &nbsp;&nbsp;&nbsp; 5.50%, 02/01/2041 (Callable 02/01/2030) | 1720000 | 1840265  |
| &nbsp;&nbsp;&nbsp; 5.50%, 02/01/2042 (Callable 02/01/2030) | 1275000 | 1357383  |
|  Madison County Community Unit School District No 8 Bethalto<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2038 (Callable 12/01/2028) | 1140000 | 1151022  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2039 (Callable 12/01/2028) | 1000000 | 1006596  |
|  Marshall Putnam & Bureau Counties Community Unit School District No 5 Henry, 5.00%, 12/01/2039 (Callable 12/01/2034) | 1005000 | 1103569  |
|  Metropolitan Pier & Exposition Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 06/15/2026<sup>(e)</sup> | 2000000 | 1973803  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/15/2027 | 500000 | 508555  |
| &nbsp;&nbsp;&nbsp; 0.00%, 06/15/2028<sup>(e)</sup> | 4000000 | 3701456  |
| &nbsp;&nbsp;&nbsp; 0.00%, 06/15/2029<sup>(e)</sup> | 1400000 | 1253815  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2029<sup>(e)</sup> | 2550000 | 2253520  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2034<sup>(e)</sup> | 9555000 | 6971882  |
|  Monroe & St Clair Counties Community Unit School District No 5 Waterloo, 5.00%, 04/15/2031 (Callable 04/15/2026) | 1115000 | 1119987  |
|  Morgan County School District No 117 Jacksonville<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2038 (Callable 01/01/2035) | 1200000 | 1335770  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2039 (Callable 01/01/2035) | 1745000 | 1932182  |
|  Moultrie Shelby & Coles Counties Community Unit School District No 300<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2035 (Callable 06/01/2029) | 575000 | 613878  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2038 (Callable 06/01/2029) | 1000000 | 1059593  |

---

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

259<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **Illinois - (Continued)**  | **Illinois - (Continued)**  | **Illinois - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2039 (Callable 06/01/2029) | $1000000 | $1056935  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2040 (Callable 06/01/2029) | 1520000 | 1603016  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2041 (Callable 06/01/2029) | 1800000 | 1894146  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2042 (Callable 06/01/2029) | 1550000 | 1623928  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2043 (Callable 06/01/2029) | 1140000 | 1185062  |
| Northeastern Illinois University<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 | 590000 | 646763  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 | 800000 | 882937  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034 | 1300000 | 1437264  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035 | 500000 | 551690  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/2036 (Callable 07/01/2035) | 1105000 | 1227021  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/2037 (Callable 07/01/2035) | 800000 | 880572  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/2039 (Callable 07/01/2035) | 1125000 | 1225258  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2042 (Callable 07/01/2035) | 1190000 | 1233511  |
|  Northern Illinois Municipal Power Agency, 4.00%, 12/01/2031 (Callable 12/01/2026) | 1025000 | 1032928  |
| Northern Illinois University<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2029 | 235000 | 247973  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029 | 300000 | 318391  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2030 | 375000 | 401647  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2031 | 430000 | 466490  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2032 | 480000 | 525380 |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2033 | 810000 | 889335  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2033 (Callable 04/01/2030) | 675000 | 718562  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2033 (Callable 04/01/2031) | 1000000 | 1030383  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2034 | 740000 | 815478  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2034 (Callable 04/01/2031) | 2435000 | 2491701  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/01/2035 (Callable 04/01/2030) | 260000 | 264008  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2035 (Callable 04/01/2031) | 1000000 | 1012885  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2038 (Callable 04/01/2031) | 1000000 | 1001643  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2039 (Callable 04/01/2031) | 1700000 | 1690336  |
| &nbsp;&nbsp;&nbsp; 4.25%, 04/01/2044 (Callable 04/01/2034) | 2000000 | 1881523  |
|  Peoria & Fulton Counties Community Unit School District No 327, 5.00%, 12/01/2030 | 360000 | 391026  |
|  Peoria City School District No. 150, 5.00%, 01/01/2026 | 330000 | 330000  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
|  Peoria County School District No 63 Norwood<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/2039 (Callable 12/01/2033) | $250000 | $282219  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/2043 (Callable 12/01/2033) | 260000 | 285090 |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/2043 (Callable 12/01/2033) | 325000 | 356363  |
|  Randolph County Community Unit School District No 140 Sparta<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2037 (Callable 12/01/2033) | 1450000 | 1588424  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2038 (Callable 12/01/2033) | 500000 | 548282  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2039 (Callable 12/01/2033) | 1360000 | 1481469  |
| Regional Transportation Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2034 (Callable 06/01/2026) | 1380000 | 1388955  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2036 (Callable 06/01/2026) | 775000 | 779390  |
|  Richland County Community Unit School District No 1, 5.00%, 12/01/2036 (Callable 12/01/2034) | 2720000 | 3048162  |
|  Rock Island & Mercer Counties Community Unit School District No 300, 5.00%, 12/01/2043 (Callable 12/01/2034) | 1340000 | 1439315  |
|  Rock Island County School District No 41 Rock Island/Milan<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2038 (Callable 12/01/2031) | 1905000 | 2100768  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2039 (Callable 12/01/2031) | 1645000 | 1803022  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2040 (Callable 12/01/2031) | 1665000 | 1818515  |
|  Sales Tax Securitization Corp., 5.00%, 01/01/2038 (Callable 01/01/2028) | 610000 | 625193  |
|  Sangamon & Christian Counties Community Unit School District No 3A Rochester, 5.50%, 02/01/2040 (Callable 02/01/2032) | 845000 | 923390  |
|  Sangamon & Morgan Counties Community Unit School District No 16 New Berlin, 5.50%, 12/01/2042 (Callable 12/01/2030) | 895000 | 949884  |
|  Sangamon County School District No 186 Springfield, 4.00%, 02/01/2035 (Callable 02/01/2032) | 1500000 | 1545261  |
|  Sangamon Logan & Menard Counties Community Unit School Dist No 15 Williamsville, 5.00%, 12/01/2032 (Callable 12/01/2029) | 650000 | 689158  |

---

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

260<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **Illinois - (Continued)**  | **Illinois - (Continued)**  | **Illinois - (Continued)**  |
| Southern Illinois University<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2032 | $300000 | $336335  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2033 | 550000 | 621255  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2033 (Callable 04/01/2031) | 300000 | 326595  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2034 | 420000 | 478496  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2035 | 350000 | 400421  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2036 (Callable 02/15/2035) | 350000 | 396385  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2037 (Callable 02/15/2035) | 400000 | 448725  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2038 (Callable 02/15/2035) | 400000 | 445086  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2039 (Callable 02/15/2035) | 725000 | 801668  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2040 (Callable 04/01/2032) | 550000 | 581060  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/15/2042 (Callable 02/15/2035) | 650000 | 704171  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/15/2043 (Callable 02/15/2035) | 860000 | 922369  |
|  Southwestern Illinois Community College District No 522<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2026 | 1010000 | 1026744  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 | 825000 | 894943  |
|  Southwestern Illinois Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 965000 | 1085303  |
| &nbsp;&nbsp;&nbsp; 6.00%, 12/01/2033 (Callable 12/01/2032) | 1010000 | 1198342  |
| &nbsp;&nbsp;&nbsp; 6.00%, 12/01/2034 (Callable 12/01/2032) | 1075000 | 1270674  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2035 (Callable 12/01/2031) | 500000 | 560885  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2036 (Callable 12/01/2031) | 2700000 | 3010845  |
| &nbsp;&nbsp;&nbsp; 6.00%, 12/01/2036 (Callable 12/01/2032) | 1210000 | 1414684  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2040 (Callable 12/01/2031) | 2370000 | 2585892  |
| &nbsp;&nbsp;&nbsp; 4.13%, 12/01/2041 (Callable 12/01/2031) | 1610000 | 1639048  |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/01/2043 (Callable 04/01/2035) | 1200000 | 1319472  |
|  St Clair County Community Consolidated School District No 90 O'Fallon<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 | 150000 | 165985  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2038 (Callable 12/01/2033) | 400000 | 441758  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2039 (Callable 12/01/2033) | 300000 | 330211  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2042 (Callable 12/01/2033) | 835000 | 895858  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2043 (Callable 12/01/2033) | $770000 | $817757  |
|  St Clair County Community Unit School District No 187 Cahokia<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2038 (Callable 01/01/2034) | 250000 | 274211  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2038 (Callable 01/01/2034) | 225000 | 246790  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2039 (Callable 01/01/2034) | 350000 | 380794  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2039 (Callable 01/01/2034) | 240000 | 261116  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2040 (Callable 01/01/2034) | 420000 | 450251 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2040 (Callable 01/01/2034) | 325000 | 348408 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2041 (Callable 01/01/2034)  | 425000 | 451294 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2041 (Callable 01/01/2034) | 220000 | 233611 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2042 (Callable 01/01/2034)  | 500000 | 525773 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2042 (Callable 01/01/2034)  | 230000 | 241856 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2043 (Callable 01/01/2034) | 1620000 | 1687315 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2043 (Callable 01/01/2034)  | 525000 | 546815  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2044 (Callable 01/01/2034) | 1305000 | 1349362  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2049 (Callable 01/01/2034) | 3035000 | 3085683  |
| &nbsp;&nbsp;&nbsp; St Clair County High School District No 201 Belleville, <br>4.00%, 02/01/2031 (Callable 02/01/2028) | 1475000 | 1504078  |
|  St Clair County School District No 118 Belleville, 5.50%, 12/01/2039 (Callable 12/01/2034) | 1535000 | 1721083  |
| State of Illinois<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2029 (Callable 02/02/2026) | 5000 | 5008  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2038 (Callable 11/01/2026) | 750000 | 757083  |
| State of Illinois Sales Tax Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/15/2027 (Callable 06/15/2026) | 2370000 | 2376708  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2029 (Callable 06/15/2028) | 1000000 | 1053773  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/15/2038 (Callable 06/15/2028) | 2500000 | 2508943  |
|  Staunton Community Unit School District No 6, 5.00%, 12/01/2043 (Callable 12/01/2033) | 1000000 | 1055926  |
|  Stephenson County School District No 145 Freeport<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2041 (Callable 10/01/2033) | 1650000 | 1758241  |

---

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

261<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **Illinois - (Continued)**  | **Illinois - (Continued)**  | **Illinois - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2042 (Callable 10/01/2033) | $2090000 | $2202925 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2042 (Callable 10/01/2033) | 630000 | 732257  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2043 (Callable 10/01/2033) | 920000 | 960828 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2043 (Callable 10/01/2033) | 280000 | 325447  |
|  Taylorville Community Pleasure Driveway & Park District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2035 (Callable 12/01/2034) | 125000 | 140237  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2036 (Callable 12/01/2034) | 290000 | 322819  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2037 (Callable 12/01/2034) | 260000 | 288073  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2038 (Callable 12/01/2034) | 375000 | 414142  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2039 (Callable 12/01/2034) | 145000 | 158852  |
|  Taylorville Community Unit School District No 3<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2035 (Callable 12/01/2034) | 250000 | 284430  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2036 (Callable 12/01/2034) | 250000 | 280979  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2037 (Callable 12/01/2034) | 250000 | 278447  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2038 (Callable 12/01/2034) | 250000 | 277341  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2039 (Callable 12/01/2034) | 255000 | 280824  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2040 (Callable 12/01/2034) | 1190000 | 1295518  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2041 (Callable 12/01/2034) | 1250000 | 1348789  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2043 (Callable 12/01/2034) | 685000 | 723144  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2044 (Callable 12/01/2034) | 1455000 | 1524615  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2045 (Callable 12/01/2034) | 465000 | 484890  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2046 (Callable 12/01/2034) | 150000 | 155751  |
| Town of Cicero IL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2028 | 1265000 | 1281308  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2029 | 815000 | 827192  |
|  Upper Illinois River Valley Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2031 (Callable 01/01/2027)<sup>(b)</sup> | 230000 | 226647  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2045 (Callable 01/01/2027)<sup>(b)</sup> | 615000 | 573635  |
| Village of Bradley IL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2036 (Callable 12/15/2033) | 400000 | 445359  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2037 (Callable 12/15/2033) | $470000 | $521438  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2038 (Callable 12/15/2033) | 325000 | 359045  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2039 (Callable 12/15/2033) | 1125000 | 1223999  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2042 (Callable 12/15/2033) | 1420000 | 1501592  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2043 (Callable 12/15/2033) | 1490000 | 1555620  |
| &nbsp;&nbsp;&nbsp; Village of Franklin Park IL, <br>4.00%, 07/01/2029 (Callable 02/02/2026) | 450000 | 450106  |
| &nbsp;&nbsp;&nbsp; Village of Hillside IL, <br>5.00%, 01/01/2030 (Callable 01/01/2027) | 2330000 | 2345912  |
| &nbsp;&nbsp;&nbsp; Village of Matteson IL, <br>4.00%, 12/01/2030 | 300000 | 312974  |
| &nbsp;&nbsp;&nbsp; Village of McCook IL, <br>5.00%, 12/01/2027 (Callable 12/01/2026) | 1865000 | 1899129  |
| &nbsp;&nbsp;&nbsp; Village of Minooka IL, <br>2.54%, 12/01/2034 (Callable 12/01/2029) | 220000 | 193521  |
| &nbsp;&nbsp;&nbsp; Village of Pingree Grove IL, <br>4.00%, 12/15/2037 (Callable 12/15/2027) | 580000 | 583043  |
| Village of Rantoul IL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2039 (Callable 01/01/2035) | 950000 | 1038153  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2042 (Callable 01/01/2035) | 1000000 | 1064637  |
| Village of River Grove IL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/15/2027 (Callable 12/15/2026) | 135000 | 136408  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/15/2028 (Callable 12/15/2026) | 205000 | 207223  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/15/2035 (Callable 12/15/2030) | 250000 | 254167  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/15/2038 (Callable 12/15/2030) | 795000 | 798733  |
| Village of Romeoville IL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2035 (Callable 01/23/2026) | 1445000 | 1445315  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2042 (Callable 01/23/2026) | 100000 | 98409  |
| &nbsp;&nbsp;&nbsp; Village of Rosemont IL, <br>5.00%, 12/01/2042 (Callable 06/01/2030) | 2670000 | 2773963  |
| Village of Stone Park IL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2035 (Callable 02/01/2029) | 300000 | 315394  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2036 (Callable 02/01/2029) | 225000 | 235833  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/01/2038 (Callable 02/01/2029) | 150000 | 151158  |
| Village of Westchester IL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2039 (Callable 12/15/2034) | 900000 | 991191  |

---

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

262<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **Illinois - (Continued)**  | **Illinois - (Continued)**  | **Illinois - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2040 (Callable 12/15/2034) | $535000 | $586646  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2041 (Callable 12/15/2034) | 650000 | 706359  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2042 (Callable 12/15/2034) | 1000000 | 1072761  |
| &nbsp;&nbsp;&nbsp; Village of Woodridge IL, <br>4.00%, 02/01/2036 (Callable 02/01/2030) | 1210000 | 1243411  |
| &nbsp;&nbsp;&nbsp; Western Illinois University, <br>4.00%, 04/01/2026 | 1350000 | 1351711  |
|  Whiteside & Lee Counties Community Unit School District No 5 Sterling<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2028 | 530000 | 547536 |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2028 | 5000 | 5211  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2031 (Callable 12/01/2029) | 630000 | 659060  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2032 (Callable 12/01/2029) | 500000 | 520446  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2033 (Callable 12/01/2029) | 685000 | 708558  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2040 (Callable 12/01/2034) | 810000 | 881788  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2041 (Callable 12/01/2034) | 870000 | 937234  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2042 (Callable 12/01/2034) | 900000 | 961316  |
|  Will County Community High School District No 210 Lincoln-Way<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/01/2027<sup>(e)</sup> | 1805000 | 1746363  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/01/2028<sup>(e)</sup> | 1140000 | 1067516  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/01/2032<sup>(e)</sup> | 110000 | 89018  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/01/2033<sup>(e)</sup> | 885000 | 691058  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2034 (Callable 01/01/2029) | 410000 | 415056  |
|  Will County Community High School District No. 210<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/01/2026<sup>(e)</sup> | 265000 | 265000  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/01/2027<sup>(e)</sup> | 415000 | 401518  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/01/2028<sup>(e)</sup> | 680000 | 636764 |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/01/2028<sup>(e)</sup> | 80000 | 74766  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/01/2029<sup>(e)</sup> | 145000 | 130959  |
| &nbsp;&nbsp;&nbsp; Will County Community Unit School District No 201-U <br>Crete-Monee<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2030 | 540000 | 583720  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2031 | 750000 | 824171  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2032 | 595000 | 662912  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2033 (Callable 01/01/2028) | 745000 | 760547  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2034 (Callable 01/01/2028) | 785000 | 800098  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2035 (Callable 01/01/2028) | 480000 | 488537  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2039 (Callable 01/15/2034) | $595000 | $652734  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2040 (Callable 01/15/2034) | 875000 | 949522  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2041 (Callable 01/15/2034) | 635000 | 683513  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2042 (Callable 01/15/2034) | 670000 | 713355  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2043 (Callable 01/15/2034) | 720000 | 760599  |
|  Will County Community Unit School District No 209-U Wilmington<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2030 | 250000 | 270222  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2031 | 395000 | 433127  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2032 | 400000 | 444421  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2033 | 765000 | 856460  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2034 | 410000 | 462524  |
|  Will County School District No 114 Manhattan, 5.50%, 01/01/2049 (Callable 01/01/2033) | 1000000 | 1062038  |
|  |  | 539338360  |
| **Indiana - 4.0%**<br>|  |  |
| Aurora School Building Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2036 (Callable 07/15/2033) | 1200000 | 1342311  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2038 (Callable 07/15/2033) | 500000 | 553272  |
|  Avon Community School Building Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2038 (Callable 01/15/2035) | 2350000 | 2631228  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/15/2043 (Callable 07/15/2033) | 1660000 | 1812006  |
| &nbsp;&nbsp;&nbsp; Ball State University, <br>5.00%, 07/01/2035 (Callable 07/01/2028) | 500000 | 524229  |
|  Bloomington Redevelopment District, 5.25%, 08/01/2036 (Callable 08/01/2029) | 3450000 | 3682614  |
|  Blue River Valley School Building Corp., 5.25%, 01/15/2043 (Callable 07/15/2031) | 650000 | 687045  |
|  Bluffton-Harrison Middle School Building Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/15/2040 (Callable 07/15/2031) | 560000 | 611845  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/15/2043 (Callable 07/15/2031) | 450000 | 479623  |
|  Carmel Local Public Improvement Bond Bank<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2032 (Callable 07/15/2026) | 1675000 | 1691624  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2034 (Callable 07/15/2026) | 200000 | 201878  |

---

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

263<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **Indiana - (Continued)**  | **Indiana - (Continued)**  | **Indiana - (Continued)**  |
|  City of Carmel IN Waterworks Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/2047 (Callable 05/01/2032) | $875000 | $911099  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/2051 (Callable 05/01/2032) | 1875000 | 1941474  |
|  City of Elkhart IN Redevelopment District, 5.00%, 08/01/2030 (Callable 02/02/2026) | 1045000 | 1046053  |
|  City of Franklin IN Sewage Works Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2035 | 275000 | 315369  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2036 (Callable 03/01/2035) | 325000 | 367268  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2037 (Callable 03/01/2035) | 500000 | 558429  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2038 (Callable 03/01/2035) | 500000 | 553937  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2039 (Callable 03/01/2035) | 450000 | 496857  |
|  City of Indianapolis Department of Public Utilities Water System Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028 (Callable 10/01/2026) | 200000 | 203317  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2037 (Callable 10/01/2028) | 1120000 | 1168454  |
|  City of La Porte IN Sewage Works Revenue, 3.75%, 09/01/2029 (Callable 02/02/2026) | 6000000 | 5999968  |
|  City of La Porte IN Waterworks Revenue, 3.50%, 07/01/2029 (Callable 02/02/2026) | 1000000 | 1000006  |
|  City of Mishawaka IN Sewage Works Revenue, 0.05%, 03/01/2043 (Callable 09/01/2033) | 600000 | 253809  |
|  Columbus Multi School Building Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2042 (Callable 07/15/2034) | 700000 | 749606  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2044 (Callable 07/15/2034) | 1050000 | 1103792  |
|  Concord Community Schools Building Corp., 5.00%, 01/15/2044 (Callable 07/15/2034) | 1250000 | 1331521  |
|  Crown Point Multi School Building Corp., 5.00%, 01/15/2040 (Callable 01/15/2031) | 4625000 | 4935490  |
|  Delphi Community School Corp., 4.00%, 01/15/2026 | 1160000 | 1160373  |
|  East Allen Multi School Building Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2042 (Callable 07/15/2033) | 3180000 | 3393378  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2043 (Callable 07/15/2033) | $1010000 | $1065308  |
|  Eastern Greene School Building Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 07/15/2042 (Callable 07/15/2035) | 1000000 | 1163190  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/2045 (Callable 07/15/2035) | 675000 | 764870  |
| Evansville Waterworks District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2042 (Callable 01/01/2032) | 900000 | 948182  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2047 (Callable 01/01/2032) | 2150000 | 2205141  |
| Fishers Town Hall Building Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/15/2038 (Callable 07/15/2032) | 1000000 | 1126680  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/15/2042 (Callable 07/15/2032) | 970000 | 1074724  |
| &nbsp;&nbsp;&nbsp; 5.63%, 07/15/2053 (Callable 01/15/2034) | 2500000 | 2744884  |
| Greater Clark Building Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 07/15/2034 (Callable 07/15/2032) | 1120000 | 1320128  |
| &nbsp;&nbsp;&nbsp; 6.00%, 07/15/2036 (Callable 07/15/2033) | 500000 | 595131  |
| &nbsp;&nbsp;&nbsp; 6.00%, 07/15/2038 (Callable 07/15/2033) | 250000 | 294030  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2039 (Callable 07/15/2035) | 550000 | 610254  |
| &nbsp;&nbsp;&nbsp; 6.00%, 07/15/2039 (Callable 07/15/2033) | 525000 | 613532  |
| &nbsp;&nbsp;&nbsp; 6.00%, 07/15/2040 (Callable 07/15/2033) | 650000 | 750847 |
| &nbsp;&nbsp;&nbsp; 6.00%, 07/15/2040 (Callable 07/15/2033) | 500000 | 577575  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2041 (Callable 07/15/2035) | 575000 | 626729 |
| &nbsp;&nbsp;&nbsp; 6.00%, 07/15/2041 (Callable 07/15/2033) | 650000 | 743714  |
| &nbsp;&nbsp;&nbsp; 6.00%, 07/15/2041 (Callable 07/15/2033) | 1000000 | 1144176  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/2042 (Callable 07/15/2032) | 1920000 | 2144624  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/2043 (Callable 07/15/2033) | 1120000 | 1259352  |
|  Hamilton Southeastern Consolidated School Building Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2037 (Callable 07/15/2035) | 1270000 | 1432041  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2038 (Callable 07/15/2035) | 1365000 | 1527758  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2039 (Callable 07/15/2035) | 955000 | 1061250  |
|  Hammond Local Public Improvement Bond Bank<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 01/15/2033 (Callable 07/15/2028)<sup>(b)</sup> | 2000000 | 2006255  |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/15/2037 (Callable 07/15/2030) | 455000 | 463081  |

---

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

264<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **Indiana - (Continued)**  | **Indiana - (Continued)**  | **Indiana - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2043 (Callable 07/15/2030) | $2315000 | $2353637  |
|  Hammond Multi-School Building Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/15/2026 (Callable 02/02/2026) | 625000 | 625736  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2034 (Callable 01/15/2028) | 2000000 | 2076303  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2038 (Callable 01/15/2028) | 6110000 | 6294933  |
| Indiana Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027 | 1445000 | 1475822  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2027 | 1595000 | 1624310  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2027 | 245000 | 247762  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 | 1515000 | 1567832  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2028 | 1675000 | 1723003  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028 (Callable 10/01/2027) | 1000000 | 1010561  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029 | 220000 | 225018  |
| &nbsp;&nbsp;&nbsp; 2.50%, 11/01/2030 | 2825000 | 2707969  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2031 | 250000 | 256814  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2033 (Callable 10/01/2031) | 230000 | 233550  |
| &nbsp;&nbsp;&nbsp; 4.75%, 06/01/2036 (Callable 12/01/2033) | 3005000 | 3144289  |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/2038 (Callable 10/01/2030) | 1150000 | 1244871  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2052 (Callable 04/01/2032) | 2500000 | 2355910  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2063 (Callable 10/01/2030)<sup>(a)</sup> | 4000000 | 4402924  |
| &nbsp;&nbsp;&nbsp; Indiana Housing & Community Development Authority, <br>5.00%, 07/01/2053 (Callable 01/01/2032) | 3660000 | 3783301  |
|  Indiana Municipal Power Agency, 5.00%, 01/01/2042 (Callable 07/01/2026) | 13000000 | 13080153  |
|  Indianapolis Local Public Improvement Bond Bank<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2036 (Callable 01/01/2028) | 2000000 | 2077358  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2037 (Callable 02/01/2029) | 3690000 | 3885773  |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/01/2039 (Callable 01/01/2032)<sup>(c)</sup> | 2275000 | 2465009  |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/01/2042 (Callable 02/01/2033) | 2130000 | 2423948  |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/01/2043 (Callable 02/01/2033) | 1500000 | 1695557  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/01/2043 (Callable 03/01/2033) | 1750000 | 1882035  |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/01/2048 (Callable 02/01/2033) | 6000000 | 6675109  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2049 (Callable 02/01/2034) | 2000000 | 2063723  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| IPS Multi-School Building Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/15/2041 (Callable 01/15/2032) | $42100000 | $2264831 |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/15/2041 (Callable 07/15/2031)  | 2000000 | 2153636  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/15/2042 (Callable 07/15/2031) | 1640000 | 1744772  |
| &nbsp;&nbsp;&nbsp; 4.25%, 07/15/2043 (Callable 07/15/2031) | 500000 | 503450  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2043 (Callable 07/15/2033) | 2875000 | 3038154  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/15/2043 (Callable 01/15/2032) | 1500000 | 1599959  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2044 (Callable 07/15/2035) | 1170000 | 1234712  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2045 (Callable 07/15/2035) | 1000000 | 1046757  |
|  Jennings County School Building Corp., 2.75%, 07/15/2026 (Callable 02/02/2026) | 600000 | 599399  |
|  Knightstown High School Building Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/10/2043 (Callable 01/10/2036) | 1015000 | 1066756  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/10/2045 (Callable 01/10/2036) | 575000 | 594030  |
|  Lawrence Township School Building Corp., 5.00%, 07/15/2039 (Callable 07/15/2035) | 2545000 | 2834668  |
|  Mount Vernon of Hancock County Multi-School Building Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/15/2032 (Callable 07/15/2031) | 700000 | 792712  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/15/2034 (Callable 07/15/2031) | 200000 | 224649  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/15/2035 (Callable 07/15/2031) | 400000 | 447258  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/15/2036 (Callable 07/15/2031) | 750000 | 834280  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/15/2037 (Callable 07/15/2031) | 655000 | 724710  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/15/2038 (Callable 07/15/2031) | 1150000 | 1269259  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/15/2039 (Callable 07/15/2031) | 1655000 | 1816252  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/15/2040 (Callable 07/15/2031) | 2500000 | 2732741  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/15/2042 (Callable 07/15/2031) | 2650000 | 2866184  |
|  Muncie Community School Corp., 3.25%, 01/15/2026 | 2095000 | 2095253  |
| &nbsp;&nbsp;&nbsp; Noblesville Community Development Corp., <br>5.00%, 08/01/2037 (Callable 02/01/2034) | 3475000 | 3837640  |
|  Noblesville High School Building Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 07/15/2040 (Callable 07/15/2033) | 625000 | 725992  |

---

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

265<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **Indiana - (Continued)**  | **Indiana - (Continued)**  | **Indiana - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/2043 (Callable 07/15/2033) | $1750000 | $1983517  |
|  North Lawrence Community Schools Building Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2030 | 115000 | 124306  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2030 | 120000 | 130802  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2031 | 120000 | 131861  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2031 | 160000 | 177068  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2032 | 130000 | 144830  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2032 | 160000 | 179241  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2033 | 170000 | 191409  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2034 | 270000 | 306559  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2034 | 150000 | 170969  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2035 (Callable 07/15/2034) | 370000 | 417561  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2036 (Callable 07/15/2034) | 375000 | 418407  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2037 (Callable 07/15/2034) | 520000 | 575484  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2038 (Callable 07/15/2034) | 500000 | 549611  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2039 (Callable 07/15/2034) | 500000 | 546036  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2040 (Callable 07/15/2034) | 375000 | 406167  |
|  North Putnam Middle School Building Corp./IN, 5.00%, 01/15/2044 (Callable 07/15/2034) | 1190000 | 1253575  |
| &nbsp;&nbsp;&nbsp; Northern Indiana Commuter Transportation District, <br>5.00%, 07/01/2041 (Callable 07/01/2026) | 1500000 | 1502135  |
| Northwestern School Building Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 07/15/2038 (Callable 07/15/2031) | 1600000 | 1815443  |
| &nbsp;&nbsp;&nbsp; 6.00%, 07/15/2041 (Callable 07/15/2031) | 900000 | 997385  |
|  Penn High School Building Corp., 5.00%, 01/15/2044 (Callable 07/15/2032) | 515000 | 540517  |
|  Plainfield Redevelopment Authority, 5.00%, 02/01/2027 | 500000 | 511364  |
| &nbsp;&nbsp;&nbsp; Richland-Bean Blossom 2000 School Building Corp., <br>5.00%, 07/15/2040 (Callable 07/15/2031) | 250000 | 267185  |
|  Richmond Hospital Authority, 5.00%, 01/01/2026 (Callable 01/01/2026) | 595000 | 595000  |
|  Salem Elementary School Building Corp./IN, 5.00%, 01/15/2036 (Callable 07/15/2031) | 1005000 | 1088345  |
|  Shelby Eastern Multi-School Building Corp., 5.25%, 01/15/2043 (Callable 07/15/2031) | 1000000 | 1058648  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| &nbsp;&nbsp;&nbsp; South Montgomery Community School Corp., 5.00%, <br>01/15/2026 | $250000 | $250127  |
| &nbsp;&nbsp;&nbsp; Sunman-Dearborn High School Building Corp., <br>5.00%, 07/15/2042 (Callable 07/15/2033) | 1800000 | 1915954  |
|  Taylor Community School Building Corp., 0.00%, 07/15/2029 (Callable 02/02/2026)<sup>(e)</sup> | 360000 | 316357  |
| Tippecanoe County School Building Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 07/15/2038 (Callable 07/15/2032) | 735000 | 854222  |
| &nbsp;&nbsp;&nbsp; 6.00%, 07/15/2039 (Callable 07/15/2033) | 1000000 | 1178076  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/15/2043 (Callable 07/15/2033) | 1000000 | 1135531  |
|  Tri-Creek 2002 High School Building Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/15/2039 (Callable 07/15/2028) | 345000 | 348680  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/15/2043 (Callable 07/15/2033) | 4930000 | 5421709  |
| Western School Building Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2040 (Callable 07/15/2032) | 1385000 | 1493820  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2042 (Callable 07/15/2032) | 465000 | 490380  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2044 (Callable 07/15/2032) | 1000000 | 1040250  |
| Westfield High School Building Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2029 (Callable 01/15/2026) | 250000 | 250205  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2030 (Callable 01/15/2026) | 300000 | 300246  |
|  Westfield-Washington Multi-School Building Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2039 (Callable 07/15/2034) | 3585000 | 3945354 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2039 (Callable 07/15/2034)  | 2530000 | 2784308  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2040 (Callable 07/15/2034) | 2570000 | 2797254 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2040 (Callable 07/15/2034) | 1735000 | 1888418  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/15/2040 (Callable 07/15/2031) | 945000 | 1040440  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2041 (Callable 07/15/2034) | 1810000 | 1951581  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/15/2043 (Callable 07/15/2031) | 565000 | 609969  |
| &nbsp;&nbsp;&nbsp; Wheeler-Union Township School Building Corp., <br>5.00%, 01/15/2042 (Callable 07/15/2030) | 1225000 | 1283632  |
|  |  | 228002533  |
| **Iowa - 1.4%**<br>|  |  |
|  Ballard Community School District, 4.00%, 06/01/2042 (Callable 06/01/2032) | 1150000 | 1129748  |

---

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

266<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **Iowa - (Continued)**  | **Iowa - (Continued)**  | **Iowa - (Continued)**  |
| &nbsp;&nbsp;&nbsp; City of Ames IA, <br>4.00%, 06/15/2035 (Callable 06/15/2026) | $1510000 | $1512213  |
| City of Bondurant IA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2029 | 1045000 | 1107664  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2030 | 1050000 | 1129010  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2031 | 1065000 | 1158657  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2032 | 1000000 | 1099031  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2033 | 1495000 | 1656274  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/2034 (Callable 06/01/2033) | 1595000 | 1791484  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/2035 (Callable 06/01/2033) | 1775000 | 1985185  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/2036 (Callable 06/01/2033) | 1890000 | 2102741  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/2037 (Callable 06/01/2033) | 1990000 | 2204880  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/2038 (Callable 06/01/2033) | 1085000 | 1197651  |
| City of Coralville IA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/2030 (Callable 05/01/2029) | 1000000 | 991298  |
| &nbsp;&nbsp;&nbsp; 4.50%, 06/01/2032 (Callable 02/02/2026) | 3915000 | 3908756  |
| &nbsp;&nbsp;&nbsp; 3.00%, 05/01/2033 (Callable 05/01/2029) | 1000000 | 927320  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2035 (Callable 05/01/2031) | 650000 | 704813  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2036 (Callable 05/01/2031) | 685000 | 739658  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2037 (Callable 05/01/2031) | 725000 | 779055  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2041 (Callable 06/01/2030) | 555000 | 579725  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2042 (Callable 05/01/2030) | 1500000 | 1555640  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2042 (Callable 06/01/2030) | 585000 | 606965  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2043 (Callable 06/01/2030) | 615000 | 635118  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2044 (Callable 06/01/2030) | 585000 | 602494  |
| City of Le Mars IA Water Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2035 (Callable 06/01/2033) | 1030000 | 1149515  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2036 (Callable 06/01/2033) | 1295000 | 1435844  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2037 (Callable 06/01/2033) | 1360000 | 1497517  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2042 (Callable 06/01/2033) | 1615000 | 1715851  |
| City of Stuart IA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 06/01/2042 (Callable 06/01/2032) | 525000 | 534582  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/2045 (Callable 06/01/2032) | $680000 | $684483  |
|  College Community School District Infrastructure Sales Services & Use Tax, 4.00%, 06/01/2033 (Callable 06/01/2030) | 1820000 | 1896106  |
|  County of Polk IA, 5.25%, 06/01/2041 (Callable 06/01/2033)<sup>(c)</sup> | 1025000 | 1105718  |
|  Crawford County Memorial Hospital, Inc., 5.00%, 06/15/2027 (Callable 12/15/2026) | 3000000 | 3022762  |
|  Iowa City Community School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2029 (Callable 06/01/2027) | 1180000 | 1206347  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/01/2031 (Callable 06/01/2027) | 800000 | 795419  |
| Iowa Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 01/01/2032 (Callable 01/01/2030)<sup>(b)</sup> | 2500000 | 2352964  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2044 (Callable 07/01/2033) | 750000 | 779107  |
| &nbsp;&nbsp;&nbsp; 3.50%, 01/01/2047 (Callable 07/01/2026) | 355000 | 354708  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2047 (Callable 07/01/2028) | 820000 | 827098  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2049 (Callable 07/01/2033) | 2035000 | 2088858  |
|  Iowa Higher Education Loan Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 04/01/2029 | 870000 | 857481  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029 | 1160000 | 1234103  |
| &nbsp;&nbsp;&nbsp; 3.00%, 04/01/2030 | 650000 | 638471  |
| &nbsp;&nbsp;&nbsp; 3.00%, 04/01/2031 | 525000 | 513077  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2034 (Callable 10/01/2030) | 300000 | 318454  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2035 (Callable 10/01/2030) | 360000 | 380581  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2036 (Callable 10/01/2030) | 365000 | 384160  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2041 (Callable 12/01/2026) | 2000000 | 2016532  |
| &nbsp;&nbsp;&nbsp; 4.75%, 10/01/2042 (Callable 10/01/2030) | 750000 | 755903  |
| Iowa Student Loan Liquidity Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032<sup>(c)</sup> | 1425000 | 1536945  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2034<sup>(c)</sup> | 1640000 | 1770885  |
|  Jesup Community School District Infrastructure Sales Services & Use Tax, 4.00%, 07/01/2039 (Callable 07/01/2033) | 545000 | 555359  |
|  PEFA, Inc., 5.00%, 09/01/2049 (Callable 06/01/2026)<sup>(a)</sup> | 14535000 | 14665337  |
|  Southern Iowa Rural Water Association, 3.00%, 12/01/2032 (Callable 12/01/2028) | 1030000 | 1021767  |

---

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

267<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **Iowa - (Continued)**  | **Iowa - (Continued)**  | **Iowa - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Xenia Rural Water District, <br>5.00%, 12/01/2028 (Callable 12/01/2026) | $385000 | $391298  |
|  |  | 78592612  |
| **Kansas - 0.8%**<br>|  |  |
|  City of Abilene KS, 3.38%, 03/01/2029 (Callable 03/01/2027) | 2000000 | 2006287  |
| &nbsp;&nbsp;&nbsp; City of Garden City KS, <br>5.38%, 06/01/2039 (Callable 06/01/2030)<sup>(b)</sup> | 1750000 | 1771279  |
| &nbsp;&nbsp;&nbsp; City of Goddard KS, <br>3.50%, 06/01/2034 (Callable 01/23/2026) | 2395000 | 2328856  |
| &nbsp;&nbsp;&nbsp; City of Independence KS, <br>4.00%, 10/01/2027 (Callable 02/02/2026) | 2000000 | 2001566  |
| &nbsp;&nbsp;&nbsp; City of Linn Valley KS, <br>5.00%, 06/01/2028 (Callable 06/01/2027) | 7502000 | 7716472  |
| &nbsp;&nbsp;&nbsp; City of Merriam KS, <br>4.50%, 08/01/2040 (Callable 08/01/2033) | 4000000 | 4135320  |
| &nbsp;&nbsp;&nbsp; City of Osawatomie KS, <br>3.75%, 03/01/2027 (Callable 02/02/2026) | 3750000 | 3750972  |
| City of Wichita KS<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 (Callable 02/02/2026)<sup>(c)</sup> | 1000000 | 1001339  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 (Callable 02/02/2026)<sup>(c)</sup> | 2055000 | 2057687  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/2038 (Callable 09/01/2027) | 885000 | 885890  |
|  Johnson & Miami Counties Unified School District No 230 Spring Hills<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 09/01/2040 (Callable 09/01/2035) | 2600000 | 3105781  |
| &nbsp;&nbsp;&nbsp; 6.00%, 09/01/2043 (Callable 09/01/2035) | 1600000 | 1850660  |
| &nbsp;&nbsp;&nbsp; 6.00%, 09/01/2045 (Callable 09/01/2035) | 1350000 | 1539657  |
| Kansas Power Pool<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2038 (Callable 12/01/2029) | 700000 | 706111  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2040 (Callable 12/01/2029) | 1095000 | 1096179  |
| &nbsp;&nbsp;&nbsp; Leavenworth County Unified School District No 469, <br>4.00%, 09/01/2026 | 800000 | 804046  |
|  Miami County Unified School District No 367 Osawatomie<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/01/2040 (Callable 09/01/2034) | 500000 | 548110  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/01/2041 (Callable 09/01/2034) | $685000 | $744887  |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/01/2042 (Callable 09/01/2034) | 420000 | 452323  |
|  Wabaunsee County Unified School District No 330 Mission Valley<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/01/2042 (Callable 09/01/2031) | 750000 | 810724  |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/01/2047 (Callable 09/01/2031) | 750000 | 789542  |
|  Wyandotte County-Kansas City Unified Government Utility System Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2036 (Callable 09/01/2026) | 4980000 | 5031101  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2044 (Callable 01/28/2026) | 1740000 | 1740557  |
|  |  | 46875346  |
| **Kentucky - 1.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; City of Ashland KY, <br>4.00%, 02/01/2036 (Callable 02/02/2026) | 1000000 | 1000099  |
| &nbsp;&nbsp;&nbsp; City of Newport KY, <br>2.00%, 02/01/2038 (Callable 02/01/2029) | 620000 | 489550  |
| &nbsp;&nbsp;&nbsp; City of Versailles KY, <br>3.00%, 08/15/2026 (Callable 02/02/2026) | 3000000 | 2986949  |
| &nbsp;&nbsp;&nbsp; County of Carroll KY, <br>3.38%, 02/01/2026 (Callable 01/23/2026)<sup>(c)</sup> | 2000000 | 1999175  |
| &nbsp;&nbsp;&nbsp; County of Leslie KY, <br>4.00%, 02/01/2052 (Callable 02/01/2030) | 1485000 | 1255863  |
| &nbsp;&nbsp;&nbsp; Kentucky Association of Counties Finance Corp., <br>3.00%, 02/01/2038 (Callable 02/01/2029) | 1210000 | 1089312  |
|  Kentucky Economic Development Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 10/01/2026<sup>(e)</sup> | 835000 | 811002  |
| &nbsp;&nbsp;&nbsp; 0.00%, 10/01/2027<sup>(e)</sup> | 920000 | 859379  |
| &nbsp;&nbsp;&nbsp; 0.00%, 10/01/2028<sup>(e)</sup> | 1040000 | 933738  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 (Callable 02/02/2026) | 1295000 | 1296592  |
| Kentucky Housing Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.15%, 05/01/2030 (Callable 05/01/2028)<sup>(a)</sup> | 1300000 | 1301206  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2043 (Callable 03/01/2026)<sup>(a)</sup> | 3000000 | 3009781  |
| Kentucky Municipal Power Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2033 (Callable 09/01/2028) | 1160000 | 1206827  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2042 (Callable 01/28/2026) | 2000000 | 2000771  |

---

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

268<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **Kentucky - (Continued)**  | **Kentucky - (Continued)**  | **Kentucky - (Continued)**  |
| Kentucky Public Energy Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/01/2027 | $570000 | $575124  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033 (Callable 09/01/2033) | 2065000 | 2140745  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2036 (Callable 02/01/2036) | 4250000 | 4513690  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2050 (Callable 03/02/2026)<sup>(a)</sup> | 5575000 | 5622255  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/2055 (Callable 09/01/2029)<sup>(a)</sup> | 14000000 | 14809718  |
|  Kentucky State Property & Building Commission, 5.00%, 04/01/2037 (Callable 04/01/2027) | 2500000 | 2555166  |
| Kentucky State University<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/01/2033 (Callable 11/01/2031) | 260000 | 274075  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/01/2035 (Callable 11/01/2031) | 270000 | 281839  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/01/2038 (Callable 11/01/2031) | 325000 | 332607  |
|  Lexington-Fayette Urban County Airport Board<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2043 (Callable 07/01/2033) | 570000 | 595481  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/2048 (Callable 07/01/2033) | 525000 | 548834  |
|  Logan County School District Finance Corp., 5.00%, 09/01/2036 (Callable 09/01/2033) | 1000000 | 1102890  |
|  Louisville/Jefferson County Metropolitan Government<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 10/01/2033 (Callable 04/01/2031) | 475000 | 414355  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2047 (Callable 07/01/2026)<sup>(a)</sup> | 1500000 | 1519917  |
|  Morgan County School District Finance Corp., 3.00%, 08/01/2032 (Callable 08/01/2027) | 500000 | 493709  |
|  Paducah Electric Plant Board, 5.00%, 10/01/2032 (Callable 10/01/2026) | 1000000 | 1013089  |
|  Paducah Independent School District Finance Corp., 3.50%, 09/01/2033 (Callable 09/01/2026) | 300000 | 300609  |
| &nbsp;&nbsp;&nbsp; Pineville Independent School District Finance Corp., <br>4.00%, 05/01/2036 (Callable 05/01/2032) | 180000 | 188001  |
|  Rural Water Financing Agency, 2.88%, 08/01/2028 (Callable 02/01/2027) | 4875000 | 4838822  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| &nbsp;&nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates, <br>2.44%, 12/01/2041 (Callable 12/01/2027)<sup>(a)(b)</sup> | $10420000 | $10420000  |
| &nbsp;&nbsp;&nbsp; University of Louisville, <br>4.50%, 03/01/2036 (Callable 09/01/2026) | 4000000 | 4021776  |
|  |  | 76802946  |
| **Louisiana - 1.0%**<br>|  |  |
|  City of Pineville LA Utilities Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/2034 (Callable 05/01/2032) | 400000 | 420463  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/2037 (Callable 05/01/2032) | 325000 | 335568  |
| City of Ruston LA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2028 | 200000 | 210188  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2029 | 250000 | 267241  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2030 | 275000 | 298500  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2031 | 300000 | 329291  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2032 | 300000 | 331743  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2033 | 330000 | 367144  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2034 | 260000 | 291166  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2036 (Callable 09/01/2034) | 585000 | 647788  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2041 (Callable 09/01/2034) | 1000000 | 1061049  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2044 (Callable 09/01/2034) | 500000 | 520034  |
| City of Shreveport LA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2027 | 1630000 | 1678123  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2031 | 300000 | 325903  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/01/2037 (Callable 03/01/2035) | 500000 | 568156  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/01/2038 (Callable 03/01/2035) | 400000 | 450894  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/01/2039 (Callable 03/01/2035) | 500000 | 560069  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2041 (Callable 03/01/2035) | 820000 | 879552  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2044 (Callable 03/01/2035) | 1000000 | 1041951  |
|  City of Shreveport LA Water & Sewer Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2034 (Callable 12/01/2028) | 1225000 | 1243280  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2036 (Callable 12/01/2027) | 525000 | 540432  |
|  East Baton Rouge Sewerage Commission, 1.30%, 02/01/2041 (Callable 08/01/2027)<sup>(a)</sup> | 655000 | 617753  |
| &nbsp;&nbsp;&nbsp; Ernest N Morial New Orleans Exhibition Hall Authority, <br>5.00%, 07/15/2037 (Callable 07/15/2033) | 2875000 | 3194564  |

---

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

269<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **Louisiana - (Continued)**  | **Louisiana - (Continued)**  | **Louisiana - (Continued)**  |
|  Juban Crossing Economic Development District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/15/2035 | $675000 | $725936  |
| &nbsp;&nbsp;&nbsp; 6.00%, 09/15/2045 (Callable 09/15/2030) | 925000 | 976797  |
| Louisiana Housing Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2043 (Callable 07/01/2026)<sup>(a)</sup> | 4500000 | 4522484  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2046 (Callable 02/01/2026)<sup>(a)</sup> | 3024000 | 3028878  |
| &nbsp;&nbsp;&nbsp; 4.50%, 12/01/2047 (Callable 12/01/2027) | 70000 | 70576  |
|  Louisiana Local Government Environmental Facilities & Community Development Auth<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 04/01/2043 (Callable 04/01/2033) | 100000 | 100988  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2043 (Callable 10/01/2033) | 550000 | 573035  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2048 (Callable 04/01/2033) | 800000 | 825995  |
| &nbsp;&nbsp;&nbsp; 5.13%, 10/01/2048 (Callable 10/01/2033) | 700000 | 722795  |
| &nbsp;&nbsp;&nbsp; 5.13%, 11/01/2050 (Callable 11/01/2035)<sup>(b)</sup> | 3500000 | 3462668  |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/01/2053 (Callable 04/01/2033) | 350000 | 346337  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2053 (Callable 04/01/2033) | 800000 | 817141  |
| Louisiana Public Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/2031 | 2280000 | 2461230  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2033 (Callable 05/15/2027) | 2000000 | 2045522  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2034 (Callable 12/15/2032)<sup>(b)</sup> | 2110000 | 2166184  |
|  Louisiana State University & Agricultural & Mechanical College, 5.00%, 07/01/2028 (Callable 07/01/2026) | 4200000 | 4245304  |
|  Morehouse Parish Hospital Service District No 1, 4.00%, 10/01/2028 (Callable 10/01/2027) | 660000 | 652308  |
| New Orleans Aviation Board<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2033 (Callable 01/01/2028) | 2000000 | 2081815  |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/01/2043 (Callable 01/01/2034)<sup>(c)</sup> | 5000000 | 5330339  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2043 (Callable 10/01/2028) | 1000000 | 1020937  |
| Parish of St John the Baptist LA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2031 (Callable 03/01/2029) | 385000 | 411748  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2032 (Callable 03/01/2029) | 500000 | 532481  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
|  Parish of Terrebonne LA Sales & Use Tax Revenue, 0.00%, 04/01/2034<sup>(e)</sup> | $815000 | $614715  |
|  Rapides Parish School District No 52 Pineville<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2031 | 175000 | 193091  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2032 | 315000 | 351816  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2033 | 225000 | 253627  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2034 | 215000 | 244191  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2035 | 215000 | 244360  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/01/2036 (Callable 03/01/2035) | 175000 | 200297  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/01/2037 (Callable 03/01/2035) | 225000 | 254916  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/01/2038 (Callable 03/01/2035) | 245000 | 275156  |
|  St Tammany Parish Hospital Service District No 1<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036 (Callable 07/01/2028) | 1745000 | 1803452  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2038 (Callable 07/01/2028) | 855000 | 879740  |
| &nbsp;&nbsp;&nbsp; Tangipahoa Parish School Board Sales & Use Tax Revenue, <br>4.00%, 03/01/2041 (Callable 03/01/2031) | 500000 | 504136  |
|  |  | 59121847  |
| **Maine - 0.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; City of Lewiston ME, <br>1.63%, 02/15/2036 (Callable 02/15/2028) | 1435000 | 1124491  |
| &nbsp;&nbsp;&nbsp; Finance Authority of Maine, <br>5.00%, 12/01/2034 (Callable 06/01/2034)<sup>(c)</sup> | 1355000 | 1450707  |
|  Maine Health & Higher Educational Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2037 (Callable 07/01/2029) | 255000 | 258987  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2038 (Callable 07/01/2030) | 1530000 | 1631694  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2043 (Callable 07/01/2028) | 3700000 | 3768595  |
|  Maine Municipal Bond Bank, 5.00%, 11/01/2038 (Callable 11/01/2029) | 1360000 | 1450455  |
| Maine State Housing Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 11/15/2039 (Callable 02/02/2026) | 2255000 | 2194429  |
| &nbsp;&nbsp;&nbsp; 3.50%, 11/15/2047 (Callable 11/15/2026) | 15000 | 14983  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/15/2049 (Callable 05/15/2028) | 70000 | 70197  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/15/2050 (Callable 05/15/2029) | 315000 | 316626  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2052 (Callable 11/15/2031) | 2525000 | 2623964 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2052 (Callable 11/15/2031) | 1005000 | 1040631  |

---

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

270<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **Maine - (Continued)**  | **Maine - (Continued)**  | **Maine - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 6.25%, 11/15/2055 (Callable 11/15/2033) | $2820000 | $3137338  |
|  |  | 19083097  |
| **Maryland - 0.5%**<br>|  |  |
|  City of Baltimore MD, 5.00%, 10/15/2034 (Callable 10/15/2027) | 2000000 | 2069245  |
|  County of Anne Arundel MD, 5.00%, 07/01/2034 | 325000 | 370281  |
| &nbsp;&nbsp;&nbsp; County of Baltimore MD, <br>4.00%, 09/01/2036 (Callable 09/01/2031) | 135000 | 138635  |
|  Howard County Housing Commission<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 12/01/2043 (Callable 12/01/2033) | 1320000 | 1274122  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2043 (Callable 12/01/2033) | 2500000 | 2607025  |
|  Maryland Community Development Administration<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.70%, 09/01/2034 (Callable 03/01/2029) | 2000000 | 1845631  |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/01/2050 (Callable 03/01/2029) | 590000 | 588494  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2052 (Callable 03/01/2031) | 5585000 | 5794491  |
|  Maryland Economic Development Corp., 5.00%, 10/01/2045 (Callable 10/01/2034) | 2500000 | 2560987  |
|  Maryland Health & Higher Educational Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2028 | 300000 | 309788  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 | 370000 | 386589  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2029 | 980000 | 998578  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2029 | 290000 | 303705  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2030 | 185000 | 196233  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 (Callable 07/01/2030) | 705000 | 752750  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/2050 (Callable 07/01/2035) | 1475000 | 1530115  |
|  Montgomery County Housing Opportunities Commission, 5.00%, 01/01/2043 (Callable 01/01/2034) | 1000000 | 1073986  |
|  Washington Suburban Sanitary Commission<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.25%, 06/01/2027 (Callable 01/02/2026)<sup>(a)</sup> | 2435000 | 2435000  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2038 (Callable 06/01/2026) | 2000000 | 2012801  |
|  |  | 27248456  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **Massachusetts - 0.7%**<br>|  |  |
| Commonwealth of Massachusetts<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/01/2042 (Callable 02/02/2026) | $30000 | $29999  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2042 (Callable 04/01/2027) | 1500000 | 1521799  |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/01/2043 (Callable 09/01/2028) | 7750000 | 8032493  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/01/2047 (Callable 04/01/2027) | 2380000 | 2408660  |
|  Massachusetts Bay Transportation Authority Sales Tax Revenue, 0.00%, 07/01/2030 (Callable 07/01/2026)<sup>(e)</sup> | 5800000 | 5064610  |
|  Massachusetts Development Finance Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2031 (Callable 01/01/2027) | 485000 | 491895  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035 (Callable 07/01/2026) | 3000000 | 3028600  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036 (Callable 07/01/2026) | 1050000 | 1056808  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2041 (Callable 07/01/2026) | 1350000 | 1354300  |
|  Massachusetts Educational Financing Authority, 5.00%, 01/01/2026<sup>(c)</sup> | 2000000 | 2000000  |
|  Massachusetts Housing Finance Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.30%, 12/01/2026 (Callable 01/23/2026) | 1000000 | 1000107  |
| &nbsp;&nbsp;&nbsp; 3.35%, 06/01/2027 (Callable 01/23/2026) | 2600000 | 2600545  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2028 (Callable 01/23/2026) | 630000 | 630103  |
| &nbsp;&nbsp;&nbsp; 4.50%, 12/01/2048 (Callable 12/01/2027) | 675000 | 680302  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/01/2049 (Callable 12/01/2028) | 380000 | 382175  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2050 (Callable 06/01/2032) | 1395000 | 1454671  |
| &nbsp;&nbsp;&nbsp; 3.90%, 12/01/2050 (Callable 12/01/2028)<sup>(a)</sup> | 3200000 | 3255753  |
| Massachusetts Port Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036 (Callable 07/01/2029)<sup>(c)</sup> | 1125000 | 1179350  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2044 (Callable 02/02/2026) | 500000 | 500240  |
| &nbsp;&nbsp;&nbsp; University of Massachusetts Building Authority, <br>5.25%, 11/01/2042 (Callable 11/01/2027) | 2875000 | 2947162  |
|  |  | 39619572  |

---

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

271<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Michigan - 3.0%**<br>|  |  |
| Allegan Public School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2035 (Callable 05/01/2033) | $900000 | $1021022  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2036 (Callable 05/01/2033) | 935000 | 1053334  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2037 (Callable 05/01/2033) | 725000 | 809678  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2038 (Callable 05/01/2033) | 1025000 | 1137650  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2039 (Callable 05/01/2033) | 1075000 | 1186344  |
| Berkley School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2040 (Callable 05/01/2034) | 335000 | 374354  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2041 (Callable 05/01/2034) | 760000 | 837152  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2042 (Callable 05/01/2034) | 1000000 | 1092283  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2043 (Callable 05/01/2034) | 1425000 | 1539477  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2044 (Callable 05/01/2034) | 1525000 | 1635875  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/2044 (Callable 05/01/2033) | 875000 | 945823  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2046 (Callable 05/01/2034) | 3870000 | 4106253  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/2048 (Callable 05/01/2033) | 700000 | 744077  |
| Chelsea School District/MI<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2037 (Callable 05/01/2035) | 570000 | 642569  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2038 (Callable 05/01/2035) | 695000 | 776218  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2039 (Callable 05/01/2035) | 795000 | 883960  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2040 (Callable 05/01/2035) | 1345000 | 1476581  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2041 (Callable 05/01/2035) | 1420000 | 1544359  |
| &nbsp;&nbsp;&nbsp; City of Albion MI Water Supply System Revenue, <br>5.50%, 04/01/2045 (Callable 04/01/2035) | 600000 | 651458  |
| City of Detroit MI<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/2028 | 275000 | 287937  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/2029 | 685000 | 730700  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/2030 | 680000 | 737907  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/2031 | 575000 | 632959  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/2032 | 600000 | 668459  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/2033 | 550000 | 618542  |
| &nbsp;&nbsp;&nbsp; 6.00%, 05/01/2039 (Callable 05/01/2033) | 500000 | 569653  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| Clio Area School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/2038 (Callable 05/01/2032) | $635000 | $654715  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/2040 (Callable 05/01/2032) | 885000 | 909550  |
| Coopersville Area Public Schools<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/2039 (Callable 05/01/2032) | 300000 | 306076  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/01/2041 (Callable 05/01/2032) | 310000 | 323468  |
| Detroit City School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2034 (Callable 05/01/2030) | 2500000 | 2693948  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2036 (Callable 05/01/2030) | 1000000 | 1068911  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2037 (Callable 05/01/2030) | 1000000 | 1067929  |
| &nbsp;&nbsp;&nbsp; Eastern Michigan University, <br>4.00%, 03/01/2034 (Callable 03/01/2027) | 985000 | 992969  |
|  Elkton-Pigeon-Bay Port Laker Schools<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2037 (Callable 05/01/2035) | 250000 | 283111  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2038 (Callable 05/01/2035) | 375000 | 421680  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2039 (Callable 05/01/2035) | 440000 | 491456  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2040 (Callable 05/01/2035) | 400000 | 442017  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2041 (Callable 05/01/2035) | 500000 | 546771  |
|  Flat Rock Community School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2036 (Callable 05/01/2032) | 670000 | 748802  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2037 (Callable 05/01/2032) | 725000 | 804071  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2038 (Callable 05/01/2032) | 575000 | 632160  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2039 (Callable 05/01/2032) | 805000 | 877695  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2041 (Callable 05/01/2032) | 1385000 | 1484975  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2044 (Callable 05/01/2032) | 1485000 | 1558282  |
| &nbsp;&nbsp;&nbsp; Fraser Public School District, <br>5.00%, 05/01/2048 (Callable 05/01/2033) | 1000000 | 1037149  |
|  Great Lakes Water Authority Sewage Disposal System Revenue, 5.00%, 07/01/2036 (Callable 07/01/2026) | 5000000 | 5045183  |
|  Great Lakes Water Authority Water Supply System Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2045 (Callable 07/01/2030) | 1740000 | 1805894  |

---

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

272<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Michigan - (Continued)** <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2046 (Callable 07/01/2026) | $2000000 | $2009089  |
|  Holland Area Community Swimming Pool Authority, 5.00%, 05/01/2039 (Callable 05/01/2029) | 835000 | 879346  |
| Jenison Public Schools<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2042 (Callable 05/01/2034) | 225000 | 245427  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2043 (Callable 05/01/2034) | 385000 | 415360  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2044 (Callable 05/01/2034) | 250000 | 267444  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2046 (Callable 05/01/2034) | 425000 | 447880  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2049 (Callable 05/01/2034) | 525000 | 547613  |
|  Kalamazoo Hospital Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/15/2031 (Callable 05/15/2026) | 3030000 | 3037859  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/15/2032 (Callable 05/15/2026) | 3330000 | 3337370  |
| L'Anse Creuse Public Schools<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2043 (Callable 05/01/2035) | 855000 | 921320  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2044 (Callable 05/01/2035) | 1300000 | 1389255  |
|  Lansing School District, 5.00%, 05/01/2037 (Callable 05/01/2029) | 305000 | 320893  |
| Michigan Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/01/2027 | 1050000 | 1057243  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2028 (Callable 04/01/2027) | 10000000 | 10022646  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2028 | 1025000 | 1062335  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/01/2029 (Callable 02/01/2027) | 840000 | 840260  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2029 | 400000 | 405605  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2030 (Callable 03/01/2030) | 440000 | 445266  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/31/2031 | 1000000 | 1102997  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/01/2032 (Callable 02/01/2027) | 590000 | 594292  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2034 (Callable 02/02/2026) | 2500000 | 2508168  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2035 (Callable 12/01/2027) | 1000000 | 1037440  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037 (Callable 07/01/2035) | 1000000 | 1125919  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2037 (Callable 12/01/2027) | 8245000 | 8508217  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2038 (Callable 07/01/2035) | 1000000 | 1121785  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2039 (Callable 07/01/2035) | $1000000 | $1115585  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/29/2040 (Callable 02/28/2034) | 500000 | 545267  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2040 (Callable 07/01/2035) | 1000000 | 1107356  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/28/2041 (Callable 02/28/2034) | 1610000 | 1738849  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2041 (Callable 07/01/2035) | 850000 | 931744  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2041 (Callable 11/15/2026) | 1500000 | 1513309  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/28/2042 (Callable 02/28/2034) | 500000 | 533390  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2044 (Callable 02/02/2026) | 2000000 | 2000775  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2044 (Callable 05/16/2026)<sup>(a)</sup> | 2950000 | 2963306  |
|  Michigan State Building Authority, 5.00%, 10/15/2033 (Callable 10/15/2026) | 1245000 | 1267046  |
|  Michigan State Housing Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.35%, 09/01/2027 (Callable 09/01/2026)<sup>(a)</sup> | 561000 | 562308  |
| &nbsp;&nbsp;&nbsp; 3.35%, 09/01/2027 (Callable 09/01/2026)<sup>(a)</sup> | 425000 | 425991  |
| &nbsp;&nbsp;&nbsp; 3.63%, 10/01/2029 (Callable 01/23/2026) | 1500000 | 1500006  |
| &nbsp;&nbsp;&nbsp; 2.95%, 11/01/2029 (Callable 05/01/2028)<sup>(a)</sup> | 2075000 | 2071464  |
| &nbsp;&nbsp;&nbsp; 3.70%, 04/01/2030 (Callable 04/01/2026) | 6250000 | 6252811  |
| &nbsp;&nbsp;&nbsp; 3.25%, 10/01/2037 (Callable 02/02/2026) | 1745000 | 1667355  |
| &nbsp;&nbsp;&nbsp; 3.80%, 07/01/2041 (Callable 07/01/2026)<sup>(a)</sup> | 2250000 | 2256698  |
| &nbsp;&nbsp;&nbsp; 4.25%, 06/01/2049 (Callable 12/01/2027) | 475000 | 478392  |
| &nbsp;&nbsp;&nbsp; 4.25%, 12/01/2049 (Callable 06/01/2028) | 535000 | 540746  |
| &nbsp;&nbsp;&nbsp; 4.65%, 12/01/2049 (Callable 06/01/2033) | 2200000 | 2177091  |
| &nbsp;&nbsp;&nbsp; 3.50%, 12/01/2050 (Callable 06/01/2029) | 2270000 | 2265541  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2053 (Callable 12/01/2031) | 1905000 | 1985199  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/01/2053 (Callable 12/01/2031) | 1790000 | 1890603  |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/01/2054 (Callable 12/01/2032) | 4140000 | 4445999  |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/01/2054 (Callable 06/01/2033) | 5885000 | 6386796  |
| &nbsp;&nbsp;&nbsp; 6.25%, 12/01/2055 (Callable 12/01/2033) | 2730000 | 3026421  |

---

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

273<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Michigan - (Continued)** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Michigan State University, <br>5.00%, 02/15/2044 (Callable 02/15/2029) | $325000 | $333844  |
| &nbsp;&nbsp;&nbsp; Oakland University, <br>5.00%, 07/01/2031 (Callable 07/01/2026) | 3700000 | 3704048  |
|  Pinckney Community Schools, 5.00%, 05/01/2035 (Callable 05/01/2026) | 1500000 | 1506088  |
| Potterville Public Schools<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2040 (Callable 05/01/2035) | 935000 | 1041272  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2041 (Callable 05/01/2035) | 985000 | 1085864  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2043 (Callable 05/01/2035) | 830000 | 895724  |
|  Rochester Community School District, 5.00%, 05/01/2035 (Callable 05/01/2026) | 550000 | 552232  |
| Rockford Public Schools<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2036 (Callable 05/01/2033) | 1000000 | 1130065  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2037 (Callable 05/01/2033) | 800000 | 895656  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2040 (Callable 05/01/2033) | 1230000 | 1344149  |
|  Swartz Creek Community Schools, 5.00%, 05/01/2039 (Callable 05/01/2029) | 815000 | 857232  |
|  Thornapple Kellogg School District, 5.00%, 05/01/2036 (Callable 05/01/2033) | 1320000 | 1476028  |
| &nbsp;&nbsp;&nbsp; Van Dyke Public Schools, <br>5.25%, 05/01/2045 (Callable 05/01/2035) | 2600000 | 2692277  |
|  Walled Lake Consolidated School District, 5.00%, 05/01/2050 (Callable 05/01/2030) | 1000000 | 1029162  |
| Wayne County Airport Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 (Callable 12/01/2027) | 690000 | 715629 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031<sup>(c)</sup> | 500000 | 546511  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032<sup>(c)</sup> | 420000 | 462680  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033<sup>(c)</sup> | 325000 | 360222  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2038 (Callable 12/01/2028) | 1700000 | 1773933  |
| Western Michigan University<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2038 (Callable 05/15/2031) | 375000 | 403373  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2039 (Callable 05/15/2031) | 400000 | 428264  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2040 (Callable 05/15/2031) | 420000 | 447985  |
|  |  | 169884751  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **Minnesota - 1.6%**<br>|  |  |
| City of Maple Grove MN<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2027 | $1600000 | $1624315  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2028 (Callable 05/01/2027) | 1000000 | 1013906  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2029 (Callable 05/01/2027) | 1500000 | 1523947  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2030 (Callable 05/01/2027) | 850000 | 863087  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2030 (Callable 02/02/2026) | 610000 | 610543  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2031 (Callable 05/01/2027) | 1025000 | 1040190  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2032 (Callable 05/01/2027) | 500000 | 507046  |
| City of Minneapolis MN<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2030 (Callable 01/23/2026) | 1000000 | 1000789  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2034 (Callable 01/23/2026) | 680000 | 680437  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/15/2036 (Callable 11/15/2031) | 1090000 | 1101111  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2052 (Callable 05/15/2028)<sup>(a)</sup> | 9305000 | 9807214  |
|  City of Virginia MN, 5.00%, 12/15/2026 (Callable 02/02/2026) | 8000000 | 8007125  |
| &nbsp;&nbsp;&nbsp; County of Washington MN, <br>2.25%, 02/01/2034 (Callable 02/01/2028) | 1525000 | 1402677  |
|  Duluth Economic Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2034 (Callable 02/15/2028) | 685000 | 709449  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2037 (Callable 02/15/2028) | 1800000 | 1857061  |
|  Federal Home Loan Mortgage Corp., Series 2024-ML21, Class AUS, 4.52%, 08/25/2041 (Callable 08/25/2041)<sup>(a)</sup> | 4468936 | 4523459  |
|  Forest Lake Independent School District No 831, 3.13%, 02/01/2039 (Callable 02/02/2026) | 75000 | 70531  |
|  Housing & Redevelopment Authority of The City of St Paul Minnesota<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2028 | 1115000 | 1156946  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 300000 | 318031  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2034 (Callable 11/15/2027) | 1900000 | 1947647  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2036 (Callable 12/01/2030) | 1600000 | 1662778  |
|  Minnesota Health & Education Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2039 (Callable 10/01/2030) | 2040000 | 2164973  |

---

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

274<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **Minnesota - (Continued)**  | **Minnesota - (Continued)**  | **Minnesota - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2040 (Callable 10/01/2030) | $1030000 | $1036473  |
| &nbsp;&nbsp;&nbsp; 4.13%, 10/01/2041 (Callable 10/01/2030) | 1000000 | 1006015  |
| &nbsp;&nbsp;&nbsp; 4.13%, 10/01/2042 (Callable 10/01/2030) | 1000000 | 999249  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2053 (Callable 04/01/2029)<sup>(a)</sup> | 2000000 | 2120938  |
| Minnesota Housing Finance Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.60%, 07/01/2033 (Callable 02/02/2026) | 400000 | 400049  |
| &nbsp;&nbsp;&nbsp; 3.10%, 07/01/2035 (Callable 02/02/2026) | 1485000 | 1429674  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/01/2040 (Callable 08/01/2033) | 1000000 | 1013371  |
| &nbsp;&nbsp;&nbsp; 2.90%, 01/01/2045 (Callable 07/01/2031) | 1825000 | 1455225  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2047 (Callable 02/02/2026) | 30000 | 30014  |
| &nbsp;&nbsp;&nbsp; 3.75%, 01/01/2050 (Callable 01/01/2029) | 1260000 | 1260915  |
| &nbsp;&nbsp;&nbsp; 5.75%, 07/01/2053 (Callable 01/01/2033) | 2735000 | 2906227  |
| &nbsp;&nbsp;&nbsp; 6.00%, 07/01/2053 (Callable 01/01/2033) | 2540000 | 2721877  |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/01/2056 (Callable 07/01/2033) | 9245000 | 10261166  |
| &nbsp;&nbsp;&nbsp; Minnesota Rural Water Finance Authority, Inc., <br>3.30%, 08/01/2026 (Callable 02/02/2026) | 5000000 | 5001192  |
|  Sauk Centre Public Utilities Commission Electric Revenue, 4.25%, 12/01/2044 (Callable 12/01/2034) | 825000 | 826205  |
| &nbsp;&nbsp;&nbsp; St Paul Port Authority, <br>4.75%, 10/01/2043 (Callable 10/01/2033) | 1000000 | 1017583  |
| State of Minnesota<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2038 (Callable 08/01/2030) | 5000000 | 5407838 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2038 (Callable 08/01/2029) | 2210000 | 2355494  |
|  Willmar Independent School District No 347, 3.00%, 02/01/2036 (Callable 02/01/2032) | 2550000 | 2493126  |
| Zumbro Education District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/01/2029 | 350000 | 350818  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/01/2038 (Callable 02/01/2031) | 385000 | 365797  |
|  |  | 88052508  |
| **Mississippi - 2.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Biloxi Public School District, <br>5.00%, 04/01/2026 | 500000 | 502346  |
| Canton Public School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/01/2038 (Callable 01/01/2035) | 500000 | 566468  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/01/2041 (Callable 01/01/2035) | $375000 | $411494  |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/01/2043 (Callable 01/01/2035) | 525000 | 566063  |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/01/2044 (Callable 01/01/2035) | 200000 | 214237  |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/01/2045 (Callable 01/01/2035) | 180000 | 191883  |
|  City of Flowood MS, 0.90%, 03/01/2030 (Callable 03/01/2026)<sup>(b)</sup> | 2517000 | 2327550  |
| City of Gluckstadt MS<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/01/2027 | 285000 | 293028  |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/01/2029 (Callable 06/01/2028) | 370000 | 387962  |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/01/2031 (Callable 06/01/2028) | 405000 | 424439  |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/01/2032 (Callable 06/01/2028) | 100000 | 104662  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2034 (Callable 06/01/2028) | 100000 | 103175  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2035 (Callable 06/01/2028) | 490000 | 505066  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2036 (Callable 06/01/2028) | 25000 | 25739  |
|  City of Gulfport MS, 5.00%, 07/01/2027 (Callable 07/01/2026) | 500000 | 502890  |
| City of Louisville MS<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/01/2033 (Callable 09/01/2029) | 280000 | 288650  |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/01/2034 (Callable 09/01/2029) | 300000 | 308463  |
| City of Pearl MS<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/01/2028 | 310000 | 328008  |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/01/2029 | 325000 | 350422  |
| City of Ridgeland MS<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 10/01/2026 | 1100000 | 1093994  |
| &nbsp;&nbsp;&nbsp; 3.00%, 10/01/2028 (Callable 10/01/2027) | 690000 | 674578  |
|  City of Starkville MS Water & Sewer System Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2033 | 305000 | 346444  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2034 (Callable 02/01/2033) | 320000 | 361227  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2035 (Callable 02/01/2033) | 340000 | 381568  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2036 (Callable 02/01/2033) | 355000 | 395634  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2037 (Callable 02/01/2033) | 375000 | 414467  |
| &nbsp;&nbsp;&nbsp; 3.75%, 02/01/2044 (Callable 02/01/2033) | 495000 | 448925  |
| County of Hinds MS<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 08/01/2036 (Callable 08/01/2027) | 15000 | 12984 |
| &nbsp;&nbsp;&nbsp; 4.63%, 09/01/2054 (Callable 09/01/2029)<sup>(b)</sup>  | 4000000  | 3693616  |

---

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

275<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **Mississippi - (Continued)**  | **Mississippi - (Continued)**  | **Mississippi - (Continued)**  |
| County of Warren MS<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 09/01/2042 (Callable 09/01/2033) | $610000 | $685093  |
| &nbsp;&nbsp;&nbsp; 6.00%, 09/01/2043 (Callable 09/01/2033) | 550000 | 612541  |
| &nbsp;&nbsp;&nbsp; 6.00%, 09/01/2048 (Callable 09/01/2033) | 6950000 | 7577553  |
| &nbsp;&nbsp;&nbsp; 6.00%, 09/01/2053 (Callable 09/01/2033) | 2070000 | 2243183  |
|  Harrison County Utility Authority, 2.15%, 07/01/2038 (Callable 02/02/2026)<sup>(b)</sup> | 3500000 | 2418788  |
|  Jackson County Utility Authority, 5.00%, 09/01/2029 (Callable 02/02/2026) | 1100000 | 1101358  |
|  Medical Center Educational Building Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2042 (Callable 06/01/2027) | 500000 | 506794  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/01/2048 (Callable 06/01/2033) | 1500000 | 1419173  |
| Mississippi Business Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.20%, 09/01/2028 (Callable 02/02/2026) | 2100000 | 2100344  |
| &nbsp;&nbsp;&nbsp; 1.20%, 12/01/2030 (Callable 02/02/2026)<sup>(a)</sup> | 1325000 | 1325000  |
| Mississippi Development Bank<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2027 | 250000 | 256951  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2027 | 850000 | 858747  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/2028 | 75000 | 75546  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2028 (Callable 03/01/2027) | 2000000 | 2017984  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2028 | 500000 | 523708  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2029 | 200000 | 213486  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2029 | 1900000 | 1927273  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2030 | 1470000 | 1490528  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2031 (Callable 11/01/2027) | 135000 | 136841  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2032 (Callable 03/01/2027) | 1000000 | 1008541  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/01/2034 (Callable 03/01/2028) | 490000 | 501885  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2034 (Callable 07/01/2031) | 285000 | 289506  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2034 (Callable 08/01/2029) | 640000 | 658424  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2034 (Callable 11/01/2027) | 2000000 | 2051421  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2035 (Callable 04/01/2033) | 500000 | 551891  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2035 (Callable 05/01/2029) | 200000 | 211982  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2035 (Callable 07/01/2031) | 405000 | 410205  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/2036 (Callable 03/01/2028) | 300000 | 301972  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2036 | $5000000 | $5343827  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2036 (Callable 05/01/2029) | 360000 | 380291  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2036 (Callable 06/01/2035) | 405000 | 462397  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2036 (Callable 07/01/2031) | 250000 | 252946  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/2036 (Callable 07/01/2035) | 500000 | 587014  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2037 (Callable 02/01/2029) | 200000 | 210252  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2037 (Callable 06/01/2035) | 580000 | 657337 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2037 (Callable 06/01/2035)  | 530000 | 599755  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/2037 (Callable 07/01/2035) | 500000 | 581823  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/01/2038 (Callable 03/01/2029) | 265000 | 278559  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2038 (Callable 06/01/2035) | 555000 | 623250  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/2038 (Callable 06/01/2035) | 550000 | 629078  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2038 (Callable 07/01/2031) | 245000 | 246746  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/2038 (Callable 07/01/2035) | 350000 | 404241  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/01/2039 (Callable 04/01/2033) | 1345000 | 1360848  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2039 (Callable 06/01/2035) | 580000 | 646847  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/2039 (Callable 06/01/2035) | 580000 | 658862  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2039 (Callable 07/01/2031) | 390000 | 391390  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/2039 (Callable 07/01/2035) | 800000 | 917499  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2040 (Callable 05/01/2033) | 1045000 | 1117678  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/2040 (Callable 06/01/2035) | 610000 | 683061 |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/2040 (Callable 06/01/2035)  | 410000 | 459452  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/2040 (Callable 07/01/2035) | 800000 | 905578  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2041 (Callable 06/01/2034) | 340000 | 371594  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/2041 (Callable 06/01/2035) | 645000 | 714967 |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/2041 (Callable 06/01/2035) | 645000 | 714430  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/2041 (Callable 07/01/2035) | 450000 | 501916  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2042 (Callable 04/01/2034) | 475000 | 510058  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2042 (Callable 05/01/2033) | 1155000 | 1209632  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/2042 (Callable 06/01/2035) | 500000 | 548111  |

---

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

276<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **Mississippi - (Continued)**  | **Mississippi - (Continued)**  | **Mississippi - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/2042 (Callable 06/01/2035) | $425000 | $465545 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2043 (Callable 03/01/2028) | 1000000 | 1019081  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2043 (Callable 05/01/2033) | 2420000 | 2513589 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2043 (Callable 05/01/2033) | 1360000 | 1432590  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/2043 (Callable 06/01/2035) | 460000 | 498814  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/01/2044 (Callable 05/01/2033) | 1200000 | 1194380  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/2044 (Callable 06/01/2035) | 500000 | 537717  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2045 (Callable 03/01/2034) | 1750000 | 1800295  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/01/2045 (Callable 03/01/2028) | 1345000 | 1337622  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2045 (Callable 05/01/2033) | 1315000 | 1348596  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/2045 (Callable 06/01/2035) | 490000 | 523154  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2048 (Callable 03/01/2029) | 1570000 | 1585433  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2049 (Callable 05/01/2034) | 3000000 | 3114624 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2049 (Callable 05/01/2033) | 2935000 | 3028082  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2050 (Callable 06/01/2035) | 600000 | 620125  |
| Mississippi Home Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 12/01/2034 (Callable 06/01/2028) | 3000000 | 2980936  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2039 (Callable 06/01/2033) | 1210000 | 1307140  |
| &nbsp;&nbsp;&nbsp; 4.55%, 04/01/2042 | 4535000 | 4613003  |
| &nbsp;&nbsp;&nbsp; 4.38%, 12/01/2044 (Callable 12/01/2032) | 2000000 | 2000604  |
| &nbsp;&nbsp;&nbsp; 4.80%, 12/01/2049 (Callable 06/01/2033) | 6030000 | 6058874  |
| &nbsp;&nbsp;&nbsp; Mississippi Hospital Equipment & Facilities Authority, <br>5.00%, 10/01/2034 (Callable 10/01/2029) | 725000 | 768120  |
|  Natchez-Adams School District, 5.00%, 02/01/2030 | 645000 | 672398  |
|  Pearl River Community College District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/01/2037 (Callable 06/01/2031) | 2590000 | 2606563  |
| &nbsp;&nbsp;&nbsp; 4.13%, 06/01/2039 (Callable 06/01/2031) | 160000 | 159282  |
| &nbsp;&nbsp;&nbsp; State of Mississippi, <br>5.00%, 10/01/2041 (Callable 10/01/2034) | 1205000 | 1312436  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| State of Mississippi Gaming Tax Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/2032 (Callable 10/15/2028) | $1000000 | $1054605  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/2034 (Callable 02/02/2026) | 1000000 | 1001026  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/2035 (Callable 02/02/2026) | 950000 | 950878  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/2036 (Callable 10/15/2028) | 2250000 | 2349380  |
|  Sunflower County Consolidated School District, 4.00%, 06/01/2042 (Callable 06/01/2032) | 1620000 | 1577649  |
|  University of Mississippi Educational Building Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2047 (Callable 10/01/2032) | 800000 | 825394  |
| &nbsp;&nbsp;&nbsp; 4.50%, 10/01/2052 (Callable 10/01/2032) | 1000000 | 983640  |
|  Vicksburg Warren School District, 5.00%, 03/01/2029 | 150000 | 154290  |
|  |  | 125068004  |
| **Missouri - 3.2%**<br>|  |  |
| Antonia Fire Protection District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/01/2040 (Callable 03/01/2033) | 175000 | 192151  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/01/2041 (Callable 03/01/2033) | 180000 | 196161  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/01/2042 (Callable 03/01/2033) | 190000 | 205282  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/01/2043 (Callable 03/01/2033) | 300000 | 321435  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/01/2044 (Callable 03/01/2033) | 170000 | 180635  |
|  Boone County Reorganized School District No R-6 Centralia<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/01/2043 (Callable 03/01/2034) | 705000 | 780665  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/01/2044 (Callable 03/01/2034) | 1255000 | 1377822  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/01/2045 (Callable 03/01/2034) | 665000 | 725810  |
|  Boonville School District No R-1/MO, 5.00%, 03/01/2041 (Callable 03/01/2029) | 1280000 | 1337607  |
| &nbsp;&nbsp;&nbsp; Caldwell County School District No R-II Hamilton, <br>5.00%, 04/15/2038 (Callable 04/15/2026) | 820000 | 822508  |
| &nbsp;&nbsp;&nbsp; Callaway County School District No R-III New Bloomfield, <br>5.00%, 03/01/2039 (Callable 03/01/2029) | 1050000 | 1104624  |
| Carl Junction R-I School District/MO<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2036 (Callable 03/01/2029) | 1625000 | 1723391  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2037 (Callable 03/01/2029) | 1700000 | 1799766  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2040 (Callable 03/01/2032) | 1500000 | 1607259  |

---

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

277<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **Missouri - (Continued)**  | **Missouri - (Continued)**  | **Missouri - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2041 (Callable 03/01/2032) | $1975000 | $2103330  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2043 (Callable 03/01/2032) | 1175000 | 1236635  |
|  Center School District No 58/MO, 4.00%, 04/15/2031 (Callable 04/15/2027) | 170000 | 172384  |
|  Citizens Memorial Hospital District, 5.00%, 12/01/2026 (Callable 09/01/2026) | 11100000 | 11138654  |
|  City of St Louis MO Airport Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036 (Callable 07/01/2027)<sup>(c)</sup> | 1000000 | 1019208  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037 (Callable 07/01/2027)<sup>(c)</sup> | 1000000 | 1017511  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2039 (Callable 07/01/2029) | 425000 | 444157  |
|  Cole County Reorganized School District No 2<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2039 (Callable 03/01/2029) | 700000 | 728497  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2042 (Callable 03/01/2029) | 1275000 | 1312822  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2043 (Callable 03/01/2029) | 600000 | 616465  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2044 (Callable 03/01/2029) | 900000 | 922744  |
| De Soto School District No 73<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2041 (Callable 03/01/2030) | 1450000 | 1539087  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2042 (Callable 03/01/2030) | 850000 | 898600  |
|  Dexter School District No R-11 Stoddard/MO<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2039 (Callable 03/01/2030) | 1400000 | 1474350  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2040 (Callable 03/01/2030) | 2250000 | 2352658  |
|  Fort Zumwalt School District, 5.25%, 03/01/2042 (Callable 03/01/2030) | 1730000 | 1825552  |
|  Grain Valley No R-V School District, 5.00%, 03/01/2038 (Callable 03/01/2028) | 4625000 | 4799296  |
| &nbsp;&nbsp;&nbsp; Hazelwood School District, <br>5.00%, 03/01/2042 (Callable 03/01/2032) | 1355000 | 1435887  |
|  Health & Educational Facilities Authority of the State of Missouri<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2026 | 410000 | 412052  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2027 | 280000 | 284151  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2030 (Callable 09/01/2029) | 475000 | 485602  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| &nbsp;&nbsp;&nbsp; 4.50%, 10/01/2030<sup>(b)</sup> | $900000 | $898303  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2031 (Callable 05/15/2026) | 1175000 | 1184631  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2032 (Callable 08/15/2032) | 2775000 | 3094120  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2034 (Callable 01/23/2026) | 950000 | 971622  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2035 (Callable 02/15/2029) | 615000 | 649276  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2036 (Callable 02/15/2029) | 425000 | 447442  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2041 (Callable 11/15/2035) | 800000 | 861619  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2042 (Callable 11/15/2035) | 700000 | 744086  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2043 (Callable 11/15/2035) | 800000 | 841439  |
|  Jackson County Consolidated School District No 4, 5.75%, 03/01/2045 (Callable 03/01/2035) | 1000000 | 1117938  |
|  Jackson County Reorganized School District No 7/MO<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 03/01/2043 (Callable 03/01/2035) | 1750000 | 2023740  |
| &nbsp;&nbsp;&nbsp; 6.00%, 03/01/2044 (Callable 03/01/2035) | 1500000 | 1720855  |
| &nbsp;&nbsp;&nbsp; 6.00%, 03/01/2045 (Callable 03/01/2035) | 1000000 | 1138434  |
|  Jackson County School District No R-IV Blue Springs, 5.50%, 03/01/2044 (Callable 03/01/2034) | 2280000 | 2529696  |
|  Jackson County School District No R-VI Oak Grove<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/01/2037 (Callable 03/01/2033) | 185000 | 211130  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/01/2038 (Callable 03/01/2033) | 450000 | 502259  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/01/2039 (Callable 03/01/2033) | 275000 | 305509  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/01/2040 (Callable 03/01/2033) | 225000 | 248228  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/01/2041 (Callable 03/01/2033) | 425000 | 465362  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/01/2042 (Callable 03/01/2033) | 250000 | 271228  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/01/2044 (Callable 03/01/2033) | 400000 | 427037  |
|  Jefferson City School District/MO, 5.50%, 03/01/2045 (Callable 03/01/2033) | 1900000 | 2059004  |
|  Kansas City Industrial Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/2035 (Callable 03/01/2030) | 455000 | 464022  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2035 (Callable 03/01/2029)<sup>(c)</sup> | 5925000 | 6191739  |

---

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

278<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **Missouri - (Continued)**  | **Missouri - (Continued)**  | **Missouri - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2036 (Callable 03/01/2029)<sup>(c)</sup> | $5000000 | $5208809  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2039 (Callable 03/01/2029)<sup>(c)</sup> | 5000000 | 5161642  |
|  Lindbergh School District, 5.50%, 03/01/2038 (Callable 03/01/2032) | 2000000 | 2260343  |
| Marshall School District/MO<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2036 (Callable 03/01/2033) | 745000 | 824573  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2037 (Callable 03/01/2033) | 840000 | 924225  |
|  Meramec Valley School District No R-III, 3.00%, 03/01/2037 (Callable 03/01/2028) | 360000 | 344689  |
|  Meramec Volunteer Ambulance Service, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2033 | 90000 | 101810  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2035 (Callable 03/01/2034) | 175000 | 199035  |
|  Missouri Development Finance Board<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2041 (Callable 12/01/2033) | 555000 | 614845  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2043 (Callable 12/01/2033) | 400000 | 434809  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2044 (Callable 12/01/2033) | 540000 | 581957  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2045 (Callable 12/01/2033) | 820000 | 877569  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2046 (Callable 12/01/2033) | 500000 | 532350  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2047 (Callable 12/01/2033) | 650000 | 689711  |
|  Missouri Housing Development Commission<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 11/01/2052 (Callable 11/01/2030) | 2930000 | 2901993  |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/01/2055 (Callable 05/01/2033) | 3490000 | 3748165  |
| &nbsp;&nbsp;&nbsp; 6.00%, 05/01/2055 (Callable 05/01/2033) | 4950000 | 5498618  |
| &nbsp;&nbsp;&nbsp; 5.75%, 05/01/2056 (Callable 05/01/2033) | 4220000 | 4606793  |
|  Missouri Joint Municipal Electric Utility Commission<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2033 | 830000 | 952988 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2033 | 785000 | 893987 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2033 | 300000 | 334799 |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2034 | 825000 | 946575  |
| Missouri Southern State University<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2035 (Callable 10/01/2029) | 100000 | 101574  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2036 (Callable 10/01/2029) | 110000 | 111231  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2039 (Callable 10/01/2029) | 110000 | 110018  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
|  Montgomery County School District No R-II, 5.00%, 03/01/2041 (Callable 03/01/2029) | $875000 | $904034  |
|  Nodaway County School District No R-II Maryville<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2041 (Callable 03/01/2030) | 1100000 | 1163202  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2042 (Callable 03/01/2030) | 1850000 | 1946981  |
|  Normandy Schools Collaborative, 3.00%, 03/01/2036 (Callable 03/01/2028) | 1525000 | 1458939  |
|  North Callaway County School District No R-1<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2038 (Callable 03/01/2029) | 1200000 | 1268193  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2039 (Callable 03/01/2029) | 1225000 | 1290452  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2040 (Callable 03/01/2029) | 1200000 | 1261161  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2041 (Callable 03/01/2029) | 1500000 | 1573228  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2042 (Callable 03/01/2029) | 1500000 | 1570472  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2043 (Callable 03/01/2029) | 800000 | 836362  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2044 (Callable 03/01/2029) | 875000 | 913436  |
| Northwest Missouri State University<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2027 | 560000 | 573825  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2028 | 1595000 | 1661465  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2029 | 500000 | 528487  |
|  Pattonville R-3 School District, 5.25%, 03/01/2042 (Callable 03/01/2031) | 2000000 | 2155922  |
|  Pettis County School District No 200 Sedalia, 5.00%, 04/15/2042 (Callable 04/15/2030) | 2150000 | 2240534  |
| Platte County R-III School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/01/2042 (Callable 03/01/2035) | 3095000 | 3657747  |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/01/2044 (Callable 03/01/2035) | 1000000 | 1162050  |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/01/2045 (Callable 03/01/2035) | 2600000 | 3002585  |
|  Ray County 911 Emergency Services Board<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2034 | 150000 | 167457  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2037 (Callable 04/01/2034) | 350000 | 382303  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2040 (Callable 04/01/2034) | 325000 | 348297  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2043 (Callable 04/01/2034) | 150000 | 156145  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2047 (Callable 04/01/2034) | 150000 | 153291  |

---

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

279<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **Missouri - (Continued)**  | **Missouri - (Continued)**  | **Missouri - (Continued)**  |
|  Republic School District No R-3, 6.50%, 03/01/2045 (Callable 03/01/2035) | $1375000 | $1616120  |
| Riverview Gardens School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/01/2038 (Callable 04/01/2032) | 825000 | 911689  |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/01/2040 (Callable 04/01/2032) | 1575000 | 1721429  |
| &nbsp;&nbsp;&nbsp; 6.00%, 04/01/2042 (Callable 04/01/2032) | 650000 | 711671  |
| &nbsp;&nbsp;&nbsp; 6.00%, 04/01/2044 (Callable 04/01/2032) | 550000 | 596661  |
|  St Charles County Public Water Supply District No 2, 5.25%, 12/01/2046 (Callable 12/01/2033) | 2905000 | 3076798  |
|  St Louis Land Clearance for Redevelopment Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2028 (Callable 12/01/2026) | 4000000 | 4042209  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2038 (Callable 04/01/2027) | 1540000 | 1564937  |
| St Louis Municipal Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 07/15/2028<sup>(b)(e)</sup> | 1215000 | 1111656  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/2029 (Callable 02/15/2026) | 2165000 | 2167267  |
| &nbsp;&nbsp;&nbsp; 0.00%, 07/15/2029<sup>(b)(e)</sup> | 1155000 | 1020989  |
| &nbsp;&nbsp;&nbsp; 0.00%, 07/15/2034<sup>(e)</sup> | 3000000 | 2190066  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2045 (Callable 10/01/2030) | 1330000 | 1361488  |
|  St Louis Municipal Library District, 3.00%, 03/15/2039 (Callable 03/15/2030) | 500000 | 442013  |
|  University City Industrial Development Authority, 4.88%, 06/15/2036 (Callable 06/15/2033) | 2005000 | 2057177  |
| Valley Park School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/01/2040 (Callable 03/01/2032) | 500000 | 549999  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/01/2041 (Callable 03/01/2032) | 1235000 | 1344638  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/01/2042 (Callable 03/01/2032) | 1135000 | 1228407  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/01/2044 (Callable 03/01/2032) | 1175000 | 1251958  |
|  Warren County School District No R-III<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2041 (Callable 03/01/2030) | 2800000 | 2894384  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2042 (Callable 03/01/2030) | 2225000 | 2293986  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2044 (Callable 03/01/2030) | 500000 | 516854  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| Warrenton Fire Protection District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2030 | $225000 | $243068  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2031 | 180000 | 196690  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2032 | 190000 | 209366  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2033 | 200000 | 222692  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2034 | 210000 | 235583  |
|  |  | 183082948  |
| **Montana - 0.5%**<br>|  |  |
|  City of Belgrade MT Water System Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2042 (Callable 07/01/2035) | 100000 | 107404  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2043 (Callable 07/01/2035) | 430000 | 456904  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2044 (Callable 07/01/2035) | 400000 | 421408  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2045 (Callable 07/01/2035) | 200000 | 209133  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2050 (Callable 07/01/2035) | 790000 | 815887  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2055 (Callable 07/01/2035) | 1485000 | 1525321  |
| City of Billings MT<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | 300000 | 327824  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 | 300000 | 331258  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 | 325000 | 361646  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034 (Callable 07/01/2033) | 215000 | 237752  |
| City of Forsyth MT<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 07/01/2028 (Callable 04/02/2028) | 1200000 | 1219523  |
| &nbsp;&nbsp;&nbsp; 3.88%, 10/01/2032 | 2750000 | 2831484  |
|  County of Gallatin MT Rural Improvement District No 396<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.60%, 06/30/2039 (Callable 06/30/2035) | 1455000 | 1536678  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/30/2044 (Callable 06/30/2035) | 265000 | 272094  |
| &nbsp;&nbsp;&nbsp; 5.05%, 06/30/2045 (Callable 06/30/2035) | 230000 | 235484  |
| &nbsp;&nbsp;&nbsp; 5.10%, 06/30/2047 (Callable 06/30/2035) | 505000 | 516296  |
| &nbsp;&nbsp;&nbsp; 5.15%, 06/30/2050 (Callable 06/30/2035) | 1800000 | 1836943  |
| &nbsp;&nbsp;&nbsp; 5.20%, 06/30/2055 (Callable 06/30/2035) | 3000000 | 3063505  |
|  Judith Basin County K-12 School District No 12 Stanford<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2041 (Callable 07/01/2033) | 465000 | 502460  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2043 (Callable 07/01/2033) | 300000 | 319265  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/2048 (Callable 07/01/2033) | 450000 | 477535  |

---

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

280<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **Montana - (Continued)**  | **Montana - (Continued)**  | **Montana - (Continued)**  |
|  Lake County School District No 23 Polson, 5.25%, 07/01/2041 (Callable 07/01/2033) | $625000 | $687619  |
| Montana Board of Housing<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.60%, 12/01/2030 (Callable 01/23/2026) | 245000 | 245049  |
| &nbsp;&nbsp;&nbsp; 3.75%, 12/01/2038 (Callable 12/01/2027) | 285000 | 285254  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/01/2049 (Callable 12/01/2027) | 355000 | 355683  |
| &nbsp;&nbsp;&nbsp; 4.60%, 12/01/2049 (Callable 06/01/2033) | 2495000 | 2451256  |
| &nbsp;&nbsp;&nbsp; 6.00%, 12/01/2053 (Callable 12/01/2032) | 1895000 | 2038438  |
| &nbsp;&nbsp;&nbsp; 4.65%, 06/01/2054 (Callable 06/01/2033) | 1995000 | 1983233  |
| &nbsp;&nbsp;&nbsp; 6.25%, 06/01/2054 (Callable 12/01/2032) | 1670000 | 1810742  |
| Montana Facility Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2026 (Callable 02/02/2026) | 765000 | 765946  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2029 (Callable 02/02/2026) | 715000 | 716056  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2037 (Callable 01/01/2030) | 700000 | 711147  |
|  |  | 29656227  |
| **Nebraska - 0.6%**<br>|  |  |
| Central Plains Energy Project<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2054 (Callable 08/01/2029)<sup>(a)</sup> | 7200000 | 7679053  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2055 (Callable 05/01/2031)<sup>(a)</sup> | 4500000 | 4795247  |
|  City of Fremont NE Combined Utility System Revenue, 1.75%, 07/15/2034 (Callable 07/08/2028) | 3000000 | 2518008  |
|  City of McCook NE, 4.50%, 09/01/2027 (Callable 09/01/2026) | 2870000 | 2905304  |
|  City of Wayne NE, 5.00%, 12/15/2035 (Callable 10/16/2030) | 1000000 | 1060101  |
|  County of Douglas NE, 5.00%, 07/01/2036 (Callable 07/01/2027) | 200000 | 204834  |
|  Cozad City School District, 4.00%, 06/15/2037 (Callable 05/17/2027) | 500000 | 503059  |
| Douglas County Hospital Authority No 2 | Douglas County Hospital Authority No 2 | Douglas County Hospital Authority No 2 |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2029 (Callable 02/02/2026) | 2125000 | 2126430  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/2041 (Callable 11/01/2035) | 575000 | 638960  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/2042 (Callable 11/01/2035) | $575000 | $630210  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/2043 (Callable 11/01/2035) | 850000 | 918324  |
|  Nebraska Investment Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/01/2036 (Callable 02/02/2026) | 275000 | 271761  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/01/2046 (Callable 02/02/2026) | 25000 | 24988  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/01/2052 (Callable 03/01/2032) | 3635000 | 3841539  |
| &nbsp;&nbsp;&nbsp; 6.25%, 09/01/2055 (Callable 03/01/2034) | 2750000 | 3068553  |
|  Omaha Airport Authority, 5.00%, 12/15/2028 (Callable 12/15/2026)<sup>(c)</sup> | 550000 | 560201  |
|  Village of Boys Town NE, 3.00%, 09/01/2028 | 2125000 | 2129462  |
|  |  | 33876034  |
| **Nevada - 0.4%**<br>|  |  |
| Carson City NV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2031 (Callable 09/01/2027) | 505000 | 517024  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2033 (Callable 09/01/2027) | 1520000 | 1552705  |
| County of Clark NV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2035 (Callable 06/01/2028) | 1280000 | 1341368  |
| &nbsp;&nbsp;&nbsp; 3.75%, 01/01/2036<sup>(a)</sup> | 1500000 | 1501643  |
| County of Washoe NV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/01/2036<sup>(a)</sup> | 4015000 | 4061736 |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/01/2036<sup>(a)</sup> | 1000000 | 1011640  |
|  County of Washoe NV Gas Tax Revenue, 5.00%, 02/01/2042 (Callable 02/01/2029) | 1530000 | 1584266  |
| Las Vegas Redevelopment Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2027 (Callable 06/15/2026) | 1210000 | 1218116  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2029 (Callable 06/15/2026) | 200000 | 201238  |
| &nbsp;&nbsp;&nbsp; 3.00%, 06/15/2032 (Callable 06/15/2026) | 1000000 | 948510  |
|  Las Vegas Valley Water District, 3.25%, 06/01/2036 (Callable 06/01/2028) | 2600000 | 2582675  |
| Nevada Housing Division<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/01/2049 (Callable 10/01/2028) | 680000 | 682892  |
| &nbsp;&nbsp;&nbsp; 7.50%, 04/01/2049 (Callable 10/01/2033) | 2000000 | 2420054  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2049 (Callable 10/01/2028) | 135000 | 135583  |
|  Nevada Rural Housing Authority, 6.00%, 11/01/2055 (Callable 05/01/2033) | 3290000 | 3644610  |
|  |  | 23404060  |

---

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

281<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **New Hampshire - 0.8%**<br>|  |  |
|  New Hampshire Business Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/20/2036 | $2867566 | $2845124  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2040 (Callable 06/01/2033) | 630000 | 636164  |
| &nbsp;&nbsp;&nbsp; 4.17%, 01/20/2041 | 4967387 | 4922848  |
| &nbsp;&nbsp;&nbsp; 4.79%, 02/20/2041<sup>(a)</sup> | 8494221 | 8900325  |
| &nbsp;&nbsp;&nbsp; 4.22%, 11/20/2042<sup>(a)</sup> | 9965689 | 9723233  |
| &nbsp;&nbsp;&nbsp; 4.16%, 10/01/2051<sup>(a)</sup> | 1982650 | 1964937  |
|  New Hampshire Health and Education Facilities Authority Act<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2032 (Callable 10/01/2027) | 275000 | 283548  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036 (Callable 07/01/2027) | 1025000 | 1051601  |
| &nbsp;&nbsp;&nbsp; 3.30%, 06/01/2038 (Callable 05/01/2027)<sup>(a)</sup> | 6750000 | 6772384  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2038 (Callable 10/01/2026) | 1310000 | 1319802  |
|  New Hampshire Housing Finance Authority, 6.00%, 01/01/2055 (Callable 07/01/2032) | 4520000 | 4842244  |
|  |  | 43262210  |
| **New Jersey - 1.8%**<br>|  |  |
|  Atlantic City Board of Education, 3.40%, 08/15/2027<sup>(b)</sup> | 2245000 | 2252197  |
|  Camden County Improvement Authority, 5.00%, 03/01/2027 (Callable 03/01/2026)<sup>(a)</sup> | 3000000 | 3009412  |
| City of Newark NJ<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2026 | 1750000 | 1768871  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2028 | 1725000 | 1814322  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2029 | 1145000 | 1227227  |
|  Gloucester County Improvement Authority, 5.00%, 07/01/2044 (Callable 01/01/2032) | 855000 | 897123  |
|  Madison Borough Board of Education<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.00%, 08/15/2026 | 2852000 | 2815177  |
| &nbsp;&nbsp;&nbsp; 1.00%, 08/15/2027 | 2850000 | 2755445  |
|  New Jersey Economic Development Authority, 3.13%, 07/01/2029 (Callable 07/01/2027) | 90000 | 88532  |
|  New Jersey Health Care Facilities Financing Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035 (Callable 07/01/2027) | 485000 | 496533  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2035 (Callable 04/01/2028) | 2620000 | 2726479  |
|  New Jersey Higher Education Student Assistance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2026<sup>(c)</sup> | 2000000 | 2028650  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2027<sup>(c)</sup> | 375000 | 386777  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031<sup>(c)</sup> | 4515000 | 4800046 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031<sup>(c)</sup> | 1500000 | 1605360  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| &nbsp;&nbsp;&nbsp; 4.50%, 12/01/2045 (Callable 12/01/2035)<sup>(c)</sup> | $11000000 | $11291636  |
|  New Jersey Housing & Mortgage Finance Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 10/01/2048 (Callable 10/01/2027) | 1220000 | 1236728  |
| &nbsp;&nbsp;&nbsp; 4.75%, 10/01/2050 (Callable 04/01/2028) | 130000 | 131894  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2053 (Callable 04/01/2031) | 1890000 | 1963908  |
| &nbsp;&nbsp;&nbsp; 6.50%, 04/01/2056 (Callable 04/01/2033) | 3000000 | 3368753  |
|  New Jersey Transportation Trust Fund Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2026<sup>(e)</sup> | 6410000 | 6237142  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2027<sup>(e)</sup> | 1360000 | 1291635 |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2027<sup>(e)</sup> | 820000 | 774741  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2029 (Callable 06/15/2026) | 1465000 | 1478544  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2029<sup>(e)</sup> | 12590000 | 11248183  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2031 (Callable 06/15/2026) | 2000000 | 2017859  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2031<sup>(e)</sup> | 7000000 | 5832676  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2033 | 10000000 | 11428174  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/15/2035 (Callable 12/15/2030) | 1455000 | 1501706  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/15/2037 (Callable 12/15/2028) | 500000 | 506194  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2038<sup>(e)</sup> | 5145000 | 3183578  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2044 (Callable 12/15/2028) | 5500000 | 5616472  |
| Newark Housing Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2032 | 1055000 | 1135076  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2038 (Callable 12/01/2026) | 415000 | 419905  |
|  South Jersey Transportation Authority, 5.00%, 11/01/2041 (Callable 11/01/2030) | 2350000 | 2475198  |
|  Toms River Board of Education, 3.00%, 07/15/2029 (Callable 07/15/2026) | 1000000 | 947030  |
|  Township of Clark NJ, 2.50%, 10/01/2031 (Callable 10/01/2026) | 500000 | 481143  |
|  |  | 103240326  |
| **New Mexico - 0.3%**<br>|  |  |
|  Albuquerque Municipal School District No 12, 5.00%, 08/01/2035 (Callable 08/01/2028) | 1230000 | 1293287  |
|  City of Albuquerque NM Gross Receipts Tax Revenue, 5.00%, 07/01/2037 (Callable 07/01/2033) | 760000 | 853892  |
|  City of Farmington NM, 3.88%, 06/01/2040<sup>(a)</sup> | 1500000 | 1524526  |

---

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

282<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **New Mexico - (Continued)** | **New Mexico - (Continued)** | **New Mexico - (Continued)** |
|  New Mexico Institute of Mining & Technology<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2028 | $300000 | $308290  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2029 | 335000 | 345383  |
|  New Mexico Mortgage Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/01/2041 (Callable 03/01/2026) | 460000 | 427230  |
| &nbsp;&nbsp;&nbsp; 3.70%, 09/01/2042 (Callable 03/01/2027) | 1485000 | 1431273  |
| &nbsp;&nbsp;&nbsp; 3.60%, 07/01/2044 (Callable 07/01/2028) | 935000 | 849409  |
| &nbsp;&nbsp;&nbsp; 4.60%, 09/01/2049 (Callable 03/01/2033) | 1955000 | 1924660  |
| &nbsp;&nbsp;&nbsp; 3.50%, 07/01/2050 (Callable 01/01/2029) | 410000 | 408847  |
| &nbsp;&nbsp;&nbsp; 2.80%, 09/01/2052 (Callable 03/01/2031) | 3945000 | 2856613  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/01/2053 (Callable 03/01/2032) | 2625000 | 2766642  |
|  New Mexico State University, 4.00%, 04/01/2035 (Callable 04/01/2027) | 520000 | 524146  |
|  Silver City Consolidated School District No 1, 6.00%, 08/01/2036 (Callable 08/01/2034) | 420000 | 499270  |
|  Village of Los Ranchos de Albuquerque NM<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2026 | 150000 | 151836  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2030 | 125000 | 135960  |
|  |  | 16301264  |
| **New York - 2.8%**<br>|  |  |
| Albany Capital Resource Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2040 (Callable 05/01/2035) | 1145000 | 1258432  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/2041 (Callable 05/01/2035) | 1500000 | 1655644  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/2042 (Callable 05/01/2035) | 1500000 | 1635316  |
|  Albany County Capital Resource Corp., 3.10%, 07/01/2030 | 755000 | 730194  |
|  BluePath TE Trust, 2.75%, 09/01/2026 (Callable 02/02/2026)<sup>(b)</sup> | 512500 | 511420  |
| Build NYC Resource Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 12/01/2035 | 1000000 | 1043072  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2041 (Callable 12/01/2035) | 1500000 | 1622929  |
| &nbsp;&nbsp;&nbsp; 5.38%, 12/01/2046 (Callable 12/01/2035) | 1000000 | 1070624  |
|  City of Long Beach NY, 5.25%, 07/15/2042 (Callable 07/15/2030) | 1800000 | 1900039  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| City of New York NY<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/01/2029 (Callable 08/01/2026) | $500000 | $502497  |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/2043 (Callable 10/01/2032) | 1200000 | 1280605  |
|  Clinton County Capital Resource Corp., 4.00%, 07/01/2034<sup>(b)</sup> | 7635000 | 7825336  |
|  Dutchess County Local Development Corp., 5.00%, 07/01/2027 (Callable 07/01/2026) | 2125000 | 2142931  |
|  Hudson Yards Infrastructure Corp., 5.00%, 02/15/2042 (Callable 02/15/2027) | 4000000 | 4056240  |
|  Huntington Local Development Corp., 4.00%, 07/01/2027 | 720000 | 708112  |
|  Jamestown City School District, 4.00%, 07/17/2026 | 5149685 | 5184204  |
|  Long Island Power Authority, 3.00%, 09/01/2055 (Callable 03/01/2028)<sup>(a)</sup> | 4040000 | 4047812  |
|  Monroe County Industrial Development Corp., 4.84%, 11/01/2040 | 4911219 | 5200980  |
|  New York City Housing Development Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.80%, 11/01/2031 (Callable 02/01/2029) | 1610000 | 1432177  |
| &nbsp;&nbsp;&nbsp; 2.25%, 11/01/2041 (Callable 05/01/2029) | 2000000 | 1524246  |
| &nbsp;&nbsp;&nbsp; 3.40%, 11/01/2062 (Callable 01/23/2026)<sup>(a)</sup> | 6280000 | 6280496  |
| &nbsp;&nbsp;&nbsp; 3.40%, 11/01/2064 (Callable 12/01/2027)<sup>(a)</sup> | 5000000 | 5024831  |
| &nbsp;&nbsp;&nbsp; 3.75%, 05/01/2065 (Callable 05/01/2028)<sup>(a)</sup> | 13000000 | 13200932  |
|  New York City Municipal Water Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2037 (Callable 06/15/2027) | 1000000 | 1027186  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2039 (Callable 06/15/2028) | 2250000 | 2335501  |
|  New York City Transitional Finance Authority, 5.00%, 08/01/2034 (Callable 08/01/2026) | 650000 | 656789  |
|  New York City Transitional Finance Authority Building Aid Revenue, 5.00%, 07/15/2034 (Callable 07/15/2027) | 5000000 | 5155283  |
|  New York City Transitional Finance Authority Future Tax Secured Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/01/2037 (Callable 08/01/2028) | 3305000 | 3463958  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2038 (Callable 08/01/2027) | 1400000 | 1439577 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2038 (Callable 08/01/2028) | 1295000 | 1344743  |

---

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

283<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **New York - (Continued)**  | **New York - (Continued)**  | **New York - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 5.50%, 11/01/2045 (Callable 11/01/2032) | $4945000 | $5308322  |
| New York State Dormitory Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2026 | 1250000 | 1257279  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/2027 | 175000 | 179921  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/2028 | 200000 | 208615  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2029 | 1530000 | 1611152  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/2029 | 225000 | 238548  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/2035 (Callable 03/15/2027) | 890000 | 912861  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/2036 (Callable 09/15/2028) | 1345000 | 1417605  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2039 (Callable 07/01/2026) | 3795000 | 3819856  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/2040 (Callable 03/15/2029) | 3275000 | 3418149  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/2041 (Callable 03/15/2029) | 2965000 | 3084018  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/2041 (Callable 07/01/2035) | 650000 | 725813  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2042 (Callable 08/15/2027) | 6000000 | 6117617  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/2042 (Callable 07/01/2035) | 500000 | 551330  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/2043 (Callable 03/15/2027) | 4000000 | 4053830  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/2043 (Callable 07/01/2035) | 350000 | 382260  |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/2044 (Callable 10/01/2034) | 750000 | 795874  |
|  New York State Housing Finance Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2049 (Callable 12/15/2031) | 1000000 | 1027238  |
| &nbsp;&nbsp;&nbsp; 3.35%, 06/15/2054 (Callable 04/15/2027)<sup>(a)</sup> | 1500000 | 1505013  |
| &nbsp;&nbsp;&nbsp; 3.60%, 11/01/2062 (Callable 01/23/2026)<sup>(a)</sup> | 2305000 | 2305612  |
|  New York Transportation Development Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 (Callable 12/01/2030) | 1250000 | 1371943  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/30/2038 (Callable 06/30/2031)<sup>(c)</sup> | 2650000 | 2841106 |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/30/2038 (Callable 06/30/2034)<sup>(c)</sup> | 1250000 | 1410404  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/30/2041 (Callable 06/30/2031)<sup>(c)</sup> | 1700000 | 1782574  |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/30/2043 (Callable 06/30/2034)<sup>(c)</sup> | 2600000 | 2898889  |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/30/2045 (Callable 06/30/2034)<sup>(c)</sup> | 3080000 | 3386342  |
| Onondaga Civic Development Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 10/01/2026 (Callable 02/02/2026) | 80000 | 78618  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2040 (Callable 02/02/2026) | 320000 | 280788  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| &nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, <br>3.00%, 10/01/2028<sup>(c)</sup> | $5000000 | $4987704  |
|  Saratoga County Capital Resource Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2040 (Callable 07/01/2035) | 885000 | 988582  |
| &nbsp;&nbsp;&nbsp; 4.75%, 07/01/2042 (Callable 07/01/2035) | 3750000 | 3903853  |
|  Town of Ramapo NY, 4.13%, 05/15/2028 (Callable 02/02/2026) | 30000 | 30010  |
|  Town of Watertown NY, 5.25%, 04/09/2026 (Callable 02/02/2026) | 3830000 | 3834632  |
|  Triborough Bridge & Tunnel Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2036 (Callable 05/15/2027) | 2000000 | 2052585  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2038 (Callable 05/15/2027) | 2875000 | 2942437  |
|  Westchester County Local Development Corp., 5.75%, 11/01/2048 (Callable 11/01/2033) | 1640000 | 1777180  |
|  |  | 158750666  |
| **North Carolina - 1.1%**<br>|  |  |
|  Cape Fear Public Utility Authority, 4.00%, 08/01/2032 (Callable 08/01/2026) | 2625000 | 2636675  |
| &nbsp;&nbsp;&nbsp; Charlotte-Mecklenburg Hospital Authority, <br>5.00%, 01/15/2050<sup>(a)</sup> | 2040000 | 2166182  |
|  City of Monroe NC Enterprise System Revenue, 5.00%, 03/01/2043 (Callable 03/01/2027) | 305000 | 306598  |
|  Durham Housing Authority, 3.20%, 01/01/2044 (Callable 07/01/2028)<sup>(a)</sup> | 4000000 | 4007997  |
|  Fayetteville State University, 5.00%, 04/01/2043 (Callable 04/01/2031) | 1250000 | 1293204  |
| Inlivian<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2043 (Callable 01/23/2026)<sup>(a)</sup> | 9000000 | 9008674  |
| &nbsp;&nbsp;&nbsp; 3.30%, 11/10/2043 (Callable 03/01/2028)<sup>(a)</sup> | 3000000 | 3026220  |
|  North Carolina Housing Finance Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.15%, 02/01/2030 (Callable 02/01/2027)<sup>(a)</sup> | 2500000 | 2500650  |
| &nbsp;&nbsp;&nbsp; 4.20%, 07/01/2040 (Callable 07/01/2032) | 1990000 | 1999101  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2047 (Callable 01/01/2027) | 170000 | 170252  |
| &nbsp;&nbsp;&nbsp; 3.75%, 07/01/2052 (Callable 01/01/2031) | 3330000 | 3344648  |

---

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

284<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **North Carolina - (Continued)**  | **North Carolina - (Continued)**  | **North Carolina - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 5.75%, 01/01/2054 (Callable 07/01/2032) | $1805000 | $1920686  |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/01/2056 (Callable 07/01/2033) | 5000000 | 5620508  |
| &nbsp;&nbsp;&nbsp; 6.50%, 01/01/2056 (Callable 07/01/2033) | 6500000 | 7428926  |
|  North Carolina Medical Care Commission, 1.20%, 10/01/2032 (Callable 01/02/2026)<sup>(a)</sup> | 6075000 | 6075000  |
| North Carolina Turnpike Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2041 (Callable 01/01/2029) | 1105000 | 1105803  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2043 (Callable 01/01/2030) | 1140000 | 1167901  |
|  Raleigh Housing Authority, 3.15%, 01/01/2044 (Callable 08/01/2028)<sup>(a)</sup> | 2450000 | 2452746  |
|  Town of Morehead City NC, 4.05%, 01/01/2028<sup>(a)</sup> | 3500000 | 3532700  |
|  |  | 59764471  |
| **North Dakota - 0.7%**<br>|  |  |
| City of Fargo ND<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2039 (Callable 12/01/2034) | 715000 | 795864  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2040 (Callable 12/01/2034) | 1220000 | 1346312  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2041 (Callable 12/01/2034) | 970000 | 1058623  |
| City of Horace ND<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2026 | 450000 | 452561  |
| &nbsp;&nbsp;&nbsp; 4.85%, 08/01/2026 (Callable 01/23/2026) | 1350000 | 1350474  |
| &nbsp;&nbsp;&nbsp; 3.00%, 05/01/2029 (Callable 05/01/2027) | 430000 | 412130  |
| &nbsp;&nbsp;&nbsp; 3.00%, 05/01/2030 (Callable 05/01/2027) | 425000 | 402909  |
| &nbsp;&nbsp;&nbsp; 3.00%, 05/01/2031 (Callable 05/01/2027) | 380000 | 356087  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2031 | 555000 | 597138  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2032 | 585000 | 634721  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2033 (Callable 05/01/2031) | 630000 | 665932  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/2035 (Callable 05/01/2032) | 3300000 | 3523729  |
| &nbsp;&nbsp;&nbsp; 3.00%, 05/01/2037 (Callable 05/01/2026) | 2495000 | 2094757  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2038 (Callable 05/01/2031) | 2645000 | 2767965  |
| &nbsp;&nbsp;&nbsp; 4.75%, 05/01/2044 (Callable 05/01/2033) | 1500000 | 1500216  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2048 (Callable 05/01/2031) | 250000 | 250337  |
| &nbsp;&nbsp;&nbsp; 6.00%, 05/01/2049 (Callable 05/01/2032) | 3000000 | 3119942  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
|  City of Mayville ND, 5.25%, 05/01/2038 (Callable 05/01/2031) | $2000000 | $2068234  |
|  City of Williston ND, 5.00%, 05/01/2028 (Callable 02/02/2026) | 480000 | 480736  |
|  North Dakota Housing Finance Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.15%, 07/01/2026 | 1120000 | 1120381  |
| &nbsp;&nbsp;&nbsp; 3.50%, 07/01/2027 | 1085000 | 1090750  |
| &nbsp;&nbsp;&nbsp; 3.00%, 07/01/2034 (Callable 07/01/2028) | 90000 | 85891  |
| &nbsp;&nbsp;&nbsp; 4.30%, 07/01/2039 (Callable 07/01/2033) | 2900000 | 2988619  |
| &nbsp;&nbsp;&nbsp; 3.65%, 07/01/2042 (Callable 01/01/2032) | 500000 | 468690  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2042 (Callable 07/01/2033) | 1500000 | 1615186  |
| &nbsp;&nbsp;&nbsp; 3.50%, 07/01/2046 (Callable 01/23/2026) | 220000 | 219731  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2050 (Callable 07/01/2028) | 880000 | 886752  |
| &nbsp;&nbsp;&nbsp; 5.75%, 01/01/2054 (Callable 07/01/2032) | 3480000 | 3703246  |
|  State Board of Higher Education of the State of North Dakota<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2028 | 100000 | 104618  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/01/2037 (Callable 04/01/2029) | 400000 | 406546  |
| Williston Basin School District No 7<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2037 (Callable 08/01/2032) | 1905000 | 2112549  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/01/2041 (Callable 08/01/2032) | 2250000 | 2232098  |
|  |  | 40913724  |
| **Ohio - 3.8%**<br>|  |  |
|  Akron Bath Copley Joint Township Hospital District, 5.00%, 11/15/2032 (Callable 11/15/2030) | 1545000 | 1718823  |
| American Municipal Power, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/06/2026 | 765000 | 771912  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2046 (Callable 02/15/2026) | 1075000 | 1077921  |
| Bedford City School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2032 (Callable 06/01/2032) | 1000000 | 1166898  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2033 (Callable 06/01/2032) | 2090000 | 2423671  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2034 (Callable 06/01/2032) | 2735000 | 3155136  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2035 (Callable 06/01/2032) | 1440000 | 1651706  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2036 (Callable 06/01/2032) | 1500000 | 1708641  |

---

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

285<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **Ohio - (Continued)**  | **Ohio - (Continued)**  | **Ohio - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2037 (Callable 06/01/2032) | $1400000 | $1583986  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2038 (Callable 06/01/2032) | 1375000 | 1547595  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2039 (Callable 06/01/2032) | 3425000 | 3831827  |
| City of Akron OH<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2041 (Callable 12/01/2033) | 500000 | 534542  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2042 (Callable 12/01/2033) | 500000 | 528354  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2044 (Callable 12/01/2033) | 600000 | 621807  |
|  City of Akron OH Income Tax Revenue, 4.00%, 12/01/2032 (Callable 12/01/2029) | 5000 | 5187  |
|  City of Middleburg Heights OH, 5.00%, 08/01/2033 (Callable 08/01/2031) | 645000 | 688471  |
|  City of Middletown OH, 4.38%, 08/07/2026 | 2000000 | 2008453  |
|  City of North Olmsted OH, 4.00%, 06/24/2026<sup>(b)</sup> | 2500000 | 2512494  |
|  City of Pataskala OH, 4.00%, 12/01/2032 (Callable 02/02/2026) | 590000 | 590342  |
|  City of Richmond Heights OH, 4.50%, 07/30/2026 | 1100000 | 1108998  |
|  Cleveland-Cuyahoga County Port Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034 (Callable 07/01/2031) | 400000 | 438107  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036 (Callable 07/01/2031) | 600000 | 650185  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2038 (Callable 07/01/2031) | 500000 | 508099  |
|  Columbus Metropolitan Housing Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2034 (Callable 06/01/2031) | 2450000 | 2600757  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2035 (Callable 12/01/2032) | 3500000 | 3704589  |
|  Columbus Regional Airport Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2042 (Callable 01/01/2035) | 1000000 | 1082707  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2043 (Callable 01/01/2035) | 1100000 | 1179322  |
|  Columbus-Franklin County Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 11/15/2031 | 550000 | 502586  |
| &nbsp;&nbsp;&nbsp; 2.13%, 05/15/2034 (Callable 11/15/2031) | 2215000 | 1942831  |
| &nbsp;&nbsp;&nbsp; 3.82%, 11/15/2036 (Callable 02/02/2026) | 350000 | 349265  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/15/2038 (Callable 02/02/2026) | $295000 | $295001  |
| &nbsp;&nbsp;&nbsp; 5.13%, 01/01/2044 | 2000000 | 2095673  |
| &nbsp;&nbsp;&nbsp; 3.19%, 06/01/2044 (Callable 11/01/2028)<sup>(a)</sup> | 8000000 | 8025260  |
| &nbsp;&nbsp;&nbsp; 3.00%, 05/15/2045 (Callable 11/15/2031) | 490000 | 372373  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2045 (Callable 10/01/2026)<sup>(a)</sup> | 775000 | 785770  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/15/2049 (Callable 05/15/2029) | 2000000 | 1793805  |
|  Copley-Fairlawn City School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2036 (Callable 06/01/2028) | 375000 | 390894  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2037 (Callable 06/01/2028) | 300000 | 312111  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2038 (Callable 06/01/2028) | 260000 | 269864  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2039 (Callable 06/01/2028) | 430000 | 445278  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2040 (Callable 06/01/2028) | 275000 | 284382  |
|  County of Butler OH, 5.00%, 11/15/2031 (Callable 11/15/2027) | 225000 | 230770  |
| County of Fayette OH<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/2032 | 885000 | 1000089  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/2033 | 985000 | 1123271  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/2034 | 690000 | 793120  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/2045 (Callable 12/01/2034) | 4500000 | 4736677  |
|  County of Hamilton OH, 5.00%, 09/15/2032 (Callable 03/15/2030) | 695000 | 736012  |
| County of Lorain OH<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 (Callable 02/02/2026) | 480000 | 480663  |
| &nbsp;&nbsp;&nbsp; 3.00%, 12/01/2036 (Callable 02/02/2026) | 400000 | 371899  |
| &nbsp;&nbsp;&nbsp; County of Medina OH, <br>3.00%, 12/01/2037 (Callable 06/01/2026) | 545000 | 512503  |
| County of Montgomery OH<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2035 (Callable 09/01/2034) | 650000 | 721907  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2036 (Callable 09/01/2034) | 650000 | 717112  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/01/2037 (Callable 02/01/2031) | 400000 | 400678  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2038 (Callable 09/01/2034) | 1070000 | 1164014  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2039 (Callable 02/01/2031) | 825000 | 874400  |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/01/2040 (Callable 09/01/2034) | 1000000 | 1086879  |

---

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

286<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **Ohio - (Continued)**  | **Ohio - (Continued)**  | **Ohio - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/01/2041 (Callable 09/01/2034) | $985000 | $1059777  |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/01/2044 (Callable 09/01/2034) | 1000000 | 1050397  |
| &nbsp;&nbsp;&nbsp; County of Van Wert OH, <br>6.13%, 12/01/2049 (Callable 12/01/2029) | 2884000 | 3213676  |
|  Dayton-Montgomery County Port Authority, 3.20%, 01/01/2044 (Callable 07/01/2028)<sup>(a)</sup> | 5700000 | 5712757  |
|  Delaware County Finance Authority, 5.38%, 12/01/2038 (Callable 12/01/2034) | 3000000 | 3078105  |
|  EHOVE Joint Vocational School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2033 (Callable 06/01/2032) | 435000 | 503065  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2034 (Callable 06/01/2032) | 915000 | 1053243  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2035 (Callable 06/01/2032) | 965000 | 1105053  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2036 (Callable 06/01/2032) | 665000 | 756668  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2038 (Callable 06/01/2032) | 375000 | 422071  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2039 (Callable 06/01/2032) | 300000 | 335635  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2040 (Callable 06/01/2032) | 265000 | 294390  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2042 (Callable 06/01/2032) | 690000 | 752817  |
| Euclid City School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2037 (Callable 06/01/2027) | 160000 | 160444  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2040 (Callable 07/15/2035) | 670000 | 743924  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2041 (Callable 07/15/2035) | 1200000 | 1314675  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2043 (Callable 07/15/2035) | 1000000 | 1072944  |
| Euclid Public Library<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2040 (Callable 06/01/2029) | 1060000 | 1107190  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2045 (Callable 06/01/2029) | 625000 | 639356  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2049 (Callable 06/01/2029) | 400000 | 409103  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2053 (Callable 06/01/2029) | 650000 | 661404  |
| &nbsp;&nbsp;&nbsp; FHLMC Multifamily VRD Certificates, <br>2.55%, 06/15/2035 | 3925000 | 3469661  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| &nbsp;&nbsp;&nbsp; Franklin County Convention Facilities Authority, <br>5.00%, 12/01/2032 (Callable 12/01/2029) | $500000 | $540447  |
|  Gahanna-Jefferson City School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2038 (Callable 12/01/2030) | 130000 | 138360  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2039 (Callable 12/01/2030) | 150000 | 159091  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2040 (Callable 12/01/2030) | 200000 | 210928  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/2041 (Callable 12/01/2030) | 230000 | 244246  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/2042 (Callable 12/01/2030) | 235000 | 247749  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/2043 (Callable 12/01/2030) | 260000 | 271919  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/2044 (Callable 12/01/2030) | 285000 | 295978  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/2045 (Callable 12/01/2030) | 200000 | 206469  |
|  Hillsdale Local School District, 4.00%, 12/01/2030 (Callable 06/01/2030) | 600000 | 631626  |
|  Licking Heights Local School District, 6.40%, 12/01/2028 | 470000 | 497981  |
| Margaretta Local School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/01/2034 (Callable 10/01/2032) | 650000 | 740245  |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/01/2035 (Callable 10/01/2032) | 600000 | 678076  |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/01/2036 (Callable 10/01/2032) | 485000 | 544295  |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/01/2037 (Callable 10/01/2032) | 450000 | 503505  |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/01/2038 (Callable 10/01/2032) | 735000 | 817605  |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/01/2039 (Callable 10/01/2032) | 1720000 | 1899763  |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/01/2040 (Callable 10/01/2032) | 1305000 | 1435147  |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/01/2041 (Callable 10/01/2032) | 825000 | 899134  |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/01/2044 (Callable 10/01/2032) | 2540000 | 2705948  |
| &nbsp;&nbsp;&nbsp; Medina City School District, <br>3.50%, 12/01/2034 (Callable 02/02/2026) | 15000 | 14540  |
| North Ridgeville City School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2044 (Callable 06/01/2029) | 1000000 | 1025151  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2047 (Callable 06/01/2029) | 1300000 | 1322676  |

---

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

287<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **Ohio - (Continued)**  | **Ohio - (Continued)**  | **Ohio - (Continued)**  |
|  Ohio Air Quality Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.20%, 05/01/2026 | $2750000 | $2747471  |
| &nbsp;&nbsp;&nbsp; 3.25%, 09/01/2029 | 1000000 | 996946  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/2030<sup>(a)</sup> | 5000000 | 5064430  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2034<sup>(a)</sup> | 2000000 | 2027992  |
| &nbsp;&nbsp;&nbsp; 2.40%, 12/01/2038 (Callable 02/02/2026)<sup>(a)</sup> | 2955000 | 2815882  |
|  Ohio Higher Educational Facility Commission<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2026 | 200000 | 201298  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2027 (Callable 05/01/2026) | 610000 | 613714  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2028 (Callable 05/01/2026) | 475000 | 478054  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2032 (Callable 05/01/2030) | 720000 | 769721  |
| Ohio Housing Finance Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2027 (Callable 06/01/2026)<sup>(a)</sup> | 2400000 | 2419433  |
| &nbsp;&nbsp;&nbsp; 6.00%, 03/01/2031 | 410000 | 473847  |
| &nbsp;&nbsp;&nbsp; 6.00%, 09/01/2031 | 215000 | 251568  |
| &nbsp;&nbsp;&nbsp; 6.00%, 03/01/2033 | 100000 | 119472  |
| &nbsp;&nbsp;&nbsp; 6.00%, 09/01/2033 | 100000 | 119986  |
| &nbsp;&nbsp;&nbsp; 6.00%, 03/01/2034 | 95000 | 114543  |
| &nbsp;&nbsp;&nbsp; 3.20%, 09/01/2036 (Callable 01/23/2026) | 605000 | 586993  |
| &nbsp;&nbsp;&nbsp; 2.90%, 09/01/2045 (Callable 03/01/2029) | 3010000 | 2389345  |
| &nbsp;&nbsp;&nbsp; 3.20%, 01/01/2046 (Callable 04/01/2028)<sup>(a)</sup> | 2000000 | 2001927  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/2047 (Callable 02/02/2026) | 120000 | 120183  |
| &nbsp;&nbsp;&nbsp; 7.00%, 03/01/2049 (Callable 09/01/2033) | 800000 | 934346  |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/01/2050 (Callable 09/01/2034) | 3500000 | 3693195  |
|  Ohio Turnpike & Infrastructure Commission<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.70%, 02/15/2034 (Callable 02/15/2031) | 2350000 | 2674461  |
| &nbsp;&nbsp;&nbsp; 5.80%, 02/15/2036 (Callable 02/15/2031) | 410000 | 464330  |
|  Ohio Water Development Authority Water Pollution Control Loan Fund<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2037 (Callable 06/01/2030) | 3105000 | 3355117 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2037 (Callable 12/01/2029) | 1290000 | 1380360  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2040 (Callable 06/01/2030) | 700000 | 745779  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2044 (Callable 12/01/2029) | 1030000 | 1068787  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
|  Port of Greater Cincinnati Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | $235000 | $256575  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 | 575000 | 642723  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033 | 400000 | 450644  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2035 (Callable 06/01/2034) | 440000 | 498535  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2038 (Callable 06/01/2034) | 355000 | 393752  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2042 (Callable 06/01/2034) | 470000 | 501849  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2043 (Callable 06/01/2034) | 250000 | 264103  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2044 (Callable 06/01/2034) | 545000 | 570879  |
| &nbsp;&nbsp;&nbsp; 4.38%, 12/01/2058 (Callable 06/01/2034) | 1000000 | 947384  |
|  Richmond Heights Local School District, 5.00%, 12/01/2038 (Callable 12/01/2028) | 300000 | 312446  |
| Stark County Library District/OH<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2041 (Callable 12/01/2033) | 490000 | 531468  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2043 (Callable 12/01/2033) | 870000 | 925048  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2045 (Callable 12/01/2033) | 1935000 | 2029126  |
| State of Ohio<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2032 | 4000000 | 4444391  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2033 | 3975000 | 4461929  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2035 (Callable 11/15/2030) | 605000 | 635890  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/31/2035 (Callable 02/02/2026)<sup>(c)</sup> | 9515000 | 9528594  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/15/2036 (Callable 11/15/2030) | 635000 | 633528  |
| &nbsp;&nbsp;&nbsp; 2.91%, 01/15/2045 (Callable 02/02/2026)<sup>(a)</sup> | 2025000 | 2025000  |
| &nbsp;&nbsp;&nbsp; 3.90%, 01/15/2050<sup>(a)</sup> | 5000000 | 5113674  |
| &nbsp;&nbsp;&nbsp; 2.75%, 01/01/2052<sup>(a)</sup> | 2265000 | 2255020  |
| &nbsp;&nbsp;&nbsp; Summit County Development Finance Authority, <br>5.50%, 12/01/2043 (Callable 12/01/2033) | 1000000 | 1061483  |
| &nbsp;&nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates, <br>1.30%, 06/01/2031<sup>(a)(b)</sup> | 7000000 | 7000000  |
|  Tolles Career & Technical Center, 5.25%, 12/01/2049 (Callable 12/01/2031) | 2500000 | 2590368  |
|  Township of Miami OH/Montgomery County, 3.00%, 12/01/2033 (Callable 12/01/2029) | 80000 | 79751  |
| &nbsp;&nbsp;&nbsp; Triway Local School District, <br>4.00%, 12/01/2038 (Callable 12/01/2028) | 1580000 | 1592490  |

---

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

288<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** | **MUNICIPAL BONDS - (Continued)** |
| **Ohio - (Continued)**  | **Ohio - (Continued)**  | **Ohio - (Continued)**  |
| &nbsp;&nbsp;&nbsp; University of Akron, <br>5.00%, 01/01/2036 (Callable 07/01/2026) | $3000000 | $3020281  |
| Village of Bluffton OH<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2026 | 1890000 | 1923751  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2027 | 1340000 | 1390675  |
| &nbsp;&nbsp;&nbsp; Village of Johnstown OH, <br>4.00%, 12/01/2034 (Callable 02/02/2026) | 565000 | 565243  |
|  |  | 212438631  |
| **Oklahoma - 1.7%**<br>|  |  |
|  Caddo County Educational Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2031 | 1025000 | 1106827  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2032 | 500000 | 543216  |
| &nbsp;&nbsp;&nbsp; Canadian County Educational Facilities Authority, <br>5.25%, 09/01/2034 (Callable 09/01/2033) | 6095000 | 7013494  |
|  Chouteau Educational Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/2032 | 700000 | 711315  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/2034 | 240000 | 241002  |
| &nbsp;&nbsp;&nbsp; City of Broken Arrow OK, <br>2.00%, 12/01/2034 (Callable 12/01/2031) | 385000 | 328165  |
|  Cleveland County Home Loan Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.45%, 07/01/2044 (Callable 07/01/2034) | 700000 | 701606  |
| &nbsp;&nbsp;&nbsp; 4.60%, 07/01/2049 (Callable 07/01/2034) | 500000 | 489691  |
|  Creek County Educational Facilities Authority, 5.00%, 09/01/2041 (Callable 09/01/2034) | 1885000 | 2029928  |
|  Creek County Public Facilities Authority, 5.00%, 08/01/2041 (Callable 08/01/2032) | 1775000 | 1869087  |
|  Garfield County Educational Facilities Authority, 5.00%, 09/01/2030 (Callable 09/01/2026) | 3165000 | 3202275  |
| &nbsp;&nbsp;&nbsp; Grand River Dam Authority, <br>5.00%, 06/01/2032 (Callable 12/01/2026) | 2210000 | 2251977  |
|  McClain County Economic Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/01/2032 (Callable 06/01/2030) | 205000 | 210025  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/01/2033 (Callable 06/01/2030) | 140000 | 142629  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/01/2034 (Callable 06/01/2030) | 225000 | 229080  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/01/2036 (Callable 06/01/2030) | 235000 | 237316  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/01/2037 (Callable 09/01/2034) | $1350000 | $1508616  |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/01/2038 (Callable 09/01/2034) | 1470000 | 1634327  |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/01/2039 (Callable 09/01/2034) | 1420000 | 1569243  |
|  Muskogee County Public Safety Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2030 | 575000 | 592205  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2031 (Callable 12/01/2030) | 835000 | 855673  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2032 (Callable 12/01/2030) | 1000000 | 1020500  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2033 (Callable 12/01/2030) | 1300000 | 1324103  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2034 (Callable 12/01/2030) | 1380000 | 1400296  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2035 (Callable 12/01/2030) | 1000000 | 1010574  |
| &nbsp;&nbsp;&nbsp; Muskogee Industrial Trust, <br>4.00%, 09/01/2033 (Callable 09/01/2029) | 5415000 | 5460672  |
|  Oklahoma Capitol Improvement Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2042 (Callable 07/01/2035) | 900000 | 983091  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2043 (Callable 07/01/2035) | 800000 | 864917  |
| &nbsp;&nbsp;&nbsp; Oklahoma City Airport Trust, <br>5.00%, 07/01/2035 (Callable 07/01/2028)<sup>(c)</sup> | 3240000 | 3358534  |
| &nbsp;&nbsp;&nbsp; Oklahoma City Zoological Trust OK Sales Tax Revenue, <br>4.00%, 06/01/2036 (Callable 06/01/2031) | 940000 | 972914  |
| Oklahoma County Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2029 | 1620000 | 1692185  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2030 | 2100000 | 2216700  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2034 | 2500000 | 2660481  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2037 (Callable 10/01/2034) | 1000000 | 1131907  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2038 (Callable 10/01/2034) | 2000000 | 2250835  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2039 (Callable 10/01/2034) | 1150000 | 1286137  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2041 (Callable 10/01/2034) | 2000000 | 2189072  |
| Oklahoma Housing Finance Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/01/2031 | 200000 | 202981  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2031 | 360000 | 397490  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2032 | 155000 | 173362  |
| &nbsp;&nbsp;&nbsp; 3.70%, 09/01/2033 (Callable 03/01/2031) | 350000 | 353411  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2033 (Callable 03/01/2033) | 360000 | 400416  |
| &nbsp;&nbsp;&nbsp; 3.75%, 09/01/2034 (Callable 03/01/2031) | 395000 | 397284  |

---

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

289<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Oklahoma - (Continued)**  | **Oklahoma - (Continued)**  | **Oklahoma - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 3.00%, 09/01/2039 (Callable 03/01/2028) | $130000 | $114569  |
| &nbsp;&nbsp;&nbsp; 3.15%, 07/01/2044 (Callable 02/01/2027)<sup>(a)</sup> | 2750000 | 2754492  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2052 (Callable 03/01/2031) | 2240000 | 2320348  |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/01/2054 (Callable 09/01/2032) | 1165000 | 1302442  |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/01/2056 (Callable 03/01/2033) | 6000000 | 6845216  |
|  Oklahoma Municipal Power Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2040 (Callable 01/01/2036) | 300000 | 332656  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2041 (Callable 01/01/2036) | 235000 | 258829  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2042 (Callable 01/01/2036) | 625000 | 680865  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2043 (Callable 01/01/2036) | 500000 | 538467  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2046 (Callable 01/01/2036) | 1000000 | 1053800  |
| Oklahoma Turnpike Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2037 (Callable 01/02/2026) | 400000 | 400000  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2040 (Callable 01/01/2036) | 1500000 | 1692717  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2041 (Callable 01/01/2036) | 1500000 | 1669277  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/01/2053 (Callable 01/01/2032) | 5000000 | 5312292  |
| &nbsp;&nbsp;&nbsp; Okmulgee County Educational Facilities Authority, <br>4.00%, 09/01/2035 (Callable 09/01/2034) | 5250000 | 5266555  |
|  Pottawatomie County Facilities Authority, 4.00%, 09/01/2026 | 660000 | 663035  |
| &nbsp;&nbsp;&nbsp; Tulsa County Independent School District No 9 Union, <br>0.05%, 04/01/2026 | 1000000 | 992762  |
|  Tulsa County Industrial Authority, 5.00%, 09/01/2026 | 300000 | 304124  |
| University of Oklahoma<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 (Callable 01/12/2026) | 1500000 | 1500945  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2034 (Callable 07/01/2026) | 1820000 | 1822193  |
|  |  | 95041143  |
| **Oregon - 1.3%**<br>|  |  |
|  Astoria Hospital Facilities Authority, 5.00%, 08/01/2034 (Callable 02/01/2034) | 5055000 | 5638462  |
|  City of Portland OR Sewer System Revenue, 4.50%, 05/01/2032 (Callable 05/01/2026) | 4635000 | 4655529  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| City of Redmond OR<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2037 (Callable 06/01/2035)<sup>(c)</sup> | $1230000 | $1368673  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2038 (Callable 06/01/2035)<sup>(c)</sup> | 790000 | 872375  |
|  Clackamas Community College District, 5.00%, 06/15/2039 (Callable 06/15/2027) | 500000 | 511219  |
| &nbsp;&nbsp;&nbsp; Clackamas County School District No 12 North Clackamas, <br>5.00%, 06/15/2037 (Callable 06/15/2028) | 775000 | 809637  |
|  Clackamas County School District No 7J Lake Oswego<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2040 (Callable 06/01/2035) | 760000 | 858532  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2041 (Callable 06/01/2035) | 430000 | 480424  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2042 (Callable 06/01/2035) | 765000 | 845146  |
| Clackamas River Water<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2034 | 145000 | 167766  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2036 (Callable 11/01/2035) | 125000 | 143717  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2037 (Callable 11/01/2035) | 100000 | 113935  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2038 (Callable 11/01/2035) | 200000 | 226304  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2039 (Callable 11/01/2035) | 125000 | 140450  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2040 (Callable 11/01/2035) | 125000 | 138826  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2045 (Callable 11/01/2035) | 250000 | 264177  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2046 (Callable 11/01/2035) | 200000 | 210244  |
| County of Crook OR<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 06/01/2032<sup>(e)</sup> | 1045000 | 1091951  |
| &nbsp;&nbsp;&nbsp; 0.00%, 06/01/2034 (Callable 06/01/2032)<sup>(e)</sup> | 1345000 | 1387777  |
| &nbsp;&nbsp;&nbsp; 0.00%, 06/01/2035 (Callable 06/01/2032)<sup>(e)</sup> | 1510000 | 1550966  |
| Curry Health District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2029 | 555000 | 582539  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2030 | 540000 | 575514  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2031 | 625000 | 675181  |
|  Hillsboro School District No 1J, 5.00%, 06/15/2037 (Callable 06/15/2027) | 2000000 | 2052032  |
|  Multnomah & Clackamas Counties School District No 10JT Gresham-Barlow, 0.00%, 06/15/2031 (Callable 06/15/2029)<sup>(e)</sup> | 110000 | 90235  |
|  Multnomah County School District No 40, 0.00%, 06/15/2035 (Callable 06/15/2033)<sup>(e)</sup> | 1000000 | 707804  |

---

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

290<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Oregon - (Continued)**  | **Oregon - (Continued)**  | **Oregon - (Continued)**  |
|  Multnomah-Clackamas Counties Centennial School District No 28JT/OR, 5.00%, 06/15/2045 (Callable 06/15/2030) | $3500000 | $3624281  |
|  Oregon State Business Development Commission, 3.80%, 12/01/2040 (Callable 02/01/2028)<sup>(a)</sup> | 1000000 | 1010746  |
| Oregon State Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2027 | 125000 | 128334  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2032 (Callable 10/01/2026) | 1800000 | 1804964  |
| &nbsp;&nbsp;&nbsp; Port of Morrow OR, <br>5.15%, 10/01/2026 (Callable 01/23/2026)<sup>(b)</sup> | 14750000 | 14752248  |
|  Port of Portland OR Airport Revenue, 5.00%, 07/01/2036 (Callable 01/01/2027)<sup>(c)</sup> | 2000000 | 2025818  |
| Salem Hospital Facility Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2026 | 400000 | 401698  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2035 (Callable 05/15/2026) | 500000 | 502671  |
|  Salem-Keizer School District No 24J, 5.00%, 06/15/2035 (Callable 06/15/2030) | 1000000 | 1088609  |
| State of Oregon<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2041 (Callable 05/15/2030) | 1250000 | 1325064  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/2042 (Callable 06/01/2035) | 1145000 | 1291451  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/2043 (Callable 06/01/2035) | 1750000 | 1953855  |
| &nbsp;&nbsp;&nbsp; 6.25%, 06/01/2055 (Callable 01/23/2026) | 4710000 | 5230102  |
| &nbsp;&nbsp;&nbsp; State of Oregon Department of Transportation, <br>5.00%, 11/15/2036 (Callable 11/15/2029) | 1275000 | 1365721  |
|  State of Oregon Housing & Community Services Department<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.90%, 07/01/2043 (Callable 07/01/2027) | 3000000 | 2357461  |
| &nbsp;&nbsp;&nbsp; 6.50%, 07/01/2054 (Callable 07/01/2032) | 4885000 | 5422149  |
|  Umatilla County School District No. 6R, 5.00%, 06/15/2035 (Callable 06/15/2027) | 540000 | 555654  |
|  Washington & Multnomah Counties School District No 48J Beaverton, 5.00%, 06/15/2035 (Callable 06/15/2027) | 3050000 | 3138117  |
|  Washington County School District No 13 Banks<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 06/15/2030<sup>(e)</sup> | 485000 | 422229  |
| &nbsp;&nbsp;&nbsp; 0.00%, 06/15/2031<sup>(e)</sup> | 500000 | 420626  |
| &nbsp;&nbsp;&nbsp; 0.00%, 06/15/2032<sup>(e)</sup> | 400000 | 324147  |
|  |  | 75305360  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **Pennsylvania - 3.7%**<br>|  |  |
|  Allegheny County Higher Education Building Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2026 | $400000 | $400080  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2027 | 500000 | 503408  |
|  Allegheny County Sanitary Authority, 5.00%, 12/01/2043 (Callable 12/01/2032) | 1250000 | 1333699  |
|  Allentown City School District, 5.00%, 06/01/2034 (Callable 06/01/2026) | 1710000 | 1720885  |
|  Bethlehem Area School District, 5.00%, 08/01/2034 (Callable 02/01/2033) | 1000000 | 1132255  |
|  Bloomsburg Area School District, 4.00%, 09/01/2030 (Callable 02/02/2026) | 250000 | 250107  |
|  Bucks County Industrial Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2026 | 475000 | 478480  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027 | 475000 | 485690  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 2430000 | 2557842  |
| Catasauqua Area School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2043 (Callable 05/15/2030) | 1840000 | 1917849  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2044 (Callable 05/15/2030) | 1745000 | 1813856  |
|  Centennial School District Bucks County<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2036 (Callable 12/15/2033) | 200000 | 225610  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2037 (Callable 12/15/2033) | 230000 | 257159  |
|  Chester County Industrial Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2027 (Callable 09/01/2026) | 3050000 | 3073764  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2045 (Callable 02/02/2026) | 750000 | 703381  |
| Chester County School Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2037 (Callable 04/01/2031) | 650000 | 710115  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2038 (Callable 04/01/2031) | 1000000 | 1088516  |
|  City of Erie Higher Education Building Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2031 | 175000 | 183731  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/2036 (Callable 05/01/2031) | 575000 | 551382  |
| City of Erie PA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2040 (Callable 11/15/2033) | 1250000 | 1360531  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2041 (Callable 11/15/2033) | 1095000 | 1180047  |

---

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

291<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Pennsylvania - (Continued)**  | **Pennsylvania - (Continued)**  | **Pennsylvania - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2042 (Callable 11/15/2033) | $2270000 | $2422640  |
| City of Oil City PA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2031 (Callable 12/01/2029) | 100000 | 104526  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2035 (Callable 12/01/2029) | 275000 | 282104  |
| City of Philadelphia PA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2034 (Callable 08/01/2029) | 1285000 | 1377941  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2036 (Callable 08/01/2027) | 3250000 | 3341834  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2037 (Callable 08/01/2029) | 3250000 | 3451954  |
|  City of Philadelphia PA Airport Revenue, 5.00%, 07/01/2032 (Callable 07/01/2027)<sup>(c)</sup> | 1000000 | 1025971  |
|  Clarion County Industrial Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027 | 1255000 | 1291614  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 | 1155000 | 1210469  |
| &nbsp;&nbsp;&nbsp; Coatesville School District, <br>5.00%, 11/15/2031 (Callable 11/15/2030) | 4395000 | 4784860  |
|  Commonwealth Financing Authority, 4.00%, 06/01/2039 (Callable 06/01/2028) | 1670000 | 1644598  |
|  Cumberland County Municipal Authority, 5.00%, 01/01/2039 (Callable 01/01/2029) | 580000 | 618434  |
|  Dallas Area Municipal Authority, 5.00%, 05/01/2029 (Callable 01/23/2026) | 2330000 | 2330586  |
|  Dauphin County General Authority, 5.00%, 06/01/2029 (Callable 06/01/2026) | 690000 | 695624  |
| &nbsp;&nbsp;&nbsp; Erie Parking Authority, <br>4.00%, 09/01/2038 (Callable 09/01/2030) | 250000 | 253751  |
|  Fox Chapel Area School District, 5.00%, 02/01/2039 (Callable 02/01/2027) | 3100000 | 3151916  |
|  Greater Johnstown School District/PA, 5.00%, 02/01/2040 (Callable 02/01/2031) | 750000 | 789129  |
| Hamburg Area School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 04/01/2034 (Callable 10/01/2026) | 1000000 | 992839  |
| &nbsp;&nbsp;&nbsp; 3.00%, 04/01/2036 (Callable 10/01/2026) | 1400000 | 1351487  |
|  Indiana County Industrial Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2030 | 1040000 | 1112258  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2032 (Callable 11/01/2031) | 920000 | 992047  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| Interboro School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/15/2043 (Callable 08/15/2035) | $215000 | $235730  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/15/2044 (Callable 08/15/2035) | 350000 | 379861  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/15/2045 (Callable 08/15/2035) | 250000 | 268895  |
|  Lancaster County Convention Center Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/2038 (Callable 05/01/2032) | 1645000 | 1696736  |
| &nbsp;&nbsp;&nbsp; 4.38%, 05/01/2042 (Callable 05/01/2032) | 1000000 | 1023661  |
|  Lancaster County Hospital Authority/PA, 5.00%, 11/01/2040 (Callable 11/01/2029) | 3100000 | 3215865  |
| Lancaster School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2042 (Callable 06/01/2033) | 2500000 | 2704400  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2043 (Callable 06/01/2033) | 2000000 | 2139309  |
|  Latrobe Industrial Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2031 | 175000 | 183464  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2032 (Callable 03/01/2031) | 265000 | 276924  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2033 (Callable 03/01/2031) | 290000 | 301574  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2034 (Callable 03/01/2031) | 300000 | 310248  |
|  Montgomery County Higher Education and Health Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2032 (Callable 09/01/2028) | 2000000 | 2098634  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2037 (Callable 09/01/2028) | 1000000 | 1035575  |
|  Montgomery County Industrial Development Authority/PA, 2.00%, 11/15/2029 (Callable 02/01/2026)<sup>(a)</sup> | 1335000 | 1335000  |
|  Panther Valley School District, 4.00%, 10/15/2033 (Callable 10/15/2028) | 185000 | 188880  |
|  Pennsylvania Economic Development Financing Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/31/2029 (Callable 06/30/2026)<sup>(c)</sup> | 3000000 | 3018148  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/30/2030<sup>(c)</sup> | 1245000 | 1339275  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/31/2030<sup>(c)</sup> | 1000000 | 1080780  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/15/2034 (Callable 11/15/2027) | 1005000 | 1016072  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/31/2034 (Callable 06/30/2026)<sup>(c)</sup> | 7250000 | 7282761  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/2060 (Callable 09/15/2031)<sup>(a)</sup> | 9150000 | 10040486  |

---

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

292<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Pennsylvania - (Continued)**  | **Pennsylvania - (Continued)**  | **Pennsylvania - (Continued)**  |
|  Pennsylvania Economic Development Financing Authority Parking System Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2029 | $500000 | $530967 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2029 | 100000 | 106193  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2030 | 500000 | 540856 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2030  | 155000 | 167665  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2031 | 510000 | 560798 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2031 | 160000 | 175937  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2032 | 1000000 | 1114644  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2033 (Callable 01/01/2032) | 1425000 | 1575450  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/01/2034<sup>(e)</sup> | 3410000 | 2551340 |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/01/2034<sup>(e)</sup> | 1680000 | 1266878  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/01/2039<sup>(e)</sup> | 3640000 | 2152263  |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/01/2050 (Callable 01/01/2032) | 2000000 | 1834554  |
|  Pennsylvania Higher Educational Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2035 (Callable 05/01/2026) | 4350000 | 4362394  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035 (Callable 07/01/2026) | 300000 | 295566  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2042 (Callable 08/15/2027) | 1350000 | 1369380  |
|  Pennsylvania Housing Finance Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 10/01/2036 (Callable 02/02/2026) | 140000 | 138783  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2049 (Callable 10/01/2028) | 150000 | 150077  |
| &nbsp;&nbsp;&nbsp; 3.50%, 04/01/2051 (Callable 10/01/2029) | 935000 | 933623  |
| &nbsp;&nbsp;&nbsp; 4.25%, 10/01/2052 (Callable 04/01/2032) | 3540000 | 3593710  |
| &nbsp;&nbsp;&nbsp; 5.75%, 10/01/2053 (Callable 10/01/2032) | 957870 | 1017838  |
| Pennsylvania Turnpike Commission<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 (Callable 12/01/2027) | 850000 | 886182 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 (Callable 12/01/2027) | 805000 | 839420  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2035 (Callable 12/01/2027) | 2000000 | 2078213  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/01/2037 (Callable 12/01/2035)<sup>(e)</sup> | 1075000 | 1096740  |
| &nbsp;&nbsp;&nbsp; 4.75%, 12/01/2037 (Callable 12/01/2026) | 600000 | 609080  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2038 (Callable 12/01/2028) | 2480000 | 2594730  |
| &nbsp;&nbsp;&nbsp; 5.13%, 12/01/2040 (Callable 06/01/2029) | 795000 | 836739  |
| &nbsp;&nbsp;&nbsp; 4.90%, 12/01/2044 (Callable 12/01/2026) | 3000000 | 3026059  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2044 (Callable 12/01/2029) | 5335000 | 5509049  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2045 (Callable 06/01/2032)<sup>(a)</sup> | $4000000 | $4475734  |
|  Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, 5.25%, 12/01/2044 (Callable 12/01/2028) | 785000 | 812379  |
|  Philadelphia Authority for Industrial Development, 5.00%, 07/01/2033 (Callable 07/01/2027) | 3000000 | 3095684  |
| Philadelphia Gas Works Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/01/2039 (Callable 08/01/2030) | 1250000 | 1264754  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/01/2041 (Callable 08/01/2034) | 2000000 | 2257282  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/01/2043 (Callable 08/01/2034) | 3360000 | 3702398  |
| Pittsburgh Water & Sewer Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2040 (Callable 09/01/2035) | 400000 | 442586  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2041 (Callable 09/01/2035) | 500000 | 546643  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2043 (Callable 09/01/2035) | 485000 | 519185  |
| Plum Boro School District/PA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2042 (Callable 05/15/2030) | 1280000 | 1333210  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2043 (Callable 05/15/2030) | 1345000 | 1394928  |
| Ridley School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/15/2031 (Callable 02/02/2026) | 905000 | 905414  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/15/2037 (Callable 11/15/2029) | 325000 | 329315  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2044 (Callable 05/15/2032) | 1000000 | 1041176 |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2044 (Callable 05/15/2032)  | 1000000 | 1036657  |
|  School District of Philadelphia, 5.00%, 09/01/2032 (Callable 02/02/2026) | 575000 | 575999  |
| &nbsp;&nbsp;&nbsp; Scranton School District/PA, <br>5.00%, 12/01/2034 (Callable 12/01/2027) | 650000 | 673620  |
|  Somerset Area School District, 5.00%, 02/15/2039 (Callable 02/15/2031) | 1505000 | 1617109  |
|  Sports & Exhibition Authority of Pittsburgh & Allegheny County<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2028 (Callable 12/15/2027) | 500000 | 522396  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2031 | 3175000 | 3498633  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2034 (Callable 02/01/2032) | 4000000 | 4441207  |
|  State Public School Building Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 05/15/2027<sup>(e)</sup> | 160000 | 153111  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2027 (Callable 12/01/2026) | 730000 | 744392  |
| &nbsp;&nbsp;&nbsp; 0.00%, 05/15/2030<sup>(e)</sup> | 1780000 | 1550387  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2031 (Callable 12/01/2026) | 6900000 | 7012954  |

---

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

293<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Pennsylvania - (Continued)**  | **Pennsylvania - (Continued)**  | **Pennsylvania - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2033 (Callable 12/01/2026) | $3365000 | $3416126  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2034 (Callable 12/01/2026) | 3825000 | 3877240  |
| Steel Valley School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2040 (Callable 11/01/2034) | 765000 | 822654  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2042 (Callable 11/01/2034) | 730000 | 769982  |
|  Steelton-Highspire School District, 4.00%, 11/15/2032 (Callable 11/15/2029) | 1295000 | 1326492  |
| Township of Westtown PA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2042 (Callable 12/15/2029) | 975000 | 1003626  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2048 (Callable 12/15/2029) | 1470000 | 1492642  |
|  Tulpehocken Area School District, 5.25%, 10/01/2049 (Callable 10/01/2031) | 1000000 | 1033444  |
|  University Area Joint Authority Sewer Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2037 (Callable 11/01/2029) | 1965000 | 2080741  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2038 (Callable 11/01/2029) | 1880000 | 1984101  |
| Upper Darby School District/PA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2042 (Callable 10/01/2031) | 700000 | 740925  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2043 (Callable 10/01/2031) | 1015000 | 1066206  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2044 (Callable 10/01/2031) | 1000000 | 1042549  |
|  Westmoreland County Industrial Development Authority/PA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 725000 | 757542  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 | 825000 | 870087  |
| Wilson School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2034 (Callable 03/01/2029) | 1535000 | 1643292  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2035 (Callable 03/01/2029) | 1645000 | 1755891  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2038 (Callable 03/01/2029) | 1455000 | 1536784  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2039 (Callable 03/01/2029) | 750000 | 789841  |
|  York Suburban School District, 4.00%, 05/01/2030 (Callable 02/02/2026) | 1780000 | 1780832  |
|  |  | 211980525  |
| **Puerto Rico - 0.0%<sup>(f)</sup>**<br>|  |  |
|  Puerto Rico Housing Finance Authority, 5.00%, 03/01/2027<sup>(a)</sup> | 500000 | 501461  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
|  Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 | $135000 | $140065  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034 (Callable 07/01/2031) | 200000 | 212104  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035 (Callable 07/01/2031) | 200000 | 211195  |
|  |  | 1064825  |
| **Rhode Island - 0.6%**<br>|  |  |
| City of Pawtucket RI<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2036 (Callable 11/01/2035) | 645000 | 734693  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2037 (Callable 11/01/2035) | 595000 | 671632  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2038 (Callable 11/01/2035) | 465000 | 522108  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2039 (Callable 11/01/2035) | 500000 | 557044  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2040 (Callable 11/01/2035) | 455000 | 502298  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2041 (Callable 11/01/2035) | 500000 | 547194  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2042 (Callable 11/01/2035) | 500000 | 540909  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2043 (Callable 11/01/2035) | 845000 | 903802  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2044 (Callable 11/01/2035) | 545000 | 577209  |
|  Providence Public Building Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/15/2028 | 1000000 | 1055378  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/15/2031 | 1400000 | 1552760  |
|  Rhode Island Commerce Corp., 5.00%, 07/01/2033 (Callable 07/01/2028) | 950000 | 997266  |
|  Rhode Island Health and Educational Building Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/15/2031 (Callable 09/15/2026) | 125000 | 125501  |
| &nbsp;&nbsp;&nbsp; 3.75%, 05/15/2032 (Callable 05/15/2027) | 3000000 | 3021063  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2033 (Callable 05/15/2029) | 1140000 | 1219027  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2033 (Callable 05/15/2026) | 350000 | 351433  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 | 405000 | 447608  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034 | 700000 | 776221  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035 | 500000 | 555121  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036 (Callable 07/01/2035) | 500000 | 549923  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037 (Callable 07/01/2035) | 725000 | 791569  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2039 (Callable 07/01/2035) | 750000 | 805769 |

---

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

294<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Rhode Island - (Continued)**  | **Rhode Island - (Continued)**  | **Rhode Island - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/15/2040 (Callable 05/15/2032) | $1715000 | $1897122  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2045 (Callable 07/01/2035) | 1500000 | 1534907  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2050 (Callable 07/01/2035) | 2400000 | 2425383  |
| &nbsp;&nbsp;&nbsp; 4.13%, 05/15/2054 (Callable 05/15/2034) | 2000000 | 1908741  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2055 (Callable 07/01/2035) | 1250000 | 1258347  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2060 (Callable 07/01/2035) | 1000000 | 1002912  |
|  Rhode Island Housing & Mortgage Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.30%, 04/01/2028 (Callable 04/01/2027) | 1680000 | 1688250  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2049 (Callable 04/01/2033) | 1000000 | 1027744  |
| &nbsp;&nbsp;&nbsp; 3.00%, 10/01/2051 (Callable 04/01/2030) | 1680000 | 1655282  |
| Rhode Island Student Loan Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2027<sup>(c)</sup> | 1000000 | 1030655  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2028<sup>(c)</sup> | 1000000 | 1046557  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032<sup>(c)</sup> | 1125000 | 1210534  |
|  |  | 35491962  |
| **South Carolina - 1.0%**<br>|  |  |
|  Charleston County Airport District, 5.00%, 07/01/2043 (Callable 07/01/2029) | 2185000 | 2260972  |
| Charleston Housing Authority/SC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/01/2035 (Callable 09/01/2032) | 3000000 | 3061786  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2035 (Callable 09/01/2032) | 2000000 | 2116009  |
|  County of Lancaster SC, 4.00%, 06/01/2032 (Callable 06/01/2027) | 1000000 | 1006208  |
|  Greenville-Spartanburg Airport District, 5.25%, 07/01/2054 (Callable 07/01/2034) | 3500000 | 3691977  |
|  Greenwood Fifty Schools Facilities, Inc., 5.00%, 12/01/2028 (Callable 06/01/2026) | 285000 | 287456  |
|  Lexington County Health Services District, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2034 (Callable 05/01/2026) | 1165000 | 1172435  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2036 (Callable 05/01/2026) | 1000000 | 1005627  |
|  Patriots Energy Group Financing Agency, 5.25%, 10/01/2054 (Callable 05/01/2031)<sup>(a)</sup> | 2000000 | 2137080  |
| Piedmont Municipal Power Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/01/2029<sup>(e)</sup> | 1815000 | 1655278 |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/01/2029<sup>(e)</sup> | 1000000 | 914695  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
|  Scago Educational Facilities Corp. for Cherokee School District No 1, 5.00%, 12/01/2028 (Callable 02/02/2026) | $1230000 | $1231418  |
|  South Carolina Jobs-Economic Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/15/2028 (Callable 02/02/2026) | 3350000 | 3353082  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2029 (Callable 05/01/2028) | 1080000 | 1133941  |
| &nbsp;&nbsp;&nbsp; 5.75%, 11/15/2029 (Callable 02/02/2026) | 2200000 | 2200343  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/15/2030 (Callable 08/15/2026) | 270000 | 270530  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2031 (Callable 05/01/2028) | 400000 | 419411  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/15/2033 (Callable 08/15/2026) | 2500000 | 2523392  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/01/2035 (Callable 11/01/2032) | 1410000 | 1399595  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/2037 (Callable 07/01/2026) | 125000 | 125788  |
|  South Carolina Public Service Authority, 5.00%, 12/01/2032 (Callable 06/01/2026) | 1500000 | 1513476  |
|  South Carolina State Housing Finance & Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2032 | 430000 | 475582  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 | 500000 | 555814 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032  | 455000 | 505791  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2033 | 500000 | 556732 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2033 | 480000 | 534463  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 | 480000 | 536489  |
| &nbsp;&nbsp;&nbsp; 3.80%, 01/01/2049 (Callable 07/01/2027) | 115000 | 101422  |
| &nbsp;&nbsp;&nbsp; 3.75%, 01/01/2050 (Callable 01/01/2029) | 2350000 | 2354669  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2050 (Callable 07/01/2029) | 1300000 | 1308969  |
| &nbsp;&nbsp;&nbsp; 3.00%, 01/01/2052 (Callable 07/01/2030) | 5420000 | 5348271 |
| &nbsp;&nbsp;&nbsp; 6.50%, 07/01/2055 (Callable 07/01/2033)  | 5000000 | 5699824  |
| &nbsp;&nbsp;&nbsp; 6.50%, 01/01/2055 (Callable 07/01/2033) | 4305000 | 4884046  |
|  Spartanburg Regional Health Services District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/15/2036 (Callable 04/15/2030) | 445000 | 454622  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/15/2037 (Callable 04/15/2030) | 500000 | 507478  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/15/2038 (Callable 04/15/2030) | 500000 | 505265  |
|  Starr-Iva Water & Sewer District, 2.00%, 06/01/2040 (Callable 06/01/2031) | 800000 | 599791  |

---

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

295<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **South Carolina - (Continued)**  | **South Carolina - (Continued)**  | **South Carolina - (Continued)**  |
|  Williamsburg County Public Facilities Corp., 4.00%, 06/01/2032 (Callable 06/01/2030) | $490000 | $505923  |
|  |  | 58915650  |
| **South Dakota - 0.4%**<br>|  |  |
|  City of Brandon SD Sales Tax Revenue, 5.00%, 08/01/2037 (Callable 08/01/2030) | 1880000 | 1981201  |
|  City of Rapid City SD Airport Revenue, 4.00%, 12/01/2035 (Callable 12/01/2029) | 3260000 | 3191498  |
|  City of Spearfish SD Sales Tax Revenue, 4.00%, 12/15/2029 | 975000 | 1005056  |
| &nbsp;&nbsp;&nbsp; County of Minnehaha SD, <br>5.00%, 12/01/2041 (Callable 12/01/2032) | 1000000 | 1077842  |
|  South Dakota Health & Educational Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 09/01/2029 (Callable 09/01/2028) | 380000 | 378694  |
| &nbsp;&nbsp;&nbsp; 3.00%, 09/01/2030 (Callable 09/01/2028) | 175000 | 172871  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/01/2034 (Callable 02/02/2026) | 3940000 | 3945511  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/01/2040 (Callable 02/02/2026) | 325000 | 324169  |
| &nbsp;&nbsp;&nbsp; 3.00%, 09/01/2041 (Callable 09/01/2028) | 250000 | 208318  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2051 (Callable 11/01/2031)<sup>(a)</sup> | 4070000 | 4513302  |
|  South Dakota Housing Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/2049 (Callable 05/01/2028) | 795000 | 797691  |
| &nbsp;&nbsp;&nbsp; 6.25%, 05/01/2055 (Callable 05/01/2032) | 920000 | 995828  |
| &nbsp;&nbsp;&nbsp; 6.25%, 11/01/2055 (Callable 05/01/2033) | 2740000 | 3067369  |
|  |  | 21659350  |
| **Tennessee - 1.9%**<br>|  |  |
|  Chattanooga Health Educational & Housing Facility Board<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.80%, 12/01/2029<sup>(a)</sup> | 1900000 | 1914349  |
| &nbsp;&nbsp;&nbsp; 2.95%, 05/01/2044 (Callable 11/01/2028)<sup>(a)</sup> | 2750000 | 2748749  |
|  City of Chattanooga TN Electric Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2037 (Callable 09/01/2031) | 980000 | 1078896  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2038 (Callable 09/01/2031) | 4200000 | 4602615  |
|  City of Clarksville TN Electric System Revenue, 4.13%, 09/01/2039 (Callable 09/01/2032) | 1000000 | 1031279  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
|  City of Columbia TN, 3.25%, 12/01/2037 (Callable 12/01/2032) | $1675000 | $1617883  |
| City of Jackson TN<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2029 (Callable 01/23/2026) | 1125000 | 1125711  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2036 (Callable 01/23/2026) | 3290000 | 3291669  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2037 (Callable 10/01/2028) | 640000 | 659677  |
|  City of Memphis TN Memphis Light Gas & Water Division Gas Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2033 (Callable 12/01/2026) | 1300000 | 1306655 |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2033 (Callable 12/01/2027) | 480000 | 486140  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2034 (Callable 12/01/2026) | 1310000 | 1316177  |
| &nbsp;&nbsp;&nbsp; County of Putnam TN, <br>2.00%, 04/01/2035 (Callable 04/01/2030) | 3875000 | 3371114  |
|  Hamilton County & Chattanooga Sports Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2040 (Callable 12/01/2034) | 825000 | 955369  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2041 (Callable 12/01/2034) | 975000 | 1117395  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2042 (Callable 12/01/2034) | 700000 | 794900  |
|  Industrial Development Board Of The City Of Kingsport Tennessee, 2.95%, 09/01/2029<sup>(a)</sup> | 4000000 | 3991206  |
|  Knox County Health Educational & Housing Facility Board<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2026 (Callable 01/01/2026) | 145000 | 145000  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | 185000 | 203629  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 | 675000 | 755869  |
|  Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2037 (Callable 05/01/2033) | 1220000 | 1335804  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2039 (Callable 05/01/2033) | 500000 | 540669  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2040 (Callable 05/01/2033) | 725000 | 774754  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/2048 (Callable 05/01/2033) | 2000000 | 2062038  |
|  Metropolitan Government Nashville & Davidson County Industrial Development Board, 3.15%, 07/01/2044 (Callable 01/01/2029)<sup>(a)</sup> | 6475000 | 6498741  |

---

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

296<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Tennessee - (Continued)**  | **Tennessee - (Continued)**  | **Tennessee - (Continued)**  |
|  Metropolitan Government Nashville & Davidson County Sports Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036 (Callable 01/01/2034) | $1695000 | $1903604 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036 (Callable 01/01/2034) | 500000 | 568400  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037 (Callable 01/01/2034) | 1000000 | 1113666  |
|  Metropolitan Government of Nashville & Davidson County TN<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2032 (Callable 07/01/2027) | 1750000 | 1772600  |
| &nbsp;&nbsp;&nbsp; 3.00%, 01/01/2034 (Callable 01/01/2031) | 2010000 | 1984274  |
|  Metropolitan Nashville Airport Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 (Callable 02/02/2026)<sup>(c)</sup> | 1350000 | 1355434  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/01/2042 (Callable 07/01/2032)<sup>(c)</sup> | 1845000 | 1981110  |
|  Oak Ridge Housing Authority, 3.20%, 12/01/2044 (Callable 04/01/2028)<sup>(a)</sup> | 6085000 | 6096047  |
|  Rutherford County Health & Educational Facilities Board, 5.00%, 11/15/2048 (Callable 11/15/2029)<sup>(a)</sup> | 4000000 | 4373380  |
|  Shelby County Health Educational & Housing Facilities Board, 5.00%, 09/01/2044<sup>(a)</sup> | 2250000 | 2422477  |
| Tennergy Corp./TN<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2030 | 3470000 | 3778376  |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/01/2053 (Callable 09/01/2030)<sup>(a)</sup> | 7285000 | 7814036  |
| Tennessee Energy Acquisition Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2027 | 1215000 | 1227109  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 | 2965000 | 3199588  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033 | 1000000 | 1082492  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2053 (Callable 02/01/2028)<sup>(a)</sup> | 3000000 | 3084291  |
|  Tennessee Housing Development Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.60%, 01/01/2031 (Callable 01/23/2026) | 865000 | 865211  |
| &nbsp;&nbsp;&nbsp; 3.10%, 07/01/2036 (Callable 01/23/2026) | 245000 | 234727  |
| &nbsp;&nbsp;&nbsp; 3.55%, 07/01/2039 (Callable 01/23/2026) | 180000 | 174870  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2042 (Callable 07/01/2026) | 55000 | 55158  |
| &nbsp;&nbsp;&nbsp; 3.60%, 07/01/2042 (Callable 01/01/2027) | 350000 | 328208  |
| &nbsp;&nbsp;&nbsp; 3.85%, 07/01/2043 (Callable 07/01/2027) | 2000000 | 1938141  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2043 (Callable 01/23/2026) | 840000 | 805298  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| &nbsp;&nbsp;&nbsp; 4.45%, 07/01/2043 (Callable 07/01/2032) | $2300000 | $2311028  |
| &nbsp;&nbsp;&nbsp; 3.50%, 07/01/2045 (Callable 07/01/2026) | 1290000 | 1289249  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2045 (Callable 01/23/2026) | 10000 | 9998  |
| &nbsp;&nbsp;&nbsp; 3.50%, 01/01/2047 (Callable 01/23/2026) | 25000 | 24980  |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/01/2049 (Callable 01/01/2028) | 250000 | 252293  |
| &nbsp;&nbsp;&nbsp; 3.75%, 01/01/2050 (Callable 01/01/2029) | 590000 | 591669  |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/01/2054 (Callable 07/01/2032) | 7755000 | 8374098  |
|  Tennessee State School Bond Authority, 5.00%, 11/01/2047 (Callable 11/01/2032) | 1000000 | 1046215  |
|  |  | 105784315  |
| **Texas - 14.4%**<br>|  |  |
| Alamo Community College District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2038 (Callable 08/15/2027) | 1040000 | 1065943  |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/15/2042 (Callable 08/15/2031) | 750000 | 768270  |
|  Alvarado Independent School District/TX, 4.00%, 02/15/2052<sup>(a)</sup> | 4000000 | 4132456  |
|  Anna Independent School District, 5.00%, 02/15/2039 (Callable 02/15/2035) | 1135000 | 1275463  |
|  Arcola Municipal Management District No 1<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/01/2037 (Callable 11/01/2030) | 520000 | 521764  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/01/2039 (Callable 11/01/2030) | 1115000 | 1103054  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/01/2040 (Callable 11/01/2030) | 600000 | 585369  |
| Argyle Independent School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2035 | 1345000 | 1559499  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2036 (Callable 08/15/2035) | 1240000 | 1419605  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2039 (Callable 08/15/2035) | 2460000 | 2750578  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2040 (Callable 08/15/2035) | 905000 | 999522  |
|  Arlington Higher Education Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/15/2028 (Callable 08/15/2026) | 250000 | 251701  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2028 | 980000 | 1033388  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/15/2029 | 325000 | 334495  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2029 | 560000 | 601931  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/15/2030 | 415000 | 429478  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2030 | 605000 | 663070  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2031 | 585000 | 652600  |

---

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

297<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Texas - (Continued)**  | **Texas - (Continued)**  | **Texas - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2032 | $660000 | $745886  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/15/2036 (Callable 08/15/2029) | 1150000 | 1173755  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/15/2037 (Callable 08/15/2031) | 765000 | 784198  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/2040 (Callable 02/02/2026) | 805000 | 805001  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2040 (Callable 08/15/2035) | 750000 | 815037  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/2042 (Callable 08/15/2031) | 2920000 | 2926350  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2045 (Callable 08/15/2035) | 1500000 | 1541996  |
|  Arlington Housing Finance Corp., 4.50%, 04/01/2041 (Callable 04/01/2026)<sup>(a)</sup> | 5415000 | 5434538  |
| Aubrey Independent School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2035 | 575000 | 665133  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2036 (Callable 02/15/2035) | 585000 | 668868  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2037 (Callable 02/15/2035) | 745000 | 844359  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/15/2041 (Callable 02/15/2035) | 915000 | 1018347  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/15/2042 (Callable 02/15/2035) | 1310000 | 1442227  |
| Austin Affordable Pfc, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2028 (Callable 09/01/2027)<sup>(a)</sup> | 1050000 | 1086114  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2028 (Callable 09/01/2027)<sup>(a)</sup> | 800000 | 826196  |
| Austin Independent School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2036 (Callable 08/01/2035) | 2965000 | 3450014  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2037 (Callable 08/01/2035) | 1750000 | 2018035  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2048 (Callable 02/01/2029) | 2000000 | 2043442  |
|  Austin-Bergstrom Landhost Enterprises, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2032 (Callable 10/01/2027) | 1000000 | 1024676  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2035 (Callable 10/01/2027) | 1250000 | 1275185  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2036 (Callable 10/01/2027) | 885000 | 901104  |
|  Azle Independent School District, 4.00%, 02/15/2033 (Callable 02/15/2026) | 880000 | 881300  |
|  Barker Cypress Municipal Utility District, 4.00%, 04/01/2028 (Callable 02/02/2026) | 1125000 | 1125481  |
|  Baytown Municipal Development District, 3.50%, 10/01/2031<sup>(b)</sup> | 915000 | 795526  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
|  Bell County Water Control & Improvement District No 1, 5.00%, 07/10/2037 (Callable 07/10/2033) | $525000 | $579203  |
|  Belton Independent School District, 4.00%, 02/15/2034 (Callable 02/15/2027) | 665000 | 672362  |
| &nbsp;&nbsp;&nbsp; Berry Creek Highlands Municipal Utility District, <br>5.50%, 09/01/2035 (Callable 09/01/2032) | 275000 | 307254  |
|  Bexar County Housing Finance Corp., 4.05%, 03/01/2028 (Callable 02/02/2026)<sup>(a)</sup> | 1000000 | 1000758  |
| Boerne Independent School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.85%, 12/01/2043<sup>(a)</sup> | 2360000 | 2410660  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/01/2054<sup>(a)</sup> | 3180000 | 3263561  |
|  Brazoria County Municipal Utility District No 40, 6.50%, 09/01/2031 (Callable 09/01/2030) | 175000 | 200021  |
| &nbsp;&nbsp;&nbsp; Brazoria County Municipal Utility District No 55, <br>3.00%, 09/01/2042 (Callable 09/01/2027) | 970000 | 767131  |
| &nbsp;&nbsp;&nbsp; Brazoria County Municipal Utility District No 61, <br>4.00%, 09/01/2036 (Callable 09/01/2028) | 685000 | 688652  |
|  Brazoria County Toll Road Authority, 4.00%, 03/01/2040 (Callable 03/01/2030) | 1400000 | 1404254  |
|  Brazos County Municipal Utility District No 1<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/2035 (Callable 09/01/2030) | 275000 | 278748  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/2036 (Callable 09/01/2030) | 290000 | 292370  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/2037 (Callable 09/01/2030) | 305000 | 305985  |
| Brazos Higher Education Authority, Inc. | Brazos Higher Education Authority, Inc. | Brazos Higher Education Authority, Inc. |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2031<sup>(c)</sup> | 5600000 | 5988954  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2032<sup>(c)</sup> | 3100000 | 3346035  |
| &nbsp;&nbsp;&nbsp; Brookfield Water Control & Improvement District, <br>4.00%, 09/01/2049 (Callable 09/01/2030) | 1155000 | 1030151  |
|  Bullard Independent School District, 4.00%, 02/15/2051<sup>(a)</sup> | 7000000 | 7231799  |
|  Cameron Independent School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2034 | 750000 | 864243  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2035 (Callable 08/15/2034) | 790000 | 907801  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2036 (Callable 08/15/2034) | 835000 | 952376  |

---

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

298<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Texas - (Continued)**  | **Texas - (Continued)**  | **Texas - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2037 (Callable 08/15/2034) | $870000 | $984008  |
|  Capital Area Housing Finance Corp., 3.20%, 01/01/2041 (Callable 07/01/2026)<sup>(a)</sup> | 1050000 | 1050043  |
|  Cedar Hill Independent School District, 5.00%, 02/15/2042 (Callable 02/15/2034) | 3000000 | 3250806  |
| &nbsp;&nbsp;&nbsp; Cedar Port Navigation & Improvement District, <br>5.00%, 09/01/2026 | 1700000 | 1723728  |
|  Central Texas Regional Mobility Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2039 (Callable 01/01/2030) | 710000 | 750599  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2040 (Callable 01/01/2031) | 1250000 | 1256234  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2043 (Callable 01/01/2028) | 2840000 | 2888174  |
|  Chisum Independent School District, 4.00%, 08/15/2048 (Callable 08/15/2032) | 1450000 | 1372557  |
|  City of Austin TX Airport System Revenue, 5.00%, 11/15/2043 (Callable 11/15/2032)<sup>(c)</sup> | 1970000 | 2029166  |
|  City of Beaumont TX Waterworks & Sewer System Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2041 (Callable 09/01/2033) | 1000000 | 1071188  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2042 (Callable 09/01/2033) | 1235000 | 1313821  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2049 (Callable 09/01/2033) | 2700000 | 2783652  |
|  City of Borger TX Combined Venue Tax, 2.25%, 08/01/2046 (Callable 08/01/2030) | 1050000 | 672797  |
|  City of Bryan TX Rural Electric System Revenue, 4.00%, 07/01/2040 (Callable 07/01/2027) | 250000 | 249735  |
| City of Celina TX<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2031 | 510000 | 554122  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2032 | 535000 | 587279  |
| City of Conroe TX<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2031 (Callable 03/01/2028) | 380000 | 398421  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2036 (Callable 11/15/2028) | 500000 | 523995  |
| City of Dallas Housing Finance Corp. | City of Dallas Housing Finance Corp. | City of Dallas Housing Finance Corp. |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028 (Callable 10/01/2027)<sup>(a)</sup> | 930000 | 960400  |
| &nbsp;&nbsp;&nbsp; 3.05%, 08/01/2030<sup>(a)</sup> | 4750000 | 4757286  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2044 | 2850000 | 2983118  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| &nbsp;&nbsp;&nbsp; City of Dallas TX Waterworks & Sewer System Revenue, <br>4.00%, 10/01/2034 (Callable 02/02/2026) | $500000 | $500249  |
|  City of Denton TX Utility System Revenue, 5.00%, 12/01/2032 (Callable 12/01/2026) | 2000000 | 2039842  |
| &nbsp;&nbsp;&nbsp; City of Fort Worth TX, <br>5.00%, 09/01/2044 (Callable 09/01/2031) | 860000 | 893911  |
|  City of Friendswood TX Waterworks & Sewer System Revenue, 3.00%, 03/01/2034 (Callable 03/01/2031) | 700000 | 669777  |
| &nbsp;&nbsp;&nbsp; City of Garland TX Electric Utility System Revenue, <br>5.00%, 03/01/2029 (Callable 03/01/2026) | 245000 | 245881  |
| City of Godley TX<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2034 | 1000000 | 1140295  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2035 (Callable 08/15/2034) | 1000000 | 1127949  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2037 (Callable 08/15/2034) | 1640000 | 1818789  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2038 (Callable 08/15/2034) | 1670000 | 1839784  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2039 (Callable 08/15/2034) | 1805000 | 1975232  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2040 (Callable 08/15/2034) | 1005000 | 1087504  |
| &nbsp;&nbsp;&nbsp; City of Hondo TX, <br>5.00%, 02/01/2037 (Callable 02/01/2033) | 300000 | 329786  |
|  City of Houston TX Airport System Revenue, 5.00%, 07/01/2039 (Callable 07/01/2028) | 6440000 | 6675901  |
| &nbsp;&nbsp;&nbsp; City of Hutto TX, <br>4.25%, 08/01/2047 (Callable 08/01/2032) | 1205000 | 1167237  |
| City of Kyle TX<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2034 | 300000 | 344801  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2035 (Callable 08/15/2034) | 375000 | 426822  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2036 (Callable 08/15/2034) | 500000 | 564285  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2037 (Callable 08/15/2034) | 335000 | 374816  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2038 (Callable 08/15/2034) | 400000 | 444139  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2039 (Callable 08/15/2034) | 625000 | 687077  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2040 (Callable 08/15/2034) | 500000 | 543336  |
| &nbsp;&nbsp;&nbsp; City of Magnolia TX, <br>5.70%, 09/01/2046<sup>(b)</sup> | 915000 | 936044  |
| &nbsp;&nbsp;&nbsp; City of Manvel TX, <br>5.25%, 02/15/2039 (Callable 02/15/2033) | 1045000 | 1168364  |

---

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

299<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Texas - (Continued)**  | **Texas - (Continued)**  | **Texas - (Continued)**  |
|  City of Mesquite TX Waterworks & Sewer System Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2039 (Callable 03/01/2032) | $500000 | $539344  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2040 (Callable 03/01/2032) | 500000 | 535184  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2041 (Callable 03/01/2032) | 500000 | 531923  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2042 (Callable 03/01/2032) | 500000 | 528725  |
|  City of Paris TX, 3.00%, 12/15/2035 (Callable 12/15/2030) | 610000 | 589829  |
|  City of Princeton TX, 2.00%, 02/15/2036 (Callable 02/15/2030) | 300000 | 244148  |
|  City of Round Rock TX, 4.63%, 08/15/2047 (Callable 08/15/2034) | 2605000 | 2648398  |
|  City of San Antonio TX Airport System, 5.00%, 07/01/2033 (Callable 02/02/2026)<sup>(c)</sup> | 1190000 | 1191232  |
|  City of San Antonio TX Electric & Gas Systems Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2045 (Callable 02/01/2030) | 3100000 | 3191038  |
| &nbsp;&nbsp;&nbsp; 1.13%, 12/01/2045<sup>(a)</sup> | 700000 | 685474  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/01/2049 (Callable 08/01/2034) | 1000000 | 1063378  |
| &nbsp;&nbsp;&nbsp; 3.08%, 02/01/2055<sup>(a)</sup> | 6000000 | 6020147  |
|  City of San Marcos TX Waterworks & Sewer System Revenue, 5.00%, 08/15/2038 (Callable 08/15/2034) | 1670000 | 1866000  |
| City of Temple TX<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/01/2035 (Callable 08/01/2030) | 650000 | 658429  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/01/2037 (Callable 08/01/2030) | 200000 | 201342  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/01/2038 (Callable 08/01/2030) | 165000 | 166206  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/01/2039 (Callable 08/01/2030) | 435000 | 436242  |
|  Clifton Higher Education Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/15/2030 (Callable 08/15/2026) | 800000 | 803926  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/15/2032 (Callable 08/15/2026) | 600000 | 602349  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/15/2033 (Callable 08/15/2028) | 2000000 | 2053033  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/01/2034 (Callable 04/01/2030) | 325000 | 334829  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2034 (Callable 08/15/2026) | 1000000 | 1010195  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/01/2035 (Callable 04/01/2030) | $250000 | $256866  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/15/2035 (Callable 08/15/2029) | 1380000 | 1412621  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2036 (Callable 08/15/2026) | 1000000 | 1008169  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2038 (Callable 08/15/2026) | 235000 | 236374  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/15/2044 (Callable 02/15/2034) | 1250000 | 1331346  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/15/2045 (Callable 02/15/2034) | 1400000 | 1483306  |
|  Collin County Municipal Utility District No 2<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 09/01/2036 (Callable 10/01/2029) | 1470000 | 1518989  |
| &nbsp;&nbsp;&nbsp; 5.13%, 09/01/2048 (Callable 10/01/2029) | 1500000 | 1523865  |
| Colony Municipal Utility District No 1A | Colony Municipal Utility District No 1A | Colony Municipal Utility District No 1A |
| &nbsp;&nbsp;&nbsp; 7.00%, 08/15/2026 | 265000 | 271330  |
| &nbsp;&nbsp;&nbsp; 7.00%, 08/15/2029 | 310000 | 352401  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2030 (Callable 08/15/2029) | 330000 | 351229  |
|  Colony Municipal Utility District No 1B, 4.00%, 08/15/2037 (Callable 08/15/2029) | 710000 | 717526  |
|  Comal County Water Control & Improvement District No 6<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/2031 (Callable 03/01/2028) | 560000 | 568762  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/2032 (Callable 03/01/2028) | 690000 | 699543  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/2033 (Callable 03/01/2028) | 720000 | 728457  |
| &nbsp;&nbsp;&nbsp; 4.38%, 03/01/2033 (Callable 03/01/2028) | 425000 | 433287  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/2034 (Callable 03/01/2028) | 750000 | 756935  |
| &nbsp;&nbsp;&nbsp; 4.38%, 03/01/2034 (Callable 03/01/2028) | 445000 | 452560  |
| &nbsp;&nbsp;&nbsp; 4.38%, 03/01/2035 (Callable 03/01/2028) | 475000 | 481967  |
| &nbsp;&nbsp;&nbsp; 4.38%, 03/01/2036 (Callable 03/01/2028) | 500000 | 505962  |
| &nbsp;&nbsp;&nbsp; 4.38%, 03/01/2037 (Callable 03/01/2028) | 530000 | 534971  |
| &nbsp;&nbsp;&nbsp; 4.38%, 03/01/2038 (Callable 03/01/2028) | 560000 | 564007  |
| &nbsp;&nbsp;&nbsp; 4.38%, 03/01/2042 (Callable 03/01/2028) | 1250000 | 1241896  |
| &nbsp;&nbsp;&nbsp; 4.38%, 03/01/2045 (Callable 03/01/2028) | 2330000 | 2242427  |
|  Community Independent School District/TX, 5.00%, 02/15/2039 (Callable 02/15/2035) | 1880000 | 2115800  |

---

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

300<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Texas - (Continued)**  | **Texas - (Continued)**  | **Texas - (Continued)**  |
|  Conroe Municipal Management District No 1, 4.00%, 09/01/2032 (Callable 09/01/2028) | $410000 | $417267  |
| County of Calhoun TX<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2037 (Callable 02/15/2033) | 1400000 | 1546517  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2038 (Callable 02/15/2033) | 1000000 | 1097445  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2040 (Callable 02/15/2033) | 1065000 | 1151948  |
| &nbsp;&nbsp;&nbsp; County of Denton TX, <br>3.00%, 07/15/2034 (Callable 07/15/2026) | 885000 | 870278  |
|  County of Harris TX Toll Road Revenue, 5.00%, 08/15/2043 (Callable 02/15/2028) | 500000 | 511802  |
| &nbsp;&nbsp;&nbsp; County of La Salle TX, <br>5.00%, 03/01/2034 (Callable 03/01/2027) | 640000 | 657122  |
| &nbsp;&nbsp;&nbsp; County of Smith TX, <br>5.00%, 08/15/2035 (Callable 08/15/2032) | 915000 | 1021431  |
| &nbsp;&nbsp;&nbsp; County of Wichita TX, <br>5.00%, 09/15/2042 (Callable 09/15/2027) | 1000000 | 1020106  |
| County of Wise TX<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2029 | 880000 | 920922  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2033 (Callable 08/15/2031) | 930000 | 986088  |
| Crane Independent School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2037 (Callable 02/15/2032) | 750000 | 820341  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2039 (Callable 02/15/2032) | 885000 | 958073  |
|  Dallas Fort Worth International Airport, 5.00%, 11/01/2050 (Callable 08/01/2032)<sup>(a)(c)</sup> | 3500000 | 3830035  |
| Dallas Independent School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2055<sup>(a)</sup> | 5000000 | 5514212 |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2055<sup>(a)</sup> | 4000000 | 4183012  |
| Dallas Metrocare Services<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2040 (Callable 11/01/2035) | 1075000 | 1175494  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2041 (Callable 11/01/2035) | 1050000 | 1135217  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2042 (Callable 11/01/2035) | 940000 | 1004602  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2043 (Callable 11/01/2035) | 1305000 | 1380085  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/2050 (Callable 11/01/2035) | 2350000 | 2457007  |
| &nbsp;&nbsp;&nbsp; Danbury Higher Education Authority, Inc., <br>4.00%, 02/15/2031 (Callable 02/15/2027) | 200000 | 202691  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| Deaf Smith County Hospital District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2030 (Callable 03/01/2027) | $1000000 | $1013464  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2034 (Callable 03/01/2027) | 1120000 | 1130943  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/2040 (Callable 03/01/2027) | 2045000 | 1865954  |
|  Deer Park Independent School District, 5.00%, 08/15/2048 (Callable 08/15/2032) | 1500000 | 1554591  |
| Denton Independent School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/15/2055<sup>(a)</sup> | 4900000 | 5062259 |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/15/2055<sup>(a)</sup> | 2000000 | 2116050  |
|  Dickinson Independent School District, 3.10%, 08/01/2037<sup>(a)</sup> | 5190000 | 5199630  |
|  Dripping Springs Independent School District/TX, 5.00%, 02/15/2038 (Callable 02/15/2035) | 2000000 | 2283688  |
|  East Fork Fresh Water Supply District No 1-A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 09/01/2039 (Callable 12/01/2029) | 240000 | 246008  |
| &nbsp;&nbsp;&nbsp; 4.75%, 09/01/2040 (Callable 12/01/2029) | 290000 | 295700  |
|  Ector County Independent School District, 4.00%, 08/15/2049<sup>(a)</sup> | 3035000 | 3091408  |
| El Paso County Hospital District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2026 | 310000 | 310752  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2027 | 300000 | 307206  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2027 | 2040000 | 2084148  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2028 | 475000 | 496274  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2029 | 500000 | 532038  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2029 | 1650000 | 1770159  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2030 | 1050000 | 1136891  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2030 | 1800000 | 1964194  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2031 | 1105000 | 1214443  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2031 | 1680000 | 1860067  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2032 | 1160000 | 1289953  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2033 | 620000 | 695125  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2035 | 2190000 | 2491861  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2043 (Callable 02/15/2034) | 1000000 | 1050424  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2044 (Callable 02/15/2034) | 550000 | 573481  |
|  El Paso Independent School District, 5.00%, 02/01/2040 (Callable 02/02/2026)<sup>(a)</sup> | 2925000 | 2928978  |
| &nbsp;&nbsp;&nbsp; EP Cimarron Ventanas PFC, <br>4.13%, 12/01/2039 (Callable 12/01/2034) | 3500000 | 3527429  |
|  EP Essential Housing WF PFC, 4.25%, 12/01/2034 (Callable 12/01/2031) | 4125000 | 4179452  |
|  Eula Independent School District/TX, 4.13%, 02/15/2048 (Callable 02/15/2032) | 3000000 | 2893898  |

---

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

301<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Texas - (Continued)**  | **Texas - (Continued)**  | **Texas - (Continued)**  |
| Fairfield Independent School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2034 | $300000 | $348259  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2035 | 375000 | 434805  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2036 (Callable 08/15/2035) | 350000 | 400695  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2037 (Callable 08/15/2035) | 400000 | 453843  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2038 (Callable 08/15/2035) | 370000 | 416755  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2039 (Callable 08/15/2035) | 975000 | 1090168  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2040 (Callable 08/15/2035) | 550000 | 607444  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/15/2042 (Callable 08/15/2035) | 700000 | 770906  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/15/2043 (Callable 08/15/2035) | 350000 | 382086  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/15/2044 (Callable 08/15/2035) | 700000 | 760640  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/15/2045 (Callable 08/15/2035) | 725000 | 783787  |
|  Forney Independent School District, 5.00%, 08/15/2039 (Callable 08/15/2031) | 2220000 | 2402292  |
|  Fort Bend County Municipal Utility District No 133, 3.50%, 09/01/2039 (Callable 02/02/2026) | 800000 | 746383  |
| &nbsp;&nbsp;&nbsp; Fort Bend County Municipal Utility District No 134C, <br>3.25%, 03/01/2035 (Callable 03/01/2029) | 590000 | 575713  |
|  Fort Bend County Municipal Utility District No 134D<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 09/01/2031 (Callable 09/01/2030) | 615000 | 691402  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2032 (Callable 09/01/2030) | 650000 | 699470  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/01/2048 (Callable 09/01/2030) | 2360000 | 1852271  |
| &nbsp;&nbsp;&nbsp; Fort Bend County Municipal Utility District No 134E, <br>4.00%, 09/01/2038 (Callable 08/01/2029) | 1225000 | 1209743  |
|  Fort Bend County Municipal Utility District No 141, 5.00%, 09/01/2033 (Callable 09/01/2028) | 1075000 | 1120028  |
| &nbsp;&nbsp;&nbsp; Fort Bend County Municipal Utility District No 161, <br>2.13%, 09/01/2045 (Callable 02/02/2026) | 820000 | 514232  |
|  Fort Bend County Municipal Utility District No 182<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/2031 (Callable 09/01/2029) | 1190000 | 1226109  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/2032 (Callable 09/01/2029) | $1260000 | $1294190  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/2033 (Callable 09/01/2029) | 1300000 | 1330137  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/2034 (Callable 09/01/2029) | 1380000 | 1406637  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/2035 (Callable 09/01/2029) | 1430000 | 1451461  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/2036 (Callable 09/01/2029) | 1515000 | 1531100  |
|  Fort Bend County Municipal Utility District No 184<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 04/01/2038 (Callable 04/01/2027) | 630000 | 632160  |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/01/2040 (Callable 04/01/2027) | 1055000 | 1059398  |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/01/2042 (Callable 04/01/2027) | 1130000 | 1131686  |
| &nbsp;&nbsp;&nbsp; Fort Bend County Municipal Utility District No 215, <br>5.00%, 09/01/2033 (Callable 10/01/2030) | 1240000 | 1329514  |
| &nbsp;&nbsp;&nbsp; Fort Bend County Municipal Utility District No 232, <br>6.75%, 09/01/2033 (Callable 09/01/2031) | 160000 | 188099  |
|  Fort Bend County Municipal Utility District No 5, 2.25%, 09/01/2046 (Callable 09/01/2026) | 1100000 | 697874  |
|  Fort Bend County Municipal Utility District No 58<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 04/01/2034 (Callable 04/01/2029) | 450000 | 422201  |
| &nbsp;&nbsp;&nbsp; 3.00%, 04/01/2035 (Callable 04/01/2029) | 430000 | 395873  |
| &nbsp;&nbsp;&nbsp; 3.00%, 04/01/2037 (Callable 04/01/2029) | 825000 | 732608  |
|  Fort Bend Independent School District, 4.00%, 08/01/2054<sup>(a)</sup> | 12000000 | 12223064  |
|  Fort Stockton Independent School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2035 (Callable 02/01/2031) | 620000 | 679349  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2036 (Callable 02/01/2031) | 605000 | 659784  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2037 (Callable 02/01/2031) | 900000 | 976252  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2038 (Callable 02/01/2030) | 750000 | 795592  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2039 (Callable 02/01/2030) | 1000000 | 1057084  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2040 (Callable 02/01/2030) | 855000 | 900735  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2041 (Callable 02/01/2029) | 1000000 | 1037737  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2042 (Callable 02/01/2029) | 1250000 | 1291462  |

---

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

302<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Texas - (Continued)**  | **Texas - (Continued)**  | **Texas - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2043 (Callable 02/01/2029) | $500000 | $514139  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2044 (Callable 02/01/2028) | 680000 | 692367  |
|  Fourth Ward Redevelopment Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 09/01/2045 (Callable 09/01/2034) | 1250000 | 1225581  |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/01/2047 (Callable 09/01/2034) | 1000000 | 1002535  |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/01/2049 (Callable 09/01/2034) | 750000 | 743547  |
| &nbsp;&nbsp;&nbsp; Freddie Mac Multifamily ML Certificates, <br>4.14%, 01/25/2040<sup>(a)</sup> | 5361424 | 5227425  |
|  Frisco Independent School District, 5.00%, 02/15/2038 (Callable 02/15/2033) | 1000000 | 1111448  |
|  Fulshear Municipal Utility District No 3A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/01/2028 | 120000 | 130805 |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/01/2029  | 455000 | 510089 |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/01/2029  | 440000 | 493272  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/2032 (Callable 09/01/2029)  | 445000 | 454446  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/2032 (Callable 09/01/2029) | 325000 | 331899  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/2035 (Callable 09/01/2029) | 665000 | 671106  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/2036 (Callable 09/01/2029) | 805000 | 808889  |
| &nbsp;&nbsp;&nbsp; 4.25%, 09/01/2039 (Callable 09/01/2029) | 720000 | 722231  |
| &nbsp;&nbsp;&nbsp; 4.25%, 09/01/2040 (Callable 09/01/2029) | 700000 | 698342 |
| &nbsp;&nbsp;&nbsp; 4.25%, 09/01/2040 (Callable 09/01/2029) | 585000 | 583615  |
| &nbsp;&nbsp;&nbsp; 4.38%, 09/01/2042 (Callable 09/01/2029) | 465000 | 458832  |
| &nbsp;&nbsp;&nbsp; FW Chaparral PFC, <br>4.00%, 10/01/2035 (Callable 10/01/2032) | 3000000 | 2999175  |
|  Galveston County Municipal Utility District No 56<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 06/01/2035 (Callable 06/01/2030) | 360000 | 371990  |
| &nbsp;&nbsp;&nbsp; 4.50%, 06/01/2036 (Callable 06/01/2030) | 305000 | 313531  |
| &nbsp;&nbsp;&nbsp; 4.75%, 06/01/2038 (Callable 06/01/2030) | 1425000 | 1466326  |
| &nbsp;&nbsp;&nbsp; 4.75%, 06/01/2039 (Callable 06/01/2030) | 760000 | 779317  |
| &nbsp;&nbsp;&nbsp; 4.88%, 06/01/2040 (Callable 06/01/2030) | 535000 | 548962  |
|  Glasscock County Independent School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2032 (Callable 02/15/2028) | 760000 | 795037 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2033 (Callable 02/15/2028) | $885000 | $924383  |
| Grand Parkway Transportation Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.30%, 10/01/2032 (Callable 10/01/2028) | 95000 | 101818  |
| &nbsp;&nbsp;&nbsp; 5.45%, 10/01/2034 (Callable 10/01/2028) | 180000 | 192845  |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/01/2035 (Callable 10/01/2028) | 100000 | 106988  |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/01/2036 (Callable 10/01/2028) | 450000 | 480030  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2043 (Callable 04/01/2028) | 7780000 | 7967891  |
| &nbsp;&nbsp;&nbsp; 5.75%, 10/01/2044 (Callable 10/01/2028) | 5000000 | 5271900  |
| &nbsp;&nbsp;&nbsp; 5.80%, 10/01/2045 (Callable 10/01/2028) | 1830000 | 1928916  |
| &nbsp;&nbsp;&nbsp; 5.80%, 10/01/2046 (Callable 10/01/2028) | 3190000 | 3357573  |
| &nbsp;&nbsp;&nbsp; 5.85%, 10/01/2047 (Callable 10/01/2028) | 6055000 | 6374780  |
| &nbsp;&nbsp;&nbsp; 5.85%, 10/01/2048 (Callable 10/01/2028) | 1155000 | 1214764  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2052 (Callable 01/01/2028)<sup>(a)</sup> | 5000000 | 5197145  |
|  Grand Prairie Independent School District, 5.00%, 02/15/2034 (Callable 08/15/2026) | 1935000 | 1953300  |
|  Granger Independent School District, 5.25%, 08/15/2048 (Callable 08/15/2033) | 475000 | 502758  |
|  Greater Texoma Utility Authority, 5.00%, 10/01/2036 (Callable 10/01/2031) | 2485000 | 2726029  |
|  Harris County Cultural Education Facilities Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2050 (Callable 05/15/2030)<sup>(a)</sup> | 6500000 | 7107218  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2054 (Callable 02/15/2032)<sup>(a)</sup> | 14000000 | 15238986  |
|  Harris County Hospital District, 4.00%, 02/15/2034 (Callable 02/15/2026) | 680000 | 680224  |
|  Harris County Improvement District No 1<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/2038 (Callable 09/01/2029) | 530000 | 534421  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/2039 (Callable 09/01/2029) | 590000 | 592906  |
|  Harris County Improvement District No 18, 4.00%, 11/01/2037 (Callable 11/01/2029) | 1000000 | 1010169  |
|  Harris County Municipal Utility District No 1<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/2035 (Callable 08/01/2028) | 985000 | 995613  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/2036 (Callable 08/01/2028) | 1030000 | 1037865  |

---

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

303<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Texas - (Continued)**  | **Texas - (Continued)**  | **Texas - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Harris County Municipal Utility District No 157, <br>4.00%, 03/01/2029 (Callable 02/02/2026) | $285000 | $285147  |
|  Harris County Municipal Utility District No 165<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2032 (Callable 09/01/2030) | 325000 | 350430  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2033 (Callable 09/01/2030) | 340000 | 365080  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/2035 (Callable 09/01/2030) | 330000 | 335727  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/2036 (Callable 08/01/2029) | 1375000 | 1392199 |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/2036 (Callable 09/01/2030) | 475000 | 480554  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/2037 (Callable 08/01/2029) | 535000 | 539493  |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/01/2038 (Callable 12/01/2029) | 455000 | 467997  |
| &nbsp;&nbsp;&nbsp; Harris County Municipal Utility District No 368, <br>2.50%, 09/01/2039 (Callable 09/01/2026) | 1765000 | 1399556  |
| &nbsp;&nbsp;&nbsp; Harris County Municipal Utility District No 406, <br>3.75%, 09/01/2037 (Callable 09/01/2028) | 620000 | 565216  |
|  Harris County Municipal Utility District No 423<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/01/2026 | 450000 | 452718  |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/01/2027 | 450000 | 463223  |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/01/2028 | 450000 | 474009  |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/01/2029 | 475000 | 510840  |
| &nbsp;&nbsp;&nbsp; 5.50%, 04/01/2030 (Callable 04/01/2029) | 500000 | 537048  |
| &nbsp;&nbsp;&nbsp; Harris County Municipal Utility District No 468, <br>3.00%, 09/01/2037 (Callable 09/01/2029) | 1125000 | 985028  |
| &nbsp;&nbsp;&nbsp; Harris County Municipal Utility District No 489, <br>5.00%, 09/01/2031 | 1890000 | 1998157  |
| &nbsp;&nbsp;&nbsp; Harris County Municipal Utility District No 490, <br>4.00%, 09/01/2042 (Callable 09/01/2030) | 510000 | 475366  |
|  Harris County Municipal Utility District No 558<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 09/01/2032 (Callable 09/01/2029) | 360000 | 350878  |
| &nbsp;&nbsp;&nbsp; 3.13%, 09/01/2033 (Callable 09/01/2029) | 360000 | 349997  |
| &nbsp;&nbsp;&nbsp; 3.25%, 09/01/2034 (Callable 09/01/2029) | 360000 | 349277  |
| &nbsp;&nbsp;&nbsp; 3.38%, 09/01/2035 (Callable 09/01/2029) | 360000 | 348323  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/01/2036 (Callable 09/01/2029) | $360000 | $347336  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/01/2037 (Callable 09/01/2029) | 360000 | 342610  |
| &nbsp;&nbsp;&nbsp; Harris County Municipal Utility District No. 71, <br>4.00%, 09/01/2028 (Callable 02/02/2026) | 250000 | 250153  |
|  Harrisburg Redevelopment Authority/TX<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2035 (Callable 09/01/2034) | 415000 | 466296  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2036 (Callable 09/01/2034) | 440000 | 490048  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2037 (Callable 09/01/2034) | 420000 | 467260  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2038 (Callable 09/01/2034) | 455000 | 506461  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2039 (Callable 09/01/2034) | 500000 | 553170  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2040 (Callable 09/01/2034) | 500000 | 549458  |
|  Harris-Waller Counties Municipal Utility District No 3<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 09/01/2026 | 335000 | 341370  |
| &nbsp;&nbsp;&nbsp; 6.00%, 09/01/2027 | 365000 | 382480  |
| &nbsp;&nbsp;&nbsp; 6.00%, 09/01/2028 | 390000 | 419326  |
|  Harris-Waller Counties Municipal Utility District No 4<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 11/01/2030 | 1575000 | 1751130  |
| &nbsp;&nbsp;&nbsp; 7.25%, 11/01/2031 (Callable 11/01/2030) | 330000 | 390487  |
| &nbsp;&nbsp;&nbsp; Headwaters Municipal Utility District of Hays County, <br>4.38%, 08/15/2038 (Callable 08/15/2029) | 1015000 | 1027220  |
|  Highway 380 Municipal Management District No 1<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/2035 (Callable 08/01/2029) | 1310000 | 1331220  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/2036 (Callable 08/01/2029) | 1370000 | 1386180  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/2037 (Callable 08/01/2029) | 1430000 | 1441117  |
|  Houston Higher Education Finance Corp., 3.38%, 10/01/2037 (Callable 02/02/2026) | 1070000 | 952427  |
|  Houston Housing Finance Corp., 5.00%, 08/01/2041 (Callable 08/01/2026)<sup>(a)</sup> | 4345000 | 4363895  |
|  Houston Independent School District, 5.00%, 07/15/2045<sup>(a)</sup> | 4750000 | 4991914  |
|  Huffman Independent School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/15/2038 (Callable 02/15/2035) | 220000 | 252898  |

---

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

304<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Texas - (Continued)**  | **Texas - (Continued)**  | **Texas - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/15/2039 (Callable 02/15/2035) | $750000 | $856774  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/15/2042 (Callable 02/15/2035) | 1685000 | 1855078  |
|  Irving Independent School District, 5.00%, 02/15/2038 (Callable 02/15/2035) | 2000000 | 2283688  |
|  Karnes County Hospital District, 5.00%, 02/01/2044 (Callable 02/01/2029)<sup>(a)</sup> | 4750000 | 4967287  |
| Katy Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 06/01/2032 (Callable 06/01/2027) | 485000 | 486154  |
| &nbsp;&nbsp;&nbsp; 3.00%, 06/01/2033 (Callable 06/01/2027) | 420000 | 420274  |
| &nbsp;&nbsp;&nbsp; 3.00%, 06/01/2034 (Callable 06/01/2027) | 575000 | 571728  |
| &nbsp;&nbsp;&nbsp; 3.00%, 06/01/2035 (Callable 06/01/2027) | 500000 | 492726  |
| &nbsp;&nbsp;&nbsp; 3.00%, 06/01/2039 (Callable 06/01/2027) | 1125000 | 1023611  |
| &nbsp;&nbsp;&nbsp; Kaufman County Fresh Water Supply District No 1-C, <br>2.13%, 09/01/2046 (Callable 09/01/2029) | 1745000 | 1087936  |
|  Kaufman County Fresh Water Supply District No 4A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2035 (Callable 12/01/2029) | 420000 | 441614  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2036 (Callable 12/01/2029) | 715000 | 748396  |
| &nbsp;&nbsp;&nbsp; Kaufman County Municipal Utility District No 10, <br>4.00%, 03/01/2035 (Callable 03/01/2030) | 720000 | 731249  |
|  Kaufman County Municipal Utility District No 3, 3.13%, 03/01/2049 (Callable 02/01/2030) | 460000 | 339506  |
|  Kendall County Water Control & Improvement District No 2A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2035 (Callable 11/01/2030) | 1030000 | 1094381  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2040 (Callable 11/01/2030) | 790000 | 820076  |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/01/2042 (Callable 11/01/2030) | 865000 | 908309  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2046 (Callable 11/01/2030) | 1000000 | 1016991  |
|  La Porte Independent School District/TX, 5.00%, 02/15/2043 (Callable 02/15/2035) | 770000 | 833385  |
|  Lakes Fresh Water Supply District of Denton County<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/2031 (Callable 09/01/2029) | 680000 | 700634  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/2034 (Callable 09/01/2029) | $1745000 | $1778682  |
| &nbsp;&nbsp;&nbsp; 4.25%, 09/01/2040 (Callable 09/01/2029) | 425000 | 427107  |
|  Las Varas Public Facility Corp., 4.25%, 10/01/2035 (Callable 10/01/2032) | 4500000 | 4515001  |
|  Lazy Nine Municipal Utility District No 1B<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 03/01/2035 (Callable 03/01/2027) | 525000 | 426312  |
| &nbsp;&nbsp;&nbsp; 2.00%, 03/01/2037 (Callable 03/01/2027) | 530000 | 404811  |
| Leander Independent School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/15/2034<sup>(e)</sup> | 1000000 | 754385  |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/15/2035<sup>(e)</sup> | 4000000 | 2886610  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2036 (Callable 02/15/2028) | 1090000 | 1132235  |
| &nbsp;&nbsp;&nbsp; Lone Star College System, <br>5.00%, 02/15/2034 (Callable 02/02/2026) | 2475000 | 2478925  |
|  Lower Colorado River Authority, 5.00%, 05/15/2030 (Callable 05/15/2026) | 1380000 | 1391281  |
| Lower Valley Water District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/15/2038 (Callable 09/15/2033) | 735000 | 805096  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/15/2039 (Callable 09/15/2033) | 780000 | 849798  |
| Martin County Hospital District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/01/2031 (Callable 04/01/2030) | 235000 | 244878  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/01/2033 (Callable 04/01/2030) | 375000 | 385691  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/01/2034 (Callable 04/01/2030) | 500000 | 510957  |
| &nbsp;&nbsp;&nbsp; Matagorda County Navigation District No 1, <br>4.25%, 05/01/2030<sup>(c)</sup> | 2000000 | 2082510  |
|  Maypearl Independent School District, 5.00%, 02/15/2043 (Callable 02/15/2033) | 1000000 | 1066498  |
|  Mckinney Municipal Utility District No 1<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 09/01/2033 (Callable 05/01/2030) | 200000 | 198095 |
| &nbsp;&nbsp;&nbsp; 3.25%, 09/01/2033 (Callable 05/01/2030) | 60000 | 59429  |
|  Melissa Independent School District, 4.00%, 08/01/2031 (Callable 08/01/2026) | 1000000 | 1005219  |
|  Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2034 (Callable 11/01/2029) | 560000 | 604777  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2036 (Callable 11/01/2029) | 400000 | 428862  |

---

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

305<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Texas - (Continued)**  | **Texas - (Continued)**  | **Texas - (Continued)**  |
|  Meyer Ranch Municipal Utility District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 08/15/2029 (Callable 08/15/2028) | $310000 | $337256  |
| &nbsp;&nbsp;&nbsp; 6.50%, 08/15/2030 (Callable 08/15/2028) | 330000 | 358561  |
| &nbsp;&nbsp;&nbsp; 6.00%, 08/15/2031 (Callable 08/15/2028) | 345000 | 369859  |
| &nbsp;&nbsp;&nbsp; 6.00%, 08/15/2032 (Callable 08/15/2028) | 365000 | 390431  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2034 (Callable 08/15/2028) | 795000 | 825597  |
|  Midland County Fresh Water Supply District No 1, 0.00%, 09/15/2033 (Callable 09/15/2027)<sup>(e)</sup> | 3000000 | 2155295  |
|  Montgomery County Municipal Utility District No 121<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2026 | 370000 | 374773  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/2031 (Callable 09/01/2028) | 460000 | 469118  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/2034 (Callable 09/01/2028) | 530000 | 536210  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/2035 (Callable 09/01/2028) | 550000 | 554706  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/2036 (Callable 09/01/2028) | 575000 | 578065  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/2039 (Callable 09/01/2028) | 655000 | 649082 |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/2039 (Callable 09/01/2030) | 305000 | 306350  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/2040 (Callable 09/01/2030) | 385000 | 384453  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/2041 (Callable 09/01/2030) | 405000 | 397909  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/2042 (Callable 09/01/2030) | 420000 | 406081  |
|  Montgomery County Municipal Utility District No 165<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/01/2027 | 250000 | 264236  |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/01/2028 | 260000 | 283410  |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/01/2029 | 250000 | 280268  |
| &nbsp;&nbsp;&nbsp; 6.00%, 09/01/2030 (Callable 06/01/2029) | 200000 | 219062  |
| &nbsp;&nbsp;&nbsp; 6.00%, 09/01/2031 (Callable 06/01/2029) | 300000 | 327803  |
| &nbsp;&nbsp;&nbsp; Montgomery County Municipal Utility District No 88, <br>4.25%, 09/01/2047 (Callable 09/01/2029) | 1400000 | 1313617  |
|  Montgomery County Municipal Utility District No 95<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/2032 (Callable 09/01/2028) | 665000 | 676617  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/2034 (Callable 09/01/2028) | 785000 | 794197  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/01/2035 (Callable 02/02/2026) | 780000 | 765530  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
|  New Caney Independent School District, 4.00%, 02/15/2050<sup>(a)</sup> | $8700000 | $8860312  |
|  New Fairview Municipal Utility District No 1, 6.00%, 09/01/2033 (Callable 09/01/2029) | 245000 | 265486  |
|  New Hope Cultural Education Facilities Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 01/01/2026 | 345000 | 345000  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2038 (Callable 07/01/2027) | 1000000 | 1016052  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2048 (Callable 04/01/2026) | 2315000 | 2328901  |
|  Newark Higher Education Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/15/2035 (Callable 02/02/2026) | 425000 | 425191  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/15/2044 (Callable 08/15/2034) | 550000 | 589459  |
| North Texas Tollway Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/01/2031<sup>(e)</sup> | 1470000 | 1264607  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2033 (Callable 01/01/2026) | 980000 | 980000  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/01/2035<sup>(e)</sup> | 8600000 | 6397842  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2043 (Callable 01/01/2028) | 4985000 | 5091926 |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2043 (Callable 01/01/2027) | 270000 | 272446  |
| &nbsp;&nbsp;&nbsp; 6.75%, 09/01/2045 (Callable 09/01/2031) | 40000 | 48519  |
|  Northlake Municipal Management District No 1<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/01/2032 (Callable 09/01/2029) | 1870000 | 2018808  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2036 (Callable 09/01/2029) | 800000 | 836864  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2037 (Callable 09/01/2029) | 835000 | 869903  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2038 (Callable 09/01/2029) | 300000 | 311419  |
| &nbsp;&nbsp;&nbsp; Northwest Harris County Municipal Utility District No 10/TX, <br>5.00%, 04/01/2026 | 725000 | 728134  |
|  Northwest Harris County Municipal Utility District No 19<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 10/01/2037 (Callable 10/01/2026) | 465000 | 363177  |
| &nbsp;&nbsp;&nbsp; 2.00%, 10/01/2038 (Callable 10/01/2026) | 1000000 | 754160  |
| Olney Independent School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2039 (Callable 02/15/2033) | 250000 | 275941  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2041 (Callable 02/15/2033) | 505000 | 545145  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2042 (Callable 02/15/2033) | 250000 | 266727  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2043 (Callable 02/15/2033) | 260000 | 275797  |

---

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

306<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Texas - (Continued)**  | **Texas - (Continued)**  | **Texas - (Continued)**  |
|  Parkside at Mayfield Ranch Municipal District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 09/01/2036 (Callable 09/01/2027) | $270000 | $253209  |
| &nbsp;&nbsp;&nbsp; 3.38%, 09/01/2036 (Callable 02/02/2026) | 435000 | 421235  |
|  Pecos Barstow Toyah Independent School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2039 (Callable 02/15/2030) | 765000 | 813112  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2040 (Callable 02/15/2030) | 750000 | 793849  |
| Perryton Independent School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2037 (Callable 08/15/2034) | 1055000 | 1188476  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2040 (Callable 08/15/2032) | 225000 | 242793  |
|  Pflugerville Independent School District, 5.00%, 02/15/2039 (Callable 02/15/2032) | 1295000 | 1404056  |
| Plains Independent School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2034 (Callable 08/15/2030) | 1035000 | 1122184  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2035 (Callable 08/15/2029) | 240000 | 257291  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2036 (Callable 08/15/2030) | 320000 | 343528 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2036 (Callable 08/15/2029)  | 260000 | 277652  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2037 (Callable 08/15/2030) | 350000 | 374029  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2038 (Callable 08/15/2030) | 380000 | 404249 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2038 (Callable 08/15/2029)  | 215000 | 228110  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2039 (Callable 08/15/2030) | 460000 | 487139 |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2039 (Callable 08/15/2029) | 200000 | 211626  |
|  Plemons-Stinnett-Phillips Consolidated School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2030 (Callable 02/15/2027) | 850000 | 871050  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2031 (Callable 02/15/2027) | 450000 | 461094  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2032 (Callable 02/15/2027) | 480000 | 492752 |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2032 (Callable 02/15/2027) | 20000 | 20514  |
|  Port Aransas Independent School District, 5.00%, 02/15/2038 (Callable 08/15/2029) | 1295000 | 1371950  |
|  Port Arthur Independent School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2035 | 735000 | 850213  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2036 (Callable 02/15/2035) | 810000 | 933747  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2037 (Callable 02/15/2035) | $1360000 | $1554044  |
|  Port Authority of Houston of Harris County Texas<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2032 (Callable 10/01/2028)<sup>(c)</sup> | 1955000 | 2046509  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2037 (Callable 10/01/2028)<sup>(c)</sup> | 500000 | 516567  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2038 (Callable 10/01/2028)<sup>(c)</sup> | 900000 | 927504  |
|  Prosper Independent School District, 4.00%, 02/15/2050<sup>(a)</sup> | 4955000 | 4994199  |
| PSC/TX, 3.75%, 12/01/2040 | 7495000 | 7507502  |
| Rankin Independent School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2033 (Callable 02/15/2030) | 815000 | 886906 |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2033 (Callable 02/15/2027) | 700000 | 716751  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2034 (Callable 02/15/2030) | 500000 | 541422 |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2034 (Callable 02/15/2027) | 500000 | 511734  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2035 (Callable 02/15/2030) | 300000 | 323542  |
|  Redbird Ranch Water Control & Improvement District No 2<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 09/01/2032 (Callable 09/01/2029) | 820000 | 916082  |
| &nbsp;&nbsp;&nbsp; 4.25%, 09/01/2034 (Callable 09/01/2029) | 470000 | 481455  |
|  Round Rock Independent School District, 5.00%, 08/01/2036 (Callable 08/01/2035) | 725000 | 843595  |
|  Royse City Community Development Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2037 (Callable 02/15/2034) | 315000 | 354160  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2039 (Callable 02/15/2034) | 350000 | 387854  |
| Sabine-Neches Navigation District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/15/2042 (Callable 02/15/2031) | 1475000 | 1574670  |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/2047 (Callable 02/15/2031) | 2000000 | 2006570  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/15/2052 (Callable 02/15/2031) | 2915000 | 3032852  |
|  San Antonio Housing Trust Public Facility Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2028 (Callable 09/01/2027)<sup>(a)</sup> | 486000 | 501914  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2045 (Callable 08/01/2027)<sup>(a)</sup> | 13925000 | 14204451  |
|  San Antonio Municipal Facilities Corp., 5.00%, 08/01/2050<sup>(a)</sup> | 3295000 | 3397020  |
|  Seagraves Independent School District <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2035 (Callable 08/15/2030) | 200000 | 216755  |

---

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

307<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Texas - (Continued)**  | **Texas - (Continued)**  | **Texas - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2038 (Callable 08/15/2030) | $200000 | $214046  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2039 (Callable 08/15/2030) | 200000 | 212934  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2041 (Callable 08/15/2030) | 515000 | 540532  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2043 (Callable 08/15/2030) | 570000 | 591369  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2044 (Callable 08/15/2030) | 200000 | 206294  |
| Seminole Hospital District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/2031 (Callable 02/15/2026) | 580000 | 406169  |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/15/2034 (Callable 02/15/2026) | 1200000 | 691204  |
|  Sienna Municipal Utility District No 6, 5.00%, 09/01/2034 (Callable 09/01/2029) | 1650000 | 1748691  |
|  Sienna Parks & Levee Improvement District of Fort Bend County, 3.00%, 09/01/2037 (Callable 04/01/2027) | 695000 | 610989  |
|  SMHA Finance Public Facility Corp., 3.70%, 07/01/2028<sup>(a)</sup> | 5000000 | 5054907  |
|  Smiley Road Water Control & Improvement District No 1, 6.13%, 08/15/2031 (Callable 08/15/2030) | 220000 | 248302  |
|  Socorro Independent School District, 4.00%, 08/15/2034 (Callable 02/15/2027) | 2610000 | 2630374  |
|  Southwest Houston Redevelopment Authority, 5.00%, 09/01/2027 | 250000 | 259269  |
|  Spring Meadows Municipal Utility District, 4.00%, 09/01/2026 (Callable 02/02/2026) | 275000 | 275086  |
|  Springtown Independent School District, 5.00%, 02/15/2045 (Callable 08/15/2035) | 3925000 | 4175913  |
|  State of Texas, 5.00%, 08/01/2041 (Callable 08/01/2035)<sup>(c)</sup> | 4230000 | 4534871  |
|  Strategic Housing Finance Corp. of Travis County, 3.35%, 03/01/2046 (Callable 10/01/2026)<sup>(a)</sup> | 5000000 | 5014565  |
|  Sunfield Municipal Utility District No 3<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 09/01/2041 (Callable 09/01/2026) | 1215000 | 1015115  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/2044 (Callable 09/01/2029) | 910000 | 856059  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/2045 (Callable 09/01/2029) | 960000 | 893116  |
|  Tarrant County Cultural Education Facilities Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2029 (Callable 11/15/2026) | 1665000 | 1681772  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2030 (Callable 11/15/2026) | 1750000 | 1767480  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| &nbsp;&nbsp;&nbsp; 2.75%, 02/15/2036 (Callable 01/23/2026)<sup>(a)(d)</sup> | $9300000 | $8956961  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036 (Callable 01/01/2029) | 1400000 | 1469812  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2038 (Callable 01/01/2029) | 2005000 | 2091909  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2040 (Callable 11/15/2026) | 400000 | 401123  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2043 (Callable 01/01/2029) | 2600000 | 2663883  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2064 (Callable 11/15/2028)<sup>(a)</sup> | 2525000 | 2722578  |
| Tarrant County Hospital District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/15/2043 (Callable 08/15/2032) | 1750000 | 1707568  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/15/2048 (Callable 08/15/2032) | 3175000 | 3311649  |
|  Tarrant County Housing Finance Corp., 5.00%, 03/01/2027 (Callable 03/01/2026)<sup>(a)</sup> | 2044000 | 2050413  |
| &nbsp;&nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates, <br>1.45%, 06/01/2063<sup>(a)(b)</sup> | 1271000 | 1271000  |
|  Texas Department of Housing & Community Affairs<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/01/2031 | 1070000 | 1184803  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/2031 | 1100000 | 1227561  |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/01/2032 | 565000 | 635215  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/2032 | 580000 | 656136  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2041 (Callable 02/02/2026)<sup>(a)</sup> | 1800000 | 1806862  |
| &nbsp;&nbsp;&nbsp; 3.90%, 07/01/2044 (Callable 07/01/2028) | 3370000 | 3156913  |
| &nbsp;&nbsp;&nbsp; 3.63%, 09/01/2044 (Callable 09/01/2028) | 840000 | 774172  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2047 (Callable 01/01/2032) | 275000 | 281186  |
| &nbsp;&nbsp;&nbsp; 5.13%, 01/01/2048 (Callable 07/01/2032) | 2035000 | 2072374  |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/01/2049 (Callable 07/01/2028) | 1395000 | 1408086  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2049 (Callable 01/01/2033) | 1610000 | 1654076  |
| &nbsp;&nbsp;&nbsp; 3.75%, 09/01/2049 (Callable 09/01/2028) | 1290000 | 1175073  |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/01/2052 (Callable 03/01/2032) | 5840000 | 6212390  |
| &nbsp;&nbsp;&nbsp; 6.00%, 03/01/2053 (Callable 03/01/2032) | 830000 | 907794  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/2053 (Callable 01/01/2032) | 410000 | 427338  |
| &nbsp;&nbsp;&nbsp; 5.13%, 01/01/2054 (Callable 01/01/2033) | 3000000 | 3101912  |
| &nbsp;&nbsp;&nbsp; 5.75%, 07/01/2054 (Callable 01/01/2033) | 3145000 | 3444109  |
|  Texas Municipal Gas Acquisition & Supply Corp. III<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2027 | 1500000 | 1550127  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2028 | 7435000 | 7783668  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2029 | 5000000 | 5300605  |

---

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

308<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Texas - (Continued)**  | **Texas - (Continued)**  | **Texas - (Continued)**  |
|  Texas Municipal Gas Acquisition & Supply Corp. IV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/01/2054 (Callable 07/01/2033)<sup>(a)</sup> | $5325000 | $5919161 |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/01/2054 (Callable 07/01/2029)<sup>(a)</sup> | 2070000 | 2199758  |
|  Texas Municipal Gas Acquisition and Supply Corp. I<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.12% (3 mo. Term SOFR + 1.63%), 12/15/2026 (Callable 01/02/2026) | 4100000 | 4101454  |
| &nbsp;&nbsp;&nbsp; 6.25%, 12/15/2026 | 315000 | 324928  |
| &nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition and Supply Corp. II, <br>3.54% (3 mo. Term SOFR + 1.05%), 09/15/2027 | 1000000 | 1002420  |
|  Texas Municipal Power Agency, 3.00%, 09/01/2029 (Callable 09/01/2026) | 2080000 | 2080954  |
| Texas Public Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/2036 (Callable 05/01/2033) | 710000 | 798531  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/2038 (Callable 05/01/2033) | 400000 | 443554  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/2040 (Callable 05/01/2033) | 500000 | 545305  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/2042 (Callable 05/01/2033) | 635000 | 679892  |
|  Texas State Affordable Housing Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 03/01/2043 (Callable 03/01/2033) | 3690000 | 3769683  |
| &nbsp;&nbsp;&nbsp; 3.75%, 07/01/2044<sup>(a)</sup> | 2000000 | 2006262  |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/01/2048 (Callable 03/01/2033) | 2750000 | 2755288  |
| &nbsp;&nbsp;&nbsp; 6.00%, 09/01/2054 (Callable 03/01/2034) | 7590000 | 8338709  |
|  Texas State Technical College, 5.75%, 08/01/2047 (Callable 08/01/2032) | 4000000 | 4319588  |
| Texas Water Development Board<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 10/15/2042 (Callable 10/15/2032) | 7800000 | 8147464  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/2043 (Callable 04/15/2028) | 4000000 | 4092449  |
| &nbsp;&nbsp;&nbsp; 4.88%, 10/15/2048 (Callable 10/15/2033) | 4345000 | 4459056  |
|  Tioga Independent School District, 5.00%, 08/15/2039 (Callable 08/15/2033) | 680000 | 736502  |
|  Travis County Housing Finance Corp., 3.40%, 01/01/2059 (Callable 01/01/2028)<sup>(a)</sup> | 2500000 | 2518809  |
| &nbsp;&nbsp;&nbsp; Travis County Municipal Utility District No 20, <br>5.00%, 09/01/2031 | 175000 | 193513  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
|  Travis County Municipal Utility District No. 4, 4.00%, 09/01/2035 (Callable 02/02/2026) | $615000 | $615085  |
|  Travis County Water Control & Improvement District No 20/TX, 4.00%, 09/01/2041 (Callable 09/01/2030) | 125000 | 122018  |
| Tri-County Behavioral Healthcare<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.90%, 11/01/2039 (Callable 11/01/2034) | 1755000 | 1779574  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/01/2054 (Callable 11/01/2034) | 500000 | 443061  |
| &nbsp;&nbsp;&nbsp; University of Houston, <br>2.00%, 02/15/2032 (Callable 02/15/2030) | 1500000 | 1368442  |
|  Upper Trinity Regional Water District, 5.00%, 08/01/2032 (Callable 08/01/2028) | 265000 | 280228  |
|  Uptown Municipal Utility District No 1<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 09/01/2033 (Callable 11/01/2031) | 270000 | 315039  |
| &nbsp;&nbsp;&nbsp; 6.63%, 09/01/2034 (Callable 11/01/2031) | 285000 | 330712  |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/01/2035 (Callable 11/01/2031) | 300000 | 344040  |
| Venus Independent School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/15/2040 (Callable 08/15/2035) | 670000 | 759231  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/15/2041 (Callable 08/15/2035) | 1730000 | 1940243  |
|  Viridian Municipal Management District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2027 (Callable 02/02/2026) | 315000 | 315219  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2028 (Callable 02/02/2026) | 470000 | 470324  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 | 375000 | 403580  |
| &nbsp;&nbsp;&nbsp; 6.25%, 12/01/2029 | 460000 | 514910  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 (Callable 12/01/2029) | 220000 | 236261 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 (Callable 12/01/2029)  | 400000 | 429566  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2031 (Callable 12/01/2030) | 500000 | 517181  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 (Callable 12/01/2029) | 245000 | 262330 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 (Callable 12/01/2029) | 400000 | 428294  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 (Callable 12/01/2029) | 360000 | 384172 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 (Callable 12/01/2029) | 650000 | 693643  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2032 (Callable 12/01/2029) | 415000 | 430908  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2034 (Callable 12/01/2030) | 590000 | 601582  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2034 (Callable 12/01/2029) | 565000 | 598054  |

---

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

309<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Texas - (Continued)**  | **Texas - (Continued)**  | **Texas - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2035 (Callable 12/01/2030) | $915000 | $927548  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2037 (Callable 12/01/2027) | 865000 | 866073  |
| &nbsp;&nbsp;&nbsp; 5.75%, 12/01/2037 (Callable 12/01/2029) | 690000 | 710784  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2038 (Callable 12/01/2030) | 280000 | 279484  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2038 (Callable 12/01/2029) | 605000 | 630077  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2039 (Callable 12/01/2030) | 350000 | 345959  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2040 (Callable 12/01/2029) | 455000 | 470268  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2041 (Callable 12/01/2030) | 415000 | 399180 |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2041 (Callable 12/01/2030) | 200000 | 192376  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2041 (Callable 12/01/2029) | 750000 | 772409  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2042 (Callable 12/01/2029) | 400000 | 410305  |
| &nbsp;&nbsp;&nbsp; 6.00%, 12/01/2043 (Callable 12/01/2029) | 1260000 | 1288315  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2045 (Callable 12/01/2029) | 100000 | 101820  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2049 (Callable 12/01/2029) | 1030000 | 1045170  |
| &nbsp;&nbsp;&nbsp; 6.25%, 12/01/2049 (Callable 12/01/2029) | 1300000 | 1330991  |
| &nbsp;&nbsp;&nbsp; Waller Consolidated Independent School District, <br>3.00%, 02/15/2040 (Callable 02/15/2030) | 865000 | 785873  |
|  Waller County Road Improvement District No 1<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 03/01/2032 (Callable 03/01/2029) | 350000 | 378147  |
| &nbsp;&nbsp;&nbsp; 6.00%, 03/01/2035 (Callable 03/01/2029) | 800000 | 856103  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/2037 (Callable 03/01/2029) | 885000 | 888452  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/2039 (Callable 03/01/2029) | 985000 | 978917  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/2041 (Callable 03/01/2029) | 1090000 | 1056174  |
|  Washington County Junior College District, 5.00%, 10/01/2028 (Callable 04/01/2026) | 500000 | 502613  |
|  Williamson County Municipal Utility District No 31<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 08/15/2029 (Callable 08/15/2028) | 295000 | 320938  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2030 (Callable 08/15/2028) | 310000 | 325049  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/15/2033 (Callable 08/15/2028) | 720000 | 730421  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/15/2035 (Callable 08/15/2028) | 805000 | 811899  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| Willow Point Municipal Utility District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 09/01/2032 (Callable 09/01/2030) | $560000 | $544833  |
| &nbsp;&nbsp;&nbsp; 3.13%, 09/01/2033 (Callable 09/01/2030) | 560000 | 543340  |
| &nbsp;&nbsp;&nbsp; 3.25%, 09/01/2034 (Callable 09/01/2030) | 560000 | 542104  |
|  Wimberley Independent School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/15/2031 (Callable 08/15/2027) | 355000 | 361428  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2037 (Callable 08/15/2035) | 1540000 | 1777426  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2039 (Callable 08/15/2035) | 1000000 | 1143546  |
|  Wink-Loving Independent School District, 5.00%, 02/15/2034 (Callable 02/15/2026) | 500000 | 501328  |
|  |  | 817569381  |
| **Utah - 1.5%**<br>|  |  |
|  City of Herriman City UT Water Revenue, 4.00%, 01/01/2041 (Callable 01/01/2031) | 500000 | 503163  |
|  City of Lehi UT Franchise & Sales Tax Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/01/2049 (Callable 02/01/2034) | 450000 | 471945  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/01/2052 (Callable 02/01/2034) | 2070000 | 2164309  |
| &nbsp;&nbsp;&nbsp; City of Providence UT Franchise & Sales Tax Revenue, <br>3.00%, 03/01/2029 | 975000 | 961271  |
|  City of Salt Lake City UT Airport Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028<sup>(c)</sup> | 1000000 | 1050291  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 (Callable 07/01/2028)<sup>(c)</sup> | 3500000 | 3663030 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 (Callable 07/01/2027)  | 475000 | 490864  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034 (Callable 07/01/2028)<sup>(c)</sup> | 10000000 | 10387587  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2038 (Callable 07/01/2028)<sup>(c)</sup> | 4975000 | 5117877  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/2041 (Callable 07/01/2033)<sup>(c)</sup> | 1700000 | 1825884  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2042 (Callable 07/01/2027) | 4140000 | 4203127 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2042 (Callable 07/01/2027)<sup>(c)</sup> | 2500000 | 2521462  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/2043 (Callable 07/01/2033)<sup>(c)</sup> | 1285000 | 1356107  |
| &nbsp;&nbsp;&nbsp; City of West Valley City UT Sales Tax Revenue, <br>0.00%, 07/15/2035<sup>(e)</sup> | 2090000 | 1262688  |
| County of Utah UT<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2041 (Callable 05/15/2026) | 6970000 | 7002597  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2060 (Callable 02/01/2026)<sup>(a)</sup> | 3160000 | 3201278  |

---

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

310<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Utah - (Continued)**  | **Utah - (Continued)**  | **Utah - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Downtown Revitalization Public Infrastructure District, <br>5.00%, 06/01/2037 (Callable 06/01/2030) | $1700000 | $1812488  |
|  Utah Charter School Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 04/15/2027 | 160000 | 159324  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/15/2027 (Callable 04/15/2026) | 365000 | 366685  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/15/2028 (Callable 04/15/2026) | 720000 | 723785  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/15/2029 | 225000 | 229968  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/2029 (Callable 10/15/2027) | 500000 | 515689  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/15/2030 | 1120000 | 1129866  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/2031 (Callable 10/15/2027) | 1030000 | 1060212  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/2032 (Callable 10/15/2027) | 310000 | 318550  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/15/2037 (Callable 04/15/2032) | 500000 | 503486  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/15/2037 (Callable 04/15/2026) | 520000 | 521732  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/15/2037 (Callable 04/15/2026) | 925000 | 928054  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/2043 (Callable 10/15/2027) | 1000000 | 1006251  |
| Utah Housing Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.24%, 06/01/2044 (Callable 12/01/2028)<sup>(a)</sup> | 12000000 | 12029870  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2045 (Callable 02/02/2026) | 120000 | 120008  |
| &nbsp;&nbsp;&nbsp; 3.18%, 07/01/2045 (Callable 02/01/2028)<sup>(a)</sup> | 1200000 | 1201569  |
| &nbsp;&nbsp;&nbsp; 4.50%, 10/21/2052 | 2520524 | 2496133  |
| &nbsp;&nbsp;&nbsp; 6.00%, 12/21/2052 | 1609610 | 1753365  |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/21/2053 | 1817206 | 1979373  |
| &nbsp;&nbsp;&nbsp; 6.50%, 05/21/2053 | 1025460 | 1097271  |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/21/2053 | 1603464 | 1747123  |
| &nbsp;&nbsp;&nbsp; 6.00%, 07/01/2053 (Callable 01/01/2032) | 1765000 | 1893591  |
| &nbsp;&nbsp;&nbsp; 6.50%, 08/21/2053 | 1491814 | 1638952  |
| Utah Infrastructure Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/2035 (Callable 10/15/2032) | 1200000 | 1339091  |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/15/2045 (Callable 10/15/2032) | 725000 | 774626  |
|  Utah Telecommunication Open Infrastructure Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 06/01/2040 (Callable 06/01/2032) | 1750000 | 1820911  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/01/2040 (Callable 06/01/2032) | 1150000 | 1284283  |
|  |  | 86635736  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **Vermont - 0.1%**<br>|  |  |
|  Vermont Educational & Health Buildings Financing Agency, 5.00%, 12/01/2039 (Callable 06/01/2026) | $500000 | $501591  |
| Vermont Housing Finance Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.65%, 11/01/2032 (Callable 02/02/2026) | 65000 | 65032  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/01/2046 (Callable 02/02/2026)<sup>(c)</sup> | 50000 | 50004  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/01/2048 (Callable 05/01/2027) | 580000 | 581076  |
|  Vermont Municipal Bond Bank, 5.00%, 12/01/2036 (Callable 12/01/2026) | 955000 | 967526  |
|  Vermont Public Power Supply Authority, 5.00%, 07/01/2028 (Callable 07/01/2027) | 500000 | 512068  |
|  |  | 2677297  |
| **Virginia - 0.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Arlington County Industrial Development Authority, <br>2.95%, 09/01/2049 (Callable 09/01/2028)<sup>(a)</sup> | 1975000 | 1971672  |
| &nbsp;&nbsp;&nbsp; Charles City County Economic Development Authority, <br>2.88%, 02/01/2029 (Callable 11/01/2026) | 2330000 | 2297559  |
|  City of Richmond VA Public Utility Revenue, 4.00%, 01/15/2036 (Callable 02/02/2026) | 4350000 | 4352110  |
|  Fairfax County Industrial Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2030 (Callable 05/15/2026) | 1300000 | 1311055  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2031 (Callable 05/15/2026) | 650000 | 655451  |
|  Isle Wight County Industrial Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035 (Callable 07/01/2033) | 945000 | 1071176  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036 (Callable 07/01/2033) | 500000 | 563130  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/2043 (Callable 07/01/2033) | 4000000 | 4359209  |
|  Norfolk Redevelopment & Housing Authority, 5.00%, 05/01/2043 (Callable 05/01/2026)<sup>(a)</sup> | 1500000 | 1509233  |
|  Rappahannock Regional Jail Authority, 5.00%, 10/01/2027 (Callable 02/02/2026) | 510000 | 510860  |
| &nbsp;&nbsp;&nbsp; Richmond Redevelopment & Housing Authority, <br>3.45%, 09/01/2046 (Callable 09/01/2027)<sup>(a)</sup> | 2770000 | 2793189  |

---

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

311<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Virginia - (Continued)**  | **Virginia - (Continued)**  | **Virginia - (Continued)**  |
|  Roanoke Economic Development Authority, 1.15%, 07/01/2052 (Callable 01/02/2026)<sup>(a)</sup> | $8200000 | $8200000  |
|  Virginia Beach Development Authority, 5.38%, 09/01/2029 (Callable 09/01/2026) | 2500000 | 2528585  |
| Virginia College Building Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2027 | 300000 | 305983  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/01/2034 (Callable 02/01/2031) | 2000000 | 2096429  |
|  Virginia Housing Development Authority, 3.45%, 04/01/2038 (Callable 01/23/2026) | 710000 | 701279  |
|  Virginia Small Business Financing Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2026 | 450000 | 455571  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029 | 1000000 | 1061665  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2030 | 1000000 | 1075724  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2042 (Callable 10/01/2032) | 1170000 | 1239722  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2060 (Callable 03/15/2035)<sup>(a)</sup> | 3000000 | 3370753  |
|  |  | 42430355  |
| **Washington - 2.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; City of Tacoma WA Solid Waste Utility Revenue, <br>5.00%, 12/01/2033 (Callable 06/01/2026) | 945000 | 952980  |
| &nbsp;&nbsp;&nbsp; County of Grant WA, <br>5.25%, 12/01/2045 (Callable 12/01/2034) | 1000000 | 1074573  |
| &nbsp;&nbsp;&nbsp; Cowlitz County School District No 458 Kelso/WA, <br>5.00%, 12/01/2035 (Callable 06/01/2028) | 1290000 | 1355318  |
|  Eastern Washington University, 3.00%, 10/01/2033 (Callable 10/01/2026) | 600000 | 576882  |
|  FYI Properties, 5.00%, 06/01/2038 (Callable 06/01/2028) | 1500000 | 1555217  |
|  Grant County Public Hospital District No 1<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/2026 | 650000 | 662169  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/2027 | 1250000 | 1298285  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/2028 | 1315000 | 1390081  |
| King County Housing Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2026 | 120000 | 120000  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2026 | 100000 | 100821  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2027 | 210000 | 213678  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027 | 290000 | 297551  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2028 (Callable 01/01/2027) | 2110000 | 2151811  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2028 | 210000 | 216729  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 | 300000 | 311846  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2029 | $400000 | $419148  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/01/2029 | 800000 | 820725  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 | 320000 | 338036  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2030 | 150000 | 159460  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 | 265000 | 283919  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2031 | 255000 | 273891  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | 300000 | 323893  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2032 | 250000 | 270377  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 | 245000 | 265889  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2033 | 200000 | 217588  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 | 200000 | 218935  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2034 | 230000 | 251994  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034 | 250000 | 274474  |
|  King County Public Hospital District No 1<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 (Callable 12/01/2028) | 1050000 | 1119284  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 (Callable 12/01/2026) | 1650000 | 1677968  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 (Callable 12/01/2026) | 2100000 | 2134073  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2036 (Callable 12/01/2026) | 1125000 | 1137467  |
|  King County Public Hospital District No 2<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2039 (Callable 12/01/2033) | 1490000 | 1626071  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2040 (Callable 12/01/2033) | 2230000 | 2421088  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2041 (Callable 12/01/2033) | 1570000 | 1687508  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2042 (Callable 12/01/2033) | 1930000 | 2055793  |
|  King County Public Hospital District No 4, 6.63%, 12/01/2045 (Callable 12/01/2035) | 7580000 | 7666491  |
|  Lewis & Thurston Counties School District No 401 Centralia, 5.00%, 12/01/2041 (Callable 12/01/2026) | 2000000 | 2021247  |
|  Pend Oreille County Public Utility District No 1 Box Canyon<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2028 | 220000 | 229344  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2031 (Callable 01/01/2028) | 115000 | 119457  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2038 (Callable 01/01/2029) | 2500000 | 2587539  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2039 (Callable 01/01/2028) | 1500000 | 1531522  |
|  Port of Bellingham WA, 5.00%, 12/01/2026<sup>(c)</sup> | 380000 | 385241  |
| Port of Seattle WA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2035 (Callable 04/01/2029)<sup>(c)</sup> | 3000000 | 3137586  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2036 (Callable 05/01/2027)<sup>(c)</sup> | 1325000 | 1349586  |

---

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

312<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Washington - (Continued)**  | **Washington - (Continued)**  | **Washington - (Continued)**  |
|  Public Hospital District 1A of Whitman County<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2038 (Callable 12/01/2033) | $375000 | $430936  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2043 (Callable 12/01/2033) | 1335000 | 1466351  |
|  Seattle Housing Authority, 5.00%, 12/01/2029 (Callable 04/01/2029) | 4000000 | 4216112  |
| State of Washington<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035 (Callable 07/01/2028) | 1030000 | 1082120  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2039 (Callable 06/01/2030) | 1100000 | 1175817  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2040 (Callable 02/01/2026) | 2795000 | 2800115  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2041 (Callable 08/01/2030) | 3500000 | 3701319  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2042 (Callable 07/01/2028) | 1330000 | 1366420  |
| Tacoma Metropolitan Park District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2028 | 2495000 | 2586554  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2029 (Callable 12/01/2028) | 1735000 | 1801091  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2030 (Callable 12/01/2028) | 795000 | 825729  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2031 (Callable 12/01/2027) | 410000 | 417993  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033 (Callable 12/01/2027) | 585000 | 607664 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033 (Callable 12/01/2026) | 500000 | 509288  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2035 (Callable 12/01/2027) | 335000 | 346838  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2036 (Callable 12/01/2027) | 500000 | 516538  |
| Vancouver Housing Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2027 (Callable 10/01/2026) | 2105000 | 2134074 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2027 (Callable 10/01/2026) | 1465000 | 1485888  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/01/2034 (Callable 08/01/2031) | 7000000 | 6970494  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2035 | 595000 | 635287  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/01/2038 (Callable 02/01/2035) | 6000000 | 6171016  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2040 (Callable 08/01/2035) | 4700000 | 4870274  |
|  Washington Health Care Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2027 | 2510000 | 2594257  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029 (Callable 10/01/2028) | 325000 | 343992  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2030 (Callable 10/01/2028) | 740000 | 782264  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2033 (Callable 02/15/2028) | 615000 | 634970  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2037 (Callable 02/15/2028) | $3015000 | $3090295  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2038 (Callable 04/01/2030) | 2200000 | 2355589  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2044 (Callable 08/01/2029) | 3915000 | 3965505  |
|  Washington State Housing Finance Commission<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2028 (Callable 02/01/2027)<sup>(a)</sup> | 1200000 | 1225341  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030<sup>(b)</sup> | 290000 | 309329  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031<sup>(b)</sup> | 400000 | 431442  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032<sup>(b)</sup> | 510000 | 553792  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034<sup>(b)</sup> | 670000 | 730986  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035<sup>(b)</sup> | 1000000 | 1091657  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2039 (Callable 07/01/2035)<sup>(b)</sup> | 2000000 | 2126299  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/01/2049 (Callable 06/01/2028) | 160000 | 160833  |
|  |  | 115798004  |
| **West Virginia - 0.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; County of Marshall WV, <br>2.40%, 03/01/2026 (Callable 01/02/2026)<sup>(a)</sup> | 6930000 | 6930000  |
|  County of Ohio WV Special District Excise Tax Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2035 | 550000 | 614242  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2036 (Callable 06/01/2035) | 525000 | 581427  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2037 (Callable 06/01/2035) | 950000 | 1043636  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/2045 (Callable 06/01/2035) | 1810000 | 1925363  |
| &nbsp;&nbsp;&nbsp; Glenville State College, <br>4.00%, 06/01/2027 | 630000 | 621815  |
|  Morgantown Utility Board, Inc., 5.00%, 12/01/2041 (Callable 12/01/2026) | 2500000 | 2518407  |
|  State of West Virginia, 5.00%, 06/01/2037 (Callable 06/01/2028) | 500000 | 522174  |
|  West Virginia Commissioner of Highways, 5.00%, 09/01/2032 (Callable 09/01/2027) | 1140000 | 1180688  |
|  West Virginia Hospital Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/01/2029 (Callable 06/01/2026) | 450000 | 451748  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2055 (Callable 12/01/2032)<sup>(a)</sup> | 3830000 | 4220448  |
|  |  | 20609948  |
| **Wisconsin - 3.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; County of Milwaukee WI, <br>1.00%, 10/01/2035 | 1095000 | 865564  |
|  County of Milwaukee WI Airport Revenue, 5.00%, 12/01/2030 (Callable 12/01/2026)<sup>(c)</sup> | 4150000 | 4215725  |

---

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

313<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Wisconsin - (Continued)**  | **Wisconsin - (Continued)**  | **Wisconsin - (Continued)**  |
| County of Waushara WI<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 06/01/2027 (Callable 02/02/2026) | $2300000 | $2302267  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/2036 (Callable 12/01/2033) | 125000 | 141027  |
| Cudahy School District/WI<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2040 (Callable 03/01/2033) | 805000 | 862522  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2041 (Callable 03/01/2033) | 845000 | 898576  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2045 (Callable 03/01/2033) | 2035000 | 2084798  |
|  Deerfield Community School District, 4.00%, 03/01/2029 (Callable 03/01/2027) | 2285000 | 2315296  |
|  Drummond Area School District, 5.00%, 03/01/2039 (Callable 03/01/2032) | 1650000 | 1761289  |
| &nbsp;&nbsp;&nbsp; Prescott School District, <br>4.00%, 03/01/2037 (Callable 03/01/2030) | 1130000 | 1154300  |
| Public Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2027<sup>(b)</sup> | 2075000 | 2118027  |
| &nbsp;&nbsp;&nbsp; 0.00%, 09/01/2028 (Callable 09/01/2026)<sup>(e)</sup> | 130000 | 118222  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028<sup>(b)</sup> | 1125000 | 1162462  |
| &nbsp;&nbsp;&nbsp; 9.00%, 11/01/2028 (Callable 11/01/2027)<sup>(b)</sup> | 2395000 | 2556215  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029<sup>(b)</sup> | 1000000 | 1043547  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030<sup>(c)</sup> | 1110000 | 1173114  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 | 110000 | 120718  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2033 (Callable 03/01/2026) | 315000 | 315863  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 | 165000 | 182335  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2034 (Callable 10/01/2029)<sup>(b)</sup> | 5850000 | 6070794  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035 (Callable 07/01/2028) | 400000 | 415596  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035 (Callable 07/01/2034) | 550000 | 611505  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037 (Callable 07/01/2034) | 550000 | 602275  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/01/2042 (Callable 04/01/2032)<sup>(b)</sup> | 50000 | 53426  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2044 (Callable 04/01/2029) | 3750000 | 3805156  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/01/2052 (Callable 04/01/2032)<sup>(b)</sup> | 45000 | 48083  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2055<sup>(b)</sup> | 25000000 | 24978398  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/01/2055 (Callable 12/01/2033)<sup>(b)(e)</sup> | 5450000 | 3054537  |
| &nbsp;&nbsp;&nbsp; 6.00%, 12/01/2055 (Callable 12/01/2033)<sup>(b)</sup> | 8725000 | 8597078  |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/01/2067 (Callable 07/01/2034)<sup>(a)</sup> | 3065000 | 3198324  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
|  Racine Unified School District, 5.00%, 04/01/2041 (Callable 04/01/2031) | $1615000 | $1719456  |
|  University of Wisconsin Hospitals & Clinics, 5.00%, 04/01/2043 (Callable 10/01/2028) | 4345000 | 4439087  |
| Village of Crivitz WI<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2031 | 350000 | 366770  |
| &nbsp;&nbsp;&nbsp; 4.20%, 04/01/2032 (Callable 04/01/2031) | 375000 | 378340  |
| &nbsp;&nbsp;&nbsp; 4.25%, 04/01/2033 (Callable 04/01/2031) | 375000 | 376781  |
| &nbsp;&nbsp;&nbsp; 4.30%, 04/01/2034 (Callable 04/01/2031) | 375000 | 375220  |
| Village of Kewaskum WI<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2031 | 320000 | 342242  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2034 (Callable 04/01/2033) | 640000 | 687311  |
| &nbsp;&nbsp;&nbsp; 4.25%, 04/01/2036 (Callable 04/01/2033) | 640000 | 640693  |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/01/2040 (Callable 04/01/2033) | 645000 | 639986  |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/01/2041 (Callable 04/01/2033) | 175000 | 172356  |
| &nbsp;&nbsp;&nbsp; 4.63%, 04/01/2042 (Callable 04/01/2033) | 625000 | 615180  |
| Village of Mount Pleasant WI<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 03/01/2027 (Callable 02/02/2026) | 800000 | 800013  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/01/2035 (Callable 04/01/2028) | 1795000 | 1828521  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2036 (Callable 04/01/2028) | 1000000 | 1047737  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/01/2037 (Callable 04/01/2028) | 1000000 | 1012425  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2038 (Callable 04/01/2028) | 1000000 | 1041833  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2048 (Callable 04/01/2028) | 565000 | 571315  |
|  Waunakee Community School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 04/01/2030 (Callable 04/01/2028) | 10000000 | 10131918  |
| &nbsp;&nbsp;&nbsp; 4.38%, 04/01/2044 | 5000000 | 4999051  |
| &nbsp;&nbsp;&nbsp; Whitehall School District, <br>4.00%, 03/01/2031 (Callable 03/01/2030) | 600000 | 626388  |
| Wisconsin Center District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2027<sup>(e)</sup> | 775000 | 732788 |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2027<sup>(e)</sup> | 220000 | 207777  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2027 (Callable 06/15/2026) | 500000 | 505287  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2028<sup>(e)</sup> | 1045000 | 956541 |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2028<sup>(e)</sup> | 255000 | 234095  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2029<sup>(e)</sup> | 315000 | 280552  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2030<sup>(e)</sup> | 1325000 | 1136984 |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2030<sup>(e)</sup> | 460000 | 396657  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2031<sup>(e)</sup> | 50000 | 41443  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2034 (Callable 12/15/2030)<sup>(e)</sup> | 615000 | 451909  |

---

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

314<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Wisconsin - (Continued)**  | **Wisconsin - (Continued)**  | **Wisconsin - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/15/2061 (Callable 12/15/2030)<sup>(b)</sup> | $1000000 | $984358  |
|  Wisconsin Health & Educational Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2026 (Callable 01/23/2026) | 820000 | 820501  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2026 (Callable 01/23/2026) | 50000 | 50084  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2026 (Callable 01/23/2026) | 1290000 | 1291083  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2027 (Callable 01/23/2026) | 1095000 | 1095323  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2027 (Callable 07/01/2026)<sup>(b)</sup> | 13250000 | 13360789 |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2028 (Callable 02/15/2027)  | 575000 | 588655  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2028 | 3205000 | 3350566  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2028 (Callable 01/23/2026) | 830000 | 830266  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2028 (Callable 02/02/2026) | 1025000 | 1027237  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2028 (Callable 11/01/2026) | 470000 | 482636  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2028 (Callable 11/01/2026) | 395000 | 401823  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2030 (Callable 11/01/2026) | 515000 | 533140  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2031 (Callable 10/01/2029) | 250000 | 269431  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2033 (Callable 10/01/2028) | 2130000 | 2243248  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2034 (Callable 04/01/2027) | 550000 | 562559  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/15/2034 (Callable 10/15/2031) | 1000000 | 1033036  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/15/2034 (Callable 05/15/2026) | 1000000 | 1001857  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2045 (Callable 12/01/2032) | 2000000 | 2088264  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2046 (Callable 06/01/2031)<sup>(a)(g)</sup> | 10000000 | 10832311  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/2048 (Callable 12/01/2032) | 3000000 | 3180205  |
|  Wisconsin Housing & Economic Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2027 (Callable 12/01/2026)<sup>(a)</sup> | 1381000 | 1406025  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2058 (Callable 02/01/2027)<sup>(a)</sup> | 3035000 | 3099092  |
|  Wisconsin Housing & Economic Development Authority Home Ownership Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.90%, 03/01/2032 (Callable 09/01/2030) | 855000 | 765176  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/01/2048 (Callable 03/01/2027) | 610000 | 610963  |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| &nbsp;&nbsp;&nbsp; 4.25%, 03/01/2049 (Callable 09/01/2028) | $555000 | $560779  |
|  Wisconsin Housing & Economic Development Authority Housing Revenue, 3.75%, 05/01/2054 (Callable 01/23/2026)<sup>(a)</sup> | 900000 | 900297  |
|  |  | 167953399  |
| **Wyoming - 0.2%**<br>|  |  |
| County of Laramie WY<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/2030 | 720000 | 745830  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/2032 (Callable 05/01/2031) | 525000 | 544689  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/2034 (Callable 05/01/2031) | 645000 | 662304  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/2036 (Callable 05/01/2031) | 1000000 | 1018509  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/2037 (Callable 05/01/2031) | 225000 | 227998  |
|  Snake River Sporting Club Improvement & Service District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 07/15/2044 (Callable 07/15/2032) | 1710000 | 1717539  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/15/2048 (Callable 07/15/2032) | 1480000 | 1561429  |
|  Sublette County Hospital District, 5.00%, 06/15/2026 (Callable 02/02/2026) | 4500000 | 4500902  |
|  Wyoming Community Development Authority, 4.00%, 12/01/2048 (Callable 06/01/2028) | 425000 | 427223  |
|  |  | 11406423  |
| &nbsp;&nbsp;&nbsp; **TOTAL MUNICIPAL BONDS** <br>**(Cost $5,476,230,177)** |  | 5534167365  |
| **U.S. TREASURY SECURITIES - 1.2%** | **U.S. TREASURY SECURITIES - 1.2%** |  |
|  United States Treasury Note/Bond, 3.75%, 08/15/2027 | 70000000 | 70295312  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $69,582,787)** |  | 70295312  |
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS**  | **SHORT-TERM INVESTMENTS**  | **SHORT-TERM INVESTMENTS**  |
| **Money Market Funds - 0.1%**<br>|  |  |
|  Federated Institutional Tax-Free Cash Trust - Class Premier, 3.09%<sup>(h)</sup> | 4284503 | 4284503  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $4,284,503)** |  | 4284503  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.9%**<br>**(Cost $5,550,097,467)** |  | $5608747180  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.1% |  | 63642057  |
| **TOTAL NET ASSETS - 100.0%** |  | $5672389237 |

---

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

315<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)** 

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

FHLMC - Federal Home Loan Mortgage Corporation

SIFMA - Securities Industry and Financial Markets Association

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> Coupon rate may be variable or floating based on components other than reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of December 31, 2025.

<sup>(b)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of December 31, 2025, the value of these securities total $215,959,342 or 3.8% of the Fund's net assets.

<sup>(c)</sup> Security subject to the Alternative Minimum Tax ("AMT"). As of December 31, 2025, the total value of securities subject to the AMT was $291,748,408 or 5.1% of net assets.

<sup>(d)</sup> Step coupon bond. The rate disclosed is as of December 31, 2025.

<sup>(e)</sup> Zero coupon bonds make no periodic interest payments.

<sup>(f)</sup> Represents less than 0.05% of net assets.

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

<sup>(h)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

316<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**Summary of Fair Value Disclosure** 

**as of December 31, 2025** 

Baird Core Intermediate Municipal Bond Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the year, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

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

---

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

---

---

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

---

The following is a summary of the fair valuation hierarchy of the Fund's securities as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | $— | $5534167365 | $—  | $5534167365  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 70295312 |  | 70295312  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 4284503 |  |  | 4284503  |
| **Total Investments** | $4284503 | $5604462677 | $— | $5608747180 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting year, as compared to the security classifications from the prior year's core financial statements. See the Fund's Valuation Policy in Note 2a to the financial statements.

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

317<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Baird Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - 97.8%**<br>|  |  |
| **Alabama - 4.8%**<br>|  |  |
|  Alabama Corrections Institution Finance Authority, 5.00%, 07/01/2037 (Callable 07/01/2032) | $500000 | $549807  |
| Alabama Housing Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.15%, 12/01/2028<sup>(a)</sup> | 1900000 | 1901704  |
| &nbsp;&nbsp;&nbsp; 3.20%, 01/01/2047 (Callable 07/01/2028)<sup>(a)</sup> | 1350000 | 1351948  |
| Black Belt Energy Gas District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2053<sup>(a)</sup> | 755000 | 791128  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2055 (Callable 04/01/2031)<sup>(a)</sup> | 500000 | 536080  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2055 (Callable 05/01/2035)<sup>(a)</sup> | 1000000 | 1073401  |
|  Chilton County Health Care Authority, 3.00%, 11/01/2027 (Callable 02/02/2026) | 100000 | 99669  |
|  City of Mobile AL, 5.00%, 02/15/2040 (Callable 02/15/2035) | 1500000 | 1678141  |
|  Clarke-Mobile Counties Gas District, 5.00%, 10/01/2031 | 1580000 | 1766769  |
|  County of Jefferson AL Sewer Revenue, 5.25%, 10/01/2049 (Callable 10/01/2033) | 3085000 | 3186105  |
|  Energy Southeast A Cooperative District, 5.00%, 09/01/2030 | 2255000 | 2356707  |
|  Houston County Board of Education, 2.00%, 12/01/2040 (Callable 12/01/2030) | 445000 | 322308  |
|  Industrial Development Board of the City of Mobile Alabama, 3.92%, 06/01/2034<sup>(a)</sup> | 600000 | 601932  |
|  Jacksonville Public Educational Building Authority, 5.00%, 08/01/2056 (Callable 08/01/2034) | 2500000 | 2522615  |
| &nbsp;&nbsp;&nbsp; Jacksonville State University, <br>5.00%, 12/01/2036 (Callable 12/01/2027) | 1500000 | 1535439  |
| &nbsp;&nbsp;&nbsp; Lower Alabama Gas District, <br>5.00%, 12/01/2033 (Callable 09/01/2033) | 1600000 | 1691258  |
|  Montgomery County Public Facilities Authority/AL, 3.75%, 03/01/2052 (Callable 03/01/2032) | 15000 | 10714  |
|  Southeast Energy Authority A Cooperative District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2026 | 475000 | 482302  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2027 | 300000 | 310298  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2030 (Callable 07/01/2030) | 4100000 | 4404814  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2033 | 325000 | 357448  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2035 (Callable 06/01/2035) | 1250000 | 1356138  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2035 (Callable 11/01/2034) | 650000 | 690176  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/01/2053 (Callable 09/01/2029)<sup>(a)</sup> | $250000 | $268000  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2054 (Callable 03/01/2030)<sup>(a)</sup> | 1250000 | 1321720  |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/01/2054 (Callable 04/01/2029)<sup>(a)</sup> | 1000000 | 1053678  |
|  State of Alabama Docks Department, 5.00%, 10/01/2032 (Callable 10/01/2027)<sup>(b)</sup> | 1000000 | 1024651  |
| &nbsp;&nbsp;&nbsp; University of South Alabama, <br>5.00%, 11/01/2033 (Callable 11/01/2026) | 1000000 | 1012327  |
|  |  | 34257277  |
| **Alaska - 0.2%**<br>|  |  |
|  Alaska Municipal Bond Bank Authority, 5.25%, 12/01/2045 (Callable 12/01/2034)<sup>(b)</sup> | 580000 | 603577  |
| &nbsp;&nbsp;&nbsp; Municipality of Anchorage AK, <br>5.50%, 02/01/2045 (Callable 02/01/2034)<sup>(b)</sup> | 500000 | 538517  |
|  |  | 1142094  |
| **Arizona - 1.7%**<br>|  |  |
|  Arizona Industrial Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2026<sup>(c)</sup> | 90000 | 90403  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/15/2027<sup>(c)</sup> | 125000 | 124864  |
| &nbsp;&nbsp;&nbsp; 4.75%, 12/15/2028 (Callable 12/15/2026)<sup>(c)</sup> | 145000 | 146046  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/15/2030 (Callable 07/15/2027)<sup>(c)</sup> | 190000 | 188829  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2030 (Callable 10/01/2026)<sup>(c)</sup> | 100000 | 99147  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2032 (Callable 01/01/2028) | 100000 | 100514  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/01/2035 (Callable 11/01/2031) | 500000 | 501424  |
| &nbsp;&nbsp;&nbsp; 6.00%, 07/01/2037 (Callable 07/01/2027)<sup>(c)</sup> | 1000000 | 1028538  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2048 (Callable 01/01/2028) | 200000 | 196552  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/2053 (Callable 11/01/2032) | 1750000 | 1782206  |
|  Glendale Industrial Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/15/2027 (Callable 01/23/2026) | 230000 | 228298  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/15/2031 (Callable 01/23/2026) | 500000 | 487912  |
| &nbsp;&nbsp;&nbsp; 2.13%, 07/01/2033 (Callable 07/01/2029)<sup>(b)</sup> | 730000 | 625060  |
| &nbsp;&nbsp;&nbsp; Industrial Development Authority of the City of Phoenix Arizona, <br>5.00%, 10/15/2044 (Callable 10/15/2034) | 1195000 | 1250780  |

---

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

318<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Baird Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Arizona - (Continued)**  | **Arizona - (Continued)**  | **Arizona - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Industrial Development Authority of the County of Pima, <br>4.00%, 07/01/2029 | $25000 | $25096  |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, <br>5.00%, 09/01/2042 (Callable 09/01/2028) | 1500000 | 1531004  |
|  Maricopa County School District No 83-Cartwright Elementary<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2040 (Callable 07/01/2033) | 500000 | 550673  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2042 (Callable 07/01/2033) | 875000 | 946887  |
| &nbsp;&nbsp;&nbsp; Salt Verde Financial Corp., <br>5.25%, 12/01/2026 | 1545000 | 1569040  |
|  Town of Marana AZ Pledged Excise Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037 (Callable 07/01/2029) | 190000 | 201019  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2038 (Callable 07/01/2029) | 225000 | 237263  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2039 (Callable 07/01/2029) | 225000 | 236599  |
|  |  | 12148154  |
| **Arkansas - 0.5%**<br>|  |  |
|  Arkadelphia Water & Sewer System, 5.00%, 12/01/2053 (Callable 06/01/2029) | 450000 | 456189  |
|  Arkansas Development Finance Authority, 5.00%, 02/01/2036 (Callable 02/01/2031) | 790000 | 819630  |
|  Batesville Public Facilities Board, 5.00%, 06/01/2026 | 150000 | 150148  |
|  City of Heber Springs AR Sales & Use Tax, 1.63%, 06/01/2047 (Callable 06/01/2028) | 25000 | 24770  |
|  City of Hope AR Water & Electric Revenue, 4.25%, 04/01/2046 (Callable 04/01/2031) | 590000 | 574274  |
|  City of Marion AR Sales & Use Tax Revenue, 5.00%, 11/01/2037 (Callable 11/01/2032) | 895000 | 973952  |
|  City of West Memphis AR Public Utility System Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 12/01/2041 (Callable 12/01/2028) | 380000 | 323376  |
| &nbsp;&nbsp;&nbsp; 4.25%, 12/01/2054 (Callable 12/01/2031) | 500000 | 469187  |
|  |  | 3791526  |
| **California - 4.7%**<br>|  |  |
|  California Community Choice Financing Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028 | 2000000 | 2092628  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2033 (Callable 08/01/2033) | $1800000 | $1956767  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2052 (Callable 09/01/2027)<sup>(a)</sup> | 1000000 | 1009586  |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/01/2054 (Callable 10/01/2030)<sup>(a)</sup> | 200000 | 212508  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2056 (Callable 05/01/2033)<sup>(a)</sup> | 1000000 | 1094316  |
| California Housing Finance Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 03/25/2035 | 470051 | 475938  |
| &nbsp;&nbsp;&nbsp; 4.38%, 09/20/2036 | 487797 | 505670  |
|  California Municipal Finance Authority, 4.00%, 12/01/2043 (Callable 12/01/2034) | 1000000 | 973744  |
|  California Pollution Control Financing Authority, 5.00%, 07/01/2029<sup>(c)</sup> | 250000 | 257640  |
|  California Public Finance Authority, 6.50%, 06/01/2054 (Callable 06/01/2031)<sup>(c)</sup> | 130000 | 127163  |
|  California State University, 3.13%, 11/01/2051 (Callable 05/01/2026)<sup>(a)</sup> | 750000 | 750242  |
|  City of Los Angeles Department of Airports, 5.00%, 05/15/2033 (Callable 05/15/2029)<sup>(b)</sup> | 500000 | 530007  |
| &nbsp;&nbsp;&nbsp; El Dorado Irrigation District, <br>5.00%, 03/01/2044 (Callable 03/01/2034) | 300000 | 322911  |
|  Freddie Mac Multifamily ML Certificates<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.88%, 07/25/2036 | 690540 | 636471  |
| &nbsp;&nbsp;&nbsp; 2.25%, 09/25/2037 | 1357245 | 1148535  |
| &nbsp;&nbsp;&nbsp; 3.16%, 12/25/2038<sup>(a)</sup> | 494752 | 436735  |
| &nbsp;&nbsp;&nbsp; Indio Finance Authority, <br>5.25%, 11/01/2042 (Callable 11/01/2032) | 2500000 | 2747720  |
|  Inglewood Unified School District, 5.50%, 08/01/2044 (Callable 08/01/2035) | 1000000 | 1132751  |
|  Los Alamitos Unified School District, 6.05%, 08/01/2042 (Callable 08/01/2029) | 575000 | 623476  |
|  Los Angeles Department of Water & Power, 5.00%, 07/01/2043 (Callable 07/01/2032) | 75000 | 79139  |
|  Los Angeles Department of Water & Power Water System Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035 (Callable 01/01/2028) | 1385000 | 1436723  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2044 (Callable 07/01/2034) | 665000 | 703808  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2048 (Callable 01/01/2028) | 540000 | 543267  |
|  Los Angeles Unified School District/CA, 5.25%, 07/01/2042 (Callable 01/01/2028) | 1500000 | 1559887  |

---

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

319<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Baird Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **California - (Continued)**  | **California - (Continued)**  | **California - (Continued)**  |
| Mayers Memorial Hospital District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/2029<sup>(d)</sup> | $160000 | $137476  |
| &nbsp;&nbsp;&nbsp; 0.00%, 08/01/2030<sup>(d)</sup> | 360000 | 294507  |
|  Morongo Unified School District, 5.50%, 08/01/2041 (Callable 08/01/2030) | 425000 | 462850  |
|  Needles Unified School District, 0.00%, 08/01/2041<sup>(d)</sup> | 875000 | 753274  |
|  Orland Unified School District, 0.00%, 08/01/2047 (Callable 08/01/2037)<sup>(d)</sup> | 260000 | 212384  |
| Paradise Unified School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2035 (Callable 05/01/2030) | 505000 | 531193  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2040 (Callable 05/01/2030) | 405000 | 417050  |
|  Regents of the University of California Medical Center Pooled Revenue, 5.00%, 05/15/2041 (Callable 05/15/2032) | 330000 | 359475  |
| River Islands Public Financing Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2045 (Callable 09/01/2032) | 530000 | 566763  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2050 (Callable 09/01/2032) | 800000 | 841314  |
|  Sacramento City Unified School District/CA, 5.50%, 08/01/2047 (Callable 08/01/2030) | 2110000 | 2228578  |
|  San Diego County Regional Airport Authority, 5.00%, 07/01/2046 (Callable 07/01/2031)<sup>(b)</sup> | 1890000 | 1927158  |
|  San Francisco City & County Airport Comm-San Francisco International Airport<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2041 (Callable 05/01/2026)<sup>(b)</sup> | 1000000 | 1002317  |
| &nbsp;&nbsp;&nbsp; 5.75%, 05/01/2048 (Callable 05/01/2033)<sup>(b)</sup> | 1000000 | 1072793  |
| &nbsp;&nbsp;&nbsp; San Ysidro School District, <br>0.00%, 08/01/2031<sup>(d)</sup> | 600000 | 503526  |
|  Siskiyou Community College District, 0.00%, 08/01/2031<sup>(d)</sup> | 240000 | 204647  |
|  Stockton Unified School District, 0.00%, 08/01/2050 (Callable 08/01/2037)<sup>(d)</sup> | 500000 | 578805  |
|  |  | 33451742  |
| **Colorado - 2.6%**<br>|  |  |
|  Adams County School District No 14, 5.50%, 12/01/2042 (Callable 12/01/2034) | 1000000 | 1132163  |
|  Baseline Metropolitan District No 1, 4.00%, 12/01/2046 (Callable 12/01/2029) | 1000000 | 953330  |
|  Centennial Water & Sanitation District, 5.25%, 12/01/2048 (Callable 12/01/2028) | 500000 | 514116  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Colorado Bridge & Tunnel Enterprise, 5.25%, 12/01/2050 (Callable 12/01/2034) | $3250000 | $3443413  |
| Colorado Bridge Enterprise<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/31/2030 (Callable 12/31/2027)<sup>(b)</sup> | 750000 | 757071  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/30/2031 (Callable 12/31/2027)<sup>(b)</sup> | 250000 | 252222  |
|  Colorado Educational & Cultural Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028 (Callable 02/02/2026) | 350000 | 332977  |
| &nbsp;&nbsp;&nbsp; 2.00%, 09/01/2030 (Callable 09/01/2028) | 70000 | 65944  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2030 (Callable 02/02/2026) | 420000 | 386627  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2038 (Callable 12/01/2028) | 75000 | 77230  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2045 (Callable 07/01/2035) | 625000 | 643805  |
| Colorado Health Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 05/15/2030 (Callable 02/02/2026) | 300000 | 295295  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2035 (Callable 08/01/2029) | 1400000 | 1475947  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2044 (Callable 08/01/2029) | 625000 | 634093  |
|  Colorado Housing and Finance Authority, 3.50%, 11/01/2043 (Callable 05/01/2026)<sup>(a)</sup> | 500000 | 500787  |
|  Denver City & County Housing Authority, 5.00%, 07/01/2027 (Callable 07/01/2026) | 500000 | 504750  |
| Denver Health & Hospital Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033 (Callable 12/01/2028) | 300000 | 312552 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033 (Callable 12/01/2029)  | 200000  | 211054  |
| &nbsp;&nbsp;&nbsp; Durango School District No 9-R, <br>5.25%, 11/01/2044 (Callable 11/01/2034) | 1000000 | 1086026  |
| &nbsp;&nbsp;&nbsp; Grand River Hospital District, <br>5.25%, 12/01/2031 (Callable 12/01/2028) | 75000 | 79343  |
| &nbsp;&nbsp;&nbsp; Regional Transportation District, <br>4.00%, 07/15/2039 | 115000 | 114032  |
|  State of Colorado, 5.25%, 03/15/2042 (Callable 03/15/2027) | 1000000 | 1014905  |
| Vail Home Partners Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 10/01/2045 (Callable 04/01/2035)<sup>(c)</sup> | 625000 | 641115  |
| &nbsp;&nbsp;&nbsp; 5.88%, 10/01/2055 (Callable 04/01/2035)<sup>(c)</sup> | 1250000 | 1271174  |
| &nbsp;&nbsp;&nbsp; Vauxmont Metropolitan District, <br>3.25%, 12/15/2050 (Callable 01/23/2026) | 106000 | 90786  |

---

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

320<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Colorado - (Continued)**  | **Colorado - (Continued)**  | **Colorado - (Continued)**  |
|  Weld County School District No RE-4, 5.25%, 12/01/2047 (Callable 12/01/2032) | $1000000 | $1060517  |
| &nbsp;&nbsp;&nbsp; Windy Gap Firming Project Water Activity Enterprise, <br>5.00%, 07/15/2046 (Callable 07/15/2031) | 1000000 | 1035507  |
|  |  | 18886781  |
| **Connecticut - 0.7%**<br>|  |  |
|  Connecticut Housing Finance Authority, 4.80%, 05/01/2043 | 2625000 | 2697548  |
|  Connecticut State Health & Educational Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2029 (Callable 07/01/2028) | 40000 | 40064  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2031 (Callable 07/01/2028) | 30000 | 29913  |
| &nbsp;&nbsp;&nbsp; 2.95%, 07/01/2049<sup>(a)</sup> | 1000000 | 1005651  |
|  Connecticut State Higher Education Supplement Loan Authority, 5.00%, 11/15/2033<sup>(b)</sup> | 540000 | 582132  |
|  Stamford Housing Authority, 4.25%, 10/01/2030 | 870000 | 878916  |
|  |  | 5234224  |
| **Delaware - 0.2%**<br>|  |  |
|  Delaware State Economic Development Authority, 5.00%, 10/01/2036 (Callable 02/02/2026) | 595000 | 591641  |
|  Delaware State Housing Authority, 6.00%, 01/01/2055 (Callable 07/01/2033) | 955000 | 1047335  |
|  |  | 1638976  |
| **District of Columbia - 0.2%**<br>|  |  |
|  District of Columbia, 5.00%, 07/01/2042 (Callable 07/01/2032) | 500000 | 497658  |
|  District of Columbia Income Tax Revenue, 5.50%, 07/01/2047 (Callable 07/01/2032) | 1000000 | 1070721  |
|  |  | 1568379  |
| **Florida - 3.6%**<br>|  |  |
|  Brevard County Health Facilities Authority, 5.00%, 04/01/2052 (Callable 04/01/2032) | 750000 | 756731  |
|  Capital Trust Agency, Inc., 3.38%, 07/01/2031<sup>(c)</sup> | 330000 | 318324  |
|  Charlotte County Industrial Development Authority/FL, 6.13%, 10/01/2055 (Callable 10/01/2033)<sup>(b)</sup> | 1000000 | 1037253  |
|  City of Cape Coral FL Water & Sewer Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/2048 (Callable 10/01/2033) | 750000 | 797258  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.65%, 03/01/2054 (Callable 03/01/2033) | $990000 | $1053441  |
|  City of Fort Lauderdale FL Water & Sewer Revenue, 5.50%, 09/01/2048 (Callable 09/01/2033) | 550000 | 596692  |
|  City of Orlando FL Tourist Development Tax Revenue, 5.00%, 11/01/2032 (Callable 11/01/2027) | 1305000 | 1352432  |
|  City Of South Miami Health Facilities Authority, Inc., 5.00%, 08/15/2065 (Callable 05/15/2030)<sup>(a)</sup> | 1000000 | 1078202  |
|  City of Tampa FL Water & Wastewater System Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2047 (Callable 10/01/2032) | 1000000 | 1053453  |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/2057 (Callable 10/01/2032) | 750000 | 786852  |
|  County of Bay FL, 5.00%, 09/01/2033 (Callable 02/02/2026) | 640000 | 640584  |
|  County of Broward FL Airport System Revenue, 5.00%, 10/01/2033 (Callable 10/01/2029)<sup>(b)</sup> | 1500000 | 1596166  |
|  County of Broward FL Port Facilities Revenue, 5.00%, 09/01/2044 (Callable 09/01/2029) | 1000000 | 1027677  |
|  County of Miami-Dade FL Transit System, 5.00%, 07/01/2049 (Callable 07/01/2032) | 2000000 | 2047451  |
| &nbsp;&nbsp;&nbsp; County of Okeechobee FL Half-Cent Sales Tax Revenue, <br>5.00%, 09/01/2044 (Callable 09/01/2034) | 435000 | 459413  |
|  County of Pasco FL, 5.00%, 09/01/2048 (Callable 03/01/2033) | 500000 | 509540  |
|  County of Sarasota FL Utility System Revenue, 5.25%, 10/01/2047 (Callable 10/01/2032) | 1000000 | 1055536  |
| Florida Development Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/15/2029 (Callable 06/15/2027)<sup>(c)</sup> | 830000 | 832156  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2032<sup>(c)</sup> | 455000 | 455047  |
| &nbsp;&nbsp;&nbsp; 3.40%, 09/01/2050 (Callable 06/03/2028)<sup>(a)(b)</sup> | 2000000 | 2008384  |
|  Florida Higher Educational Facilities Financing Authority, 5.00%, 07/01/2035 (Callable 07/01/2033)<sup>(c)</sup> | 1000000 | 1001621  |
| Florida Housing Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.33%, 07/01/2036 | 450185 | 384168  |
| &nbsp;&nbsp;&nbsp; 4.20%, 01/01/2045 (Callable 01/01/2028) | 40000 | 39241  |
|  Greater Orlando Aviation Authority, 5.00%, 10/01/2036 (Callable 10/01/2027)<sup>(b)</sup> | 1000000 | 1022607  |
|  Miami-Dade County Housing Finance Authority, 4.88%, 03/01/2046 | 1000000 | 997362  |

---

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

321<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Florida - (Continued)**  | **Florida - (Continued)**  | **Florida - (Continued)**  |
|  Palm Beach County Educational Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2027 | $260000 | $261114  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2028 | 270000 | 271847  |
|  St Johns County Housing Finance Authority, 5.50%, 12/01/2028 (Callable 06/01/2026)<sup>(a)(c)</sup> | 500000 | 499698  |
|  Tolomato Community Development District, 4.00%, 05/01/2040 (Callable 05/01/2032) | 1725000 | 1721218  |
|  |  | 25661468  |
| **Georgia - 1.9%**<br>|  |  |
|  Atlanta Urban Residential Finance Authority, 4.75%, 05/01/2043 | 1300000 | 1334643  |
|  Bartow County Development Authority, 3.95%, 12/01/2032<sup>(a)</sup> | 500000 | 507979  |
|  City of Griffin GA Public Utility Revenue, 5.00%, 01/01/2051 (Callable 01/01/2036) | 2050000 | 2142226  |
| DeKalb County Housing Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2033 (Callable 12/01/2030) | 1000000 | 1019961  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2035 (Callable 12/01/2032) | 675000 | 670021  |
|  Development Authority of Burke County, 2.75%, 01/01/2052 (Callable 05/03/2031) | 500000 | 321726  |
|  Gainesville & Hall County Development Authority, 1.50%, 11/15/2033 (Callable 02/01/2026)<sup>(a)</sup> | 1000000 | 1000000  |
|  Georgia Housing & Finance Authority, 2.50%, 06/01/2050 (Callable 06/10/2030) | 750000 | 551609  |
|  Georgia Municipal Association, Inc., 4.00%, 01/01/2055 (Callable 01/01/2035) | 1550000 | 1428269  |
|  Gwinnett County School District, 5.00%, 02/01/2040 (Callable 02/01/2029) | 1500000 | 1574108  |
| Main Street Natural Gas, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033 | 450000 | 484856  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/01/2052 (Callable 06/01/2027)<sup>(a)</sup> | 1025000 | 1034870  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2052 (Callable 03/01/2029)<sup>(a)</sup> | 350000 | 366026  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2053 (Callable 12/01/2029)<sup>(a)</sup> | 250000 | 263842  |
|  Spalding County Water & Sewer Facilities Authority, 4.75%, 06/01/2050 (Callable 06/01/2035) | 605000 | 616234  |
|  |  | 13316370  |
| **Idaho - 0.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Idaho Health Facilities Authority, <br>4.38%, 03/01/2053 (Callable 03/01/2035) | 1000000 | 949187  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Idaho Housing & Finance Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 05/01/2039 (Callable 05/01/2032) | $450000 | $447460  |
| &nbsp;&nbsp;&nbsp; 3.00%, 05/01/2042 (Callable 05/01/2032) | 340000 | 270183  |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/21/2046 | 483956 | 435531  |
| &nbsp;&nbsp;&nbsp; 5.75%, 05/01/2058 (Callable 05/01/2031) | 500000 | 516181  |
|  Southern Idaho Regional Solid Waste District, 4.00%, 03/01/2028 (Callable 09/01/2027) | 1050000 | 1061858  |
|  |  | 3680400  |
| **Illinois - 6.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Chicago Board of Education, <br>5.50%, 12/01/2026 | 20000 | 20219  |
| &nbsp;&nbsp;&nbsp; Chicago Board of Education Dedicated Capital Improvement Tax, <br>5.25%, 04/01/2034 (Callable 04/01/2033) | 375000 | 413320  |
|  Chicago Midway International Airport, 5.00%, 01/01/2029 (Callable 01/01/2026)<sup>(b)</sup> | 365000 | 365000  |
| Chicago O'Hare International Airport<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2033 (Callable 01/01/2027)<sup>(b)</sup> | 1500000 | 1524553  |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/01/2042 (Callable 01/01/2027) | 1500000 | 1522393  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/01/2055 (Callable 01/01/2032)<sup>(b)</sup> | 300000 | 309456  |
| City of Chicago IL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/01/2027<sup>(d)</sup> | 100000 | 96961  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/01/2046 (Callable 01/01/2034) | 500000 | 545577  |
| &nbsp;&nbsp;&nbsp; City of Chicago IL Wastewater Transmission Revenue, <br>5.00%, 01/01/2042 (Callable 01/01/2034) | 1250000 | 1346140  |
| City of Chicago IL Waterworks Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2029 (Callable 11/01/2026) | 1050000 | 1067184  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2031 (Callable 11/01/2026) | 1000000 | 1017752  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/2034 (Callable 11/01/2027) | 1000000 | 1033972  |
| City of Hillsboro IL<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2050 (Callable 12/01/2034) | 940000 | 964857  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2054 (Callable 12/01/2034) | 775000 | 793029  |
|  City of Kankakee IL Waterworks & Sewerage System<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2033 | 595000 | 655880  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2035 | 480000 | 531827  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2037 (Callable 05/01/2035) | 915000 | 996686  |

---

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

322<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Illinois - (Continued)**  | **Illinois - (Continued)**  | **Illinois - (Continued)**  |
|  Cook County High School District No 220 Reavis<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2044 (Callable 12/01/2034) | $525000 | $545006  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2045 (Callable 12/01/2034) | 555000 | 571315  |
|  Cook County School District No 86 Harwood Heights, 5.00%, 12/01/2039 (Callable 12/01/2033) | 325000 | 352653  |
| Illinois Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2030 (Callable 03/01/2027) | 390000 | 397678  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2031 (Callable 11/01/2026) | 135000 | 136675  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2032 (Callable 08/15/2027) | 500000 | 508042  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2033 (Callable 11/15/2028) | 640000 | 668927  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2034 (Callable 10/01/2030) | 775000 | 814687  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2036 (Callable 02/15/2027) | 330000 | 336116 |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2036 (Callable 02/15/2027)  | 70000  | 71917  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2037 (Callable 08/15/2027) | 1040000 | 1048556  |
| &nbsp;&nbsp;&nbsp; 4.13%, 11/15/2037 (Callable 02/02/2026) | 60000 | 59313  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/01/2044 (Callable 04/01/2034) | 1200000 | 1217703  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/01/2047 (Callable 04/01/2034) | 500000 | 527917  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/01/2049 (Callable 04/01/2034) | 350000 | 368278  |
| Illinois Housing Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/01/2045 (Callable 10/01/2033) | 1200000 | 1361741  |
| &nbsp;&nbsp;&nbsp; 6.25%, 10/01/2055 (Callable 04/01/2033) | 2395000 | 2701636  |
|  Illinois Sports Facilities Authority, 5.00%, 06/15/2030 | 1000000 | 1057256  |
|  Illinois State Toll Highway Authority, 5.00%, 01/01/2045 (Callable 01/01/2031) | 580000 | 599760  |
|  Lake County Community Unit School District No 187 North Chicago, 5.00%, 01/01/2031 | 625000 | 677341  |
|  McLean County Community Unit School District No 19 Ridgeview, 5.25%, 12/01/2045 (Callable 12/01/2034) | 2075000 | 2192241  |
|  Metropolitan Pier & Exposition Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 06/15/2028<sup>(d)</sup> | 1015000 | 939244  |
| &nbsp;&nbsp;&nbsp; 0.00%, 06/15/2029<sup>(d)</sup> | 100000 | 89558  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2034<sup>(d)</sup> | 700000 | 510761  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2037<sup>(d)</sup> | $1000000 | $831861  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2042 (Callable 06/15/2038)<sup>(d)</sup> | 150000 | 115128  |
|  Moultrie Shelby & Coles Counties Community Unit School District No 300, 5.00%, 12/01/2044 (Callable 06/01/2029) | 890000 | 925759  |
|  Northeastern Illinois University, 5.25%, 07/01/2050 (Callable 07/01/2035) | 1625000 | 1668111  |
|  Northern Illinois University, 5.50%, 04/01/2049 (Callable 04/01/2034) | 2000000 | 2097695  |
|  Sangamon & Christian Counties Community Unit School District No 3A Rochester, 5.50%, 02/01/2038 (Callable 02/01/2032) | 450000 | 496341  |
|  Southern Illinois University, 5.25%, 02/15/2050 (Callable 02/15/2035) | 1150000 | 1192198  |
|  Southwestern Illinois Development Authority, 5.50%, 04/01/2050 (Callable 04/01/2035) | 1000000 | 1065238  |
|  St Clair County Community Unit School District No 187 Cahokia<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2044 (Callable 01/01/2034) | 250000 | 258498  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2049 (Callable 01/01/2034) | 1000000 | 1016700  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2054 (Callable 01/01/2034) | 1350000 | 1365076  |
|  St Clair County School District No 118 Belleville, 5.50%, 12/01/2037 (Callable 12/01/2034) | 1125000 | 1271841  |
|  Upper Illinois River Valley Development Authority, 5.00%, 01/01/2045 (Callable 01/01/2027)<sup>(c)</sup> | 200000 | 186548  |
|  Village of Romeoville IL, 5.00%, 10/01/2035 (Callable 01/23/2026) | 300000 | 300065  |
|  Village of Rosemont IL, 5.00%, 12/01/2042 (Callable 06/01/2030) | 1000000 | 1038937  |
|  Will County Community High School District No 210 Lincoln-Way, 4.00%, 01/01/2034 (Callable 01/01/2029) | 100000 | 101233  |
|  Will County Community High School District No. 210<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/01/2027<sup>(d)</sup> | 95000 | 91824  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/01/2033<sup>(d)</sup> | 570000 | 442039  |
|  Will County School District No 114 Manhattan<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/01/2043 (Callable 01/01/2033) | 2000000 | 2186558  |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/01/2052 (Callable 01/01/2033) | 1000000 | 1056185  |
|  Winnebago County Community Unit School District No 320 South Beloit, 5.00%, 02/01/2032 | 400000 | 439983  |
|  |  | 49106945  |

---

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

323<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Indiana - 3.2%**  | **Indiana - 3.2%**  | **Indiana - 3.2%**  |
| &nbsp;&nbsp;&nbsp; Boone County Building Corp., <br>5.25%, 08/01/2038 (Callable 02/01/2032) | $1235000 | $1357331  |
|  Carmel Redevelopment Authority, 1.13%, 01/15/2044 (Callable 07/15/2032) | 945000 | 527649  |
|  City of Carmel IN Waterworks Revenue, 4.00%, 05/01/2043 (Callable 05/01/2032) | 400000 | 380430  |
|  City of Franklin IN Sewage Works Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2040 (Callable 03/01/2035) | 500000 | 546113  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2041 (Callable 03/01/2035) | 600000 | 649308  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2042 (Callable 03/01/2035) | 350000 | 374917  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2043 (Callable 03/01/2035) | 400000 | 423292  |
|  City of La Porte IN Sewage Works Revenue, 3.75%, 09/01/2029 (Callable 02/02/2026) | 1000000 | 999995  |
|  Fishers Town Hall Building Corp., 5.63%, 07/15/2048 (Callable 01/15/2034) | 25000 | 27517  |
|  Gary Chicago International Airport Authority, 4.50%, 02/01/2045 (Callable 02/01/2035) | 750000 | 735392  |
|  Hammond Local Public Improvement Bond Bank, 5.50%, 07/15/2036 (Callable 07/15/2030) | 500000 | 534225  |
| Indiana Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.50%, 11/01/2030 | 100000 | 95857  |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/01/2048 (Callable 12/01/2033) | 500000 | 534245  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2063 (Callable 10/01/2030)<sup>(a)</sup> | 1000000 | 1100731  |
| &nbsp;&nbsp;&nbsp; Indiana Health & Educational Facilities Financing Authority, <br>5.00%, 11/15/2046 (Callable 11/15/2026) | 100000 | 100219  |
|  Indiana Housing & Community Development Authority, 4.55%, 11/01/2041 | 2000000 | 2034908  |
|  Indianapolis Local Public Improvement Bond Bank, 6.00%, 02/01/2048 (Callable 02/01/2033) | 2000000 | 2225036  |
| Knightstown High School Building Corp. | Knightstown High School Building Corp. | Knightstown High School Building Corp. |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/10/2037 (Callable 01/10/2036) | 750000 | 834412  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/10/2039 (Callable 01/10/2036) | 830000 | 907367  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/10/2041 (Callable 01/10/2036) | 920000 | 986463  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Merrillville Redevelopment Authority, 5.00%, 07/15/2040 (Callable 07/15/2035) | $860000 | $931288  |
|  Noblesville Community Development Corp., 5.00%, 08/01/2039 (Callable 02/01/2034) | 1785000 | 1952950  |
|  St Joseph County Airport Authority, 0.01%, 07/01/2028<sup>(b)</sup> | 155000 | 142275  |
|  Westfield-Washington Multi-School Building Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2040 (Callable 07/15/2034) | 1000000 | 1088426  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/15/2042 (Callable 07/15/2034) | 1890000 | 2018302  |
| Whitestown Redevelopment Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2039 (Callable 08/01/2035) | 700000 | 774920  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2041 (Callable 08/01/2035) | 775000 | 840454  |
|  |  | 23124022  |
| **Iowa - 1.3%**<br>|  |  |
| County of Polk IA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2036 (Callable 06/01/2032)<sup>(b)</sup> | 1500000 | 1630748  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2039 (Callable 06/01/2032)<sup>(b)</sup> | 1435000 | 1533023  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/2041 (Callable 06/01/2033)<sup>(b)</sup> | 1500000 | 1618124  |
| Iowa Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 01/01/2032 (Callable 01/01/2030)<sup>(c)</sup> | 250000 | 235296  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2042 (Callable 02/01/2035) | 1300000 | 1430020  |
| &nbsp;&nbsp;&nbsp; 6.00%, 11/01/2042 (Callable 11/01/2041)<sup>(c)</sup> | 1000000 | 991967  |
|  PEFA, Inc., 5.00%, 09/01/2049 (Callable 06/01/2026)<sup>(a)</sup> | 730000 | 736546  |
|  Waterloo Community School District Infrastructure Sales Services & Use Tax, 5.00%, 07/01/2047 (Callable 07/01/2033) | 1000000 | 1022630  |
|  |  | 9198354  |
| **Kansas - 0.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; City of Osawatomie KS, <br>3.75%, 03/01/2027 (Callable 02/02/2026) | 500000 | 500130  |
|  City of Wichita KS, 5.25%, 05/15/2039 (Callable 05/15/2031) | 1210000 | 1215772  |
|  Johnson & Miami Counties Unified School District No 230 Spring Hills, 6.00%, 09/01/2042 (Callable 09/01/2035) | 1585000 | 1851999  |
| &nbsp;&nbsp;&nbsp; Miami County Unified School District No 367 Osawatomie, <br>5.25%, 09/01/2043 (Callable 09/01/2034) | 480000 | 512084  |

---

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

324<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Kansas - (Continued)**  | **Kansas - (Continued)**  | **Kansas - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Wyandotte County Unified School District No 500 Kansas City, <br>5.25%, 09/01/2055 <br>(Callable 09/01/2034) | $840000 | $881828  |
|  Wyandotte County-Kansas City Unified Government, 0.00%, 12/01/2027<sup>(d)</sup> | 170000 | 158410  |
|  |  | 5120223  |
| **Kentucky - 1.5%**<br>|  |  |
|  Garrard County School District Finance Corp., 5.00%, 08/01/2037 (Callable 08/01/2031) | 810000 | 875725  |
| &nbsp;&nbsp;&nbsp; Kenton County Airport Board, <br>5.00%, 01/01/2031<sup>(b)</sup> | 800000 | 873526  |
|  Kentucky Economic Development Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 10/01/2027<sup>(d)</sup> | 245000 | 228856  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 (Callable 02/02/2026) | 200000 | 200246  |
|  Kentucky Housing Corp., 3.15%, 05/01/2030 (Callable 05/01/2028)<sup>(a)</sup> | 350000 | 350325  |
| Kentucky Public Energy Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2027 | 525000 | 537294  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2036 (Callable 02/01/2036) | 1750000 | 1858578  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2050 (Callable 03/02/2026)<sup>(a)</sup> | 250000 | 252119  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/2055 (Callable 09/01/2029)<sup>(a)</sup> | 3700000 | 3913997  |
|  Louisville/Jefferson County Metropolitan Government<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2032 (Callable 10/01/2026) | 1280000 | 1296867  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2047 (Callable 07/01/2026)<sup>(a)</sup> | 500000 | 506639  |
|  |  | 10894172  |
| **Louisiana - 0.5%**<br>|  |  |
|  Louisiana Housing Corp., 5.00%, 07/01/2046 (Callable 02/01/2026)<sup>(a)</sup> | 500000 | 500807  |
| Louisiana Public Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2038 (Callable 07/01/2035) | 425000 | 478222  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2043 (Callable 07/01/2035) | 1000000 | 1064694  |
|  New Orleans Aviation Board, 5.00%, 01/01/2030 (Callable 01/01/2027)<sup>(b)</sup> | 1550000 | 1573934  |
|  |  | 3617657  |
| **Maine - 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Maine Health & Higher Educational Facilities Authority, <br>5.00%, 07/01/2037 (Callable 07/01/2030) | 600000 | 642413  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Maryland - 0.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; City of Baltimore MD, <br>5.00%, 07/01/2030 (Callable 01/01/2027) | $2000000 | $2044550  |
| Maryland Economic Development Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2030 (Callable 06/01/2028) | 500000 | 521343  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2045 (Callable 10/01/2034) | 1000000 | 1024395  |
| &nbsp;&nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority, <br>5.00%, 01/01/2030 | 100000 | 106072  |
| &nbsp;&nbsp;&nbsp; Montgomery County Housing Opportunities Commission, <br>5.13%, 01/01/2053 (Callable 01/01/2034) | 700000 | 728682  |
|  Washington Suburban Sanitary Commission, 1.25%, 06/01/2027 (Callable 01/02/2026)<sup>(a)</sup> | 630000 | 630000  |
|  |  | 5055042  |
| **Massachusetts - 1.6%**<br>|  |  |
| Commonwealth of Massachusetts<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/01/2043 (Callable 09/01/2028) | 1025000 | 1062362  |
| &nbsp;&nbsp;&nbsp; 5.25%, 04/01/2047 (Callable 04/01/2027) | 2000000 | 2024084  |
|  Greater Fall River Vocational School District, 5.00%, 06/01/2055 (Callable 06/01/2034) | 5000000 | 5170735  |
|  Massachusetts Development Finance Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2033 (Callable 10/01/2026) | 1285000 | 1287784  |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/2033 | 775000 | 810277  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2044 (Callable 07/01/2027) | 500000 | 500434  |
|  Massachusetts Educational Financing Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 07/01/2037 (Callable 07/01/2031)<sup>(b)</sup> | 810000 | 674009  |
| &nbsp;&nbsp;&nbsp; 4.25%, 07/01/2044 (Callable 07/01/2033)<sup>(b)</sup> | 135000 | 135000  |
|  |  | 11664685  |
| **Michigan - 3.1%**<br>|  |  |
|  Allegan Public School District, 5.00%, 05/01/2037 (Callable 05/01/2033) | 250000 | 279199  |
|  City of Detroit MI, 6.00%, 05/01/2043 (Callable 05/01/2033) | 790000 | 870509  |
| &nbsp;&nbsp;&nbsp; Detroit City School District, <br>5.00%, 05/01/2034 (Callable 05/01/2030) | 1000000 | 1077579  |
| Elkton-Pigeon-Bay Port Laker Schools<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/2044 (Callable 05/01/2035) | 500000 | 540722  |

---

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

325<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Michigan - (Continued)**  | **Michigan - (Continued)**  | **Michigan - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/2045 (Callable 05/01/2035) | $470000 | $504162  |
|  Flat Rock Community School District, 5.00%, 05/01/2041 (Callable 05/01/2032) | 350000 | 375264  |
|  Four Lakes Special Assessment District, 5.00%, 06/01/2037 (Callable 06/01/2033) | 2170000 | 2364665  |
| Fraser Public School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2038 (Callable 05/01/2033) | 400000 | 445063  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2039 (Callable 05/01/2033) | 180000 | 199136  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2048 (Callable 05/01/2033) | 475000 | 492646  |
| Gobles Public Schools<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2046 (Callable 05/01/2034) | 850000 | 893322  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2050 (Callable 05/01/2034) | 630000 | 658590  |
|  Grand Traverse County Hospital Finance Authority, 5.00%, 07/01/2044 (Callable 07/01/2028) | 710000 | 720675  |
| &nbsp;&nbsp;&nbsp; Great Lakes Water Authority Water Supply System Revenue, <br>5.00%, 07/01/2036 (Callable 07/01/2026) | 1000000 | 1009135  |
| Michigan Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2028 (Callable 04/01/2027) | 1000000 | 1002265  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2035 (Callable 02/02/2026) | 1010000 | 1012326  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2041 (Callable 11/15/2026) | 500000 | 504436  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2043 (Callable 07/01/2035) | 1000000 | 1071177  |
|  Michigan State Housing Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.35%, 12/01/2031 (Callable 02/02/2026) | 280000 | 280057  |
| &nbsp;&nbsp;&nbsp; 6.25%, 12/01/2055 (Callable 12/01/2033) | 1240000 | 1374638  |
|  Michigan Strategic Fund, 5.00%, 12/31/2043 (Callable 12/31/2028)<sup>(b)</sup> | 305000 | 305867  |
| Okemos Public Schools<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2040 (Callable 05/01/2034) | 300000 | 334089  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2041 (Callable 05/01/2034) | 400000 | 440303  |
| &nbsp;&nbsp;&nbsp; Rockford Public Schools, <br>5.00%, 05/01/2040 (Callable 05/01/2033) | 500000 | 546402  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Saline Area Schools<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2041 (Callable 05/01/2035) | $650000 | $717640  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2043 (Callable 05/01/2035) | 1000000 | 1080805  |
| &nbsp;&nbsp;&nbsp; Van Dyke Public Schools, <br>5.50%, 05/01/2050 (Callable 05/01/2035) | 1500000 | 1560340  |
|  Walled Lake Consolidated School District, 5.00%, 05/01/2047 (Callable 05/01/2032) | 1000000 | 1030686  |
|  Wayne County Airport Authority, 5.25%, 12/01/2038 (Callable 12/01/2035)<sup>(b)</sup> | 450000 | 505122  |
|  |  | 22196820  |
| **Minnesota - 1.2%**<br>|  |  |
|  City of Virginia MN, 5.00%, 12/15/2026 (Callable 02/02/2026) | 1000000 | 1000890  |
|  Federal Home Loan Mortgage Corp., Series 2024-ML21, Class AUS, 4.52%, 08/25/2041 (Callable 08/25/2041)<sup>(a)</sup> | 993097 | 1005213  |
|  Housing & Redevelopment Authority of The City of St Paul Minnesota, 5.00%, 12/01/2036 (Callable 12/01/2030) | 150000 | 155885  |
| Minnesota Housing Finance Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/01/2043 (Callable 01/01/2033) | 480000 | 486273  |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/01/2049 (Callable 01/01/2028) | 170000 | 171406  |
| &nbsp;&nbsp;&nbsp; 6.50%, 07/01/2054 (Callable 07/01/2033) | 690000 | 754931  |
| Northern Municipal Power Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2039 (Callable 01/01/2031) | 125000 | 132850  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2040 (Callable 01/01/2031) | 100000 | 105753  |
|  Rosemount-Apple Valley-Eagan Independent School District No 196, 4.00%, 02/01/2042 (Callable 02/01/2032) | 4000000 | 4026959  |
|  State of Minnesota, 5.00%, 08/01/2034 (Callable 08/01/2026) | 1000000 | 1012701  |
|  |  | 8852861  |
| **Mississippi - 1.4%**<br>|  |  |
| City of Gulfport MS, 5.00%, 07/01/2026 | 100000 | 100600  |
|  City of Starkville MS Water & Sewer System Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/01/2038 (Callable 02/01/2033) | 390000 | 401617  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/01/2039 (Callable 02/01/2033) | 405000 | 414920  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/01/2040 (Callable 02/01/2033) | 350000 | 353885  |

---

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

326<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Mississippi - (Continued)**  | **Mississippi - (Continued)**  | **Mississippi - (Continued)**  |
| County of Hinds MS<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/01/2034 (Callable 02/02/2026) | $100000 | $97197  |
| &nbsp;&nbsp;&nbsp; 4.63%, 09/01/2054 (Callable 09/01/2029)<sup>(c)</sup> | 500000 | 461702  |
|  Mississippi Business Finance Corp., 1.25%, 11/01/2035 (Callable 02/02/2026)<sup>(a)</sup> | 1000000 | 1000000  |
| Mississippi Development Bank<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2030 (Callable 03/01/2027) | 30000 | 30280  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2030 (Callable 08/01/2029) | 250000 | 259347  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2030 (Callable 11/01/2027) | 100000 | 101435  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2031 (Callable 03/01/2027) | 100000 | 100912  |
| &nbsp;&nbsp;&nbsp; 1.48%, 07/01/2031 (Callable 02/02/2026)<sup>(c)</sup> | 864000 | 781443  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2031 (Callable 08/01/2029) | 165000 | 170988  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2032 (Callable 03/01/2027) | 50000 | 50427  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2036 | 2000000 | 2137531  |
| &nbsp;&nbsp;&nbsp; 1.99%, 06/01/2042 (Callable 02/02/2026) | 2563000 | 1784104  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/2044 (Callable 05/01/2033) | 360000 | 343341  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/01/2045 (Callable 03/01/2028) | 150000 | 149177  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2052 (Callable 05/01/2034) | 1000000 | 1033792  |
|  |  | 9772698  |
| **Missouri - 4.1%**<br>|  |  |
|  Boonville School District No R-1/MO, 5.00%, 03/01/2043 (Callable 03/01/2029) | 1600000 | 1655923  |
|  Citizens Memorial Hospital District, 5.00%, 12/01/2026 (Callable 09/01/2026) | 1000000 | 1003482  |
| City of Kansas City MO<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 02/01/2029<sup>(d)</sup> | 635000 | 565374  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2040 (Callable 02/01/2035) | 400000 | 443030  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2041 (Callable 02/01/2035) | 600000 | 657493  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/01/2042 (Callable 02/01/2035) | 700000 | 758766  |
|  City of St Louis MO Airport Revenue, 5.00%, 07/01/2039 (Callable 07/01/2029) | 300000 | 313523  |
|  Clay County School District No 40 Excelsior Springs, 5.00%, 04/01/2039 (Callable 04/01/2033) | 600000 | 657838  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; County of Phelps MO, <br>6.00%, 12/01/2055 (Callable 12/01/2035) | $500000 | $534257  |
|  Health & Educational Facilities Authority of the State of Missouri<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2032 | 500000 | 473411  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2032 (Callable 08/15/2032) | 1200000 | 1337998  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2033 (Callable 11/15/2030) | 360000 | 394093  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2052 | 2500000 | 2656869  |
|  Industrial Development Authority of the City of St Louis Missouri, 3.15%, 04/01/2046 (Callable 07/01/2027)<sup>(a)</sup> | 915000 | 916810  |
|  Jefferson City School District/MO, 5.50%, 03/01/2044 (Callable 03/01/2033) | 1250000 | 1363387  |
|  Jefferson County School District No R-VI Festus, 5.00%, 04/01/2051 (Callable 04/01/2033) | 1000000 | 1021685  |
|  Kansas City Industrial Development Authority, 5.00%, 03/01/2031 (Callable 03/01/2030)<sup>(b)</sup> | 1000000 | 1069886  |
|  Missouri Development Finance Board, 5.50%, 12/01/2050 (Callable 12/01/2033) | 1050000 | 1110213  |
|  Missouri Housing Development Commission<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 05/01/2055 (Callable 05/01/2033) | 515000 | 572078  |
| &nbsp;&nbsp;&nbsp; 5.75%, 05/01/2056 (Callable 05/01/2033) | 990000 | 1080741  |
|  Missouri Joint Municipal Electric Utility Commission, 5.00%, 06/01/2034 | 870000 | 1005905  |
|  Monarch-Chesterfield Levee District, 4.13%, 03/01/2044 (Callable 03/01/2034) | 1000000 | 987321  |
|  Pettis County School District No 200 Sedalia, 5.00%, 04/15/2046 (Callable 04/15/2030) | 1575000 | 1613802  |
|  Platte County R-III School District, 6.25%, 03/01/2044 (Callable 03/01/2035) | 1675000 | 1946434  |
| St Clair Fire Protection District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2040 (Callable 03/01/2034) | 500000 | 549097  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2042 (Callable 03/01/2034) | 705000 | 760233  |
|  St Louis Land Clearance for Redevelopment Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 06/01/2026 | 25000 | 25032  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2038 (Callable 04/01/2027) | 1000000 | 1016193  |
|  St Louis Municipal Finance Corp., 5.00%, 10/01/2045 (Callable 10/01/2030) | 1000000 | 1023675  |

---

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

327<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Missouri - (Continued)**  | **Missouri - (Continued)**  | **Missouri - (Continued)**  |
|  University City Industrial Development Authority, 5.50%, 06/15/2042 (Callable 06/15/2033) | $500000 | $507437  |
|  Warren County School District No R-III, 5.00%, 03/01/2044 (Callable 03/01/2030) | 1075000 | 1111237  |
|  |  | 29133223  |
| **Montana - 0.4%**<br>|  |  |
|  City of Forsyth MT, 3.88%, 07/01/2028 (Callable 04/02/2028) | 1000000 | 1016269  |
| &nbsp;&nbsp;&nbsp; Montana Board of Housing, <br>6.00%, 12/01/2054 (Callable 06/01/2033) | 1345000 | 1458597  |
|  Montana Facility Finance Authority, 5.00%, 07/01/2033 (Callable 07/01/2028) | 500000 | 519915  |
|  |  | 2994781  |
| **Nebraska - 0.4%**<br>|  |  |
|  Beatrice Area Solid Waste Agency, 4.63%, 03/15/2050 (Callable 03/05/2033) | 750000 | 744142  |
| Central Plains Energy Project<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2053 (Callable 07/01/2029)<sup>(a)</sup> | 1000000 | 1043312  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2054 (Callable 08/01/2029)<sup>(a)</sup> | 750000 | 799901  |
|  |  | 2587355  |
| **Nevada - 0.3%**<br>|  |  |
|  Carson City NV, 5.00%, 09/01/2031 (Callable 09/01/2027) | 495000 | 506785  |
| &nbsp;&nbsp;&nbsp; County of Washoe NV, <br>4.13%, 03/01/2036<sup>(a)(b)</sup> | 500000 | 511019  |
| &nbsp;&nbsp;&nbsp; Nevada Housing Division, <br>7.50%, 04/01/2049 (Callable 10/01/2033) | 1000000 | 1210027  |
|  |  | 2227831  |
| **New Hampshire - 1.2%**<br>|  |  |
| New Hampshire Business Finance Authority | New Hampshire Business Finance Authority | New Hampshire Business Finance Authority |
| &nbsp;&nbsp;&nbsp; 4.50%, 10/01/2033 | 1000000 | 1053471  |
| &nbsp;&nbsp;&nbsp; 4.38%, 09/20/2036 | 476735 | 485312  |
| &nbsp;&nbsp;&nbsp; 4.79%, 02/20/2041<sup>(a)</sup> | 1000000 | 1047809  |
| &nbsp;&nbsp;&nbsp; 4.22%, 11/20/2042<sup>(a)</sup> | 3487991 | 3403132  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/01/2045 (Callable 06/01/2035) | 1000000 | 1044024  |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/01/2050 (Callable 04/01/2033)<sup>(b)</sup> | 500000 | 509962  |
|  New Hampshire Health and Education Facilities Authority Act<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2035 (Callable 10/01/2027) | 450000 | 462127  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/01/2036 (Callable 06/01/2026) | 500000 | 504115  |
|  |  | 8509952  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **New Jersey - 0.5%**<br>|  |  |
|  New Jersey Higher Education Student Assistance Authority, 4.50%, 12/01/2045 (Callable 12/01/2035)<sup>(b)</sup> | $2500000 | $2566281  |
| &nbsp;&nbsp;&nbsp; New Jersey Housing & Mortgage Finance Agency, <br>5.00%, 10/01/2063 | 491228 | 502182  |
| Newark Parking Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/01/2043 (Callable 02/01/2033) | 200000 | 207926  |
| &nbsp;&nbsp;&nbsp; 5.50%, 02/01/2051 (Callable 02/01/2033) | 340000 | 349396  |
| &nbsp;&nbsp;&nbsp; Toms River Board of Education, <br>3.00%, 07/15/2029 (Callable 07/15/2026) | 250000 | 236758  |
|  |  | 3862543  |
| **New Mexico - 0.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; New Mexico Hospital Equipment Loan Council, 4.00%, 08/01/2035 <br>(Callable 11/01/2027) | 1995000 | 2002949  |
| **New York - 4.5%**<br>|  |  |
|  Albany County Capital Resource Corp., 3.10%, 07/01/2030 | 100000 | 96715  |
| Build NYC Resource Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2031 (Callable 12/01/2029)<sup>(c)</sup> | 300000 | 294754  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2056 (Callable 12/01/2035) | 1000000 | 1052464  |
| &nbsp;&nbsp;&nbsp; City of New York NY, <br>5.25%, 10/01/2043 (Callable 10/01/2032) | 1000000 | 1067171  |
|  Empire State Development Corp., 5.00%, 03/15/2034 (Callable 09/15/2027) | 1500000 | 1554211  |
| &nbsp;&nbsp;&nbsp; Genesee County Funding Corp., <br>5.50%, 12/01/2055 <br>(Callable 12/01/2035) | 1100000 | 1146040  |
|  Huntington Local Development Corp., 4.00%, 07/01/2027 | 165000 | 162276  |
|  Long Island Power Authority, 3.00%, 09/01/2055 (Callable 03/01/2028)<sup>(a)</sup> | 1500000 | 1502900  |
|  Monroe County Industrial Development Corp., 4.84%, 11/01/2040 | 982244 | 1040196  |
|  New York City Housing Development Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.55%, 11/01/2045 (Callable 02/01/2029) | 1000000 | 720451  |
| &nbsp;&nbsp;&nbsp; 3.95%, 11/01/2064 (Callable 07/01/2028)<sup>(a)</sup> | 2000000 | 2042654  |
|  New York City Municipal Water Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2037 (Callable 06/15/2027) | 1500000 | 1540779  |

---

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

328<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **New York - (Continued)**  | **New York - (Continued)**  | **New York - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 1.15%, 06/15/2044 (Callable 01/02/2026)<sup>(a)</sup> | $3510000 | $3510000  |
|  New York City Transitional Finance Authority Building Aid Revenue, 5.00%, 07/15/2045 (Callable 07/15/2028) | 1000000 | 1020490  |
|  New York City Transitional Finance Authority Future Tax Secured Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2034 (Callable 05/01/2028) | 1000000 | 1045660  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2035 (Callable 05/01/2028) | 1000000 | 1042191  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2040 (Callable 11/01/2034) | 1980000 | 2182042  |
| New York State Dormitory Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/2043 (Callable 03/15/2029) | 250000 | 257738  |
| &nbsp;&nbsp;&nbsp; 5.25%, 10/01/2044 (Callable 10/01/2034) | 1000000 | 1061165  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/01/2050 (Callable 07/01/2035) | 750000 | 807061  |
|  New York State Environmental Facilities Corp., 5.13%, 09/01/2050 (Callable 06/05/2030)<sup>(a)(b)(c)</sup> | 500000 | 519748  |
| &nbsp;&nbsp;&nbsp; New York State Housing Finance Agency, 3.60%, 11/01/2062 <br>(Callable 01/23/2026)<sup>(a)</sup> | 630000 | 630167  |
| New York Transportation Development Corp. | New York Transportation Development Corp. | New York Transportation Development Corp. |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2040 (Callable 10/01/2030)<sup>(b)</sup> | 1875000 | 1900939  |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/30/2045 (Callable 06/30/2034)<sup>(b)</sup> | 1500000 | 1649192  |
| Onondaga Civic Development Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 10/01/2035 (Callable 02/02/2026) | 265000 | 229920  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2040 (Callable 02/02/2026) | 525000 | 460667  |
| &nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, 5.00%, 11/15/2034 <br>(Callable 11/15/2026)<sup>(b)</sup> | 1000000 | 1012905  |
|  Saratoga County Capital Resource Corp., 5.00%, 07/01/2038 (Callable 07/01/2035) | 700000 | 800402  |
|  Schenectady County Capital Resource Corp., 5.25%, 07/01/2052 (Callable 07/01/2032) | 350000 | 362620  |
| &nbsp;&nbsp;&nbsp; Town of Ramapo NY, <br>3.75%, 03/01/2030 (Callable 01/23/2026) | 50000 | 49455  |
|  Triborough Bridge & Tunnel Authority, 4.50%, 05/15/2047 (Callable 11/15/2032) | 500000 | 502527  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Ulster County Capital Resource Corp., 5.88%, 09/15/2059 (Callable 09/15/2032)<sup>(c)</sup> | $1000000 | $996601  |
|  |  | 32262101  |
| **North Carolina - 1.0%**<br>|  |  |
| City of Asheville NC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2038 (Callable 04/01/2035) | 575000 | 659519  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2044 (Callable 04/01/2035) | 515000 | 554119  |
|  City of Charlotte NC Airport Revenue, 5.00%, 07/01/2047 (Callable 07/01/2027)<sup>(b)</sup> | 600000 | 601775  |
| City of Raleigh NC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2043 (Callable 04/01/2035) | 500000 | 548955  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2044 (Callable 04/01/2035) | 500000 | 544431  |
|  Durham Housing Authority, 3.20%, 01/01/2044 (Callable 07/01/2028)<sup>(a)</sup> | 800000 | 801599  |
|  Fayetteville State University, 5.00%, 04/01/2043 (Callable 04/01/2031) | 1000000 | 1034563  |
|  Greater Asheville Regional Airport Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/2038 (Callable 07/01/2032)<sup>(b)</sup> | 350000 | 379314  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/2043 (Callable 07/01/2033)<sup>(b)</sup> | 1000000 | 1048822  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/01/2047 (Callable 07/01/2032)<sup>(b)</sup> | 500000 | 521809  |
| &nbsp;&nbsp;&nbsp; North Carolina Housing Finance Agency, 2.85%, 07/01/2040 <br>(Callable 07/01/2029) | 460000 | 389889  |
|  |  | 7084795  |
| **North Dakota - 0.4%**<br>|  |  |
| City of Horace ND<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2048 (Callable 05/01/2031) | 500000 | 500673  |
| &nbsp;&nbsp;&nbsp; 6.00%, 05/01/2049 (Callable 05/01/2032) | 500000 | 519991  |
|  City of Mandan ND Sales Tax Revenue, 3.00%, 09/01/2036 (Callable 02/02/2026) | 185000 | 168449  |
|  City of Mayville ND, 5.00%, 05/01/2044 (Callable 05/01/2031) | 1000000 | 982132  |
|  North Dakota Housing Finance Agency, 5.75%, 01/01/2054 (Callable 07/01/2032) | 900000 | 957736  |
|  |  | 3128981  |
| **Ohio - 5.4%**<br>|  |  |
|  Akron Bath Copley Joint Township Hospital District, 5.00%, 11/15/2031 (Callable 11/15/2030) | 100000 | 111251  |

---

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

329<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Ohio - (Continued)**  | **Ohio - (Continued)**  | **Ohio - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Bedford City School District, <br>5.50%, 12/01/2044 (Callable 06/01/2032) | $3250000 | $3498460  |
| &nbsp;&nbsp;&nbsp; Brooklyn City School District, <br>5.00%, 12/01/2038 (Callable 06/01/2027) | 1500000 | 1522528  |
| Cleveland Municipal School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2042 (Callable 06/01/2035) | 700000 | 755344  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2043 (Callable 06/01/2035) | 750000 | 801091  |
|  Cleveland-Cuyahoga County Port Authority, 5.50%, 08/01/2052 (Callable 08/01/2032) | 350000 | 363109  |
|  Columbus Regional Airport Authority, 5.00%, 01/01/2036 (Callable 01/01/2035)<sup>(b)</sup> | 1500000 | 1667428  |
|  Columbus-Franklin County Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.19%, 06/01/2044 (Callable 11/01/2028)<sup>(a)</sup> | 2000000 | 2006315  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/15/2045 (Callable 05/15/2035) | 660000 | 687006  |
| &nbsp;&nbsp;&nbsp; County of Fayette OH, <br>5.25%, 12/01/2049 (Callable 12/01/2034) | 1500000 | 1560200  |
| County of Montgomery OH<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 08/01/2034 (Callable 02/01/2031) | 100000 | 95966  |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/01/2054 (Callable 09/01/2034) | 1000000 | 1020882  |
|  County of Ross OH, 5.00%, 12/01/2039 (Callable 12/01/2029) | 1000000 | 1033332  |
|  Delaware County Finance Authority, 5.38%, 12/01/2038 (Callable 12/01/2034) | 675000 | 692574  |
|  EHOVE Joint Vocational School District, 5.50%, 12/01/2050 (Callable 06/01/2032) | 1800000 | 1895482  |
|  FHLMC Multifamily VRD Certificates, 2.55%, 06/15/2035 | 435000 | 384536  |
|  Licking Heights Local School District, 5.50%, 10/01/2059 (Callable 10/01/2031) | 1000000 | 1051617  |
|  Margaretta Local School District, 5.50%, 10/01/2050 (Callable 10/01/2032) | 1600000 | 1673963  |
|  Ohio Air Quality Development Authority, 4.00%, 09/01/2030<sup>(a)</sup> | 520000 | 526701  |
| Ohio Housing Finance Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/01/2026 (Callable 01/01/2026)<sup>(c)</sup> | 500000 | 500506  |
| &nbsp;&nbsp;&nbsp; 4.70%, 01/01/2043 | 1000000 | 1050903  |
| &nbsp;&nbsp;&nbsp; 2.90%, 09/01/2045 (Callable 03/01/2029) | 800000 | 635042  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 3.20%, 01/01/2046 (Callable 04/01/2028)<sup>(a)</sup> | $500000 | $500482  |
|  Ohio Turnpike & Infrastructure Commission, 5.70%, 02/15/2034 (Callable 02/15/2031) | 95000 | 108116  |
|  Port of Greater Cincinnati Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/2058 (Callable 06/01/2034) | 500000 | 519609  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/2063 (Callable 06/01/2034) | 900000 | 935296  |
| Shaker Heights City School District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2040 (Callable 06/15/2034) | 500000 | 553459  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2041 (Callable 06/15/2034) | 450000 | 492131  |
|  State of Ohio, 2.60%, 01/15/2051 (Callable 01/02/2026)<sup>(a)</sup> | 2000000 | 2000000  |
|  Summit County Development Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2045 (Callable 05/15/2035) | 1890000 | 1972640  |
| &nbsp;&nbsp;&nbsp; 5.75%, 12/01/2053 (Callable 12/01/2033) | 250000 | 261996  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/2055 (Callable 07/01/2035) | 3000000 | 3093172  |
|  Tolles Career & Technical Center, 5.00%, 12/01/2042 (Callable 12/01/2031) | 1820000 | 1922580  |
|  University of Akron, 5.00%, 01/01/2036 (Callable 07/01/2026) | 1000000 | 1006760  |
| &nbsp;&nbsp;&nbsp; Warren County Port Authority, <br>5.00%, 12/01/2038 (Callable 12/01/2035) | 1500000 | 1564833  |
|  |  | 38465310  |
| **Oklahoma - 1.6%**<br>|  |  |
|  Caddo County Educational Facilities Authority, 5.00%, 09/01/2033 | 1000000 | 1089944  |
|  Mcintosh County Educational Facilities Authority, 5.00%, 09/01/2041 (Callable 09/01/2035) | 800000 | 831464  |
| Muskogee Industrial Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/2032 (Callable 09/01/2029) | 250000 | 253004  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/2033 (Callable 09/01/2029) | 500000 | 504217  |
|  Nowata County Educational Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2034 | 465000 | 509400  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2035 | 505000 | 552513  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2038 (Callable 09/01/2035) | 1260000 | 1344731  |
|  Oklahoma Capitol Improvement Authority, 5.00%, 07/01/2045 (Callable 07/01/2035) | 1000000 | 1064197  |

---

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

330<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Oklahoma - (Continued)**  | **Oklahoma - (Continued)**  | **Oklahoma - (Continued)**  |
|  Oklahoma County Finance Authority, 5.00%, 10/01/2045 (Callable 10/01/2034) | $1000000 | $1047972  |
|  Oklahoma Municipal Power Authority, 5.25%, 01/01/2051 (Callable 01/01/2036) | 750000 | 798808  |
| Oklahoma Turnpike Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2039 (Callable 01/01/2036) | 250000 | 287203  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/01/2053 (Callable 01/01/2032) | 1000000 | 1062458  |
|  Oklahoma Water Resources Board, 5.00%, 10/01/2051 (Callable 10/01/2032) | 1750000 | 1816640  |
|  |  | 11162551  |
| **Oregon - 1.5%**<br>|  |  |
|  City of Portland OR Sewer System Revenue, 4.50%, 05/01/2032 (Callable 05/01/2026) | 750000 | 753322  |
| &nbsp;&nbsp;&nbsp; City of Redmond OR, 5.50%, 06/01/2052 (Callable <br>06/01/2035)<sup>(b)</sup> | 1000000 | 1060331  |
|  Coos County School District No 9 Coos Bay, 5.00%, 06/15/2043 (Callable 06/15/2028) | 1000000 | 1024170  |
| &nbsp;&nbsp;&nbsp; Klamath County School District, <br>4.00%, 06/15/2037 (Callable 06/15/2027) | 20000 | 20118  |
|  Oregon Coast Community College District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2044 (Callable 06/15/2034) | 350000 | 375563  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2045 (Callable 06/15/2034) | 425000 | 452756  |
|  Oregon State Facilities Authority, 5.00%, 10/01/2032 (Callable 10/01/2026) | 1000000 | 1002758  |
| &nbsp;&nbsp;&nbsp; Oregon State Lottery, <br>5.25%, 04/01/2044 (Callable 04/01/2035) | 2000000 | 2212872  |
|  Port of Morrow OR, 5.15%, 10/01/2026 (Callable 01/23/2026)<sup>(c)</sup> | 1500000 | 1500229  |
|  Port of Portland OR Airport Revenue, 5.00%, 07/01/2029 (Callable 01/01/2027)<sup>(b)</sup> | 1000000 | 1018318  |
|  Salem Hospital Facility Authority, 5.00%, 05/15/2034 (Callable 05/15/2029) | 50000 | 52982  |
| State of Oregon<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/2042 (Callable 05/01/2035) | 500000 | 563466  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/2043 (Callable 05/01/2035) | 300000 | 334682  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/2044 (Callable 05/01/2035) | 275000 | 304718  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/2045 (Callable 05/01/2035) | $250000 | $274607  |
|  |  | 10950892  |
| **Pennsylvania - 4.5%**<br>|  |  |
|  Chester County Industrial Development Authority, 5.00%, 08/01/2035 (Callable 02/02/2026) | 150000 | 150023  |
|  City of Hazleton PA, 5.00%, 09/15/2045 (Callable 09/15/2030) | 2000000 | 2017834  |
| City of Philadelphia PA Airport Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 (Callable 07/01/2027)<sup>(b)</sup> | 750000 | 771264  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 (Callable 07/01/2027)<sup>(b)</sup> | 750000 | 769478  |
|  City of Philadelphia PA Water & Wastewater Revenue, 5.25%, 09/01/2054 (Callable 09/01/2034) | 1000000 | 1061677  |
| &nbsp;&nbsp;&nbsp; Delaware County Industrial Development Authority/PA, <br>4.38%, 06/01/2026<sup>(c)</sup> | 180000 | 180274  |
| &nbsp;&nbsp;&nbsp; Delaware County Regional Water Quality Control Authority, <br>5.00%, 11/01/2041 (Callable 11/01/2026) | 750000 | 754832  |
| &nbsp;&nbsp;&nbsp; Delaware County Vocational & Technical School Authority, <br>4.00%, 11/01/2054 (Callable 11/01/2032) | 1000000 | 928939  |
| &nbsp;&nbsp;&nbsp; East Hempfield Township Industrial Development Authority, <br>5.00%, 12/01/2027 (Callable 02/02/2026) | 400000 | 400207  |
|  Geisinger Authority, 5.00%, 02/15/2045 (Callable 02/15/2027) | 1000000 | 1006101  |
|  Hatboro-Horsham School District, 5.00%, 09/15/2045 (Callable 09/15/2032) | 2390000 | 2538088  |
|  Health Care Facilities Authority of Sayre, 3.37% (3 mo. Term SOFR + 0.83%), 12/01/2031 (Callable 02/02/2026) | 425000 | 421578  |
|  Hempfield School District, 2.00%, 04/15/2030 (Callable 04/15/2027) | 150000 | 141652  |
|  Highlands School District, 5.00%, 04/15/2032 | 610000 | 673305  |
|  Lancaster County Hospital Authority/PA, 5.00%, 11/01/2040 (Callable 11/01/2029) | 275000 | 285278  |
| &nbsp;&nbsp;&nbsp; Mckeesport Area School District, <br>0.00%, 10/01/2033<sup>(d)</sup> | 400000 | 295440  |
|  Montgomery County Industrial Development Authority/PA, 1.50%, 11/15/2029 (Callable 02/01/2026)<sup>(a)</sup> | 1715000 | 1715000  |

---

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

331<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Pennsylvania - (Continued)**  | **Pennsylvania - (Continued)**  | **Pennsylvania - (Continued)**  |
|  Pennsylvania Economic Development Financing Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/31/2029 (Callable 06/30/2026)<sup>(b)</sup> | $1000000 | $1006049  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/30/2042 (Callable 06/30/2026)<sup>(b)</sup> | 425000 | 425446  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/2060 (Callable 09/15/2031)<sup>(a)</sup> | 1000000 | 1097321  |
|  Pennsylvania Economic Development Financing Authority Parking System Revenue, 0.00%, 01/01/2039<sup>(d)</sup> | 140000 | 81110  |
|  Pennsylvania Higher Education Assistance Agency, 4.13%, 06/01/2045 (Callable 06/01/2033)<sup>(b)</sup> | 800000 | 787563  |
|  Pennsylvania Higher Educational Facilities Authority, 5.00%, 07/01/2035 (Callable 07/01/2026) | 150000 | 147783  |
| Pennsylvania Housing Finance Agency<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.90%, 06/01/2041 | 1000000 | 1031629  |
| &nbsp;&nbsp;&nbsp; 4.60%, 11/01/2042 | 1000000 | 1004112  |
| Pennsylvania Turnpike Commission<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 12/01/2039 (Callable 06/01/2029) | 50000 | 52855  |
| &nbsp;&nbsp;&nbsp; 5.13%, 12/01/2040 (Callable 06/01/2029) | 125000 | 131563  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/01/2041 (Callable 12/01/2035)<sup>(d)</sup> | 1615000 | 1586650  |
|  Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, 5.25%, 12/01/2044 (Callable 12/01/2028) | 1200000 | 1241854  |
|  Philadelphia Authority for Industrial Development<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2032 (Callable 06/15/2030) | 485000 | 502534  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/01/2052 (Callable 11/01/2032) | 250000 | 256484  |
|  Reading School District, 5.00%, 03/01/2037 (Callable 03/01/2027) | 1500000 | 1525575  |
|  Ridley School District, 5.00%, 11/15/2050 (Callable 05/15/2032) | 1500000 | 1529038  |
| State Public School Building Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 (Callable 12/01/2026) | 925000 | 941737  |
| &nbsp;&nbsp;&nbsp; 0.00%, 05/15/2030<sup>(d)</sup> | 200000 | 174201  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2032 (Callable 12/01/2026) | 1500000 | 1523740  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2033 (Callable 12/01/2026) | 1500000 | 1522790  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Steelton-Highspire School District, 5.13%, 06/30/2026 | $1000000 | $1002426  |
|  Tulpehocken Area School District, 5.25%, 10/01/2049 (Callable 10/01/2031) | 500000 | 516722  |
|  |  | 32200152  |
| **Rhode Island - 0.6%**<br>|  |  |
|  Providence Redevelopment Agency, 5.00%, 04/01/2027 (Callable 02/02/2026) | 410000 | 410262  |
|  Rhode Island Health and Educational Building Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2065 (Callable 07/01/2035) | 2000000 | 1996146  |
| &nbsp;&nbsp;&nbsp; 5.63%, 07/01/2065 (Callable 07/01/2035) | 600000 | 618415  |
|  Rhode Island Student Loan Authority, 5.00%, 12/01/2032<sup>(b)</sup> | 1000000 | 1076031  |
|  |  | 4100854  |
| **South Carolina - 2.1%**<br>|  |  |
|  Charleston County Airport District, 5.00%, 07/01/2043 (Callable 07/01/2029) | 2000000 | 2069540  |
|  Charleston Housing Authority/SC, 5.00%, 09/01/2035 (Callable 09/01/2032) | 1500000 | 1587007  |
|  Greater Greenville Sanitation District, 4.25%, 03/01/2055 (Callable 03/01/2035) | 1000000 | 948946  |
|  Greenville-Spartanburg Airport District, 5.25%, 07/01/2054 (Callable 07/01/2034) | 1000000 | 1054850  |
|  Scago Educational Facilities Corp. for Spartanburg School District No 1, 3.38%, 06/01/2030 (Callable 02/02/2026) | 100000 | 99456  |
|  South Carolina Jobs-Economic Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/15/2028 (Callable 02/02/2026) | 600000 | 600552  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/15/2030 (Callable 08/15/2026) | 140000 | 140275  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/15/2032 (Callable 03/15/2031) | 75000 | 68455  |
| &nbsp;&nbsp;&nbsp; 5.25%, 08/15/2033 (Callable 08/15/2026) | 150000 | 151403  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/01/2035 (Callable 11/01/2032) | 470000 | 466532  |
| &nbsp;&nbsp;&nbsp; 3.00%, 03/15/2038 (Callable 03/15/2031) | 200000 | 142848  |
| &nbsp;&nbsp;&nbsp; 2.50%, 03/15/2051 (Callable 03/15/2031) | 2015000 | 1030402  |
|  South Carolina Ports Authority, 5.00%, 07/01/2036 (Callable 07/01/2028)<sup>(b)</sup> | 1455000 | 1503913  |

---

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

332<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **South Carolina - (Continued)**<br>|  |  |
| South Carolina Public Service Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032 (Callable 06/01/2026) | $1000000 | $1008984  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2054 (Callable 12/01/2034) | 1500000 | 1600223  |
|  South Carolina Transportation Infrastructure Bank, 5.00%, 10/01/2036 (Callable 10/01/2027) | 1205000 | 1244665  |
|  Spartanburg County School District No 4/SC, 5.25%, 03/01/2052 (Callable 03/01/2032) | 1000000 | 1051563  |
|  |  | 14769614  |
| **South Dakota - 0.9%**<br>|  |  |
| City of Rapid City SD Airport Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2026 | 220000 | 222339  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2035 (Callable 12/01/2029) | 125000 | 122373  |
|  South Dakota Health & Educational Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/01/2034 (Callable 02/02/2026) | 580000 | 580811  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/01/2051 (Callable 11/01/2031)<sup>(a)</sup> | 1000000 | 1108919  |
|  South Dakota Housing Development Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.05%, 11/01/2041 (Callable 05/01/2030) | 2000000 | 1461657  |
| &nbsp;&nbsp;&nbsp; 6.25%, 05/01/2056 (Callable 11/01/2033) | 2500000 | 2849483  |
|  |  | 6345582  |
| **Tennessee - 2.2%**<br>|  |  |
|  Chattanooga Health Educational & Housing Facility Board<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2033 (Callable 08/01/2029) | 250000 | 264813  |
| &nbsp;&nbsp;&nbsp; 3.25%, 08/01/2044 (Callable 08/01/2029) | 870000 | 714032  |
|  City of Memphis TN Memphis Light Gas & Water Division Electric System Revenue, 4.25%, 12/01/2044 (Callable 12/01/2035) | 2000000 | 2002177  |
|  Hamilton County & Chattanooga Sports Authority, 6.00%, 12/01/2055 (Callable 12/01/2034) | 1000000 | 1129725  |
|  Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2040 (Callable 07/01/2026) | 1475000 | 1482989  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/2048 (Callable 05/01/2033) | 700000 | 721713  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Metropolitan Government Nashville & Davidson County Industrial Development Board, 3.15%, 07/01/2044 (Callable 01/01/2029)<sup>(a)</sup> | $1000000 | $1003666  |
|  Metropolitan Government Nashville & Davidson County Sports Authority, 5.00%, 07/01/2037 (Callable 01/01/2034) | 500000 | 564006  |
|  New Memphis Arena Public Building Authority, 0.00%, 04/01/2030<sup>(d)</sup> | 480000 | 479140  |
|  Rutherford County Health & Educational Facilities Board<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2048 (Callable 11/15/2029)<sup>(a)</sup> | 1250000 | 1366681  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2050 (Callable 07/01/2035) | 2000000 | 2004989  |
|  Shelby County Health Educational & Housing Facilities Board<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/01/2035 (Callable 05/01/2027) | 750000 | 761514  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/01/2035 | 1000000 | 1124392  |
|  Tennergy Corp./TN, 5.50%, 10/01/2053 (Callable 09/01/2030)<sup>(a)</sup> | 400000 | 429048  |
|  Tennessee Energy Acquisition Corp., 5.00%, 12/01/2035 (Callable 09/01/2035) | 1300000 | 1397876  |
|  Tennessee Housing Development Agency, 3.85%, 07/01/2043 (Callable 07/01/2027) | 220000 | 213196  |
|  |  | 15659957  |
| **Texas - 12.1%**<br>|  |  |
|  Argyle Independent School District, 5.25%, 08/15/2041 (Callable 08/15/2035) | 885000 | 997126  |
|  Arlington Higher Education Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/15/2036 (Callable 08/15/2031) | 440000 | 453891  |
| &nbsp;&nbsp;&nbsp; 2.13%, 08/15/2045 (Callable 08/15/2030) | 750000 | 497230  |
| &nbsp;&nbsp;&nbsp; 2.25%, 08/15/2046 (Callable 08/15/2031) | 1500000 | 1000362  |
|  Arlington Housing Finance Corp., 4.50%, 04/01/2041 (Callable 04/01/2026)<sup>(a)</sup> | 1815000 | 1821549  |
|  Aubrey Independent School District, 5.00%, 02/15/2040 (Callable 02/15/2035) | 645000 | 709418  |
|  Austin Independent School District, 5.00%, 08/01/2048 (Callable 02/01/2029) | 1500000 | 1532581  |
|  Austin-Bergstrom Landhost Enterprises, Inc., 5.00%, 10/01/2035 (Callable 10/01/2027) | 100000 | 102015  |
|  Bells Independent School District, 5.00%, 02/15/2041 (Callable 08/15/2033) | 690000 | 751536  |

---

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

333<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Texas - (Continued)**  | **Texas - (Continued)**  | **Texas - (Continued)**  |
|  Brazoria County Toll Road Authority, 4.00%, 03/01/2038 (Callable 03/01/2030) | $130000 | $131922  |
|  Brazos Higher Education Authority, Inc., 2.35%, 04/01/2040 (Callable 04/01/2030)<sup>(b)</sup> | 5000 | 4975  |
|  Brookfield Water Control & Improvement District, 4.00%, 09/01/2049 (Callable 09/01/2030) | 1000000 | 891906  |
|  Brushy Creek Regional Utility Authority, Inc., 4.00%, 08/01/2031 (Callable 08/01/2026) | 400000 | 401769  |
|  Cedar Port Navigation & Improvement District, 2.38%, 09/01/2041 (Callable 02/02/2026) | 1000000 | 720871  |
|  City of Austin TX Airport System Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2034 (Callable 11/15/2026)<sup>(b)</sup> | 1000000 | 1011009  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2041 (Callable 11/15/2026)<sup>(b)</sup> | 500000 | 502408  |
|  City of Fort Worth TX, 5.50%, 03/01/2043 (Callable 03/01/2035) | 1250000 | 1372652  |
|  City of Godley TX, 5.00%, 08/15/2036 (Callable 08/15/2034) | 1560000 | 1744290  |
|  City of Greenville TX Electric System Revenue, 5.25%, 02/15/2049 (Callable 08/15/2032) | 1000000 | 1045016  |
| City of Kyle TX<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2042 (Callable 08/15/2034) | 725000 | 774834  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2045 (Callable 08/15/2034) | 500000 | 522938  |
|  City of Magnolia TX, 5.70%, 09/01/2046<sup>(c)</sup> | 45000 | 46035  |
|  City of Mount Pleasant TX, 5.00%, 05/15/2042 (Callable 05/15/2034) | 2085000 | 2236021  |
| City of Red Oak TX<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2038 (Callable 02/15/2035) | 750000 | 837510  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2039 (Callable 02/15/2035) | 1145000 | 1270588  |
|  City of Texas City TX, 5.00%, 02/15/2043 (Callable 02/15/2035) | 3000000 | 3185460  |
|  Collin County Municipal Utility District No 2, 5.00%, 09/01/2038 (Callable 10/01/2029) | 1000000 | 1037352  |
|  Community Independent School District/TX, 5.00%, 02/15/2055 (Callable 02/15/2035) | 625000 | 643971  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Conroe Municipal Utility District No 1, 2.25%, 09/01/2035 (Callable 09/01/2027) | $620000 | $494781  |
|  Dalhart Independent School District, 5.00%, 02/15/2041 (Callable 02/15/2032) | 1000000 | 1071805  |
|  Dallas Fort Worth International Airport, 5.00%, 11/01/2050 (Callable 08/01/2032)<sup>(a)(b)</sup> | 2100000 | 2298021  |
|  Dallas Metrocare Services, 4.75%, 11/01/2055 (Callable 11/01/2035) | 1030000 | 1023871  |
|  Denton Independent School District, 4.00%, 08/15/2055<sup>(a)</sup> | 1000000 | 1058025  |
|  EP Cimarron Ventanas PFC, 4.13%, 12/01/2039 (Callable 12/01/2034) | 1500000 | 1511755  |
|  Far North Fort Worth Municipal Utility District No 1, 4.00%, 09/01/2037 (Callable 10/01/2029) | 350000 | 351162  |
|  Fort Bend County Municipal Utility District No 142, 2.00%, 09/01/2037 (Callable 09/01/2026) | 220000 | 169893  |
|  Fort Bend Independent School District, 4.00%, 08/01/2054<sup>(a)</sup> | 1000000 | 1018589  |
|  Freddie Mac Multifamily ML Certificates, 4.14%, 01/25/2040<sup>(a)</sup> | 487402 | 475220  |
|  Fulshear Municipal Utility District No 3A<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/2038 (Callable 09/01/2030) | 795000 | 789749  |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/2039 (Callable 09/01/2030) | 830000 | 816522 |
| &nbsp;&nbsp;&nbsp; 4.00%, 09/01/2039 (Callable 09/01/2030)  | 200000  | 196752  |
|  FW Chaparral PFC, 4.00%, 10/01/2035 (Callable 10/01/2032) | 2000000 | 1999450  |
|  Galveston County Municipal Utility District No 36, 6.50%, 09/01/2034 (Callable 09/01/2031) | 195000 | 224768  |
|  Grand Parkway Transportation Corp., 5.75%, 10/01/2044 (Callable 10/01/2028) | 2500000 | 2635950  |
|  Harris County Cultural Education Facilities Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2054 (Callable 02/15/2032)<sup>(a)</sup> | 2800000 | 3047797  |
| &nbsp;&nbsp;&nbsp; 1.20%, 12/01/2060 (Callable 01/02/2026)<sup>(a)</sup> | 1000000 | 1000000  |
|  Harris County Municipal Utility District No 285, 2.00%, 09/01/2033 (Callable 09/01/2026) | 160000 | 137873  |
|  Houston Higher Education Finance Corp., 3.38%, 10/01/2037 (Callable 02/02/2026) | 200000 | 178024  |
|  Huffman Independent School District, 5.25%, 02/15/2040 (Callable 02/15/2035) | 620000 | 697402  |

---

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

334<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Texas - (Continued)**  | **Texas - (Continued)**  | **Texas - (Continued)**  |
|  Kendall County Water Control & Improvement District No 2A, 5.00%, 09/01/2046 (Callable 11/01/2030) | $510000 | $518665  |
|  La Feria Independent School District/TX, 5.25%, 02/15/2055 (Callable 02/15/2035) | 2000000 | 2131386  |
|  Legacy Denton Public Facility Corp., 3.15%, 11/01/2043 (Callable 05/01/2028)<sup>(a)</sup> | 2000000 | 2001409  |
|  Lower Colorado River Authority, 5.00%, 05/15/2039 (Callable 05/15/2027) | 1000000 | 1018783  |
|  Matagorda County Navigation District No 1, 4.55%, 05/01/2030<sup>(b)</sup> | 1000000 | 1044232  |
|  Mckinney Municipal Utility District No 1, 3.38%, 09/01/2034 (Callable 05/01/2030) | 260000 | 257509  |
|  Montgomery County Municipal Utility District No 88, 4.25%, 09/01/2047 (Callable 09/01/2029) | 500000 | 469149  |
|  New Caney Independent School District, 4.00%, 02/15/2050<sup>(a)</sup> | 500000 | 509213  |
|  New Hope Cultural Education Facilities Finance Corp., 4.63%, 10/01/2030 (Callable 10/01/2026) | 500000 | 502128  |
|  North Central Texas Health Facility Development Corp., 5.75%, 06/01/2026 | 175000 | 177181  |
| North Texas Tollway Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/01/2035<sup>(d)</sup> | 600000 | 446361  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/01/2036<sup>(d)</sup> | 335000 | 238691  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/01/2037<sup>(d)</sup> | 1050000 | 713995  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/01/2038<sup>(d)</sup> | 2000000 | 1295616  |
|  Northeast Harris County Municipal Utility District No 1, 3.00%, 09/01/2050 (Callable 02/02/2026) | 2335000 | 1647261  |
|  Northwest Harris County Municipal Utility District No 5/TX, 2.50%, 05/01/2028 (Callable 02/02/2026) | 350000 | 344732  |
|  Pecos Barstow Toyah Independent School District, 5.00%, 02/15/2042 (Callable 02/15/2026) | 1000000 | 1002717  |
|  Port of Port Arthur Navigation District, 1.25%, 04/01/2040 (Callable 01/02/2026)<sup>(a)</sup> | 2000000 | 2000000  |
|  Rio Grande City Consolidated Independent School District, 3.00%, 08/15/2034 (Callable 08/15/2030) | 250000 | 246414  |
|  San Angelo Independent School District, 5.00%, 02/15/2040 (Callable 02/15/2035) | 2000000 | 2234205  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  San Antonio Water System, 5.25%, 05/15/2052 (Callable 05/15/2032) | $1000000 | $1050532  |
|  State of Texas, 5.00%, 08/01/2041 (Callable 08/01/2035)<sup>(b)</sup> | 1000000 | 1072073  |
|  Tarrant County Cultural Education Facilities Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/15/2027 (Callable 11/15/2026) | 510000 | 515093  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2043 (Callable 01/01/2029) | 1500000 | 1536856  |
|  Tarrant County Hospital District, 4.00%, 08/15/2043 (Callable 08/15/2032) | 250000 | 243938  |
|  Texas Department of Housing & Community Affairs, 3.75%, 09/01/2049 (Callable 09/01/2028) | 655000 | 596646  |
|  Texas Municipal Gas Acquisition & Supply Corp. IV<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/01/2054 (Callable 07/01/2033)<sup>(a)</sup> | 500000 | 555790 |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/01/2054 (Callable 07/01/2029)<sup>(a)</sup>  | 500000  | 531342  |
|  Texas Municipal Gas Acquisition & Supply Corp. V, 5.00%, 01/01/2055 (Callable 07/01/2033)<sup>(a)</sup> | 1000000 | 1079187  |
| &nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition and Supply Corp. I, <br>6.25%, 12/15/2026 | 20000 | 20630  |
|  Texas Municipal Gas Acquisition and Supply Corp. II, 3.54% (3 mo. Term SOFR + 1.05%), 09/15/2027 | 105000 | 105254  |
| Texas Public Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/2041 (Callable 05/01/2033) | 500000 | 540688  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/2042 (Callable 05/01/2033) | 750000 | 803022  |
|  Texas State Affordable Housing Corp., 6.00%, 09/01/2054 (Callable 03/01/2034) | 955000 | 1049205  |
|  Texas State University System, 5.25%, 03/15/2054 (Callable 03/15/2034) | 2000000 | 2119147  |
|  Texas Transportation Finance Corp., 5.50%, 10/01/2055 (Callable 10/01/2035) | 2500000 | 2703700  |
|  Texas Water Development Board, 4.88%, 10/15/2048 (Callable 10/15/2033) | 1500000 | 1539375  |
|  University of Houston, 2.00%, 02/15/2032 (Callable 02/15/2030) | 2000000 | 1824589  |
|  Venus Independent School District, 5.25%, 08/15/2039 (Callable 08/15/2035) | 780000 | 894079  |

---

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

335<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Baird Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Texas - (Continued)** | **Texas - (Continued)** | **Texas - (Continued)** |
| Viridian Municipal Management District<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2037 (Callable 12/01/2029) | $150000 | $156703  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2045 (Callable 12/01/2029) | 200000 | 203640  |
| &nbsp;&nbsp;&nbsp; 6.25%, 12/01/2049 (Callable 12/01/2029) | 375000 | 383940  |
|  Walsh Ranch Municipal Utility District, 2.00%, 08/01/2038 (Callable 08/01/2027) | 325000 | 246298  |
|  Webb Consolidated Independent School District, 5.00%, 02/15/2037 (Callable 02/15/2035) | 475000 | 540355  |
|  |  | 86556373  |
| **Utah - 0.9%**<br>|  |  |
|  City of Salt Lake City UT Airport Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034 (Callable 07/01/2027)<sup>(b)</sup> | 500000 | 512107  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2038 (Callable 07/01/2028)<sup>(b)</sup> | 1000000 | 1028719  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2042 (Callable 07/01/2027)<sup>(b)</sup> | 500000 | 504292  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/2048 (Callable 07/01/2033)<sup>(b)</sup> | 1000000 | 1036394  |
|  Downtown Revitalization Public Infrastructure District, 5.00%, 06/01/2039 (Callable 06/01/2030) | 600000 | 634409  |
|  Utah Charter School Finance Authority, 5.00%, 04/15/2045 (Callable 04/15/2035) | 565000 | 578653  |
| Utah Housing Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 08/21/2047 | 258253 | 238044  |
| &nbsp;&nbsp;&nbsp; 4.50%, 10/21/2052 | 1260262 | 1248066  |
| &nbsp;&nbsp;&nbsp; 6.00%, 12/21/2052 | 536537 | 584455  |
| &nbsp;&nbsp;&nbsp; 6.50%, 05/21/2053 | 330793 | 353958  |
|  |  | 6719097  |
| **Vermont - 0.3%**<br>|  |  |
| Vermont Student Assistance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2026<sup>(b)</sup> | 500000 | 503477  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2030<sup>(b)</sup> | 1300000 | 1367787  |
|  |  | 1871264  |
| **Virginia - 1.0%**<br>|  |  |
|  Arlington County Industrial Development Authority, 5.00%, 07/01/2053 (Callable 07/01/2030)<sup>(a)</sup> | 1000000 | 1080775  |
|  Fairfax County Redevelopment & Housing Authority, 5.00%, 10/01/2035 (Callable 10/01/2029) | 1500000 | 1586116  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Loudoun County Economic Development Authority, 3.00%, 12/01/2036 (Callable 12/01/2029) | $475000 | $450263  |
|  Virginia Port Authority Commonwealth Port Fund, 5.25%, 07/01/2048 (Callable 07/01/2033) | 1000000 | 1064421  |
|  Virginia Small Business Financing Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2026 | 100000 | 101238  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2030 | 125000 | 134466  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2034 (Callable 07/01/2027) | 1375000 | 1444541  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2060 (Callable 03/15/2035)<sup>(a)</sup> | 1000000 | 1123584  |
|  |  | 6985404  |
| **Washington - 3.3%**<br>|  |  |
|  City of Lynnwood WA, 4.75%, 12/01/2042 (Callable 12/01/2032) | 435000 | 454490  |
|  City of Sumner WA Water & Sewer Revenue<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2040 (Callable 06/01/2035) | 200000 | 223026  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2041 (Callable 06/01/2035) | 190000 | 209558  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2042 (Callable 06/01/2035) | 220000 | 239938  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2043 (Callable 06/01/2035) | 215000 | 232102  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2044 (Callable 06/01/2035) | 250000 | 267638  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2045 (Callable 06/01/2035) | 250000 | 265685  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2049 (Callable 06/01/2035) | 1700000 | 1778359  |
|  County of Grant WA, 5.25%, 12/01/2050 (Callable 12/01/2034) | 800000 | 847949  |
| County of King WA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2043 (Callable 06/01/2035) | 755000 | 826228  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2044 (Callable 06/01/2035) | 795000 | 862084  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2045 (Callable 06/01/2035) | 835000 | 897478  |
| King County Housing Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/01/2036 (Callable 11/01/2029) | 600000 | 610496  |
| &nbsp;&nbsp;&nbsp; 5.38%, 07/01/2045 (Callable 07/01/2034) | 1500000 | 1570113  |
|  King County Public Hospital District No 4, 7.00%, 12/01/2060 (Callable 12/01/2035) | 1825000 | 1866724  |
|  Pend Oreille County Public Utility District No 1 Box Canyon, 5.00%, 01/01/2038 (Callable 01/01/2029) | 150000 | 155252  |

---

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

336<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Baird Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Washington - (Continued)** | **Washington - (Continued)** | **Washington - (Continued)** |
| Port of Bellingham WA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030<sup>(b)</sup> | $230000 | $248939  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031<sup>(b)</sup> | 600000 | 657098  |
| Port of Seattle WA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/01/2042 (Callable 05/01/2027)<sup>(b)</sup> | 1500000 | 1516866  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/2042 (Callable 07/01/2034)<sup>(b)</sup> | 1500000 | 1628603  |
|  Snohomish County Housing Authority, 4.00%, 04/01/2033 (Callable 04/01/2031) | 500000 | 515811  |
|  State of Washington, 5.00%, 02/01/2045 (Callable 02/01/2033) | 1000000 | 1056843  |
| Vancouver Housing Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 08/01/2034 (Callable 08/01/2031) | 500000 | 497892  |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/01/2034 | 385000 | 393161  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/01/2038 (Callable 02/01/2035) | 1000000 | 1028503  |
| Washington Health Care Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2037 (Callable 08/15/2027) | 1325000 | 1350923  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2037 (Callable 02/15/2028) | 300000 | 307492  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2049 (Callable 08/01/2029) | 250000 | 251659  |
|  Washington State Housing Finance Commission<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.22%, 03/01/2050 | 991964 | 972601  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/01/2055 (Callable 07/01/2035)<sup>(c)</sup> | 1000000 | 1008315  |
|  Whatcom County Public Utility District No 1, 5.25%, 12/01/2037 (Callable 12/01/2034)<sup>(b)</sup> | 1000000 | 1109903  |
|  |  | 23851729  |
| **Wisconsin - 4.4%**<br>|  |  |
|  Beaver Dam Unified School District, 4.00%, 04/01/2043 (Callable 04/01/2033) | 1500000 | 1495894  |
|  Boscobel Area School District, 5.00%, 03/01/2038 (Callable 03/01/2031) | 735000 | 785724  |
|  City of Arcadia WI, 2.00%, 03/01/2027 (Callable 02/02/2026) | 245000 | 238795  |
|  City of Wausau WI Sewer System Revenue, 2.75%, 05/01/2039 (Callable 05/01/2027) | 860000 | 729332  |
|  County of Waushara WI, 4.50%, 06/01/2027 (Callable 02/02/2026) | 500000 | 500493  |
| Cudahy School District/WI<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2042 (Callable 03/01/2033) | 890000 | 937709  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2043 (Callable 03/01/2033) | 940000 | 981536  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Deerfield Community School District, 4.00%, 03/01/2029 (Callable 03/01/2027) | $1000000 | $1013259  |
|  Howard-Suamico School District/WI, 1.63%, 03/01/2031 (Callable 03/01/2028) | 750000 | 673754  |
| Public Finance Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2026 (Callable 01/23/2026)<sup>(c)</sup> | 250000 | 250565  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028<sup>(c)</sup> | 650000 | 671645  |
| &nbsp;&nbsp;&nbsp; 9.00%, 11/01/2028 (Callable 11/01/2027)<sup>(c)</sup> | 175000 | 186780  |
| &nbsp;&nbsp;&nbsp; 3.25%, 01/01/2029 | 460000 | 451118  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2031 (Callable 01/01/2030) | 550000 | 589075  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2034 (Callable 10/01/2029)<sup>(c)</sup> | 935000 | 970289  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2036 (Callable 01/01/2030) | 500000 | 528870  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2044 (Callable 04/01/2029) | 125000 | 126839  |
| &nbsp;&nbsp;&nbsp; 5.25%, 12/01/2054 (Callable 12/01/2034) | 1500000 | 1419689  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/01/2055<sup>(c)</sup> | 2750000 | 2747624  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/01/2055 (Callable 12/01/2033)<sup>(c)(d)</sup> | 1000000 | 560465  |
| &nbsp;&nbsp;&nbsp; 6.00%, 12/01/2055 (Callable 12/01/2033)<sup>(c)</sup> | 1550000 | 1527275  |
| &nbsp;&nbsp;&nbsp; 6.45%, 04/01/2060 (Callable 04/01/2035)<sup>(c)</sup> | 500000 | 477552  |
| &nbsp;&nbsp;&nbsp; 6.50%, 06/30/2060 (Callable 06/30/2035)<sup>(b)</sup> | 2500000 | 2745566  |
| Village of Kewaskum WI<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 04/01/2037 (Callable 04/01/2033) | 645000 | 644310  |
| &nbsp;&nbsp;&nbsp; 4.38%, 04/01/2038 (Callable 04/01/2033) | 645000 | 646956  |
|  Westosha Central High School District, 1.60%, 03/01/2031 (Callable 03/01/2028) | 400000 | 359264  |
|  Wisconsin Center District, 0.00%, 12/15/2038 (Callable 12/15/2030)<sup>(d)</sup> | 690000 | 417296  |
|  Wisconsin Health & Educational Facilities Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/01/2027 (Callable 07/01/2026)<sup>(c)</sup> | 1000000 | 1008361  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2028 (Callable 01/23/2026) | 300000 | 300096  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2030 (Callable 02/15/2026) | 1000000 | 1002342  |
| &nbsp;&nbsp;&nbsp; 5.45%, 10/01/2039 (Callable 10/01/2032) | 500000 | 528058  |
| &nbsp;&nbsp;&nbsp; 4.38%, 11/01/2039 (Callable 11/01/2034) | 1000000 | 1043404  |
| &nbsp;&nbsp;&nbsp; 5.00%, 04/01/2044 (Callable 10/01/2028) | 1500000 | 1519587  |

---

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

337<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Baird Municipal Bond Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  | **MUNICIPAL BONDS - (Continued)**  |
| **Wisconsin - (Continued)**  | **Wisconsin - (Continued)**  | **Wisconsin - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 6.00%, 10/01/2044 (Callable 10/01/2032) | $500000 | $527529  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2046 (Callable 06/01/2031)<sup>(a)(e)</sup> | 1500000 | 1624847  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/01/2052 (Callable 12/01/2032) | 250000 | 267183  |
|  Wisconsin Housing & Economic Development Authority Housing Revenue, 2.45%, 11/01/2046 (Callable 05/01/2030) | 1500000 | 1038512  |
|  |  | 31537593  |
| **Wyoming - 0.1%**<br>|  |  |
|  Sublette County Hospital District, 5.00%, 06/15/2026 (Callable 02/02/2026) | 500000 | 500100  |
| &nbsp;&nbsp;&nbsp; **TOTAL MUNICIPAL BONDS** <br>**(Cost $689,724,918)** |  | 699494266 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares**  |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 1.1%**<br>|  |  |
|  Federated Institutional Tax-Free Cash Trust - Class Premier, 3.09%<sup>(f)</sup> | 7908313 | 7908313  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $7,908,313)** |  | 7908313  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.9%** <br>**(Cost $697,633,231)** |  | $707402579  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.1% |  | 7699440  |
| **TOTAL NET ASSETS - 100.0%** |  | $715102019 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

FHLMC - Federal Home Loan Mortgage Corporation

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> Coupon rate may be variable or floating based on components other than reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of December 31, 2025.

<sup>(b)</sup> Security subject to the Alternative Minimum Tax ("AMT"). As of December 31, 2025, the total value of securities subject to the AMT was $66,940,494 or 9.4% of net assets.

<sup>(c)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of December 31, 2025, the value of these securities total $23,185,739 or 3.2% of the Fund's net assets.

<sup>(d)</sup> Zero coupon bonds make no periodic interest payments.

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

<sup>(f)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

338<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Baird Municipal Bond Fund** 

**SUMMARY OF FAIR VALUE DISCLOSURE** 

**December 31, 2025** 

Baird Municipal Bond Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the year, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

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

---

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

---

---

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

---

The following is a summary of the fair valuation hierarchy of the Fund's securities as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | $— | $699494266 | $— | $699494266  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 7908313 |  |  | 7908313  |
| **Total Investments** | $7908313 | $699494266 | $— | $707402579 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting year, as compared to the security classifications from the prior year's core financial statements. See the Fund's Valuation Policy in Note 2a to the financial statements.

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

339<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD FUNDS, INC.** 

**Statements of Assets and Liabilities** 

**December 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Baird** <br>**Ultra Short** <br>**Bond Fund** | **Baird** <br>**Short-Term** <br>**Bond Fund** | **Baird** <br>**Intermediate** <br>**Bond Fund** | **Baird** <br>**Aggregate** <br>**Bond Fund** | **Baird** <br>**Core Plus** <br>**Bond Fund**  |
| **ASSETS:**<br>|  |  |  |  |  |
|  Investments, at value (cost $9,249,490,960, $11,887,845,347, $12,613,480,495, $57,398,847,582, and $44,657,291,159, respectively) | $9272515594 | $11975047578 | $12750759515 | $55868748218 | $43740369633  |
| Interest receivable | 72813177 | 121192539 | 113586072 | 438747639 | 371735675  |
| Dividends receivable | 694697 | 731755 | 856051 | 3091549 | 2724009  |
| Receivable for investments sold | 171301936 |  |  |  | —  |
| Receivable for Fund shares sold | 23961149 | 8243282 | 14311666 | 60960702 | 148032998  |
| Prepaid expenses and other assets |  | 14 | 165304 | 159929 | 9083  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 9541286553 | 12105215168 | 12879678608 | 56371708037 | 44262871398  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Payable for investments purchased | 226663993 | 397986389 | 213050167 | 577550445 | 531113544  |
| Payable for Fund shares redeemed | 5505967 | 6341122 | 8213890 | 23827378 | 81585157  |
| Payable to Advisor, net (Note 5) | 1548729 | 4767784 | 5212614 | 23495930 | 17671848  |
| Accrued administration fees (Note 5) | 774388 | 953557 | 1042523 | 4699186 | 3542382  |
| Accrued Rule 12b-1 fees (Note 7) | 21441 | 86821 | 64088 | 410849 | 536165  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 234514518 | 410135673 | 227583282 | 629983788 | 634449096  |
| **NET ASSETS** | $9306772035 | $11695079495 | $12652095326 | $55741724249 | $43628422302  |
| **NET ASSETS CONSIST OF:** <br>|  |  |  |  |  |
| Paid-in capital | $9285536324 | $11922893609 | $12925087587 | $59658774564 | $45753320033  |
| Total distributable earnings (accumulated deficit) | 21235711 | (227814114) | (272992261) | (3917050315) | (2124897731)  |
| &nbsp;&nbsp;&nbsp; **NET ASSETS**  | $9306772035 | $11695079495 | $12652095326 | $55741724249 | $43628422302  |
| **INSTITUTIONAL CLASS SHARES** <br>|  |  |  |  |  |
| Net Assets | $9229728668 | $11558969634 | $12481263565 | $54879801451 | $42485639262  |
|  Shares outstanding ($0.01 par value, unlimited shares authorized) | 912018325 | 1207352828 | 1181767825 | 5518915187 | 4121236036  |
|  Net asset value, offering and redemption price per share | $10.12 | $9.57 | $10.56 | $9.94 | $10.31  |
| **INVESTOR CLASS SHARES** <br>|  |  |  |  |  |
| Net Assets | $77043367 | $136109861 | $170831761 | $861922798 | $1142783040  |
|  Shares outstanding ($0.01 par value, unlimited shares authorized) | 7589946 | 14220353 | 15314081 | 83120368 | 105222349  |
|  Net asset value, offering and redemption price per share | $10.15 | $9.57 | $11.16 | $10.37 | $10.86 |

---

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

340<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD FUNDS, INC.** 

**Statements of Assets and Liabilities** 

**December 31, 2025 (Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Baird** <br>**Short-Term** <br>**Municipal** <br>**Bond Fund** | **Baird** <br>**Strategic** <br>**Municipal** <br>**Bond Fund** | **Baird Quality** <br>**Intermediate** <br>**Municipal** <br>**Bond Fund** | **Baird Core** <br>**Intermediate** <br>**Municipal** <br>**Bond Fund** | **Baird** <br>**Municipal** <br>**Bond Fund**  |
| **ASSETS:**<br>|  |  |  |  |  |
|  Investments, at value (cost $2,028,679,762, $3,027,216,019, $1,083,794,255, $5,550,097,467, and $697,633,231, respectively) | $2045382046 | $3065715722 | $1086293749 | $5608747180 | $707402579  |
| Interest receivable | 22791288 | 34106032 | 11914650 | 66495855 | 8114796  |
| Dividends receivable | 77639 | 64253 | 41369 | 155924 | 30929  |
| Receivable for Fund shares sold | 9842349 | 9479347 | 773330 | 13417022 | 1565460  |
| Uninvested cash |  | 1583 |  | 513 | 250  |
| Prepaid expenses and other assets | 3 |  | 182 | 343 | —  |
| &nbsp;&nbsp;&nbsp; **Total assets**  | 2078093325 | 3109366937 | 1099023280 | 5688816837 | 717114014  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Payable for investments purchased | 5676617 | 8227579 |  | 12646237 | 1621800  |
| Payable for Fund shares redeemed | 874514 | 195487 | 444553 | 1020956 | 29685  |
| Payable to Advisor, net (Note 5) | 831700 | 1236077 | 456170 | 2288987 | 286290  |
| Accrued administration fees (Note 5) | 166340 | 247375 | 91234 | 457797 | 57338  |
| Accrued Rule 12b-1 fees (Note 7) | 29546 | 60768 | 82015 | 13623 | 16882  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 7578717 | 9967286 | 1073972 | 16427600 | 2011995  |
| **NET ASSETS** | $2070514608 | $3099399651 | $1097949308 | $5672389237 | $715102019  |
| **NET ASSETS CONSIST OF:** <br>|  |  |  |  |  |
| Paid-in capital | $2127487851 | $3065804964 | $1153487419 | $5681975749 | $705913324  |
| Total distributable earnings (accumulated deficit) | (56973243) | 33594687 | (55538111) | (9586512) | 9188695  |
| &nbsp;&nbsp;&nbsp; **NET ASSETS**  | $2070514608 | $3099399651 | $1097949308 | $5672389237 | $715102019  |
| **INSTITUTIONAL CLASS SHARES** <br>|  |  |  |  |  |
| Net Assets | $2003210533 | $2891049590 | $1037965474 | $5631447763 | $684967807  |
|  Shares outstanding ($0.01 par value, unlimited shares authorized) | 198096855 | 277996364 | 93039395 | 542925766 | 68328691  |
|  Net asset value, offering and redemption price per share | $10.11 | $10.40 | $11.16 | $10.37 | $10.02  |
| **INVESTOR CLASS SHARES** <br>|  |  |  |  |  |
| Net Assets | $67304075 | $208350061 | $59983834 | $40941474 | $30134212  |
|  Shares outstanding ($0.01 par value, unlimited shares authorized) | 6668404 | 20044450 | 5227593 | 3949487 | 3008714  |
|  Net asset value, offering and redemption price per share | $10.09 | $10.39 | $11.47 | $10.37 | $10.02 |

---

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

341<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD FUNDS, INC.** 

**Statements of Operations** 

**Year Ended December 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Baird** <br>**Ultra Short** <br>**Bond Fund** | **Baird** <br>**Short-Term** <br>**Bond Fund** | **Baird** <br>**Intermediate** <br>**Bond Fund** | **Baird** <br>**Aggregate** <br>**Bond Fund** | **Baird** <br>**Core Plus** <br>**Bond Fund**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income, net of paydowns | $400753351 | $521809826 | $487509606 | $2353920858 | $1771032562  |
| Dividend income | 9965849 | 7551049 | 8073189 | 28338849 | 25487535  |
| Other income | 42444 | 189266 | 255592 | 1570415 | 918234  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 410761644 | 529550141 | 495838387 | 2383830122 | 1797438331  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fees (Note 5) | 22022464 | 28095925 | 28638642 | 134389982 | 98032250  |
| Administration fees (Note 5) | 4404493 | 5619185 | 5727728 | 26877996 | 19606450  |
|  Rule 12b-1 fees - Investor Class Shares (Note 7) | 177707 | 332573 | 384115 | 2325623 | 2867347  |
| &nbsp;&nbsp;&nbsp; Total expenses | 26604664 | 34047683 | 34750485 | 163593601 | 120506047  |
| &nbsp;&nbsp;&nbsp; Fee waiver by Advisor (Note 5) | (13213478) |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; Net expenses | 13391186 | 34047683 | 34750485 | 163593601 | 120506047  |
| **NET INVESTMENT INCOME**  | 397370458 | 495502458 | 461087902 | 2220236521 | 1676932284  |
|  **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |  |  |
| Net realized gain (loss) on investments | 13637183 | 48914622 | 9424026 | (191657996) | (120494596)  |
|  Net change in unrealized appreciation/ depreciation on investments | (338865) | 73701448 | 295243106 | 1783000803 | 1262087142  |
|  **Net realized and unrealized gain on investments** | 13298318 | 122616070 | 304667132 | 1591342807 | 1141592546  |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS**<br>| $410668776 | $618118528 | $765755034 | $3811579328 | $2818524830 |

---

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

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**BAIRD FUNDS, INC.** 

**Statements of Operations** 

**Year Ended December 31, 2025 (Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Baird** <br>**Short-Term** <br>**Municipal** <br>**Bond Fund** | **Baird** <br>**Strategic** <br>**Municipal** <br>**Bond Fund** | **Baird Quality** <br>**Intermediate** <br>**Municipal** <br>**Bond Fund** | **Baird Core** <br>**Intermediate** <br>**Municipal** <br>**Bond Fund** | **Baird** <br>**Municipal** <br>**Bond Fund**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | $62395927 | $88513983 | $35037279 | $179678353 | $20145365  |
| Dividend income | 648921 | 1131820 | 440592 | 1388703 | 245232  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 63044848 | 89645803 | 35477871 | 181067056 | 20390597  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fees (Note 5) | 4327028 | 5627438 | 2652531 | 11773912 | 1222086  |
| Administration fees (Note 5) | 865405 | 1125487 | 530506 | 2354783 | 244417  |
| Rule 12b-1 fees - Investor Class Shares (Note 7) | 166960 | 376254 | 144906 | 94061 | 60638  |
| &nbsp;&nbsp;&nbsp; Total expenses | 5359393 | 7129179 | 3327943 | 14222756 | 1527141  |
| **NET INVESTMENT INCOME**  | 57685455 | 82516624 | 32149928 | 166844300 | 18863456  |
|  **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:** <br>|  |  |  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (1497019) | 721637 | (3867055) | (5282211) | 146438  |
| &nbsp;&nbsp;&nbsp; Futures contracts |  | (123975) |  |  | —  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/ <br>depreciation on investments | 24533951 | 39970846 | 19731889 | 78436903 | 9968873  |
| &nbsp;&nbsp;&nbsp; **Net realized and unrealized gain on** <br>**investments**  | 23036932 | 40568508 | 15864834 | 73154692 | 10115311  |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS**<br>| $80722387 | $123085132 | $48014762 | $239998992 | $28978767 |

---

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

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**BAIRD FUNDS, INC.** 

**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 December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $397370458 | $357438983 | $495502458 | $446328802  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 13637183 | 8291718 | 48914622 | (7769008)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/ depreciation on investments | (338865) | 6480954 | 73701448 | 73557034  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 410668776 | 372211655 | 618118528 | 512116828  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 5721921918 | 5001576420 | 2837277164 | 4337153023  |
| &nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of distributions | 383070159 | 341834582 | 458334607 | 419317754  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (4586316499) | (3821095314) | (3035149292) | (2997289801)  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from capital share transactions** | 1518675578 | 1522315688 | 260462479 | 1759180976  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| Distributions to shareholders:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class | (394118506) | (353133853) | (482555866) | (445079353)  |
| &nbsp;&nbsp;&nbsp; Investor Class | (3033072) | (3383644) | (5466199) | (5433991)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (397151578) | (356517497) | (488022065) | (450513344)  |
| **Total increase in net assets** | 1532192776 | 1538009846 | 390558942 | 1820784460  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 7774579259 | 6236569413 | 11304520553 | 9483736093  |
| &nbsp;&nbsp;&nbsp; End of year | $9306772035 | $7774579259 | $11695079495 | $11304520553 |

---

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

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**BAIRD FUNDS, INC.** 

**Statements of Changes in Net Assets (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Baird Intermediate Bond Fund** | **Baird Intermediate Bond Fund** | **Baird Aggregate Bond Fund**  | **Baird Aggregate Bond Fund**  |
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $461087902 | $378451950 | $2220236521 | $1860111366  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on <br>investments | 9424026 | (66026529) | (191657996) | (624269612)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/ depreciation on investments | 295243106 | 35075221 | 1783000803 | (359964387)  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 765755034 | 347500642 | 3811579328 | 875877367  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 3466027687 | 4369288715 | 13869535667 | 16733359749  |
| &nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of distributions | 419329078 | 348712015 | 2036864904 | 1712912757  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (2005998162) | (2546324134) | (12591167607) | (9496769811)  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from capital share transactions** | 1879358603 | 2171676596 | 3315232964 | 8949502695  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| Distributions to shareholders:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (454107399) | (375055393) | (2198871821) | (1838287922)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From return of capital |  |  | (2394853) | (6051813)  |
| &nbsp;&nbsp;&nbsp; Investor Class<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (5504719) | (3945178) | (34151167) | (36070451)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From return of capital |  |  | (36138) | (124972)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (459612118) | (379000571) | (2235453979) | (1880535158)  |
| **Total increase in net assets** | 2185501519 | 2140176667 | 4891358313 | 7944844904  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 10466593807 | 8326417140 | 50850365936 | 42905521032  |
| &nbsp;&nbsp;&nbsp; End of year | $12652095326 | $10466593807 | $55741724249 | $50850365936 |

---

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

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**BAIRD FUNDS, INC.** 

**Statements of Changes in Net Assets (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Baird Core Plus Bond Fund** | **Baird Core Plus Bond Fund** | **Baird Short-Term Municipal Bond Fund**  | **Baird Short-Term Municipal Bond Fund**  |
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $1676932284 | $1288954799 | $57685455 | $48320548  |
| &nbsp;&nbsp;&nbsp; Net realized loss on investments | (120494596) | (290056383) | (1497019) | (4773133)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/ depreciation on investments | 1262087142 | (307724580) | 24533951 | 4476376  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 2818524830 | 691173836 | 80722387 | 48023791  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 12880101216 | 13514321892 | 1049762980 | 552048482  |
| &nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of distributions | 1511888001 | 1191747909 | 47574216 | 38521518  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (8226112337) | (5655967263) | (509969556) | (734285620)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital share transactions** | 6165876880 | 9050102538 | 587367640 | (143715620)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| Distributions to shareholders:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (1633725219) | (1257002587) | (55724787) | (45699046)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From return of capital |  | (2074098) |  | —  |
| &nbsp;&nbsp;&nbsp; Investor Class<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (43437654) | (42025342) | (2049505) | (2187356)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From return of capital |  | (64500) |  | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (1677162873) | (1301166527) | (57774292) | (47886402)  |
| **Total increase (decrease) in net assets** | 7307238837 | 8440109847 | 610315735 | (143578231)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 36321183465 | 27881073618 | 1460198873 | 1603777104  |
| &nbsp;&nbsp;&nbsp; End of year | $43628422302 | $36321183465 | $2070514608 | $1460198873 |

---

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

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD FUNDS, INC.** 

**Statements of Changes in Net Assets (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Baird Strategic Municipal** <br>**Bond Fund** | **Baird Strategic Municipal** <br>**Bond Fund** | **Baird Quality Intermediate** <br>**Municipal Bond Fund**  | **Baird Quality Intermediate** <br>**Municipal Bond Fund**  |
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $82516624 | $45265945 | $32149928 | $30523747  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments and futures contracts | 597662 | 5563075 | (3867055) | (3069216)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/ depreciation on investments  | 39970846 | (12497875) | 19731889 | (11120740)  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 123085132 | 38331145 | 48014762 | 16333791  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 1896592484 | 876815870 | 252917304 | 263530749  |
| &nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of distributions | 70642997 | 39044213 | 28269101 | 27077297  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (455673320) | (282700034) | (264144038) | (314408898)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital share transactions** | 1511562161 | 633160049 | 17042367 | (23800852)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| Distributions to shareholders:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class | (77167329) | (42212873) | (30821031) | (28715518)  |
| &nbsp;&nbsp;&nbsp; Investor Class | (5173228) | (2297122) | (1585189) | (1426626)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (82340557) | (44509995) | (32406220) | (30142144)  |
| **Total increase (decrease) in net assets** | 1552306736 | 626981199 | 32650909 | (37609205)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 1547092915 | 920111716 | 1065298399 | 1102907604  |
| &nbsp;&nbsp;&nbsp; End of year | $3099399651 | $1547092915 | $1097949308 | $1065298399 |

---

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

347<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD FUNDS, INC.** 

**Statements of Changes in Net Assets (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Baird Core Intermediate** <br>**Municipal Bond Fund** | **Baird Core Intermediate** <br>**Municipal Bond Fund** | **Baird Municipal Bond Fund**  | **Baird Municipal Bond Fund**  |
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $166844300 | $119757649 | $18863456 | $9089781  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | (5282211) | (5376634) | 146438 | 1411847  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/ depreciation on investments | 78436903 | (27760089) | 9968873 | (3958068)  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 239998992 | 86620926 | 28978767 | 6543560  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 2643564677 | 1649942732 | 517468892 | 140097916  |
| &nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of distributions | 146511130 | 104903692 | 17077265 | 8084761  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (1137246519) | (755849636) | (117379955) | (45951688)  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from capital share transactions** | 1652829288 | 998996788 | 417166202 | 102230989  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| Distributions to shareholders:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class | (165739480) | (117054398) | (17867429) | (8626242)  |
| &nbsp;&nbsp;&nbsp; Investor Class | (1238351) | (1212694) | (881029) | (344529)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (166977831) | (118267092) | (18748458) | (8970771)  |
| **Total increase in net assets** | 1725850449 | 967350622 | 427396511 | 99803778  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 3946538788 | 2979188166 | 287705508 | 187901730  |
| &nbsp;&nbsp;&nbsp; End of year | $5672389237 | $3946538788 | $715102019 | $287705508 |

---

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

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD ULTRA SHORT BOND FUND** 

**FINANCIAL HIGHLIGHTS** 

**INSTITUTIONAL CLASS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $10.10 | $10.08 | $9.99 | $10.05 | $10.08  |
| **INCOME FROM INVESTMENT OPERATIONS:** | **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |
| Net investment income<sup>(1)</sup> | 0.46 | 0.54 | 0.47 | 0.13 | 0.04  |
|  Net realized and unrealized gains (losses) on investments | 0.02 | 0.02 | 0.09 | (0.03) | (0.02)  |
| **Total from investment operations** | 0.48 | 0.56 | 0.56 | 0.10 | 0.02  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| Distributions from net investment income | (0.46) | (0.54) | (0.47) | (0.16) | (0.05)  |
| Distributions from net realized gains |  |  |  |  | (0.00)<sup>(2)</sup>  |
| **Total distributions** | (0.46) | (0.54) | (0.47) | (0.16) | (0.05)  |
| **Net asset value, end of year** | $10.12 | $10.10 | $10.08 | $9.99 | $10.05  |
| Total return | 4.81% | 5.65% | 5.71% | 0.96% | 0.20%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (millions) | $9229.7 | $7713.8 | $6159.0 | $5515.0 | $6889.5  |
| Ratio of expenses to average net assets | 0.15% | 0.15% | 0.15% | 0.15% | 0.15%  |
|  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 <br>net assets | 4.51% | 5.36% | 4.67% | 1.34% | 0.38%  |
|  Ratio of net investment income to average net assets (before waivers) | 4.36% | 5.21% | 4.52% | 1.19% | 0.23%  |
| Portfolio turnover rate<sup>(3)</sup> | 88% | 90% | 105% | 104% | 96% |

---

<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.

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD ULTRA SHORT BOND FUND** 

**FINANCIAL HIGHLIGHTS** 

**INVESTOR CLASS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $10.13 | $10.10 | $10.01 | $10.07 | $10.10  |
| **INCOME FROM INVESTMENT OPERATIONS:** | **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |
| Net investment income<sup>(1)</sup> | 0.43 | 0.52 | 0.45 | 0.11 | 0.01  |
|  Net realized and unrealized gains (losses) on investments | 0.02 | 0.02 | 0.08 | (0.04) | (0.01)  |
| **Total from investment operations** | 0.45 | 0.54 | 0.53 | 0.07 | —  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| Distributions from net investment income | (0.43) | (0.51) | (0.44) | (0.13) | (0.03)  |
| Distributions from net realized gains |  |  |  |  | (0.00)<sup>(2)</sup>  |
| **Total distributions** | (0.43) | (0.51) | (0.44) | (0.13) | (0.03)  |
| **Net asset value, end of year** | $10.15 | $10.13 | $10.10 | $10.01 | $10.07  |
| Total return | 4.53% | 5.47% | 5.43% | 0.70% | (0.05)%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (millions) | $77.0 | $60.7 | $77.6 | $92.7 | $164.2  |
| Ratio of expenses to average net assets | 0.40% | 0.40% | 0.40% | 0.40% | 0.40%  |
|  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 <br>net assets | 4.26% | 5.11% | 4.42% | 1.09% | 0.13%  |
|  Ratio of net investment income (loss) to average net assets (before waivers) | 4.11% | 4.96% | 4.27% | 0.94% | (0.02)%  |
| Portfolio turnover rate<sup>(3)</sup> | 88% | 90% | 105% | 104% | 96% |

---

<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.

350<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD SHORT-TERM BOND FUND** 

**FINANCIAL HIGHLIGHTS** 

**INSTITUTIONAL CLASS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $9.46 | $9.41 | $9.22 | $9.74 | $9.92  |
| **INCOME FROM INVESTMENT OPERATIONS:** | **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |
| Net investment income<sup>(1)</sup> | 0.42 | 0.41 | 0.32 | 0.16 | 0.10  |
|  Net realized and unrealized gains (losses) on investments | 0.11 | 0.05 | 0.19 | (0.51) | (0.14)  |
| **Total from investment operations** | 0.53 | 0.46 | 0.51 | (0.35) | (0.04)  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| Distributions from net investment income | (0.42) | (0.41) | (0.32) | (0.17) | (0.11)  |
| Distributions from net realized gains |  |  |  | (0.00)<sup>(2)</sup> | (0.03)  |
| **Total distributions** | (0.42) | (0.41) | (0.32) | (0.17) | (0.14)  |
| **Net asset value, end of year** | $9.57 | $9.46 | $9.41 | $9.22 | $9.74  |
| Total return | 5.67% | 4.99% | 5.65% | (3.64)% | (0.42)%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (millions) | $11559.0 | $11179.3 | $9334.5 | $8747.4 | $10486.4  |
| 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 <br>net assets | 4.41% | 4.32% | 3.48% | 1.67% | 1.05%  |
| Portfolio turnover rate<sup>(3)</sup> | 119% | 96% | 87% | 77% | 67% |

---

<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.

351<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD SHORT-TERM BOND FUND** 

**FINANCIAL HIGHLIGHTS** 

**INVESTOR CLASS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $9.46 | $9.41 | $9.22 | $9.74 | $9.91  |
| **INCOME FROM INVESTMENT OPERATIONS:** | **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |
| Net investment income<sup>(1)</sup> | 0.40 | 0.38 | 0.30 | 0.13 | 0.08  |
|  Net realized and unrealized gains (losses) on investments | 0.10 | 0.06 | 0.19 | (0.51) | (0.13)  |
| **Total from investment operations** | 0.50 | 0.44 | 0.49 | (0.38) | (0.05)  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| Distributions from net investment income | (0.39) | (0.39) | (0.30) | (0.14) | (0.09)  |
| Distributions from net realized gains |  |  |  | (0.00)<sup>(2)</sup> | (0.03)  |
| **Total distributions** | (0.39) | (0.39) | (0.30) | (0.14) | (0.12)  |
| **Net asset value, end of year** | $9.57 | $9.46 | $9.41 | $9.22 | $9.74  |
| Total return | 5.41% | 4.73% | 5.39% | (3.88)% | (0.57)%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (millions) | $136.1 | $125.2 | $149.3 | $216.9 | $252.5  |
| 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 <br>net assets | 4.16% | 4.07% | 3.23% | 1.42% | 0.80%  |
| Portfolio turnover rate<sup>(3)</sup> | 119% | 96% | 87% | 77% | 67% |

---

<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.

352<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD INTERMEDIATE BOND FUND** 

**FINANCIAL HIGHLIGHTS** 

**INSTITUTIONAL CLASS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $10.27 | $10.32 | $10.08 | $11.27 | $11.69  |
| **INCOME FROM INVESTMENT OPERATIONS:** | **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |
| Net investment income<sup>(1)</sup> | 0.42 | 0.40 | 0.33 | 0.22 | 0.18  |
|  Net realized and unrealized gains (losses) on investments | 0.29 | (0.05) | 0.24 | (1.19) | (0.34)  |
| **Total from investment operations** | 0.71 | 0.35 | 0.57 | (0.97) | (0.16)  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| Distributions from net investment income | (0.42) | (0.40) | (0.33) | (0.22) | (0.18)  |
| Distributions from net realized gains |  |  |  |  | (0.08)  |
| **Total distributions** | (0.42) | (0.40) | (0.33) | (0.22) | (0.26)  |
| **Net asset value, end of year** | $10.56 | $10.27 | $10.32 | $10.08 | $11.27  |
| Total return | 7.01% | 3.45% | 5.78% | (8.64)% | (1.41)%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (millions) | $12481.3 | $10335.7 | $8238.6 | $6980.6 | $6639.0  |
| 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 <br>net assets | 4.03% | 3.91% | 3.28% | 2.11% | 1.54%  |
| Portfolio turnover rate<sup>(2)</sup> | 39% | 44% | 45% | 47% | 51% |

---

<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.

353<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD INTERMEDIATE BOND FUND** 

**FINANCIAL HIGHLIGHTS** 

**INVESTOR CLASS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $10.83 | $10.86 | $10.59 | $11.83 | $12.26  |
| **INCOME FROM INVESTMENT OPERATIONS:** | **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |
| Net investment income<sup>(1)</sup> | 0.42 | 0.40 | 0.32 | 0.20 | 0.16  |
|  Net realized and unrealized gains (losses) on investments | 0.30 | (0.06) | 0.26 | (1.25) | (0.36)  |
| **Total from investment operations** | 0.72 | 0.34 | 0.58 | (1.05) | (0.20)  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| Distributions from net investment income | (0.39) | (0.37) | (0.31) | (0.19) | (0.15)  |
| Distributions from net realized gains |  |  |  |  | (0.08)  |
| **Total distributions** | (0.39) | (0.37) | (0.31) | (0.19) | (0.23)  |
| **Net asset value, end of year** | $11.16 | $10.83 | $10.86 | $10.59 | $11.83  |
| Total return | 6.76% | 3.21% | 5.53% | (8.88)% | (1.68)%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (millions) | $170.8 | $130.9 | $87.8 | $59.3 | $42.2  |
| 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 <br>net assets | 3.78% | 3.66% | 3.03% | 1.86% | 1.29%  |
| Portfolio turnover rate<sup>(2)</sup> | 39% | 44% | 45% | 47% | 51% |

---

<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.

354<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD AGGREGATE BOND FUND** 

**FINANCIAL HIGHLIGHTS** 

**INSTITUTIONAL CLASS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $9.65 | $9.86 | $9.60 | $11.37 | $11.77  |
| **INCOME FROM INVESTMENT OPERATIONS:** | **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |
| Net investment income<sup>(1)</sup> | 0.41 | 0.39 | 0.34 | 0.25 | 0.19  |
|  Net realized and unrealized gains (losses) on investments | 0.29 | (0.21) | 0.26 | (1.76) | (0.36)  |
| **Total from investment operations** | 0.70 | 0.18 | 0.60 | (1.51) | (0.17)  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| Distributions from net investment income | (0.41) | (0.39) | (0.34) | (0.26) | (0.22)  |
| Distributions from net realized gains |  |  |  |  | (0.01)  |
| Distributions from return of capital | (0.00)<sup>(2)</sup> | (0.00)<sup>(2)</sup> |  |  | —  |
| **Total distributions** | (0.41) | (0.39) | (0.34) | (0.26) | (0.23)  |
| **Net asset value, end of year** | $9.94 | $9.65 | $9.86 | $9.60 | $11.37  |
| Total return | 7.36% | 1.85% | 6.43% | (13.35)% | (1.46)%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (millions) | $54879.8 | $49781.0 | $41933.7 | $34102.5 | $39050.1  |
| 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 <br>net assets | 4.13% | 3.98% | 3.55% | 2.46% | 1.66%  |
| Portfolio turnover rate<sup>(3)</sup> | 34% | 34% | 38% | 43% | 39% |

---

<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.

355<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD AGGREGATE BOND FUND** 

**FINANCIAL HIGHLIGHTS** 

**INVESTOR CLASS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $10.05 | $10.25 | $9.97 | $11.79 | $12.20  |
| **INCOME FROM INVESTMENT OPERATIONS:** | **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |
| Net investment income<sup>(1)</sup> | 0.40 | 0.38 | 0.33 | 0.23 | 0.17  |
|  Net realized and unrealized gains (losses) on investments | 0.30 | (0.22) | 0.27 | (1.82) | (0.38)  |
| **Total from investment operations** | 0.70 | 0.16 | 0.60 | (1.59) | (0.21)  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| Distributions from net investment income | (0.38) | (0.36) | (0.32) | (0.23) | (0.19)  |
| Distributions from net realized gains |  |  |  |  | (0.01)  |
| Distributions from return of capital | (0.00)<sup>(2)</sup> | (0.00)<sup>(2)</sup> |  |  | —  |
| **Total distributions** | (0.38) | (0.36) | (0.32) | (0.23) | (0.20)  |
| **Net asset value, end of year** | $10.37 | $10.05 | $10.25 | $9.97 | $11.79  |
| Total return | 7.10% | 1.63% | 6.13% | (13.52)% | (1.74)%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (millions) | $861.9 | $1069.4 | $971.8 | $681.1 | $904.3  |
| 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 <br>net assets | 3.88% | 3.73% | 3.30% | 2.21% | 1.41%  |
| Portfolio turnover rate<sup>(3)</sup> | 34% | 34% | 38% | 43% | 39% |

---

<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.

356<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE PLUS BOND FUND** 

**FINANCIAL HIGHLIGHTS** 

**INSTITUTIONAL CLASS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $10.01 | $10.17 | $9.87 | $11.67 | $12.14  |
| **INCOME FROM INVESTMENT OPERATIONS:** | **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |
| Net investment income<sup>(1)</sup> | 0.44 | 0.41 | 0.36 | 0.29 | 0.26  |
|  Net realized and unrealized gains (losses) on investments | 0.29 | (0.16) | 0.30 | (1.79) | (0.38)  |
| **Total from investment operations** | 0.73 | 0.25 | 0.66 | (1.50) | (0.12)  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| Distributions from net investment income | (0.43) | (0.41) | (0.36) | (0.30) | (0.28)  |
| Distributions from net realized gains |  |  |  | (0.00)<sup>(2)</sup> | (0.07)  |
| Distributions from return of capital |  | (0.00)<sup>(2)</sup> |  |  | —  |
| **Total distributions** | (0.43) | (0.41) | (0.36) | (0.30) | (0.35)  |
| **Net asset value, end of year** | $10.31 | $10.01 | $10.17 | $9.87 | $11.67  |
| Total return | 7.47% | 2.54% | 6.89% | (12.87)% | (1.02)%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (millions) | $42485.6 | $35177.0 | $26783.0 | $21288.5 | $27654.9  |
| 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 <br>net assets | 4.28% | 4.10% | 3.67% | 2.82% | 2.16%  |
| Portfolio turnover rate<sup>(3)</sup> | 32% | 38% | 35% | 29% | 45% |

---

<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.

357<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE PLUS BOND FUND** 

**FINANCIAL HIGHLIGHTS** 

**INVESTOR CLASS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $10.52 | $10.67 | $10.34 | $12.21 | $12.68  |
| **INCOME FROM INVESTMENT OPERATIONS:** | **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |
| Net investment income<sup>(1)</sup> | 0.43 | 0.41 | 0.36 | 0.28 | 0.24  |
|  Net realized and unrealized gains (losses) on investments | 0.32 | (0.17) | 0.31 | (1.87) | (0.39)  |
| **Total from investment operations** | 0.75 | 0.24 | 0.67 | (1.59) | (0.15)  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| Distributions from net investment income | (0.41) | (0.39) | (0.34) | (0.28) | (0.25)  |
| Distributions from net realized gains |  |  |  | (0.00)<sup>(2)</sup> | (0.07)  |
| Distributions from return of capital |  | (0.00)<sup>(2)</sup> |  |  | —  |
| **Total distributions** | (0.41) | (0.39) | (0.34) | (0.28) | (0.32)  |
| **Net asset value, end of year** | $10.86 | $10.52 | $10.67 | $10.34 | $12.21  |
| Total return | 7.22% | 2.25% | 6.60% | (13.09)% | (1.23)%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (millions) | $1142.8 | $1144.2 | $1098.0 | $1045.0 | $1612.2  |
| 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 <br>net assets | 4.03% | 3.85% | 3.42% | 2.57% | 1.91%  |
| Portfolio turnover rate<sup>(3)</sup> | 32% | 38% | 35% | 29% | 45% |

---

<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.

358<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD SHORT-TERM MUNICIPAL BOND FUND** 

**FINANCIAL HIGHLIGHTS** 

**INSTITUTIONAL CLASS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $9.98 | $9.98 | $9.85 | $10.39 | $10.43  |
| **INCOME FROM INVESTMENT OPERATIONS:** | **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |
| Net investment income<sup>(1)</sup> | 0.34 | 0.32 | 0.27 | 0.16 | 0.12  |
|  Net realized and unrealized gains (losses) on investments | 0.12 | (0.00)<sup>(2)</sup> | 0.13 | (0.54) | (0.04)  |
| **Total from investment operations** | 0.46 | 0.32 | 0.40 | (0.38) | 0.08  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| Distributions from net investment income | (0.33) | (0.32) | (0.27) | (0.16) | (0.12)  |
| Distributions from net realized gains |  |  |  |  | (0.00)<sup>(2)</sup>  |
| **Total distributions** | (0.33) | (0.32) | (0.27) | (0.16) | (0.12)  |
| **Net asset value, end of year** | $10.11 | $9.98 | $9.98 | $9.85 | $10.39  |
| Total return | 4.71% | 3.23% | 4.15% | (3.66)% | 0.74%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (millions) | $2003.2 | $1391.3 | $1525.3 | $1695.5 | $2190.2  |
| 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 <br>net assets | 3.34% | 3.20% | 2.73% | 1.56% | 1.10%  |
| Portfolio turnover rate<sup>(3)</sup> | 27% | 42% | 40% | 64% | 44% |

---

<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.

359<br>

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**BAIRD SHORT-TERM MUNICIPAL BOND FUND** 

**FINANCIAL HIGHLIGHTS** 

**INVESTOR CLASS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $9.96 | $9.96 | $9.83 | $10.38 | $10.41  |
| **INCOME FROM INVESTMENT OPERATIONS:** | **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |
| Net investment income<sup>(1)</sup> | 0.31 | 0.29 | 0.24 | 0.13 | 0.09  |
|  Net realized and unrealized gains (losses) on investments | 0.13 | (0.00)<sup>(2)</sup> | 0.14 | (0.55) | (0.03)  |
| **Total from investment operations** | 0.44 | 0.29 | 0.38 | (0.42) | 0.06  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| Distributions from net investment income | (0.31) | (0.29) | (0.25) | (0.13) | (0.09)  |
| Distributions from net realized gains |  |  |  |  | (0.00)<sup>(2)</sup>  |
| **Total distributions** | (0.31) | (0.29) | (0.25) | (0.13) | (0.09)  |
| **Net asset value, end of year** | $10.09 | $9.96 | $9.96 | $9.83 | $10.38  |
| Total return | 4.46% | 2.98% | 3.90% | (4.01)% | 0.59%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (millions) | $67.3 | $68.9 | $78.4 | $71.7 | $110.4  |
| 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 <br>net assets | 3.09% | 2.95% | 2.48% | 1.31% | 0.85%  |
| Portfolio turnover rate<sup>(3)</sup> | 27% | 42% | 40% | 64% | 44% |

---

<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.

360<br>

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**BAIRD STRATEGIC MUNICIPAL BOND FUND** 

**FINANCIAL HIGHLIGHTS** 

**INSTITUTIONAL CLASS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $10.25 | $10.29 | $9.96 | $10.74 | $10.67  |
| **INCOME FROM INVESTMENT OPERATIONS:** | **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |
| Net investment income<sup>(1)</sup> | 0.38 | 0.37 | 0.34 | 0.22 | 0.11  |
|  Net realized and unrealized gains (losses) on investments and futures contracts | 0.14 | (0.05) | 0.32 | (0.79) | 0.14  |
| **Total from investment operations** | 0.52 | 0.32 | 0.66 | (0.57) | 0.25  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| Distributions from net investment income | (0.37) | (0.36) | (0.33) | (0.21) | (0.12)  |
| Distributions from net realized gains |  |  |  | (0.00)<sup>(2)</sup> | (0.06)  |
| **Total distributions** | (0.37) | (0.36) | (0.33) | (0.21) | (0.18)  |
| **Net asset value, end of year** | $10.40 | $10.25 | $10.29 | $9.96 | $10.74  |
| Total return | 5.18% | 3.17% | 6.78% | (5.31)% | 2.26%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (millions) | $2891.0 | $1451.4 | $881.5 | $470.8 | $345.0  |
| 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 <br>net assets | 3.68% | 3.62% | 3.42% | 2.18% | 1.07%  |
| Portfolio turnover rate<sup>(3)</sup> | 21% | 34% | 50% | 89% | 55% |

---

<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.

361<br>

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**BAIRD STRATEGIC MUNICIPAL BOND FUND** 

**FINANCIAL HIGHLIGHTS** 

**INVESTOR CLASS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $10.25 | $10.29 | $9.96 | $10.74 | $10.67  |
| **INCOME FROM INVESTMENT OPERATIONS:** | **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |
| Net investment income<sup>(1)</sup> | 0.35 | 0.35 | 0.32 | 0.19 | 0.09  |
|  Net realized and unrealized gains (losses) on investments and futures contracts | 0.13 | (0.05) | 0.32 | (0.79) | 0.13  |
| **Total from investment operations** | 0.48 | 0.30 | 0.64 | (0.60) | 0.22  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| Distributions from net investment income | (0.34) | (0.34) | (0.31) | (0.18) | (0.09)  |
| Distributions from net realized gains |  |  |  | (0.00)<sup>(2)</sup> | (0.06)  |
| **Total distributions** | (0.34) | (0.34) | (0.31) | (0.18) | (0.15)  |
| **Net asset value, end of year** | $10.39 | $10.25 | $10.29 | $9.96 | $10.74  |
| Total return | 4.83% | 2.92% | 6.53% | (5.55)% | 2.00%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (thousands) | $208350.1 | $95707.7 | $38577.3 | $10660.1 | $8262.3  |
| 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 <br>net assets | 3.43% | 3.37% | 3.17% | 1.93% | 0.82%  |
| Portfolio turnover rate<sup>(3)</sup> | 21% | 34% | 50% | 89% | 55% |

---

<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.

362<br>

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**BAIRD QUALITY INTERMEDIATE MUNICIPAL BOND FUND** 

**FINANCIAL HIGHLIGHTS** 

**INSTITUTIONAL CLASS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $10.99 | $11.13 | $10.95 | $11.85 | $12.03  |
| **INCOME FROM INVESTMENT OPERATIONS:** | **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |
| Net investment income<sup>(1)</sup> | 0.34 | 0.32 | 0.28 | 0.22 | 0.21  |
|  Net realized and unrealized gains (losses) on investments | 0.17 | (0.15) | 0.18 | (0.90) | (0.17)  |
| **Total from investment operations** | 0.51 | 0.17 | 0.46 | (0.68) | 0.04  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| Distributions from net investment income | (0.34) | (0.31) | (0.28) | (0.22) | (0.22)  |
| **Total distributions** | (0.34) | (0.31) | (0.28) | (0.22) | (0.22)  |
| **Net asset value, end of year** | $11.16 | $10.99 | $11.13 | $10.95 | $11.85  |
| Total return | 4.71% | 1.58% | 4.29% | (5.74)% | 0.27%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (millions) | $1038.0 | $1004.6 | $1051.9 | $1083.0 | $1526.2  |
| 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 <br>net assets | 3.04% | 2.85% | 2.55% | 1.94% | 1.75%  |
| Portfolio turnover rate<sup>(2)</sup> | 27% | 20% | 33% | 33% | 18% |

---

<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.

363<br>

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**BAIRD QUALITY INTERMEDIATE MUNICIPAL BOND FUND** 

**FINANCIAL HIGHLIGHTS** 

**INVESTOR CLASS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $11.30 | $11.43 | $11.24 | $12.16 | $12.34  |
| **INCOME FROM INVESTMENT OPERATIONS:** | **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |
| Net investment income<sup>(1)</sup> | 0.32 | 0.30 | 0.26 | 0.19 | 0.18  |
|  Net realized and unrealized gains (losses) on investments | 0.16 | (0.15) | 0.18 | (0.92) | (0.18)  |
| **Total from investment operations** | 0.48 | 0.15 | 0.44 | (0.73) | —  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| Distributions from net investment income | (0.31) | (0.28) | (0.25) | (0.19) | (0.18)  |
| **Total distributions** | (0.31) | (0.28) | (0.25) | (0.19) | (0.18)  |
| **Net asset value, end of year** | $11.47 | $11.30 | $11.43 | $11.24 | $12.16  |
| Total return | 4.32% | 1.37% | 4.01% | (5.99)% | 0.02%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (millions) | $60.0 | $60.7 | $51.0 | $30.6 | $59.2  |
| 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 <br>net assets | 2.79% | 2.60% | 2.30% | 1.69% | 1.50%  |
| Portfolio turnover rate<sup>(2)</sup> | 27% | 20% | 33% | 33% | 18% |

---

<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.

364<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**FINANCIAL HIGHLIGHTS** 

**INSTITUTIONAL CLASS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $10.24 | $10.34 | $10.10 | $10.96 | $10.96  |
| **INCOME FROM INVESTMENT OPERATIONS:** | **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |
| Net investment income<sup>(1)</sup> | 0.36 | 0.35 | 0.31 | 0.21 | 0.16  |
|  Net realized and unrealized gains (losses) on investments | 0.13 | (0.10) | 0.24 | (0.88) | 0.02<sup>(2)</sup>  |
| **Total from investment operations** | 0.49 | 0.25 | 0.55 | (0.67) | 0.18  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| Distributions from net investment income | (0.36) | (0.35) | (0.31) | (0.19) | (0.17)  |
| Distributions from net realized gains |  |  |  | (0.00)<sup>(3)</sup> | (0.01)  |
| **Total distributions** | (0.36) | (0.35) | (0.31) | (0.19) | (0.18)  |
| **Net asset value, end of year** | $10.37 | $10.24 | $10.34 | $10.10 | $10.96  |
| Total return | 4.88% | 2.41% | 5.54% | (6.07)% | 1.60%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (millions) | $5631.4 | $3911.3 | $2942.7 | $2449.7 | $1531.2  |
| 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 <br>net assets | 3.54% | 3.43% | 3.08% | 2.01% | 1.47%  |
| Portfolio turnover rate<sup>(4)</sup> | 22% | 25% | 32% | 59% | 31% |

---

<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.

365<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD CORE INTERMEDIATE MUNICIPAL BOND FUND** 

**FINANCIAL HIGHLIGHTS** 

**INVESTOR CLASS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $10.24 | $10.33 | $10.09 | $10.96 | $10.95  |
| **INCOME FROM INVESTMENT OPERATIONS:** | **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |
| Net investment income<sup>(1)</sup> | 0.34 | 0.33 | 0.29 | 0.18 | 0.13  |
|  Net realized and unrealized gains (losses) on investments | 0.12 | (0.10) | 0.23 | (0.88) | 0.03<sup>(2)</sup>  |
| **Total from investment operations** | 0.46 | 0.23 | 0.52 | (0.70) | 0.16  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| Distributions from net investment income | (0.33) | (0.32) | (0.28) | (0.17) | (0.14)  |
| Distributions from net realized gains |  |  |  | (0.00)<sup>(3)</sup> | (0.01)  |
| **Total distributions** | (0.33) | (0.32) | (0.28) | (0.17) | (0.15)  |
| **Net asset value, end of year** | $10.37 | $10.24 | $10.33 | $10.09 | $10.96  |
| Total return | 4.63% | 2.26% | 5.28% | (6.40)% | 1.44%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (millions) | $40.9 | $35.2 | $36.5 | $38.8 | $42.5  |
| 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 <br>net assets | 3.29% | 3.18% | 2.83% | 1.76% | 1.22%  |
| Portfolio turnover rate<sup>(4)</sup> | 22% | 25% | 32% | 59% | 31% |

---

<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.

366<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD MUNICIPAL BOND FUND** 

**FINANCIAL HIGHLIGHTS** 

**INSTITUTIONAL CLASS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $9.91 | $10.01 | $9.68 | $10.76 | $10.67  |
| **INCOME FROM INVESTMENT OPERATIONS:** | **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |
| Net investment income<sup>(1)</sup> | 0.38 | 0.38 | 0.37 | 0.26 | 0.20  |
|  Net realized and unrealized gains (losses) on investments | 0.10 | (0.11) | 0.31 | (1.09) | 0.17  |
| **Total from investment operations** | 0.48 | 0.27 | 0.68 | (0.83) | 0.37  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| Distributions from net investment income | (0.37) | (0.37) | (0.35) | (0.25) | (0.20)  |
| Distributions from net realized gains |  |  |  |  | (0.08)  |
| **Total distributions** | (0.37) | (0.37) | (0.35) | (0.25) | (0.28)  |
| **Net asset value, end of year** | $10.02 | $9.91 | $10.01 | $9.68 | $10.76  |
| Total return | 4.96% | 2.73% | 7.14% | (7.73)% | 3.46%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (millions) | $685.0 | $276.0 | $180.4 | $55.7 | $34.5  |
| 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 <br>net assets | 3.87% | 3.79% | 3.77% | 2.63% | 1.83%  |
| Portfolio turnover rate<sup>(2)</sup> | 16% | 47% | 58% | 76% | 38% |

---

<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.

367<br>

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**BAIRD MUNICIPAL BOND FUND** 

**FINANCIAL HIGHLIGHTS** 

**INVESTOR CLASS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $9.91 | $9.99 | $9.68 | $10.74 | $10.66  |
| **INCOME FROM INVESTMENT OPERATIONS:** | **INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |
| Net investment income<sup>(1)</sup> | 0.36 | 0.35 | 0.34 | 0.24 | 0.17  |
|  Net realized and unrealized gains (losses) on investments | 0.10 | (0.09) | 0.29 | (1.08) | 0.16  |
| **Total from investment operations** | 0.46 | 0.26 | 0.63 | (0.84) | 0.33  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |
| Distributions from net investment income | (0.35) | (0.34) | (0.32) | (0.22) | (0.17)  |
| Distributions from net realized gains |  |  |  |  | (0.08)  |
| **Total distributions** | (0.35) | (0.34) | (0.32) | (0.22) | (0.25)  |
| **Net asset value, end of year** | $10.02 | $9.91 | $9.99 | $9.68 | $10.74  |
| Total return | 4.72% | 2.69% | 6.67% | (7.78)% | 3.12%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (thousands) | $30134.2 | $11728.7 | $7549.4 | $4055.6 | $3193.3  |
| 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 <br>net assets | 3.62% | 3.54% | 3.52% | 2.38% | 1.58%  |
| Portfolio turnover rate<sup>(2)</sup> | 16% | 47% | 58% | 76% | 38% |

---

<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.

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD FUNDS, INC.** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025** 

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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| | | |
|:---|:---|:---|
| | **Inception Date**  | **Inception Date**  |
| <br>**Fund** | **Institutional Class** | **Investor Class**  |
| Baird Ultra Short Bond Fund | December 31, 2013 | December 31, 2013  |
| Baird Short-Term Bond Fund | August 31, 2004 | September 19, 2012  |
| Baird Intermediate Bond Fund | September 29, 2000 | September 29, 2000  |
| Baird Aggregate Bond Fund | September 29, 2000 | September 29, 2000  |
| Baird Core Plus Bond Fund | September 29, 2000 | September 29, 2000  |
| Baird Short-Term Municipal Bond Fund | August 31, 2015 | August 31, 2015  |
| Baird Strategic Municipal Bond Fund | November 15, 2019 | November 15, 2019  |
| Baird Quality Intermediate Municipal Bond Fund | March 30, 2001 | March 30, 2001  |
| Baird Core Intermediate Municipal Bond Fund | August 31, 2015 | August 31, 2015  |
| Baird Municipal Bond Fund | November 15, 2019 | November 15, 2019 |

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Institutional Class shares are not subject to a distribution and service (12b-1) fee, while Investor Class shares are subject to a distribution and service (12b-1) fee of 0.25%. See Note 7.

The investment objective of the Baird Ultra Short Bond Fund is to seek current income consistent with preservation of capital.

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

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

The investment objective of the Baird Aggregate Bond Fund is to seek an annual rate of total return, before Fund expenses, greater than the annual rate of total return of the Bloomberg U.S. Aggregate Index. The Fund's benchmark index, the Bloomberg U.S. Aggregate Index, is an unmanaged, market value weighted index of investment grade, fixed-rate debt issues, including government, corporate, asset-backed and mortgage-backed debt obligations, with maturities of at least one year.

The investment objective of the Baird Core Plus Bond Fund is to seek an annual rate of total return, before Fund expenses, greater than the annual rate of total return of the Bloomberg U.S. Universal Index. The Fund's benchmark

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**BAIRD FUNDS, INC.** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025 (Continued)** 

index, the Bloomberg U.S. Universal Index, is an unmanaged, market value weighted index of fixed income debt obligations issued in U.S. dollars, including U.S. government and investment grade debt, non-investment grade debt, asset-backed and mortgage-backed debt obligations, Eurobonds, 144A securities and emerging market debt, with maturities of at least one year.

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*.

&nbsp;&nbsp;&nbsp;&nbsp;a) *Investment Valuation* – Section 2(a)(41) of the 1940 Act, together with the rules and interpretations of the U.S. Securities and
 Exchange Commission (the "SEC"), require the Funds, in computing net asset value ("NAV"), to value their portfolio
 securities using market quotations when they are "readily available." When market quotations are not readily available (e.g.,
 because there is no regular market quotation for such securities), the securities are valued at fair value using methods determined by
 the Advisor as the Valuation Designee of the Board of Directors of the Company (the "Board") in accordance with policies and
 procedures adopted pursuant to Rule 2a-5 of the 1940 Act, as discussed further below. Per GAAP, the "fair value" of a
 security means the price that would be received to sell a security in an orderly transaction between market participants at the measurement
 date.

The Funds determine the fair value of their investments and compute their NAV per share as of the close of regular trading of the New York Stock Exchange (generally, 4:00 p.m. ET).

Consistent with Section 2(a)(41) of the 1940 Act, the Funds price their securities as follows: debt securities are valued at their evaluated bid prices as provided by an independent pricing service based on various market inputs such as benchmark yields, market transactions and dealer quotations. Investments in mutual funds, including money market funds, are valued at their stated NAV. Equity securities, including common stocks, ETFs and closed end funds, that are listed on a securities exchange (other than NASDAQ) are valued at the last quoted sales price. Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Price information on listed stocks is taken from the exchange where the security is primarily traded. Securities, other than debt securities, that were not traded on the valuation date, as well as stocks that are not listed on an exchange, including NASDAQ, are valued at the average of the current bid and ask price. Other assets and securities for which market quotations are not readily available are valued at fair value as determined in good faith by the Advisor in accordance with the Funds' fair value procedures pursuant to Rule 2a-5 of the 1940 Act. In accordance with such procedures, the Advisor may, under certain circumstances, use alternative valuation methodologies, such as broker quotes. If prices are unavailable or deemed to be unreliable, fair value will be determined by the Advisor, subject to the oversight of the Board. The Advisor, as Valuation Designee, has further designated its valuation committee to be responsible for fair value

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determinations. In determining fair value, the valuation committee takes into account factors deemed relevant by the valuation committee and available information. Consequently, the price of the security used by a Fund to calculate its NAV may differ from quoted or published prices for the same security. Fair value pricing involves subjective judgments and there is no single standard for determining a security's fair value. As a result, different mutual funds could reasonably arrive at a different fair value for the same security. It is possible that the fair value determined for a security is materially different from the value that could be realized upon the sale of that security or from the values that other mutual funds may determine. The prices determined for any individual security on any given day may vary significantly from the amount that can be obtained in an actual sale of that security, and a Fund's NAV may fluctuate significantly from day to day or from period to period. Occasionally, significant events may occur after the close of the exchange on which a security is traded. If such events materially affect the value of a Fund's securities, these securities may be valued at their fair value pursuant to the Funds' fair value procedures.

&nbsp;&nbsp;&nbsp;&nbsp;b) *Securities Purchased on a When-Issued, Delayed Delivery or Forward Commitment Basis* – Each Fund may purchase securities on a when-issued,
 delayed delivery or forward commitment basis. When-issued, delayed delivery and forward commitment transactions involve the risk that
 the price or yield obtained in a transaction may be more or less favorable than the price or yield available in the market when delivery
 takes place. At the time a Fund makes a commitment to purchase a security, the Fund records the transaction and reflects the value of
 the security in determining net asset value. Certain when-issued, delayed delivery or forward commitment securities are considered derivatives
 and each Fund qualifies as a "limited derivatives user" under the SEC's derivatives rule (Rule 18f-4).

&nbsp;&nbsp;&nbsp;&nbsp;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, 2025 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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| | | |
|:---|:---|:---|
| **Fund** | **Value** | **% of Net Assets**  |
| Baird Ultra Short Bond Fund  | $2195415321  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23.6% |
| Baird Short-Term Bond Fund  | 3490411782  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29.9% |
| Baird Intermediate Bond Fund  | 2659562255  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21.0% |
| Baird Aggregate Bond Fund  | 11034604772  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19.8% |
| Baird Core Plus Bond Fund  | 10706585404  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.5% |
| Baird Short-Term Municipal Bond Fund  | 94486930  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.6% |
| Baird Strategic Municipal Bond Fund  | 117948000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.8% |
| Baird Quality Intermediate Municipal Bond Fund | 14860240  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.4% |
| Baird Core Intermediate Municipal Bond Fund  | 215959342  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.8% |
| Baird Municipal Bond Fund  | 23185739  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.2% |

---

&nbsp;&nbsp;&nbsp;&nbsp;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.

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**BAIRD FUNDS, INC.** 

**NOTES TO THE FINANCIAL STATEMENTS** 

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&nbsp;&nbsp;&nbsp;&nbsp;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. The Baird Strategic
 Municipal Bond Fund may invest in U.S. Treasury futures contracts and qualifies as a "limited derivatives user."

&nbsp;&nbsp;&nbsp;&nbsp;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, 2025, the Baird Strategic Municipal Bond Fund had no cash or cash equivalents on deposit with the broker for futures contracts.

If the price of an open futures contract changes (by increase in the value of the underlying instrument or index in the case of a sale or by decrease in the case of a purchase) so that the loss on the futures contract reaches a point at which the margin on deposit does not satisfy margin requirements, the broker will require an increase in the margin. However, if the value of a position increases because of favorable price changes in the futures contract so that the margin deposit exceeds the required margin, the broker will pay the excess to the Fund.

These subsequent payments, called "variation margin," to and from the futures broker are made as the price of the underlying assets fluctuates making the long and short positions in the futures contract more or less valuable, a process known as "marking to the market." At period end, the variation margin may be shown as either a receivable or payable on the Fund's Statement of Assets and Liabilities. The Fund expects to earn interest income on any margin deposits.

&nbsp;&nbsp;&nbsp;&nbsp;g) *Income Tax Status –* The Funds qualify and 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, 2025, or for any other tax years which are open for exam. As of December 31, 2025, open tax years include the tax years ended December 31, 2022 through 2025. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next 12 months. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as interest and other expense, respectively, in the Statements of Operations. During the year, the Funds did not incur any interest or penalties.

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**BAIRD FUNDS, INC.** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025 (Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;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 Company in proportion to their respective assets or are divided equally amongst the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;j) *Use of Estimates –* The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that
 affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
 statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results
 could differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;m) *Segment Reporting* – Management already evaluated the impact of adopting ASU 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures*, with respect to the financial statements and disclosures and determined there is
 no material impact for the Funds. Each Fund operates as a single segment entity. Each Fund's income, expenses, assets, and performance
 are regularly monitored and assessed by the Principal Executive Officer and Principal Financial Officer of the Funds, who serve as the
 chief operating decision makers, using the information presented in the financial statements and financial highlights.

&nbsp;&nbsp;&nbsp;&nbsp;n) *New Regulatory and Accounting Pronouncements* – The Funds adopted the FASB Accounting Standards Update 2023-09, *Income Taxes (Topic 740) Improvements to Income Tax Disclosures* ("ASU 2023-09"). Adoption of the new standard by the Funds
 impacted financial statement disclosures only and did not affect the Funds' financial position or results of operations. A disaggregation
 of income taxes paid by jurisdiction is presented when significant income taxes are paid. Income taxes paid by the Funds for the year
 were determined to not be significant.

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**BAIRD FUNDS, INC.** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025 (Continued)** 

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** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024**  | **Year Ended** <br>**December 31, 2024**  |
| **Institutional Class Shares** | **Shares** | **Amount** | **Shares** | **Amount**  |
| Shares sold | 561017892 | $5682950157 | 491110360 | $4969644690  |
|  Shares issued to shareholders in reinvestment of distributions | 37564898 | 380047518 | 33506847 | 338457740  |
| Shares redeemed | (450074119) | (4560517906) | (372390629) | (3768677108)  |
| Net increase | 148508671 | $1502479769 | 152226578 | $1539425322  |
| Shares Outstanding:<br>|  |  |  |  |
| Beginning of year | 763509654 |  | 611283076 |  |
| End of year | 912018325 |  | 763509654 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
| **Investor Class Shares** | **Shares** | **Amount** | **Shares** | **Amount**  |
| Shares sold | 3836440 | $38971761 | 3147356 | $31931730  |
|  Shares issued to shareholders in reinvestment of distributions | 297909 | 3022641 | 333378 | 3376842  |
| Shares redeemed | (2539056) | (25798593) | (5164579) | (52418206)  |
| Net increase (decrease) | 1595293 | $16195809 | (1683845) | $(17109634)  |
| Shares Outstanding:<br>|  |  |  |  |
| Beginning of year | 5994653 |  | 7678498 |  |
| End of year | 7589946 |  | 5994653 |  |
| Total net increase |  | $1518675578 |  | $1522315688 |

---

**Baird Short-Term Bond Fund** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024**  | **Year Ended** <br>**December 31, 2024**  |
| **Institutional Class Shares** | **Shares** | **Amount** | **Shares** | **Amount**  |
| Shares sold | 291843132 | $2785603196 | 454618344 | $4295135438  |
|  Shares issued to shareholders in reinvestment of distributions | 47538027 | 453067918 | 43882703 | 414042415  |
| Shares redeemed | (313277913) | (2987597993) | (309407704) | (2925042280)  |
| Net increase | 26103246 | $251073121 | 189093343 | $1784135573  |
| Shares Outstanding:<br>|  |  |  |  |
| Beginning of year | 1181249582 |  | 992156239 |  |
| End of year | 1207352828 |  | 1181249582 |  |

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**BAIRD FUNDS, INC.** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025 (Continued)** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024**  | **Year Ended** <br>**December 31, 2024**  |
| **Investor Class Shares** | **Shares** | **Amount** | **Shares** | **Amount**  |
| Shares sold | 5419414 | $51673968 | 4451412 | $42017585  |
|  Shares issued to shareholders in reinvestment of distributions | 552792 | 5266689 | 559626 | 5275339  |
| Shares redeemed | (4984132) | (47551299) | (7650331) | (72247521)  |
| Net increase (decrease) | 988074 | $9389358 | (2639293) | $(24954597)  |
| Shares Outstanding:<br>|  |  |  |  |
| Beginning of year | 13232279 |  | 15871572 |  |
| End of year | 14220353 |  | 13232279 |  |
| Total net increase |  | $260462479 |  | $1759180976 |

---

**Baird Intermediate Bond Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024**  | **Year Ended** <br>**December 31, 2024**  |
| **Institutional Class Shares** | **Shares** | **Amount** | **Shares** | **Amount**  |
| Shares sold | 323312569 | $3385546729 | 417051545<sup>(1)</sup> | $4299092885<sup>(1)</sup>  |
|  Shares issued to shareholders in reinvestment of distributions | 39539020 | 413955537 | 33496642 | 344813192  |
| Shares redeemed | (187043090) | (1955668414) | (242844327) | (2515561790)  |
| Net increase | 175808499 | $1843833852 | 207703860 | $2128344287  |
| Shares Outstanding:<br>|  |  |  |  |
| Beginning of year | 1005959326 |  | 798255466 |  |
| End of year | 1181767825 |  | 1005959326 |  |

---

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
| **Investor Class Shares** | **Shares** | **Amount** | **Shares** | **Amount**  |
| Shares sold | 7299185 | $80480958 | 6466948 | $70195830  |
|  Shares issued to shareholders in reinvestment of distributions | 486233 | 5373541 | 359476 | 3898823  |
| Shares redeemed | (4553631) | (50329748) | (2831855) | (30762344)  |
| Net increase | 3231787 | $35524751 | 3994569 | $43332309  |
| Shares Outstanding:<br>|  |  |  |  |
| Beginning of year | 12082294 |  | 8087725 |  |
| End of year | 15314081 |  | 12082294 |  |
| Total net increase |  | $1879358603 |  | $2171676596 |

---

<sup>(1)</sup> Includes purchase in-kind transactions. See additional information contained in this Note.

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**BAIRD FUNDS, INC.** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025 (Continued)** 

**Baird Aggregate Bond Fund** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024**  | **Year Ended** <br>**December 31, 2024**  |
| **Institutional Class Shares** | **Shares** | **Amount** | **Shares** | **Amount**  |
| Shares sold | 1384959440<sup>(1)</sup> | $13627501011<sup>(1)</sup> | 1663734325<sup>(1)</sup> | $16285863637<sup>(1)</sup>  |
|  Shares issued to shareholders in reinvestment of distributions | 203205160 | 2003092560 | 172231366 | 1677046355  |
| Shares redeemed | (1225448623) | (12077340783) | (933390614) | (9131584932)  |
| Net increase | 362715977 | $3553252788 | 902575077 | $8831325060  |
| Shares Outstanding:<br>|  |  |  |  |
| Beginning of year | 5156199210 |  | 4253624133 |  |
| End of year | 5518915187 |  | 5156199210 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024**  | **Year Ended** <br>**December 31, 2024**  |
| **Investor Class Shares** | **Shares** | **Amount** | **Shares** | **Amount**  |
| Shares sold | 23660038 | $242034656 | 43970138 | $447496112  |
|  Shares issued to shareholders in reinvestment of distributions | 3291223 | 33772344 | 3540168 | 35866402  |
| Shares redeemed | (50226631) | (513826824) | (35946084) | (365184879)  |
| Net increase (decrease) | (23275370) | $(238019824) | 11564222 | $118177635  |
| Shares Outstanding:<br>|  |  |  |  |
| Beginning of year | 106395738 |  | 94831516 |  |
| End of year | 83120368 |  | 106395738 |  |
| Total net increase |  | $3315232964 |  | $8949502695 |

---

<sup>(1)</sup> Includes purchase in-kind transactions. See additional information contained in this Note.

**Baird Core Plus Bond Fund** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024**  | **Year Ended** <br>**December 31, 2024**  |
| **Institutional Class Shares** | **Shares** | **Amount** | **Shares** | **Amount**  |
| Shares sold | 1238489829 | $12643183685 | 1294547788 | $13156528986  |
|  Shares issued to shareholders in reinvestment of distributions | 143849433 | 1468892151 | 114099164 | 1150031356  |
| Shares redeemed | (776925308) | (7908170323) | (525803955) | (5316769749)  |
| Net increase | 605413954 | $6203905513 | 882842997 | $8989790593  |
| Shares Outstanding:<br>|  |  |  |  |
| Beginning of year | 3515822082 |  | 2632979085 |  |
| End of year | 4121236036 |  | 3515822082 |  |

---

376<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD FUNDS, INC.** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025 (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024**  | **Year Ended** <br>**December 31, 2024**  |
| **Investor Class Shares** | **Shares** | **Amount** | **Shares** | **Amount**  |
| Shares sold | 22094558 | $236917531 | 33886313 | $357792906  |
|  Shares issued to shareholders in reinvestment of distributions | 4002703 | 42995850 | 3943271 | 41716553  |
| Shares redeemed | (29656260) | (317942014) | (31929450) | (339197514)  |
| Net increase (decrease) | (3558999) | $(38028633) | 5900134 | $60311945  |
| Shares Outstanding:<br>|  |  |  |  |
| Beginning of year | 108781348 |  | 102881214 |  |
| End of year | 105222349 |  | 108781348 |  |
| Total net increase |  | $6165876880 |  | $9050102538 |

---

**Baird Short-Term Municipal Bond Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
| **Institutional Class Shares** | **Shares** | **Amount** | **Shares** | **Amount**  |
| Shares sold | 101965481 | $1025284403 | 53663592 | $535652046  |
|  Shares issued to shareholders in reinvestment of distributions | 4549094 | 45714120 | 3661739 | 36467120  |
| Shares redeemed | (47886925) | (481150557) | (70738385) | (706262024)  |
| Net increase (decrease) | 58627650 | $589847966 | (13413054) | $(134142858)  |
| Shares Outstanding:<br>|  |  |  |  |
| Beginning of year | 139469205 |  | 152882259 |  |
| End of year | 198096855 |  | 139469205 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024**  | **Year Ended** <br>**December 31, 2024**  |
| **Investor Class Shares** | **Shares** | **Amount** | **Shares** | **Amount**  |
| Shares sold | 2433193 | $24478577 | 1644180 | $16396436  |
|  Shares issued to shareholders in reinvestment of distributions | 185545 | 1860096 | 206616 | 2054398  |
| Shares redeemed | (2867047) | (28818999) | (2810634) | (28023596)  |
| Net decrease | (248309) | $(2480326) | (959838) | $(9572762)  |
| Shares Outstanding:<br>|  |  |  |  |
| Beginning of year | 6916713 |  | 7876551 |  |
| End of year | 6668404 |  | 6916713 |  |
| Total net increase (decrease) |  | $587367640 |  | $(143715620) |

---

377<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD FUNDS, INC.** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025 (Continued)** 

**Baird Strategic Municipal Bond Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
| **Institutional Class Shares** | **Shares** | **Amount** | **Shares** | **Amount**  |
| Shares sold | 169702129 | $1742866238 | 77027592 | $792226899  |
|  Shares issued to shareholders in reinvestment of distributions | 6388168 | 65645373 | 3598368 | 36904631  |
| Shares redeemed | (39699699) | (406871142) | (24690081) | (253536951)  |
| Net increase | 136390598 | $1401640469 | 55935879 | $575594579  |
| Shares Outstanding:<br>|  |  |  |  |
| Beginning of year | 141605766 |  | 85669887 |  |
| End of year | 277996364 |  | 141605766 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024**  | **Year Ended** <br>**December 31, 2024**  |
| **Investor Class Shares** | **Shares** | **Amount** | **Shares** | **Amount**  |
| Shares sold | 14982750 | $153726246 | 8221847 | $84588971  |
|  Shares issued to shareholders in reinvestment of distributions | 486637 | 4997624 | 208573 | 2139582  |
| Shares redeemed | (4766770) | (48802178) | (2838694) | (29163083)  |
| Net increase | 10702617 | $109921692 | 5591726 | $57565470  |
| Shares Outstanding:<br>|  |  |  |  |
| Beginning of year | 9341833 |  | 3750107 |  |
| End of year | 20044450 |  | 9341833 |  |
| Total net increase |  | $1511562161 |  | $633160049 |

---

**Baird Quality Intermediate Municipal Bond Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024**  | **Year Ended** <br>**December 31, 2024**  |
| **Institutional Class Shares** | **Shares** | **Amount** | **Shares** | **Amount**  |
| Shares sold | 21793788 | $240216171 | 21837899 | $241338219  |
|  Shares issued to shareholders in reinvestment of distributions | 2423636 | 26703728 | 2328458 | 25672559  |
| Shares redeemed | (22571681) | (248333521) | (27266880) | (301184213)  |
| Net increase (decrease) | 1645743 | $18586378 | (3100523) | $(34173435)  |
| Shares Outstanding:<br>|  |  |  |  |
| Beginning of year | 91393652 |  | 94494175 |  |
| End of year | 93039395 |  | 91393652 |  |

---

378<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD FUNDS, INC.** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025 (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
| **Investor Class Shares** | **Shares** | **Amount** | **Shares** | **Amount**  |
| Shares sold | 1118688 | $12701133 | 1951056 | $22192530  |
|  Shares issued to shareholders in reinvestment of distributions | 138194 | 1565373 | 123995 | 1404738  |
| Shares redeemed | (1402950) | (15810517) | (1164397) | (13224685)  |
| Net increase (decrease) | (146068) | $(1544011) | 910654 | $10372583  |
| Shares Outstanding:<br>|  |  |  |  |
| Beginning of year | 5373661 |  | 4463007 |  |
| End of year | 5227593 |  | 5373661 |  |
| Total net increase (decrease) |  | $17042367 |  | $(23800852) |

---

**Baird Core Intermediate Municipal Bond Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024** | **Year Ended** <br>**December 31, 2024** |
| **Institutional Class Shares** | **Shares** | **Amount** | **Shares** | **Amount**  |
| Shares sold | 256365296 | $2622519800 | 158576749 | $1632364931  |
|  Shares issued to shareholders in reinvestment of distributions | 14185832 | 145306207 | 10098388 | 103696832  |
| Shares redeemed | (109448398) | (1120298929) | (71538614) | (736197151)  |
| Net increase | 161102730 | $1647527078 | 97136523 | $999864612  |
| Shares Outstanding:<br>|  |  |  |  |
| Beginning of year | 381823036 |  | 284686513 |  |
| End of year | 542925766 |  | 381823036 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024**  | **Year Ended** <br>**December 31, 2024**  |
| **Investor Class Shares** | **Shares** | **Amount** | **Shares** | **Amount**  |
| Shares sold | 2052356 | $21044877 | 1709317 | $17577801  |
|  Shares issued to shareholders in reinvestment of distributions | 117777 | 1204923 | 117660 | 1206860  |
| Shares redeemed | (1660925) | (16947590) | (1916046) | (19652485)  |
| Net increase (decrease) | 509208 | $5302210 | (89069) | $(867824)  |
| Shares Outstanding:<br>|  |  |  |  |
| Beginning of year | 3440279 |  | 3529348 |  |
| End of year | 3949487 |  | 3440279 |  |
| Total net increase |  | $1652829288 |  | $998996788 |

---

379<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD FUNDS, INC.** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025 (Continued)** 

**Baird Municipal Bond Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024**  | **Year Ended** <br>**December 31, 2024**  |
| **Institutional Class Shares** | **Shares** | **Amount** | **Shares** | **Amount**  |
| Shares sold | 50143096 | $493984039 | 13463079 | $134283935  |
|  Shares issued to shareholders in reinvestment of distributions | 1658254 | 16369599 | 792043 | 7877155  |
| Shares redeemed | (11309902) | (111189211) | (4443802) | (44210697)  |
| Net increase | 40491448 | $399164427 | 9811320 | $97950393  |
| Shares Outstanding:<br>|  |  |  |  |
| Beginning of year | 27837243 |  | 18025923 |  |
| End of year | 68328691 |  | 27837243 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024**  | **Year Ended** <br>**December 31, 2024**  |
| **Investor Class Shares** | **Shares** | **Amount** | **Shares** | **Amount**  |
| Shares sold | 2375009 | $23484853 | 582662 | $5813981  |
|  Shares issued to shareholders in reinvestment of distributions | 71893 | 707666 | 20892 | 207606  |
| Shares redeemed | (622250) | (6190744) | (174819) | (1740991)  |
| Net increase | 1824652 | $18001775 | 428735 | $4280596  |
| Shares Outstanding:<br>|  |  |  |  |
| Beginning of year | 1184062 |  | 755327 |  |
| End of year | 3008714 |  | 1184062 |  |
| Total net increase |  | $417166202 |  | $102230989 |

---

**Purchase In-Kind Transactions** 

During the year ended December 31, 2025, the Funds satisfied purchase in-kind requests made by large institutional shareholders by transferring 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, 2025**  | **Year Ended December 31, 2025**  | **Year Ended December 31, 2025**  |
| <br>**Fund** | **Effective Date** | **Value of** <br>**Securities Received** | **Shares Sold**  |
| Baird Aggregate Bond Fund - Institutional Class | March 27, 2025 | &nbsp;&nbsp; $111846946 | 11471482 |

---

During the year ended December 31, 2024, 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, 2024**  | **Year Ended December 31, 2024**  | **Year Ended December 31, 2024**  |
| <br>**Fund** | **Effective Date** | **Value of Cash and** <br>**Securities Received** | **Shares Sold**  |
| Baird Intermediate Bond Fund - Institutional Class | August 28, 2024 | &nbsp;&nbsp; $59177794  | 5646736  |
| Baird Aggregate Bond Fund - Institutional Class | October 29, 2024 | &nbsp;&nbsp; 66239227  | 6759105 |

---

380<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD FUNDS, INC.** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025 (Continued)** 

4. INVESTMENT TRANSACTIONS AND INCOME TAX INFORMATION

During the year ended December 31, 2025, 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 | $847994336 | $264308594 | $4731443942 | $4148859956  |
| Baird Short-Term Bond Fund | 9680658087 | 9350673610 | 3835917642 | 3882167300  |
| Baird Intermediate Bond Fund | 4275679978 | 3509807635 | 1789800423 | 843305621  |
| Baird Aggregate Bond Fund | 14062334270 | 12322539373 | 6731079364 | 5856861702  |
| Baird Core Plus Bond Fund | 10845594426 | 8931765790 | 7160997622 | 3436632628  |
| Baird Short-Term Municipal Bond Fund |  | 11203594 | 1018365877 | 453409048  |
| Baird Strategic Municipal Bond Fund | 15751250 | 15943125 | 1892176929 | 433048667  |
| Baird Quality Intermediate Municipal Bond Fund | 14928516 |  | 294998115 | 278003964  |
| Baird Core Intermediate Municipal Bond Fund | 79257813 | 70505273 | 2587985284 | 962510372  |
| Baird Municipal Bond Fund |  |  | 474672030 | 75374257 |

---

As of December 31, 2025, the components of distributable earnings (accumulated losses) for income tax purposes were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Baird** <br>**Ultra Short** <br>**Bond Fund**  | **Baird** <br>**Short-Term** <br>**Bond Fund**  | **Baird** <br>**Intermediate** <br>**Bond Fund**  | **Baird** <br>**Aggregate** <br>**Bond Fund**  | **Baird** <br>**Core Plus** <br>**Bond Fund**  |
| **Cost of investments**  | $9249490960  | $11880244486  | $12650018588  | $57496298546  | $44691492220  |
| &nbsp;&nbsp;&nbsp; Gross unrealized <br>appreciation  | 24314866  | 111272973  | 211477292  | 712709368  | 559134229  |
| &nbsp;&nbsp;&nbsp; Gross unrealized <br>depreciation  | (1290232)  | (16469881)  | (110736365)  | (2340259696)  | (1510256816)  |
| **Net unrealized appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation)  | 23024634  | 94803092  | 100740927  | (1627550328)  | (951122587)  |
| Undistributed ordinary income  | 1841015  | 6257954  | 2198519  | —  | 5978386  |
| **Distributable earnings**  | 1841015  | 6257954  | 2198519  | —  | 5978386  |
| **Other accumulated losses**  | (3629938)  | (328875160)  | (375931707)  | (2289499987)  | (1179753530)  |
|  **Total distributable earnings (accumulated deficit)**  | $21235711  | $(227814114)  | $(272992261)  | $(3917050315)  | $(2124897731) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Baird** <br>**Short-Term** <br>**Municipal** <br>**Bond Fund**  | **Baird** <br>**Strategic** <br>**Municipal** <br>**Bond Fund**  | **Baird Quality** <br>**Intermediate** <br>**Municipal** <br>**Bond Fund**  | **Baird Core** <br>**Intermediate** <br>**Municipal** <br>**Bond Fund**  | **Baird** <br>**Municipal** <br>**Bond Fund**  |
| **Cost of investments**  | $2028786935  | $3027225112  | $1083836782  | $5550166503  | $697636206  |
| &nbsp;&nbsp;&nbsp; Gross unrealized <br>appreciation  | 19489139  | 45841517  | 13498218  | 81129254  | 12015284  |
| &nbsp;&nbsp;&nbsp; Gross unrealized <br>depreciation  | (2894028)  | (7350907)  | (11041251)  | (22548577)  | (2248911)  |
| **Net unrealized appreciation** | 16595111  | 38490610  | 2456967  | 58580677  | 9766373  |
| Undistributed tax-exempt income  | 728095  | 1207459  | 350664  | 2132085  | 295416  |
| **Distributable earnings**  | 728095  | 1207459  | 350664  | 2132085  | 295416  |
| **Other accumulated losses**  | (74296449)  | (6103382)  | (58345742)  | (70299274)  | (873094)  |
|  **Total distributable earnings (accumulated deficit)**  | $(56973243)  | $33594687  | $(55538111)  | $(9586512)  | $9188695 |

---

381<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD FUNDS, INC.** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025 (Continued)** 

The difference between book-basis and tax-basis unrealized appreciation is attributable primarily to the tax deferral of losses on wash sales. Wash sales and market discount accretion are recorded for book purposes but excluded from taxable income under the Internal Revenue Code de minimis exception.

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.

For the year ended December 31, 2025, the following table shows the reclassifications made:

---

| | | |
|:---|:---|:---|
| **Fund** | **Total** <br>**Distributable** <br>**Earnings** | **Paid-in** <br>**Capital**  |
| Baird Aggregate Bond Fund  | &nbsp;&nbsp;&nbsp;&nbsp; $(2)  | &nbsp;&nbsp;&nbsp; $2 |

---

**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 years shown below were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2025**  | **Year Ended December 31, 2025**  | **Year Ended December 31, 2025**  | **Year Ended December 31, 2025**  |
| <br>**Fund** | **Ordinary** <br>**Income** | **Return of** <br>**Capital** | **Tax-Exempt** <br>**Income** | **Total**  |
| Baird Ultra Short Bond Fund  | $397151578  | $—  | $—  | $397151578  |
| Baird Short-Term Bond Fund  | 488022065  | —  | —  | 488022065  |
| Baird Intermediate Bond Fund  | 459612118  | —  | —  | 459612118  |
| Baird Aggregate Bond Fund | 2233022990  | 2430989  | —  | 2235453979  |
| Baird Core Plus Bond Fund  | 1677162873  | —  | —  | 1677162873  |
| Baird Short-Term Municipal Bond Fund | 900051  | —  | 56874241  | 57774292  |
| Baird Strategic Municipal Bond Fund  | 2670410  | —  | 79670147  | 82340557  |
| Baird Quality Intermediate Municipal Bond Fund  | 584550  | —  | 31821670  | 32406220  |
| Baird Core Intermediate Municipal Bond Fund  | 4319576  | —  | 162658255  | 166977831  |
| Baird Municipal Bond Fund | 344013  | —  | 18404445  | 18748458 |

---

For the year ended December 31, 2025, the table above reflects the estimated characterization of the distributions paid based on each Fund's operating results for the year. The actual characterization of the distributions made during the year is not determined until after the end of the fiscal year.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2024**  | **Year Ended December 31, 2024**  | **Year Ended December 31, 2024**  | **Year Ended December 31, 2024**  |
| <br>**Fund** | **Ordinary** <br>**Income** | **Return of** <br>**Capital** | **Tax-Exempt** <br>**Income** | **Total** |
| Baird Ultra Short Bond Fund | $356517497 | $— | $— | $356517497  |
| Baird Short-Term Bond Fund | 450513344 |  |  | 450513344  |
| Baird Intermediate Bond Fund | 379000571 |  |  | 379000571  |
| Baird Aggregate Bond Fund | 1874358373 | 6176785 |  | 1880535158  |
| Baird Core Plus Bond Fund | 1299027929 | 2138598 |  | 1301166527  |
| Baird Short-Term Municipal Bond Fund | 1094483 |  | 46791919 | 47886402  |
| Baird Strategic Municipal Bond Fund | 1928349 |  | 42581646 | 44509995  |
| Baird Quality Intermediate Municipal Bond Fund | 428602 |  | 29713542 | 30142144  |
| Baird Core Intermediate Municipal Bond Fund | 3305319 |  | 114961773 | 118267092  |
| Baird Municipal Bond Fund | 289382 |  | 8681389 | 8970771 |

---

382<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**BAIRD FUNDS, INC.** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025 (Continued)** 

To the extent necessary to fully distribute such capital gains, the Funds also designate earnings and profits distributed to shareholders on the redemption of shares.

At December 31, 2025, no Funds deferred, on a tax basis, qualified late year losses.

At December 31, 2025, accumulated capital loss carryovers, if any, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Capital Loss Carryover** | **Capital Loss Carryover** | **Year of Expiration**  | **Year of Expiration**  |
| <br>**Fund** | **Short-term** | **Long-term** | **Short-term** | **Long-term**  |
| Baird Ultra Short Bond Fund  | $3629938  | $—  | Indefinitely  | N/A  |
| Baird Short-Term Bond Fund  | 168204614  | 160670546  | Indefinitely  | Indefinitely  |
| Baird Intermediate Bond Fund  | 73927946  | 302003761  | Indefinitely  | Indefinitely  |
| Baird Aggregate Bond Fund | 435688573  | 1853811414  | Indefinitely  | Indefinitely  |
| Baird Core Plus Bond Fund  | 167648326  | 1012105204  | Indefinitely  | Indefinitely  |
| Baird Short-Term Municipal Bond Fund | 24347624  | 49948825  | Indefinitely  | Indefinitely  |
| Baird Strategic Municipal Bond Fund  | 644182  | 5459200  | Indefinitely  | Indefinitely  |
| Baird Quality Intermediate Municipal Bond Fund  | 11984950  | 46360793  | Indefinitely  | Indefinitely  |
| Baird Core Intermediate Municipal Bond Fund | 22442922  | 47856352  | Indefinitely  | Indefinitely  |
| Baird Municipal Bond Fund  | —  | 873094  | N/A  | Indefinitely |

---

During the year ended December 31, 2025, the Funds utilized capital loss carryovers as follows:

---

| | | |
|:---|:---|:---|
| | **Capital Loss Carryover Utilized**  | **Capital Loss Carryover Utilized**  |
| <br>**Fund** | **Short-term** | **Long-term**  |
| Baird Ultra Short Bond Fund  | $13340592  | $—  |
| Baird Short-Term Bond Fund  | 22363109  | 27359295  |
| Baird Intermediate Bond Fund  | 2897272  | 5079981  |
| Baird Aggregate Bond Fund  | 28031718  | —  |
| Baird Core Plus Bond Fund  | 28309640  | —  |
| Baird Short-Term Municipal Bond Fund | 530698  | —  |
| Baird Strategic Municipal Bond Fund  | —  | 957223  |
| Baird Municipal Bond Fund  | —  | 148895 |

---

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.

For the Baird Ultra Short Bond Fund, the Advisor has contractually agreed to waive management fees in an amount equal to an annual rate of 0.15% of average daily net assets for the Fund, at least through April 30, 2027. 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, 2025, the Advisor waived the following amount pursuant to the fee waiver agreement between the Advisor and the Company on behalf of the Baird Ultra Short Bond Fund:

---

| | |
|:---|:---|
| **Fund** | **Waived Amount**  |
| Baird Ultra Short Bond Fund  | $13213478 |

---

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

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**BAIRD FUNDS, INC.** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025 (Continued)** 

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 Funds for the year ended December 31, 2025.

The Funds may use related party broker-dealers. For the year ended December 31, 2025, 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, 2025, the Funds purchased the following amounts of such securities:

---

| | |
|:---|:---|
|  | **Purchases**  |
| Baird Short-Term Bond Fund | $33575000  |
| Baird Intermediate Bond Fund | 34575000  |
| Baird Aggregate Bond Fund | 73450000  |
| Baird Core Plus Bond Fund | 9000000  |
| Baird Short-Term Municipal Bond Fund | 15750000  |
| Baird Strategic Municipal Bond Fund | 15220000  |
| Baird Quality Intermediate Municipal Bond Fund | 2000000  |
| Baird Core Intermediate Municipal Bond Fund | 24450000  |
| Baird Municipal Bond Fund | 5650000 |

---

Certain officers and employees of the Advisor are also officers and a director of the Funds.

6. LINE OF CREDIT

The Company maintains an uncommitted line of credit ("LOC") with U.S. Bank to provide the fifteen Funds comprising the Company a temporary liquidity source to meet unanticipated redemptions or other permissible borrowing needs. The LOC is unsecured at all times and is subject to certain restrictions and covenants. Under the terms of the LOC, borrowings for each Fund are limited to one third of the total eligible net assets (including the amount borrowed) of the respective Fund, or $1,250,000,000 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, 2025, the Prime Rate was 6.75%. The LOC matures on June 29, 2026, unless renewed. The Company has authorized U.S. Bank to charge any of the accounts of the borrowing Fund subject to the agreement for any missed payments.

No borrowings occurred for the Funds during the year ended December 31, 2025 nor were any borrowings outstanding for the Funds under the LOC as of December 31, 2025.

7. DISTRIBUTION AND SHAREHOLDER SERVICE PLAN

The Funds have adopted a distribution and shareholder service plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act. The Plan allows the Funds to compensate the Distributor for the costs incurred in distributing the Funds' Investor Class shares, including amounts paid to brokers or dealers, at an annual rate of 0.25% of the average daily net assets of the Funds' Investor Class shares.

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**BAIRD FUNDS, INC.** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025 (Continued)** 

For the year ended December 31, 2025, the Funds' Investor Class shares incurred fees pursuant to the Plan as follows:

---

| | |
|:---|:---|
| **Fund** |  |
| Baird Ultra Short Bond Fund | $177707  |
| Baird Short-Term Bond Fund | 332573  |
| Baird Intermediate Bond Fund | 384115  |
| Baird Aggregate Bond Fund | 2325623  |
| Baird Core Plus Bond Fund | 2867347  |
| Baird Short-Term Municipal Bond Fund | 166960  |
| Baird Strategic Municipal Bond Fund | 376254  |
| Baird Quality Intermediate Municipal Bond Fund | 144906  |
| Baird Core Intermediate Municipal Bond Fund | 94061  |
| Baird Municipal Bond Fund | 60638 |

---

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, 2025.

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, 2025 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.

---

| | | |
|:---|:---|:---|
| **Fund and Type of Derivatives Instrument** | **Net Realized** <br>**Gain (Loss)** | **Net Change**<br>**in Unrealized**<br>**Appreciation/**<br>**Depreciation** |
| **Baird Strategic Municipal Bond Fund**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Interest rate | $(123975) | $— |
| Total U.S. Treasury futures contracts | $(123975) | $— |

---

The average monthly notional amount is shown as an indicator of volume. The Fund calculates notional value for futures contracts as the number of open contracts multiplied by contract size multiplied by the price of the underlying security or asset. The average monthly notional amounts during the year ended December 31, 2025 were:

---

| | | |
|:---|:---|:---|
|  | **Average Notional Amount**  | **Average Notional Amount**  |
|  | **Purchase Contracts** | **Sale Contracts**  |
| **Baird Strategic Municipal Bond Fund**<br>|  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; $1281671 | $— |

---

Please refer to the Fund's prospectus for a full listing of risks associated with these investments.

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**BAIRD FUNDS, INC.** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025 (Continued)** 

9. SUBSEQUENT EVENTS

In preparing these financial statements, management has evaluated events after December 31, 2025. There were no subsequent events since December 31, 2025, through the date the financial statements were issued that would warrant adjustment to or additional disclosure in these financial statements.

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**BAIRD FUNDS, INC.** 

**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 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 (the "Funds"), each a series of Baird Funds, Inc., as of December 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (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, 2025, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

<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, 2025, by correspondence with the custodians 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.

![](bond_sig.jpg)

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

February 24, 2026

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**Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies. (Unaudited)** 

There were no changes in or disagreements with accountants during the two most recent fiscal years.

**Item 9. Proxy Disclosure for Open-End Investment Companies. (Unaudited)** 

There were no matters submitted to a vote of shareholders during the year covered by this report.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies. (Unaudited)** 

Pursuant to an Administration Agreement discussed in Note 5 and in the Funds' Statement of Additional Information, the Advisor assumes and pays all compensation payable to the Directors for overseeing the Funds. Therefore, a separate line item for "Director fees" is not included in the Funds' Statements of Operations.

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**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. (Unaudited)** 

**Disclosure Regarding Approval of the Investment Advisory Agreement for Baird Bond Funds** 

The Investment Company Act of 1940, as amended (the "1940 Act"), requires that investment advisory agreements be approved by the vote of a majority of the registered investment company's Board of Directors (the "Board"), including a majority of the directors who are not "interested persons" within the meaning of the 1940 Act (the "Independent Directors"), cast in the manner required by the 1940 Act, and the rules and regulations thereunder. At an in-person meeting held August 22, 2025, the Board, including all of the Independent Directors, of Baird Funds, Inc. (the "Company") approved the continuation 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 (collectively, the "Funds" or the "Bond Funds").

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 legal counsel summarizing the guidelines relevant to the Board's consideration of the investment advisory agreements; a memorandum and other information provided in response to a request from the Board by the Advisor (the "Advisor's 15(c) Response"); a copy of the Advisor's Form ADV Part 1A and Form ADV brochures and brochure supplements; organizational charts for the Advisor; 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, 2025; 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 and the Independent Directors met with legal counsel to the Independent Directors at a special meeting held on August 14, 2025. The Board also took into account knowledge gained over time through its experience with the Advisor 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.

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.

<u>Nature, Extent and Quality of Services Provided to the Funds</u>

The Board considered the nature, extent and quality of the services provided by the Advisor to the Funds. The Board noted the Advisor's commitment to delivering competitive long-term investment results and providing quality services to Fund shareholders. The Board considered the continuity and experience of the portfolio management teams employed to manage the investments of the Funds. 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, information technology, cybersecurity, and accounting personnel. The Board also considered the Advisor's continued investment in resources that benefit the Funds, including investments in personnel, systems, technology, and research.

The Board considered the Advisor's disciplined investment decision-making processes used for the Funds. The Board noted that for all Funds, Baird makes investment decisions, selects broker-dealers for the execution of portfolio transactions, votes proxies and provides other customary investment management services. 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 Company, ensuring adherence to the Funds' investment policies and restrictions, compliance services, shareholder servicing, administering the Funds' liquidity risk management program, administering the Funds' cybersecurity program and business continuity plan, providing valuation services and fair

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**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. (Unaudited) (Continued)** 

value services as valuation designee to the Board, providing support services to the Board and the committees of the Board and overseeing the Funds' other service providers. The Board considered the strength of the Advisor's legal and compliance department and the qualifications of the Funds' Chief Compliance Officer. The Board noted the effective operation of the Advisor's risk management, valuation and liquidity risk management processes.

The Board concluded that the Advisor provides high quality services to the Funds and the nature, extent and quality of the services provided by the Advisor to each Fund were appropriate.

<u>Investment Performance of the Advisor and the Funds</u>

In considering the investment performance of each Fund, the Board reviewed information as of June 30, 2025 regarding the performance of each class of the 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 reviewed the composite investment performance of Baird Advisors with respect to accounts that are managed in the same strategy as the applicable 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 and the Institutional Class of each Fund has generally outperformed the respective benchmark index for the one-year, three-year, five-year, ten-year, and since-inception periods, where applicable. With respect to the Quality Intermediate Municipal Bond Fund, the Board noted that the Fund modestly underperformed the benchmark and considered the Advisor's commentary regarding the high-quality focus of the Fund as the primary cause of the Fund's underperformance relative to the benchmark. The Board noted that the Institutional Class returns of each Fund have equaled or exceeded the respective Lipper peer group average over all applicable periods, with the exceptions of the Ultra Short Bond Fund, which underperformed its peer group average for the trailing one-year period, the Short-Term Bond Fund, which trailed its Lipper peer group for the one-year, three-year and five-year periods, the Intermediate Bond Fund, which underperformed its peer group average for the three-year and five-year time periods, and the Quality Intermediate Municipal Bond Fund, which underperformed its peer group average over most time periods. The Board considered the Advisor's discussion regarding the performance of those Funds relative to peer funds.

The Board also considered the quarterly portfolio commentaries and discussions with personnel of the Advisor regarding the Funds' performance and the investment strategies employed by the Advisor. The Board concluded that each Fund and its shareholders were likely to benefit from the continued management by the Advisor.

<u>Advisory Fees and Expenses</u>

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 each Fund's advisory fee (after waivers, in the case of the Baird Ultra Short Bond Fund) is lower than the average and median advisory fee for the respective Morningstar category and falls in the lowest quartile of the respective category with the exception of the advisory fee for the Baird Short-Term Municipal Bond Fund, which fell in the second quartile. The Board noted that the net expense ratio for each Fund's Institutional Class is also lower than the respective Morningstar category average and median and falls within the lowest quartile. 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, 2026. 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 0.30% and 0.55% for Institutional and Investor Class Shares, respectively.

The Board also considered additional information regarding the appropriateness of the advisory fee. The Board considered the level of fees charged by the Advisor to other accounts managed in similar strategies, including separately managed accounts, subadvised funds and other pooled investment funds, 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.

The Board concluded that the advisory 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.

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**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. (Unaudited) (Continued)** 

<u>Costs and Profitability</u>

The Board considered the fees realized, and the costs incurred, by the Advisor in providing investment management services to the Funds and administration services to the Bond 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 information technology, cybersecurity, compliance, risk management, 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 was reasonable.

<u>Economies of Scale and Fee Levels Reflecting Those Economies</u>

The Board considered the extent to which economies of scale might be realized as each Fund grows and the extent to which each Fund's advisory fee reflects those economies of scale for the benefit of Fund investors.

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 Bond Funds' expenses other than investment advisory, 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 each Fund's current fee structure was reasonable and provides for a sharing of any economies of scale with the Fund's investors.

<u>Benefits Derived from the Relationship with the Funds</u>

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 Bond 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 their evaluation of the above factors, the 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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![](bond_backcover.jpg)

![](equity_fcdecember.jpg)

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**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
| **Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies** <br>|  |
| [Baird Mid Cap Growth Fund Schedule of Investments](#soi11) | [1](#soi11) |
| [Baird Small/Mid Cap Growth Fund Schedule of Investments](#soi21) | [4](#soi21) |
| [Baird Equity Opportunity Fund Schedule of Investments](#soi31) | [7](#soi31) |
| [Baird Chautauqua International Growth Fund Schedule of Investments](#soi41) | [11](#soi41) |
| [Baird Chautauqua Global Growth Fund Schedule of Investments](#soi51) | [14](#soi51) |
| [Statements of Assets and Liabilities](#sal) | [17](#sal) |
| [Statements of Operations](#sop) | [19](#sop) |
| [Statements of Changes in Net Assets](#scna) | [21](#scna) |
| [Financial Highlights](#fihi) | [24](#fihi) |
| [Notes to the Financial Statements](#notes1) | [34](#notes1) |
| [Report of Independent Registered Public Accounting Firm](#rep1) | [47](#rep1) |
| [Additional Information](#add) | [48](#add) |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies](#item8)** | [49](#item8) |
| **[Item 9. Proxy Disclosures for Open-End Investment Companies](#item9)** | [49](#item9) |
| **[Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies](#it101)** | [49](#it101) |
| **[Item 11. Statement Regarding Basis for Approval of Investment Advisory and Subadvisory Contracts](#it111)** | [50](#it111) |

---

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

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**[**TABLE OF CONTENTS**](#TOC1)**

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies</u>**

**Baird Mid Cap Growth Fund** 

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.6%**<br>|  |  |
| **Aerospace & Defense - 7.0%**<br>|  |  |
| BWX Technologies, Inc. | 112886 | $19511216  |
| Curtiss-Wright Corp. | 41764 | 23023241  |
| HEICO Corp. | 66168 | 21411303  |
|  |  | 63945760  |
| **Building Products - 2.8%**<br>|  |  |
| Lennox International, Inc. | 33438 | 16236824  |
| Trex Co., Inc.<sup>(a)</sup> | 253228 | 8883238  |
|  |  | 25120062  |
| **Capital Markets - 4.9%**<br>|  |  |
| MSCI, Inc. | 40275 | 23106976  |
| Raymond James Financial, Inc. | 130721 | 20992485  |
|  |  | 44099461  |
| **Commercial Services & Supplies - 2.4%**<br>|  |  |
| Rollins, Inc. | 368126 | 22094923  |
| **Construction & Engineering - 1.2%**<br>|  |  |
| EMCOR Group, Inc. | 17725 | 10843978  |
| &nbsp;&nbsp;&nbsp; **Consumer Staples Distribution &** <br>**Retail - 4.8%**<br>|  |  |
| BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 217336 | 19566760  |
| Casey's General Stores, Inc. | 43169 | 23859938  |
|  |  | 43426698  |
| **Electrical Equipment - 2.4%**<br>|  |  |
| Vertiv Holdings Co. - Class A | 132678 | 21495163  |
|  **Electronic Equipment, Instruments & Components - 2.3%**<br>|  |  |
| CDW Corp. | 55106 | 7505437  |
| Zebra Technologies Corp. - Class A<sup>(a)</sup> | 53783 | 13059588  |
|  |  | 20565025  |
| **Entertainment - 4.0%**<br>|  |  |
| Live Nation Entertainment, Inc.<sup>(a)</sup> | 102879 | 14660258  |
| TKO Group Holdings, Inc. | 102631 | 21449879  |
|  |  | 36110137  |
| **Financial Services - 1.1%**<br>|  |  |
| Shift4 Payments, Inc. - Class A<sup>(a)</sup> | 158398 | 9974322  |
| **Ground Transportation - 2.3%**<br>|  |  |
| XPO, Inc.<sup>(a)</sup> | 155531 | 21138218  |
| &nbsp;&nbsp;&nbsp; **Health Care Equipment &** <br>**Supplies - 8.9%**<br>|  |  |
| Dexcom, Inc.<sup>(a)</sup> | 210086 | 13943408  |
| Insulet Corp.<sup>(a)</sup> | 63514 | 18053219  |
| Penumbra, Inc.<sup>(a)</sup> | 91108 | 28326388  |
| ResMed, Inc. | 86173 | 20756491  |
|  |  | 81079506  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Health Care Technology - 2.3%**<br>|  |  |
| Veeva Systems, Inc. - Class A<sup>(a)</sup> | 94774 | $21156400  |
| **Hotels, Restaurants & Leisure - 11.4%**<br>|  |  |
| Cava Group, Inc.<sup>(a)</sup> | 343371 | 20152444  |
| Churchill Downs, Inc. | 131080 | 14914282  |
| DoorDash, Inc. - Class A<sup>(a)</sup> | 46836 | 10607417  |
| Dutch Bros, Inc. - Class A<sup>(a)</sup> | 260230 | 15931281  |
| Hilton Worldwide Holdings, Inc. | 95519 | 27437833  |
| Wingstop, Inc. | 62383 | 14877722  |
|  |  | 103920979  |
| **IT Services - 4.6%**<br>|  |  |
| EPAM Systems, Inc.<sup>(a)</sup> | 86587 | 17739944  |
| Twilio, Inc. - Class A<sup>(a)</sup> | 168157 | 23918652  |
|  |  | 41658596  |
| **Life Sciences Tools & Services - 7.8%**<br>|  |  |
| Illumina, Inc.<sup>(a)</sup> | 165262 | 21675764  |
| Repligen Corp.<sup>(a)</sup> | 130666 | 21410931  |
| West Pharmaceutical Services, Inc. | 102548 | 28215056  |
|  |  | 71301751  |
| **Machinery - 1.9%**<br>|  |  |
| Graco, Inc. | 215434 | 17659125  |
| **Oil, Gas & Consumable Fuels - 1.7%**<br>|  |  |
| Viper Energy, Inc. - Class A | 388442 | 15005514  |
| **Personal Care Products - 2.0%**<br>|  |  |
| elf Beauty, Inc.<sup>(a)</sup> | 236109 | 17953728  |
| **Professional Services - 4.4%**<br>|  |  |
| Broadridge Financial Solutions, Inc. | 96428 | 21519837  |
| Equifax, Inc. | 85236 | 18494507  |
|  |  | 40014344  |
|  **Semiconductors & Semiconductor Equipment - 3.2%**<br>|  |  |
| Monolithic Power Systems, Inc. | 31674 | 28708047  |
| **Software - 7.2%**<br>|  |  |
| Datadog, Inc. - Class A<sup>(a)</sup> | 143402 | 19501238  |
| Descartes Systems Group, Inc.<sup>(a)</sup> | 148309 | 13000767  |
| PTC, Inc.<sup>(a)</sup> | 89344 | 15564618  |
| Tyler Technologies, Inc.<sup>(a)</sup> | 38924 | 17669550  |
|  |  | 65736173  |
| **Specialty Retail - 1.4%**<br>|  |  |
|  Floor & Decor Holdings, Inc. - Class A<sup>(a)</sup> | 215130 | 13099266  |
| &nbsp;&nbsp;&nbsp; **Textiles, Apparel & Luxury** <br>**Goods - 1.2%**<br>|  |  |
| Kontoor Brands, Inc. | 180920 | 11052403  |

---

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

1<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Baird Mid Cap Growth Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Trading Companies & Distributors - 4.4%**<br>|  |  |
| Fastenal Co. | 462817 | $18572846  |
| Ferguson Enterprises, Inc. | 97173 | 21633625  |
|  |  | 40206471  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $644,246,815)** |  | 887366050  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 3.1%**<br>|  |  |
|  First American Government Obligations Fund - Class U, 3.69%<sup>(b)</sup> | 28644211 | 28644211  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $28,644,211)** |  | 28644211  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.7%** <br>**(Cost $672,891,026)** |  | $916010261  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.7)% |  | (6225939)  |
| **TOTAL NET ASSETS - 100.0%** |  | $909784322 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

2<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Baird Mid Cap Growth Fund** 

**Summary of Fair Value Disclosure** 

**as of December 31, 2025** 

Baird Mid Cap Growth Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the year, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

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

---

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

---

---

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

---

The following is a summary of the fair valuation hierarchy of the Fund's securities as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $887366050 | $— | $— | $887366050  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 28644211 |  |  | 28644211  |
| **Total Investments** | $916010261 | $— | $— | $916010261 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the year, as compared to the security classifications from the prior year's core financial statements. See the Fund's Valuation Policy in Note 2a to the financial statements.

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

3<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Baird Small/Mid Cap Growth Fund** 

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.9%**<br>|  |  |
| **Aerospace & Defense - 4.4%**<br>|  |  |
| BWX Technologies, Inc. | 10290 | $1778523  |
| Curtiss-Wright Corp. | 4706 | 2594277  |
|  |  | 4372800  |
| **Automobile Components - 1.1%**<br>|  |  |
| XPEL, Inc.<sup>(a)</sup> | 20941 | 1045165  |
| **Beverages - 2.9%**<br>|  |  |
| Vita Coco Co., Inc.<sup>(a)</sup> | 53912 | 2857875  |
| **Biotechnology - 9.1%**<br>|  |  |
| ADMA Biologics, Inc.<sup>(a)</sup> | 47448 | 865452  |
| Exact Sciences Corp.<sup>(a)</sup> | 32568 | 3307606  |
| Insmed, Inc.<sup>(a)</sup> | 10527 | 1832119  |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> | 21277 | 3017717  |
|  |  | 9022894  |
| **Building Products - 2.8%**<br>|  |  |
| Lennox International, Inc. | 2708 | 1314951  |
| Simpson Manufacturing Co., Inc. | 8879 | 1433692  |
|  |  | 2748643  |
| **Capital Markets - 1.8%**<br>|  |  |
| Houlihan Lokey, Inc. | 10144 | 1766983  |
| **Construction & Engineering - 1.4%**<br>|  |  |
| EMCOR Group, Inc. | 2269 | 1388151  |
| **Consumer Finance - 1.5%**<br>|  |  |
| SoFi Technologies, Inc.<sup>(a)</sup> | 56520 | 1479694  |
| **Consumer Staples Distribution & Retail - 2.7%**<br>|  |  |
| BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 13670 | 1230710  |
| Casey's General Stores, Inc. | 2554 | 1411621  |
|  |  | 2642331  |
|  **Electronic Equipment, Instruments & Components - 1.8%**<br>|  |  |
| Badger Meter, Inc. | 10041 | 1751251  |
| **Financial Services - 5.4%**<br>|  |  |
| Affirm Holdings, Inc.<sup>(a)</sup> | 23726 | 1765926  |
| Equitable Holdings, Inc. | 37801 | 1801218  |
| Shift4 Payments, Inc. - Class A<sup>(a)</sup> | 27650 | 1741120  |
|  |  | 5308264  |
| **Health Care Equipment & Supplies - 9.7%**<br>|  |  |
| Glaukos Corp.<sup>(a)</sup> | 15528 | 1753267  |
| Inspire Medical Systems, Inc.<sup>(a)</sup> | 11879 | 1095600  |
| Insulet Corp.<sup>(a)</sup> | 6077 | 1727326  |
| Masimo Corp.<sup>(a)</sup> | 14693 | 1910972  |
| Penumbra, Inc.<sup>(a)</sup> | 10235 | 3182164  |
|  |  | 9669329  |
| **Health Care Providers & Services - 2.7%**<br>|  |  |
| Alignment Healthcare, Inc.<sup>(a)</sup> | 67603 | 1335159  |
| HealthEquity, Inc.<sup>(a)</sup> | 14627 | 1339980  |
|  |  | 2675139  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Health Care Technology - 1.3%**<br>|  |  |
| Waystar Holding Corp.<sup>(a)</sup> | 38437 | $1258812  |
| **Hotels, Restaurants & Leisure - 7.9%**<br>|  |  |
| Cava Group, Inc.<sup>(a)</sup> | 29119 | 1708994  |
| Churchill Downs, Inc. | 20243 | 2303249  |
| Dutch Bros, Inc. - Class A<sup>(a)</sup> | 40739 | 2494042  |
| Wingstop, Inc. | 5364 | 1279260  |
|  |  | 7785545  |
| **Insurance - 1.5%**<br>|  |  |
| Kinsale Capital Group, Inc. | 3694 | 1444797  |
| **IT Services - 1.9%**<br>|  |  |
| Twilio, Inc. - Class A<sup>(a)</sup> | 13370 | 1901749  |
| **Life Sciences Tools & Services - 3.3%**<br>|  |  |
| Bio-Techne Corp. | 23572 | 1386269  |
| Repligen Corp.<sup>(a)</sup> | 11653 | 1909461  |
|  |  | 3295730  |
| **Machinery - 3.1%**<br>|  |  |
| Federal Signal Corp. | 11433 | 1241509  |
| Kadant, Inc. | 6402 | 1824698  |
|  |  | 3066207  |
| **Oil, Gas & Consumable Fuels - 2.4%**<br>|  |  |
| Matador Resources Co. | 23017 | 976842  |
| Viper Energy, Inc. - Class A | 37070 | 1432014  |
|  |  | 2408856  |
| **Personal Care Products - 1.9%**<br>|  |  |
| BellRing Brands, Inc.<sup>(a)</sup> | 33200 | 887436  |
| elf Beauty, Inc.<sup>(a)</sup> | 12913 | 981905  |
|  |  | 1869341  |
| **Pharmaceuticals - 2.1%**<br>|  |  |
| Tarsus Pharmaceuticals, Inc.<sup>(a)</sup> | 25501 | 2088022  |
| **Professional Services - 3.8%**<br>|  |  |
| ExlService Holdings, Inc.<sup>(a)</sup> | 43625 | 1851445  |
| UL Solutions, Inc. | 24650 | 1943899  |
|  |  | 3795344  |
|  **Semiconductors & Semiconductor Equipment - 3.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Credo Technology Group Holding <br>Ltd.<sup>(a)</sup> | 13436 | 1933306  |
|  MACOM Technology Solutions Holdings, Inc.<sup>(a)</sup> | 11565 | 1980853  |
|  |  | 3914159  |
| **Software - 9.7%**<br>|  |  |
| CyberArk Software Ltd.<sup>(a)</sup> | 4089 | 1823939  |
| Descartes Systems Group, Inc.<sup>(a)</sup> | 14017 | 1228730  |
| Dynatrace, Inc.<sup>(a)</sup> | 41152 | 1783528  |
| Elastic NV<sup>(a)</sup> | 16217 | 1223410  |
| Monday.com Ltd.<sup>(a)</sup> | 8843 | 1304873  |

---

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

4<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Baird Small/Mid Cap Growth Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**<br>|  |  |
| **Software - (Continued)**<br>|  |  |
| ServiceTitan, Inc. - Class A<sup>(a)</sup> | 13239 | $1409954  |
| Vertex, Inc. - Class A<sup>(a)</sup> | 44561 | 889883  |
|  |  | 9664317  |
| **Specialized REITs - 1.2%**<br>|  |  |
| National Storage Affiliates Trust | 43077 | 1215202  |
| **Specialty Retail - 3.6%**<br>|  |  |
| Boot Barn Holdings, Inc.<sup>(a)</sup> | 11740 | 2071759  |
| Burlington Stores, Inc.<sup>(a)</sup> | 5185 | 1497687  |
|  |  | 3569446  |
| **Textiles, Apparel & Luxury Goods - 1.3%**<br>|  |  |
| Kontoor Brands, Inc. | 21730 | 1327486  |
| **Trading Companies & Distributors - 1.7%**<br>|  |  |
| Watsco, Inc. | 5097 | 1717434  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $86,805,240)** |  | 97050966  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 2.4%**<br>|  |  |
|  First American Government Obligations Fund - Class U, 3.69%<sup>(b)</sup> | 2380742 | 2380742  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $2,380,742)** |  | 2380742  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.3%** <br>**(Cost $89,185,982)** |  | $99431708  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.3)% |  | (269004)  |
| **TOTAL NET ASSETS - 100.0%** |  | $99162704 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

REIT - Real Estate Investment Trust

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

5<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Baird Small/Mid Cap Growth Fund** 

**Summary of Fair Value Disclosure** 

**as of December 31, 2025** 

Baird Small/Mid Cap Growth Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the year, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

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

---

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

---

---

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

---

The following is a summary of the fair valuation hierarchy of the Fund's securities as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $97050966 | $— | $— | $97050966  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 2380742 |  |  | 2380742  |
| **Total Investments** | $99431708 | $— | $— | $99431708 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the year, as compared to the security classifications from the prior year's core financial statements. See the Fund's Valuation Policy in Note 2a to the financial statements.

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

6<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Baird Equity Opportunity Fund** 

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 95.9%**<br>|  |  |
| **Aerospace & Defense - 4.3%**<br>|  |  |
| Cadre Holdings, Inc. | 80028 | $3268343  |
| **Building Products - 3.5%**<br>|  |  |
| Hayward Holdings, Inc.<sup>(a)</sup> | 170789 | 2638690  |
| **Chemicals - 0.8%**<br>|  |  |
| Neo Performance Materials, Inc. | 56724 | 643055  |
| **Commercial Services & Supplies - 0.5%**<br>|  |  |
| UniFirst Corp. | 1940 | 374226  |
| **Construction & Engineering - 3.2%**<br>|  |  |
| Valmont Industries, Inc. | 5958 | 2397023  |
| &nbsp;&nbsp;&nbsp; **Consumer Staples Distribution &** <br>**Retail - 0.4%**<br>|  |  |
| Chefs' Warehouse, Inc.<sup>(a)</sup> | 5194 | 323742  |
| **Diversified Consumer Services - 5.9%**<br>|  |  |
| ADT, Inc. | 172201 | 1389662  |
| Mister Car Wash, Inc.<sup>(a)</sup> | 547867 | 3046141  |
|  |  | 4435803  |
| &nbsp;&nbsp;&nbsp; **Diversified Telecommunication** <br>**Services - 5.1%**<br>|  |  |
| Globalstar, Inc.<sup>(a)(b)</sup> | 63545 | 3878787 |
|  **Electronic Equipment, Instruments & Components - 4.2%**<br>|  |  |
| Novanta, Inc.<sup>(a)</sup> | 7026 | 836024  |
| Teledyne Technologies, Inc.<sup>(a)</sup> | 4558 | 2327907  |
|  |  | 3163931  |
| **Energy Equipment & Services - 2.3%**<br>|  |  |
| Oceaneering International, Inc.<sup>(a)</sup> | 71440 | 1716703  |
| **Entertainment - 3.8%**<br>|  |  |
| Madison Square Garden Sports Corp.<sup>(a)</sup> | 11030 | 2852909  |
| **Financial Services - 5.9%**<br>|  |  |
| Chime Financial, Inc. - Class A<sup>(a)</sup> | 98866 | 2488457  |
| Toast, Inc. - Class A<sup>(a)</sup> | 55878 | 1984228  |
|  |  | 4472685  |
| &nbsp;&nbsp;&nbsp; **Health Care Equipment &** <br>**Supplies - 3.1%**<br>|  |  |
| LivaNova PLC<sup>(a)</sup> | 3672 | 225938  |
| Merit Medical Systems, Inc.<sup>(a)</sup> | 23841 | 2101346  |
|  |  | 2327284  |
| **Health Care Providers & Services - 7.6%**<br>|  |  |
| HealthEquity, Inc.<sup>(a)(b)</sup> | 30784 | 2820122  |
| NeoGenomics, Inc.<sup>(a)</sup> | 245870 | 2891431  |
|  |  | 5711553  |
| **Health Care Technology - 1.7%**<br>|  |  |
| Phreesia, Inc.<sup>(a)</sup> | 74702 | 1263958  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Hotels, Restaurants & Leisure - 11.6%**<br>|  |  |
| Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 153181 | $3419000  |
| Sportradar Group AG - Class A<sup>(a)(b)</sup> | 185321 | 4405080  |
| Sweetgreen, Inc. - Class A<sup>(a)</sup> | 142596 | 963949  |
|  |  | 8788029  |
| **Interactive Media & Services - 4.2%**<br>|  |  |
| ZoomInfo Technologies, Inc.<sup>(a)</sup> | 308719 | 3139672  |
| **Leisure Products - 0.7%**<br>|  |  |
| Clarus Corp. | 160005 | 536017  |
| **Machinery - 5.6%**<br>|  |  |
| Flowserve Corp. | 17187 | 1192434  |
| RBC Bearings, Inc.<sup>(a)(g)</sup> | 6755 | 3029145  |
|  |  | 4221579  |
|  **Semiconductors & Semiconductor Equipment - 5.2%**<br>|  |  |
| Astera Labs, Inc.<sup>(a)</sup> | 8445 | 1404910  |
| Universal Display Corp. | 21915 | 2559234  |
|  |  | 3964144  |
| **Software - 16.3%**<br>|  |  |
| BILL Holdings, Inc.<sup>(a)(b)(g)</sup> | 86613 | 4723873  |
| Confluent, Inc. - Class A<sup>(a)(b)</sup> | 62100 | 1877904  |
| Gitlab, Inc. - Class A<sup>(a)</sup> | 6103 | 229046  |
| NCR Voyix Corp.<sup>(a)</sup> | 535356 | 5460631  |
|  |  | 12291454  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $61,713,321)** |  | 72409587  |
| **EXCHANGE TRADED FUNDS - 3.3%**<br>|  |  |
| State Street SPDR S&P Biotech ETF | 20583 | 2509685  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $1,796,838)** |  | 2509685 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** |  |
| **PURCHASED OPTIONS - 0.7%** | **PURCHASED OPTIONS - 0.7%** | **PURCHASED OPTIONS - 0.7%** | **PURCHASED OPTIONS - 0.7%** |
| **Call Options - 0.7%<sup>(c)(d)</sup>**<br>|  |  |  |
| ADT, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 02/20/2026; <br>Exercise Price: $10.00 | $269538 | 334 | 1670  |
|  Expiration: 05/15/2026; Exercise Price: $10.00 | 124278 | 154 | 2772  |
| &nbsp;&nbsp;&nbsp; BILL Holdings, Inc., <br>Expiration: 01/16/2026; <br>Exercise Price: $50.00<sup>(b)</sup> | 932634 | 171 | 89775  |
| &nbsp;&nbsp;&nbsp; Confluent, Inc., <br>Expiration: 01/16/2026; <br>Exercise Price: $21.00<sup>(b)</sup> | 1037232 | 343 | 322420  |
| &nbsp;&nbsp;&nbsp; Fluor Corp., <br>Expiration: 03/20/2026; <br>Exercise Price: $50.00<sup>(b)</sup> | 1006602 | 254 | 19050 |

---

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

7<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Baird Equity Opportunity Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - (Continued)**  | **PURCHASED OPTIONS - (Continued)**  | **PURCHASED OPTIONS - (Continued)**  | **PURCHASED OPTIONS - (Continued)**  |
| **Call Options - (Continued)** | **Call Options - (Continued)** | **Call Options - (Continued)** | **Call Options - (Continued)** |
|  Global Payments, Inc., Expiration: 05/15/2026; Exercise Price: $100.00 | $1695060 | 219 | $43800  |
|  Sportradar Group AG, Expiration: 02/20/2026; Exercise Price: $25.00<sup>(b)</sup> | 599004 | 252 | 26460  |
| **Total Call Options** |  |  | 505947  |
| **Put Options - 0.0%<sup>(c)(d)(e)</sup>**<br>|  |  |  |
| Globalstar, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/16/2026; Exercise Price: $55.00<sup>(b)</sup> | 207536 | 34 | 4250  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/16/2026; Exercise Price: $60.00<sup>(b)</sup> | 207536 | 34 | 11220  |
| **Total Put Options** |  |  | 15470  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $327,204)** |  |  | 521417  |
|  |  | **Shares** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |  |
| **MONEY MARKET FUNDS - 0.5%**<br>|  |  |  |
|  First American Government Obligations Fund - Class U, 3.69%<sup>(f)</sup> |  | 382308 | 382308  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $382,308)** |  |  | 382308  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.4%** <br>**(Cost $64,219,671)** |  |  | $75822997  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.4)% |  |  | (271295)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $75551702 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(c)</sup> 100 shares per contract.

<sup>(d)</sup> Exchange-traded.

<sup>(e)</sup> Represents less than 0.05% of net assets.

<sup>(f)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

<sup>(g)</sup> All or a portion of security has been pledged as collateral. The total value of assets committed as collateral as of December 31, 2025 was $4,732,825 which represents 6.3% of net assets.

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

8<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Baird Equity Opportunity Fund** 

**Schedule of Written Options** 

**December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount**  | **Contracts**  | **Value**  |
| **WRITTEN OPTIONS - (0.2)%<sup>(a)(b)</sup>**<br>|  |  |  |
| **Call Options - (0.1)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; BILL Holdings, Inc., <br>Expiration: 01/16/2026; <br>Exercise Price: $65.00 | $(932634) | (171) | $(2565)  |
| &nbsp;&nbsp;&nbsp; Fluor Corp., <br>Expiration: 03/20/2026; <br>Exercise Price: $60.00 | (673710) | (170) | (4250)  |
| &nbsp;&nbsp;&nbsp; Globalstar, Inc., <br>Expiration: 01/16/2026; <br>Exercise Price: $80.00 | (250264) | (41) | (1845)  |
| &nbsp;&nbsp;&nbsp; HealthEquity, Inc., <br>Expiration: 03/20/2026; <br>Exercise Price: $100.00 | (467211) | (51) | (15810)  |
| **Total Call Options** |  |  | (24470)  |
| **Put Options - (0.1)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; BILL Holdings, Inc., <br>Expiration: 01/16/2026; <br>Exercise Price: $32.50 | (185436) | (34) | (1190)  |
| &nbsp;&nbsp;&nbsp; Confluent, Inc., <br>Expiration: 01/16/2026; <br>Exercise Price: $13.00 | (1037232) | (343) | (1029)  |
| &nbsp;&nbsp;&nbsp; Fluor Corp., <br>Expiration: 03/20/2026; <br>Exercise Price: $40.00 | (1006602) | (254) | (88900)  |
|  Sportradar Group AG, Expiration: 02/20/2026; Exercise Price: $20.00 | (401713) | (169) | (5070)  |
| **Total Put Options** |  |  | (96189)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $244,964)** |  |  | $(120659) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> 100 shares per contract.

<sup>(b)</sup> Exchange-traded.

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

9<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Baird Equity Opportunity Fund** 

**Summary of Fair Value Disclosure** 

**as of December 31, 2025** 

Baird Equity Opportunity Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the year, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

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

---

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

---

---

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

---

The following is a summary of the fair valuation hierarchy of the Fund's securities as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $72409587 | $— | $— | $72409587  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 2509685 |  |  | 2509685  |
| &nbsp;&nbsp;&nbsp; Purchased Options | 521417 |  |  | 521417  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 382308 |  |  | 382308  |
| **Total Investments** | $75822997 | $— | $— | $75822997  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $(120659) | $— | $— | $(120659)  |
| **Total Investments** | $(120659) | $— | $— | $(120659) |

---

Refer to the Schedule of Investments and Schedule of Written Options for further disaggregation of investment categories.

Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the year, as compared to the security classifications from the prior year's core financial statements.

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

10<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Baird Chautauqua International Growth Fund** 

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 96.5%**<br>|  |  |
| **Canada - 10.6%**<br>|  |  |
| **Ground Transportation - 2.6%**<br>|  |  |
| Canadian Pacific Kansas City Ltd. | 539062 | $39691135  |
|  **Independent Power and Renewable Electricity Producers - 3.1%**<br>|  |  |
| Brookfield Renewable Corp. | 1245635 | 47757646  |
| **Insurance - 1.5%**<br>|  |  |
| Fairfax Financial Holdings Ltd. | 12644 | 24097711  |
| **Software - 3.4%**<br>|  |  |
| Constellation Software, Inc. | 21997 | 52909472  |
| **Total Canada** |  | 164455964  |
| **China - 11.7%**<br>|  |  |
| **Broadline Retail - 7.1%**<br>|  |  |
| Alibaba Group Holding Ltd. - ADR | 337899 | 49529235  |
| Prosus NV | 980722 | 60725234  |
|  |  | 110254469  |
| **Life Sciences Tools & Services - 2.0%**<br>|  |  |
| Wuxi Biologics Cayman, Inc.<sup>(a)(b)</sup> | 7898141 | 31938614  |
|  **Real Estate Management & Development - 2.6%**<br>|  |  |
| KE Holdings, Inc. - ADR | 2560337 | 40350911  |
| **Total China** |  | 182543994  |
| **Denmark - 9.0%**<br>|  |  |
| **Biotechnology - 3.6%**<br>|  |  |
| Genmab AS<sup>(a)</sup> | 181217 | 56174386  |
| **Health Care Equipment & Supplies - 2.1%**<br>|  |  |
| Coloplast AS - Class B | 384165 | 32936486  |
| **Pharmaceuticals - 3.3%**<br>|  |  |
| Novo Nordisk AS - ADR | 1015821 | 51684973  |
| **Total Denmark** |  | 140795845  |
| **France - 4.2%**<br>|  |  |
| **Aerospace & Defense - 4.2%**<br>|  |  |
| Safran SA | 187275 | 65231003  |
| **India - 6.8%**<br>|  |  |
| **Banks - 3.6%**<br>|  |  |
| HDFC Bank Ltd. - ADR | 1514477 | 55338990  |
| **IT Services - 3.2%**<br>|  |  |
| Tata Consultancy Services Ltd. | 1392960 | 49769326  |
| **Total India** |  | 105108316  |
| **Indonesia - 2.1%**<br>|  |  |
| **Banks - 2.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Bank Rakyat Indonesia Persero <br>Tbk PT | 146942096 | 32181335  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Italy - 3.1%**<br>|  |  |
| **Passenger Airlines - 3.1%**<br>|  |  |
| Ryanair Holdings PLC - ADR | 667843 | $48211586  |
| **Japan - 13.6%**<br>|  |  |
| **Automobiles - 4.0%**<br>|  |  |
| Suzuki Motor Corp. | 4122052 | 61647224  |
|  **Electronic Equipment, Instruments & Components - 3.0%**<br>|  |  |
| Keyence Corp. | 127902 | 46265351  |
| **Machinery - 3.1%**<br>|  |  |
| FANUC Corp. | 1263255 | 49160523  |
| **Professional Services - 3.5%**<br>|  |  |
| Recruit Holdings Co. Ltd. | 970486 | 54533143  |
| **Total Japan** |  | 211606241  |
| **Netherlands - 7.1%**<br>|  |  |
| **Financial Services - 3.7%**<br>|  |  |
| Adyen NV<sup>(a)(b)</sup> | 35687 | 57547889  |
|  **Semiconductors & Semiconductor Equipment - 3.4%**<br>|  |  |
| ASML Holding NV | 49594 | 53058637  |
| **Total Netherlands** |  | 110606526  |
| **Singapore - 7.1%**<br>|  |  |
| **Banks - 4.2%**<br>|  |  |
| DBS Group Holdings Ltd. | 1482080 | 64922002  |
| **Broadline Retail - 2.9%**<br>|  |  |
| Sea Ltd. - ADR<sup>(a)</sup> | 360512 | 45990516  |
| **Total Singapore** |  | 110912518  |
| **Switzerland - 4.0%**<br>|  |  |
| **Pharmaceuticals - 1.0%**<br>|  |  |
| Galderma Group AG | 74869 | 15245789  |
| **Software - 3.0%**<br>|  |  |
| Temenos AG | 473054 | 47046102  |
| **Total Switzerland** |  | 62291891  |
| **Taiwan, Province Of China - 5.0%**<br>|  |  |
|  **Semiconductors & Semiconductor Equipment - 5.0%**<br>|  |  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 257572 | 78273555  |
| **United States - 12.2%**<br>|  |  |
| **Biotechnology - 3.5%**<br>|  |  |
| BeOne Medicines Ltd. - ADR<sup>(a)</sup> | 177214 | 53839385  |
| **Commercial Services & Supplies - 4.1%**<br>|  |  |
| Waste Connections, Inc. | 364541 | 63925910  |

---

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

11<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Baird Chautauqua International Growth Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **United States - (Continued)** | **United States - (Continued)** | **United States - (Continued)** |
| **Software - 2.5%**<br>|  |  |
| Atlassian Corp. - Class A<sup>(a)</sup> | 238479 | $38666985  |
| **Textiles, Apparel & Luxury Goods - 2.1%**<br>|  |  |
| Lululemon Athletica, Inc.<sup>(a)</sup> | 159141 | 33071091  |
| **Total United States** |  | 189503371  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $1,114,990,521)** |  | 1501722145  |
|  | **Contracts**  |  |
| **WARRANTS - 0.0%<sup>(c)</sup>**  | **WARRANTS - 0.0%<sup>(c)</sup>**  | **WARRANTS - 0.0%<sup>(c)</sup>**  |
| **Canada - 0.0%<sup>(c)</sup>**<br>|  |  |
| **Software - 0.0%<sup>(c)</sup>**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Constellation Software, Inc., <br>Expires 03/31/2040, <br>Exercise Price $0.00<sup>(a)(d)</sup> | 14550 | 0  |
| &nbsp;&nbsp;&nbsp; **TOTAL WARRANTS** <br>**(Cost $0)** |  | 0  |
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS**  | **SHORT-TERM INVESTMENTS**  | **SHORT-TERM INVESTMENTS**  |
| **MONEY MARKET FUNDS - 2.9%**<br>|  |  |
|  First American Government Obligations Fund - Class U, 3.69%<sup>(e)</sup> | 44641669 | 44641669  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $44,641,669)** |  | 44641669  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.4%** <br>**(Cost $1,159,632,190)** |  | $1546363814  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.6% |  | 9447768  |
| **TOTAL NET ASSETS - 100.0%** |  | $1555811582 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

ADR - American Depositary Receipt

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of December 31, 2025, the value of these securities total $89,486,503 or 5.8% of the Fund's net assets.

<sup>(c)</sup> Represents less than 0.05% of net assets.

<sup>(d)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Advisor, acting as Valuation Designee (See Note 2). These securities represented $0 or 0.0% of net assets as of December 31, 2025.

<sup>(e)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

12<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Baird Chautauqua International Growth Fund** 

**Summary of Fair Value Disclosure** 

**as of December 31, 2025** 

Baird Chautauqua International Growth Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the year, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

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

---

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

---

---

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

---

The following is a summary of the fair valuation hierarchy of the Fund's securities as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $776397738 | $725324407 | $— | $1501722145  |
| &nbsp;&nbsp;&nbsp; Warrants |  |  | —<sup>(a)</sup> | —<sup>(a)</sup>  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 44641669 |  |  | 44641669  |
| **Total Investments** | $821039407 | $725324407 | $—<sup>(a)</sup> | $1546363814 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

<sup>(a)</sup> Amount is less than $0.50.

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 year, as compared to the security classifications from the prior year's core financial statements. See the Fund's Valuation Policy in Note 2a to the financial statements.

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

13<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Baird Chautauqua Global Growth Fund** 

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.7%**<br>|  |  |
| **Canada - 8.0%**<br>|  |  |
| **Ground Transportation - 1.8%**<br>|  |  |
| Canadian Pacific Kansas City Ltd. | 108869 | $8016025  |
|  **Independent Power and Renewable Electricity Producers - 2.2%**<br>|  |  |
| Brookfield Renewable Corp. | 253432 | 9716583  |
| **Insurance - 1.2%**<br>|  |  |
| Fairfax Financial Holdings Ltd. | 2947 | 5616573  |
| **Software - 2.8%**<br>|  |  |
| Constellation Software, Inc. | 5308 | 12767354  |
| **Total Canada** |  | 36116535  |
| **China - 8.0%**<br>|  |  |
| **Broadline Retail - 4.7%**<br>|  |  |
| Alibaba Group Holding Ltd. - ADR | 62820 | 9208155  |
| Prosus NV | 195220 | 12087809  |
|  |  | 21295964  |
| **Life Sciences Tools & Services - 1.5%**<br>|  |  |
| Wuxi Biologics Cayman, Inc.<sup>(a)(b)</sup> | 1650081 | 6672621  |
|  **Real Estate Management & Development - 1.8%**<br>|  |  |
| KE Holdings, Inc. - ADR | 509434 | 8028680  |
| **Total China** |  | 35997265  |
| **Denmark - 6.3%**<br>|  |  |
| **Biotechnology - 2.6%**<br>|  |  |
| Genmab AS<sup>(a)</sup> | 37750 | 11701899  |
| &nbsp;&nbsp;&nbsp; **Health Care Equipment &** <br>**Supplies - 1.4%**<br>|  |  |
| Coloplast AS - Class B | 71445 | 6125356  |
| **Pharmaceuticals - 2.3%**<br>|  |  |
| Novo Nordisk AS - ADR | 207108 | 10537655  |
| **Total Denmark** |  | 28364910  |
| **France - 3.2%**<br>|  |  |
| **Aerospace & Defense - 3.2%**<br>|  |  |
| Safran SA | 41795 | 14557895  |
| **India - 4.5%**<br>|  |  |
| **Banks - 2.6%**<br>|  |  |
| HDFC Bank Ltd. - ADR | 315560 | 11530562  |
| **IT Services - 1.9%**<br>|  |  |
| Tata Consultancy Services Ltd. | 244648 | 8741074  |
| **Total India** |  | 20271636  |
| **Indonesia - 1.5%**<br>|  |  |
| **Banks - 1.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Bank Rakyat Indonesia Persero <br>Tbk PT | 31640894 | 6929575  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Italy - 2.2%**<br>|  |  |
| **Passenger Airlines - 2.2%**<br>|  |  |
| Ryanair Holdings PLC - ADR | 138070 | $9967273  |
| **Japan - 9.0%**<br>|  |  |
| **Automobiles - 2.7%**<br>|  |  |
| Suzuki Motor Corp. | 810560 | 12122306  |
|  **Electronic Equipment, Instruments & Components - 1.7%**<br>|  |  |
| Keyence Corp. | 20813 | 7528582  |
| **Machinery - 2.0%**<br>|  |  |
| FANUC Corp. | 237784 | 9253544  |
| **Professional Services - 2.6%**<br>|  |  |
| Recruit Holdings Co. Ltd. | 211763 | 11899298  |
| **Total Japan** |  | 40803730  |
| **Netherlands - 5.5%**<br>|  |  |
| **Financial Services - 2.7%**<br>|  |  |
| Adyen NV<sup>(a)(b)</sup> | 7614 | 12278130  |
|  **Semiconductors & Semiconductor Equipment - 2.8%**<br>|  |  |
| ASML Holding NV | 11970 | 12806224  |
| **Total Netherlands** |  | 25084354  |
| **Singapore - 4.9%**<br>|  |  |
| **Banks - 2.7%**<br>|  |  |
| DBS Group Holdings Ltd. | 280870 | 12303413  |
| **Broadline Retail - 2.2%**<br>|  |  |
| Sea Ltd. - ADR<sup>(a)</sup> | 77821 | 9927625  |
| **Total Singapore** |  | 22231038  |
| **Switzerland - 2.3%**<br>|  |  |
| **Pharmaceuticals - 1.0%**<br>|  |  |
| Galderma Group AG | 21809 | 4441029  |
| **Software - 1.3%**<br>|  |  |
| Temenos AG | 59549 | 5922259  |
| **Total Switzerland** |  | 10363288  |
| **Taiwan, Province Of China - 2.8%**<br>|  |  |
|  **Semiconductors & Semiconductor Equipment - 2.8%**<br>|  |  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 42356 | 12871565  |
| **United States - 39.5%<sup>(c)</sup>**<br>|  |  |
| **Biotechnology - 8.0%**<br>|  |  |
| BeOne Medicines Ltd. - ADR<sup>(a)</sup> | 39657 | 12048193  |
| Incyte Corp.<sup>(a)</sup> | 137719 | 13602506  |
| Regeneron Pharmaceuticals, Inc. | 13568 | 10472732  |
|  |  | 36123431  |

---

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

14<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Baird Chautauqua Global Growth Fund** 

**Schedule of Investments** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **United States - (Continued)** | **United States - (Continued)** | **United States - (Continued)** |
| **Broadline Retail - 3.3%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 64705 | $14935208  |
| **Capital Markets - 2.9%**<br>|  |  |
| Charles Schwab Corp. | 131272 | 13115385  |
| &nbsp;&nbsp;&nbsp; **Commercial Services &** <br>**Supplies - 3.3%**<br>|  |  |
| Waste Connections, Inc. | 84183 | 14762331  |
| **Financial Services - 3.5%**<br>|  |  |
| Mastercard, Inc. - Class A | 27784 | 15861330  |
| **Interactive Media & Services - 4.4%**<br>|  |  |
| Alphabet, Inc. - Class A | 62969 | 19709297  |
|  **Semiconductors & Semiconductor Equipment - 7.9%**<br>|  |  |
| Micron Technology, Inc. | 76178 | 21741963  |
| NVIDIA Corp. | 48124 | 8975126  |
| Universal Display Corp. | 44332 | 5177091  |
|  |  | 35894180  |
| **Software - 1.7%**<br>|  |  |
| Atlassian Corp. - Class A<sup>(a)</sup> | 48836 | 7918269  |
| **Specialty Retail - 2.8%**<br>|  |  |
| TJX Cos., Inc. | 82807 | 12719983  |
| &nbsp;&nbsp;&nbsp; **Textiles, Apparel & Luxury** <br>**Goods - 1.7%**<br>|  |  |
| Lululemon Athletica, Inc.<sup>(a)</sup> | 37733 | 7841295  |
| **Total United States** |  | 178880709  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $291,028,079)** |  | 442439773  |
|  | **Contracts** |  |
| **WARRANTS - 0.0%<sup>(d)</sup>** | **WARRANTS - 0.0%<sup>(d)</sup>** | **WARRANTS - 0.0%<sup>(d)</sup>** |
| **Canada - 0.0%<sup>(d)</sup>**<br>|  |  |
| **Software - 0.0%<sup>(d)</sup>**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Constellation Software, Inc., <br>Expires 03/31/2040, <br>Exercise Price $0.00<sup>(a)(e)</sup> | 5137 | 0  |
| &nbsp;&nbsp;&nbsp; **TOTAL WARRANTS** <br>**(Cost $0)** |  | 0  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 2.2%**<br>|  |  |
|  First American Government Obligations Fund - Class U, 3.69%<sup>(f)</sup> | 9831791 | $9831791  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $9,831,791)** |  | 9831791  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%** <br>**(Cost $300,859,870)** |  | $452271564  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.1% |  | 439289  |
| **TOTAL NET ASSETS - 100.0%** |  | $452710853 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

ADR - American Depositary Receipt

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of December 31, 2025, the value of these securities total $18,950,751 or 4.2% of the Fund's net assets.

<sup>(c)</sup> To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting such country or region.

<sup>(d)</sup> Represents less than 0.05% of net assets.

<sup>(e)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Advisor, acting as Valuation Designee (See Note 2). These securities represented $0 or 0.0% of net assets as of December 31, 2025.

<sup>(f)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

15<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Baird Chautauqua Global Growth Fund** 

**Summary of Fair Value Disclosure** 

**as of December 31, 2025** 

Baird Chautauqua Global Growth Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the year, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

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

---

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

---

---

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

---

The following is a summary of the fair valuation hierarchy of the Fund's securities as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $299874983 | $142564790 | $— | $442439773  |
| &nbsp;&nbsp;&nbsp; Warrants |  |  | —<sup>(a)</sup> | —<sup>(a)</sup>  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 9831791 |  |  | 9831791  |
| **Total Investments** | $309706774 | $142564790 | $—<sup>(a)</sup> | $452271564 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

<sup>(a)</sup> Amount is less than $0.50.

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 year, as compared to the security classifications from the prior year's core financial statements. See the Fund's Valuation Policy in Note 2a to the financial statements.

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

16<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**BAIRD FUNDS, INC.** 

**Statements of Assets and Liabilities** 

**December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Baird Mid Cap** <br>**Growth Fund** | **Baird Small/Mid** <br>**Cap Growth Fund** | **Baird Equity** <br>**Opportunity Fund**  |
| **ASSETS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at value (cost $672,891,026, $89,185,982 <br>and $64,219,671, respectively) | $916010261 | $99431708 | &nbsp;&nbsp; $75822997  |
| Dividends receivable | 341035 | 21446 | &nbsp;&nbsp; 18919  |
| Receivable for investments sold |  |  | &nbsp;&nbsp; 76300  |
| Receivable for Fund shares sold | 197230 | 37377 | &nbsp;&nbsp; 1979  |
| Uninvested Cash |  |  | &nbsp;&nbsp; 654  |
| Prepaid expenses and other assets | 15013 | 4549 | &nbsp;&nbsp; 10706  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 916563539 | 99495080 | &nbsp;&nbsp; 75931555  |
| **LIABILITIES:**<br>|  |  |  |
|  Written option contracts, at value (premiums received $0, $0, and $244,964, respectively) |  |  | &nbsp;&nbsp; 120659  |
| Payable for investments purchased |  |  | &nbsp;&nbsp; 79129  |
| Payable for Fund shares redeemed | 5224820 | 166024 | &nbsp;&nbsp; —  |
| Payable to Advisor, net (Note 5) | 1299877 | 100921 | &nbsp;&nbsp; 108196  |
| Payable to Directors | 24632 | 24632 | &nbsp;&nbsp; 24632  |
| Accrued fund accounting and administration fees | 23180 | 9176 | &nbsp;&nbsp; 8363  |
| Accrued shareholder servicing fees | 91526 | 7788 | &nbsp;&nbsp; 7455  |
| Accrued professional fees | 19072 | 19072 | &nbsp;&nbsp; 20072  |
| Accrued custody fees | 3235 | 1219 | &nbsp;&nbsp; 3393  |
| Accrued interest expense (Note 6) |  |  | &nbsp;&nbsp; 110  |
| Accrued Rule 12b-1 fees (Note 7) | 61135 | 678 | &nbsp;&nbsp; 479  |
| Accrued expenses and other liabilities | 31740 | 2866 | &nbsp;&nbsp; 7365  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 6779217 | 332376 | &nbsp;&nbsp; 379853  |
| **NET ASSETS** | $909784322 | $99162704 | &nbsp;&nbsp; $75551702  |
| **NET ASSETS CONSIST OF:**<br>|  |  |  |
| Paid-in capital | $630889590 | $106129579 | &nbsp;&nbsp; $65677589  |
| Total distributable earnings (accumulated deficit) | $278894732 | $(6966875) | &nbsp;&nbsp; $9874113  |
| &nbsp;&nbsp;&nbsp; **NET ASSETS** | $909784322 | $99162704 | &nbsp;&nbsp; $75551702  |
| **INSTITUTIONAL CLASS SHARES**<br>|  |  |  |
| Net Assets | $824306679 | $99035480 | &nbsp;&nbsp; $75548434  |
|  Shares outstanding ($0.01 par value, unlimited shares authorized) | 43332200 | 6288189 | &nbsp;&nbsp; 5089204  |
| Net asset value, offering and redemption price per share | $19.02 | $15.75 | &nbsp;&nbsp; $14.84  |
| **INVESTOR CLASS SHARES**<br>|  |  |  |
| Net Assets | $85477643 | $127224 | &nbsp;&nbsp; $3268  |
|  Shares outstanding ($0.01 par value, unlimited shares authorized) | 5058894 | 8250 | &nbsp;&nbsp; 223  |
| Net asset value, offering and redemption price per share | $16.90 | $15.42 | &nbsp;&nbsp; $14.66 |

---

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

17<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**BAIRD FUNDS, INC.** 

**Statements of Assets and Liabilities** 

**December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Baird Chautauqua** <br>**International** <br>**Growth Fund** | **Baird Chautauqua** <br>**Global** <br>**Growth Fund**  |
| **ASSETS:**<br>|  |  |
| Investments, at value (cost $1,159,632,190 and $300,859,870, respectively) | $1546363814 | &nbsp;&nbsp; $452271564  |
| Foreign currency, at value (cost $627,661 and $674,310, respectively) | 629885 | &nbsp;&nbsp; 673270  |
| Dividends receivable | 2437604 | &nbsp;&nbsp; 513302  |
| Receivable for Fund shares sold | 8665988 | &nbsp;&nbsp; 23388  |
| Prepaid expenses and other assets | 25060 | &nbsp;&nbsp; 2843  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 1558122352 | &nbsp;&nbsp; 453484367  |
| **LIABILITIES:**<br>|  |  |
| Payable for Fund shares redeemed | 197485 | &nbsp;&nbsp; 95718  |
| Payable to Advisor, net (Note 5) | 1851359 | &nbsp;&nbsp; 531698  |
| Payable to Directors | 24632 | &nbsp;&nbsp; 24632  |
| Accrued fund accounting and administration fees | 26027 | &nbsp;&nbsp; 14147  |
| Accrued shareholder servicing fees | 77186 | &nbsp;&nbsp; 15854  |
| Accrued professional fees | 21172 | &nbsp;&nbsp; 21172  |
| Accrued custody fees | 27288 | &nbsp;&nbsp; 6651  |
| Accrued Rule 12b-1 fees (Note 7) | 9496 | &nbsp;&nbsp; 1029  |
| Deferred tax |  | &nbsp;&nbsp; 43877  |
| Accrued expenses and other liabilities | 76125 | &nbsp;&nbsp; 18736  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 2310770 | &nbsp;&nbsp; 773514  |
| **NET ASSETS** | $1555811582 | &nbsp;&nbsp; $452710853  |
| **NET ASSETS CONSIST OF:**<br>|  |  |
| Paid-in capital | $1167478711 | &nbsp;&nbsp; $297465201  |
| Total distributable earnings | $388332871  | &nbsp;&nbsp; $155245652  |
| &nbsp;&nbsp;&nbsp; **NET ASSETS** | $1555811582 | &nbsp;&nbsp; $452710853  |
| **INSTITUTIONAL CLASS SHARES**<br>|  |  |
| Net Assets | $1539438469 | &nbsp;&nbsp; $451616784  |
| Shares outstanding ($0.01 par value, unlimited shares authorized) | 69474553 | &nbsp;&nbsp; 16122530  |
| Net asset value, offering and redemption price per share | $22.16 | &nbsp;&nbsp; $28.01  |
| **INVESTOR CLASS SHARES**<br>|  |  |
| Net Assets | $16373113 | &nbsp;&nbsp; $1094069  |
| Shares outstanding ($0.01 par value, unlimited shares authorized) | 743350 | &nbsp;&nbsp; 39531  |
| Net asset value, offering and redemption price per share | $22.03 | &nbsp;&nbsp; $27.68 |

---

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

18<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**BAIRD FUNDS, INC.** 

**Statements of Operations** 

**Year Ended December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Baird Mid Cap** <br>**Growth Fund** | **Baird Small/Mid** <br>**Cap Growth Fund** | **Baird Equity** <br>**Opportunity Fund**  |
| **INVESTMENT INCOME:**<br>|  |  |  |
|  Dividends (net of issuance fees and/or foreign taxes withheld of $0, $0, and $1,028, respectively) (Note 4) | $9387244 | &nbsp;&nbsp; $925503 | &nbsp;&nbsp; $258545  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 9387244 | &nbsp;&nbsp; 925503 | &nbsp;&nbsp; 258545  |
| **EXPENSES:**<br>|  |  |  |
| Investment advisory fees (Note 5) | 10616661 | &nbsp;&nbsp; 1118166 | &nbsp;&nbsp; 945846  |
| Shareholder servicing fees | 577734 | &nbsp;&nbsp; 33662 | &nbsp;&nbsp; 24738  |
| Directors fees | 93705 | &nbsp;&nbsp; 93705 | &nbsp;&nbsp; 93705  |
| Fund accounting and administration fees | 105579 | &nbsp;&nbsp; 44160 | &nbsp;&nbsp; 40084  |
| Federal and state registration fees | 72506 | &nbsp;&nbsp; 46262 | &nbsp;&nbsp; 48022  |
| Professional fees | 36500 | &nbsp;&nbsp; 34459 | &nbsp;&nbsp; 37304  |
| Reports to shareholders | 67392 | &nbsp;&nbsp; 7507 | &nbsp;&nbsp; 9146  |
| Custody fees | 17579 | &nbsp;&nbsp; 5402 | &nbsp;&nbsp; 24733  |
| Interest expense (Note 6) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 110  |
| Miscellaneous expenses | 2460 | &nbsp;&nbsp; 544 | &nbsp;&nbsp; 4598  |
| Rule 12b-1 fees - Investor Class Shares (Note 7) | 294376 | &nbsp;&nbsp; 727 | &nbsp;&nbsp; 7  |
| &nbsp;&nbsp;&nbsp; Total expenses | 11884492 | &nbsp;&nbsp; 1384594 | &nbsp;&nbsp; 1228293  |
| &nbsp;&nbsp;&nbsp; Fee waiver by Advisor (Note 5) |  | &nbsp;&nbsp; (116612) | &nbsp;&nbsp; (282331)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 11884492 | &nbsp;&nbsp; 1267982 | &nbsp;&nbsp; 945962  |
| **NET INVESTMENT LOSS** | (2497248) | &nbsp;&nbsp; (342479) | &nbsp;&nbsp; (687417)  |
|  **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSLATION:**<br>|  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 193216848 | &nbsp;&nbsp; 6093659 | &nbsp;&nbsp; 6875062  |
| &nbsp;&nbsp;&nbsp; Written option contracts |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 493416  |
| &nbsp;&nbsp;&nbsp; Foreign currency transactions |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(70)  |
| Net change in unrealized appreciation/depreciation on:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (327501006) | &nbsp;&nbsp; (21546522) | &nbsp;&nbsp; (4406721)  |
| &nbsp;&nbsp;&nbsp; Written option contracts |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 13258  |
|  **Net realized and unrealized gain (loss) on investments and foreign currency translation** | (134284158) | &nbsp;&nbsp; (15452863)  | &nbsp;&nbsp; 2974945  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(136781406) | &nbsp;&nbsp; $(15795342) | &nbsp;&nbsp; $2287528 |

---

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

19<br>

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**BAIRD FUNDS, INC.** 

**Statements of Operations** 

**Year Ended December 31, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Baird Chautauqua** <br>**International** <br>**Growth Fund** | **Baird Chautauqua** <br>**Global** <br>**Growth Fund**  |
| **INVESTMENT INCOME:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Dividends (net of issuance fees and/or foreign taxes withheld of $2,733,766 <br>and $594,180, respectively) (Note 4) | &nbsp;&nbsp; $19287224 | &nbsp;&nbsp; $4768912  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp; 19287224 | &nbsp;&nbsp; 4768912  |
| **EXPENSES:**<br>|  |  |
| Investment advisory fees (Note 5) | &nbsp;&nbsp; 10037969 | &nbsp;&nbsp; 3071334  |
| Shareholder servicing fees | &nbsp;&nbsp; 368121 | &nbsp;&nbsp; 59627  |
| Custody fees | &nbsp;&nbsp; 164578 | &nbsp;&nbsp; 41996  |
| Directors fees | &nbsp;&nbsp; 93705 | &nbsp;&nbsp; 93705  |
| Federal and state registration fees | &nbsp;&nbsp; 122345 | &nbsp;&nbsp; 53252  |
| Fund accounting and administration fees | &nbsp;&nbsp; 104815 | &nbsp;&nbsp; 62450  |
| Professional fees | &nbsp;&nbsp; 36559 | &nbsp;&nbsp; 36558  |
| Reports to shareholders | &nbsp;&nbsp; 41310 | &nbsp;&nbsp; 10079  |
| Miscellaneous expenses | &nbsp;&nbsp; 17653 | &nbsp;&nbsp; 17210  |
| Rule 12b-1 fees - Investor Class Shares (Note 7) | &nbsp;&nbsp; 40898 | &nbsp;&nbsp; 2531  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp; 11027953 | &nbsp;&nbsp; 3448742  |
| &nbsp;&nbsp;&nbsp; Fee waiver by Advisor (Note 5) | &nbsp;&nbsp; (279887) | &nbsp;&nbsp; (170121)  |
| &nbsp;&nbsp;&nbsp; Net expenses | &nbsp;&nbsp; 10748066 | &nbsp;&nbsp; 3278621  |
| **NET INVESTMENT INCOME** | &nbsp;&nbsp; 8539158 | &nbsp;&nbsp; 1490291  |
|  **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSLATION:**<br>|  |  |
| Net realized gain (loss) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments (net of foreign taxes paid of $0 and $1,124, respectively) | &nbsp;&nbsp; 52608645 | &nbsp;&nbsp; 18570419  |
| &nbsp;&nbsp;&nbsp; Foreign currency transactions | &nbsp;&nbsp; (278244) | &nbsp;&nbsp; (60427)  |
| Net change in unrealized appreciation/depreciation on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; 164281169 | &nbsp;&nbsp; 63227370  |
| &nbsp;&nbsp;&nbsp; Deferred tax | &nbsp;&nbsp; 2173013 | &nbsp;&nbsp; 533103  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp; 65056 | &nbsp;&nbsp; 21526  |
|  **Net realized and unrealized gain on investments and foreign currency translation** | &nbsp;&nbsp; 218849639 | &nbsp;&nbsp; 82291991  |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $227388797 | &nbsp;&nbsp; $83782282 |

---

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

20<br>

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**BAIRD FUNDS, INC.** 

**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 December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment loss | $(2497248) | $(2306714) | $(342479) | $(451236)  |
| &nbsp;&nbsp;&nbsp; Net realized gain on investments | 193216848 | 129402428 | 6093659 | 7439860  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/<br>depreciation on investments | (327501006) | (147596140) | (21546522) | 6350905  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | (136781406) | (20500426) | (15795342) | 13339529  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 186597353 | 311632653 | 13067080 | 28268574  |
| &nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of distributions | 96966512 | 71817023 |  | —  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (1103639750) | (838796759) | (86897400) | (29504116)  |
| &nbsp;&nbsp;&nbsp; **Net decrease in net assets resulting from capital share transactions** | (820075885) | (455347083) | (73830320) | (1235542)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| Distributions to shareholders:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class | (96039173) | (74505176) |  | —  |
| &nbsp;&nbsp;&nbsp; Investor Class | (10552390) | (5827772) |  | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (106591563) | (80332948) |  | —  |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (1063448854) | (556180457) | (89625662) | 12103987  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 1973233176 | 2529413633 | 188788366 | 176684379  |
| &nbsp;&nbsp;&nbsp; End of year | $909784322 | $1973233176 | $99162704 | $188788366 |

---

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

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**BAIRD FUNDS, INC.** 

**Statements of Changes in Net Assets (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Baird Equity Opportunity Fund**  | **Baird Equity Opportunity Fund**  |
|  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025**  | **2024**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment loss | $(687417) | $(564321)  |
| &nbsp;&nbsp;&nbsp; Net realized gain on investments, written option contracts, and foreign currency transactions | 7368408 | 5918016  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments and written option contracts | (4393463) | 9374826  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 2287528 | 14728521  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 11408970 | 8521629  |
| &nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of distributions | 9065313 | 848751  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (14251470) | (7336847)  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from capital share transactions** | 6222813 | 2033533  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| Distributions to shareholders:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class | (9109940) | (854131)  |
| &nbsp;&nbsp;&nbsp; Investor Class | (388) | (36)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (9110328) | (854167)  |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (599987) | 15907887  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 76151689 | 60243802  |
| &nbsp;&nbsp;&nbsp; End of year | $75551702 | $76151689 |

---

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

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**BAIRD FUNDS, INC.** 

**Statements of Changes in Net Assets (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Baird Chautauqua International** <br>**Growth Fund** | **Baird Chautauqua International** <br>**Growth Fund** | **Baird Chautauqua Global** <br>**Growth Fund**  | **Baird Chautauqua Global** <br>**Growth Fund**  |
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $8539158 | $6355097 | $1490291 | $1364157  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments and foreign currency transactions | 52330401 | (9737542) | 18509992 | 8581211  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/<br>depreciation on investments, deferred tax, and foreign currency translation | 166519238 | 106610033 | 63781999 | 42761364  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 227388797 | 103227588 | 83782282 | 52706732  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 512940912 | 241983488 | 38121900 | 24997741  |
| &nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of distributions | 25896252 | 5483381 | 13472351 | 6280277  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (198080089) | (152035871) | (36287128) | (29039911)  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from capital share transactions** | 340757075 | 95430998 | 15307123 | 2238107  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| Distributions to shareholders:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class | (28556796) | (6149447) | (14184804) | (6593481)  |
| &nbsp;&nbsp;&nbsp; Investor Class | (230837) | (62531) | (31323) | (16689)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (28787633) | (6211978) | (14216127) | (6610170)  |
| **TOTAL INCREASE IN NET ASSETS** | 539358239 | 192446608 | 84873278 | 48334669  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 1016453343 | 824006735 | 367837575 | 319502906  |
| &nbsp;&nbsp;&nbsp; End of year | $1555811582 | $1016453343 | $452710853 | $367837575 |

---

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

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**Baird Mid Cap Growth Fund** 

**Financial Highlights** 

**Institutional Class** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **Per Share Data:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $23.55 | $24.69 | $21.01 | $29.50 | $28.17 |
| **Income from investment operations:**  | **Income from investment operations:**  |  |  |  |  |
| Net investment loss<sup>(1)</sup> | (0.03) | (0.02) | (0.01) | (0.07) | (0.15)  |
|  Net realized and unrealized gains (losses) on investments | (2.15) | (0.15) | 4.24 | (8.08) | 6.30  |
| **Total from investment operations** | (2.18) | (0.17) | 4.23 | (8.15) | 6.15  |
| **Less distributions:**<br>|  |  |  |  |  |
| Distributions from net realized gains | (2.35) | (0.97) | (0.55) | (0.34) | (4.82)  |
| **Total distributions** | (2.35) | (0.97) | (0.55) | (0.34) | (4.82)  |
| **Net asset value, end of year** | $19.02 | $23.55 | $24.69 | $21.01 | $29.50  |
| Total return | (9.36)% | (0.90)% | 20.17% | (27.64)% | 22.51%  |
| **Supplemental data and ratios:** | **Supplemental data and ratios:** |  |  |  |  |
| Net assets, end of year (millions) | $824.3 | $1840.7 | $2351.4 | $1762.8 | $2334.3  |
| Ratio of expenses to average net assets | 0.82% | 0.81% | 0.81% | 0.81% | 0.80%  |
| Ratio of net investment loss to average net assets | (0.16)% | (0.08)% | (0.04)% | (0.29)% | (0.49)%  |
| Portfolio turnover rate<sup>(2)</sup> | 63% | 40% | 42% | 26% | 31% |

---

<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.

24<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Baird Mid Cap Growth Fund** 

**Financial Highlights** 

**Investor Class** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **Per Share Data:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $21.25 | $22.43 | $19.18 | $27.04 | $26.22  |
| **Income from investment operations:**<br>|  |  |  |  |  |
| Net investment loss<sup>(1)</sup> | (0.08) | (0.07) | (0.06) | (0.11) | (0.21)  |
| Net realized and unrealized gains (losses) on investments | (1.92) | (0.14) | 3.86 | (7.41) | 5.85  |
| **Total from investment operations** | (2.00) | (0.21) | 3.80 | (7.52) | 5.64  |
| **Less distributions:**<br>|  |  |  |  |  |
| Distributions from net realized gains | (2.35) | (0.97) | (0.55) | (0.34) | (4.82)  |
| **Total distributions** | (2.35) | (0.97) | (0.55) | (0.34) | (4.82)  |
| **Net asset value, end of year** | $16.90 | $21.25 | $22.43 | $19.18 | $27.04  |
| Total return | (9.53)% | (1.17)% | 19.86% | (27.82)% | 22.25%  |
| **Supplemental data and ratios:**<br>|  |  |  |  |  |
| Net assets, end of year (millions) | $85.5 | $132.6 | $178.0 | $153.6 | $233.7  |
| Ratio of expenses to average net assets | 1.07% | 1.06% | 1.06% | 1.06% | 1.05%  |
| Ratio of net investment loss to average net assets | (0.41)% | (0.33)% | (0.29)% | (0.54)% | (0.74)%  |
| Portfolio turnover rate<sup>(2)</sup> | 63% | 40% | 42% | 26% | 31% |

---

<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.

25<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Baird Small/Mid Cap Growth Fund** 

**Financial Highlights** 

**Institutional Class** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **Per Share Data:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $17.26 | $16.00 | $14.43 | $19.94 | $17.39  |
| **Income from investment operations:**<br>|  |  |  |  |  |
| Net investment loss<sup>(1)</sup> | (0.04) | (0.04) | (0.03) | (0.05) | (0.12)  |
|  Net realized and unrealized gains (losses) on investments | (1.47) | 1.30 | 1.60 | (5.36) | 3.29  |
| **Total from investment operations** | (1.51) | 1.26 | 1.57 | (5.41) | 3.17  |
| **Less distributions:**<br>|  |  |  |  |  |
| Distributions from net realized gains |  |  |  | (0.10) | (0.62)  |
| **Total distributions** |  |  |  | (0.10) | (0.62)  |
| **Net asset value, end of year** | $15.75 | $17.26 | $16.00 | $14.43 | $19.94  |
| Total return | (8.75)% | 7.88% | 10.88% | (27.14)% | 18.42%  |
| **Supplemental data and ratios:**<br>|  |  |  |  |  |
| Net assets, end of year (millions) | $99.0 | $188.2 | $175.9 | $147.1 | $164.3  |
| Ratio of expenses to average net assets | 0.85% | 0.85% | 0.85% | 0.85% | 0.85%  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets <br>(before waivers) | 0.93% | 0.93% | 0.92% | 0.98% | 1.00%  |
| Ratio of net investment loss to average net assets | (0.23)% | (0.24)% | (0.22)% | (0.33)% | (0.63)%  |
|  Ratio of net investment loss to average net assets (before waivers) | (0.31)% | (0.32)% | (0.29)% | (0.45)% | (0.78)%  |
| Portfolio turnover rate<sup>(2)</sup> | 58% | 78% | 48% | 39% | 50% |

---

<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.

26<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Baird Small/Mid Cap Growth Fund** 

**Financial Highlights** 

**Investor Class** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **Per Share Data:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $16.94 | $15.75 | $14.24 | $19.72 | $17.25  |
| **Income from investment operations:**<br>|  |  |  |  |  |
| Net investment loss<sup>(1)</sup> | (0.08)  | (0.08) | (0.07) | (0.09) | (0.17)  |
|  Net realized and unrealized gains (losses) on investments | (1.44) | 1.27 | 1.58 | (5.29) | 3.26  |
| **Total from investment operations** | (1.52) | 1.19 | 1.51 | (5.38) | 3.09  |
| **Less distributions:**<br>|  |  |  |  |  |
| Distributions from net realized gains |  |  |  | (0.10) | (0.62)  |
| **Total distributions** |  |  |  | (0.10) | (0.62)  |
| **Net asset value, end of year** | $15.42 | $16.94 | $15.75 | $14.24 | $19.72  |
| Total return | (8.97)% | 7.56% | 10.60% | (27.29)% | 18.10%  |
| **Supplemental data and ratios:**<br>|  |  |  |  |  |
| Net assets, end of year (thousands) | $127.2 | $581.8 | $826.0 | $779.4 | $863.7  |
| Ratio of expenses to average net assets | 1.10% | 1.10% | 1.10% | 1.10% | 1.10%  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets <br>(before waivers) | 1.18% | 1.18% | 1.17% | 1.23% | 1.25%  |
| Ratio of net investment loss to average net assets | (0.48)% | (0.49)% | (0.47)% | (0.58)% | (0.88)%  |
|  Ratio of net investment loss to average net assets (before waivers) | (0.56)% | (0.57)% | (0.54)% | (0.70)% | (1.03)%  |
| Portfolio turnover rate<sup>(2)</sup> | 58% | 78% | 48% | 39% | 50% |

---

<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.

27<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Baird Equity Opportunity Fund** 

**Financial Highlights** 

**Institutional Class** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **Per Share Data:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $16.35 | $13.33 | $11.72 | $17.68 | $15.56  |
| **Income from investment operations:** | **Income from investment operations:** |  |  |  |  |
| Net investment income (loss)<sup>(1)</sup> | (0.14) | (0.12) | 0.00<sup>(2)</sup> | (0.09) | 0.14  |
|  Net realized and unrealized gains (losses) on investments, written option contracts, and foreign currency translation | 0.60 | 3.32 | 1.61 | (1.95) | 2.82  |
| **Total from investment operations** | 0.46 | 3.20 | 1.61 | (2.04) | 2.96  |
| **Less distributions:**<br>|  |  |  |  |  |
| Distributions from net investment income |  | (0.00) <sup>(2)</sup> | (0.00) <sup>(2)</sup> |  | (0.17)  |
| Distributions from net realized gains | (1.97) | (0.18) |  | (3.92) | (0.67)  |
| **Total distributions** | (1.97) | (0.18) | (0.00) <sup>(2)</sup> | (3.92) | (0.84)  |
| **Net asset value, end of year** | $14.84 | $16.35 | $13.33 | $11.72 | $17.68  |
| Total return | 2.79% | 24.01% | 13.75% | (11.56)% | 19.40%  |
| **Supplemental data and ratios:**<br>|  |  |  |  |  |
| Net assets, end of year (millions) | $75.5 | $76.1 | $60.2 | $57.8 | $61.0  |
| Ratio of expenses to average net assets | 1.25% | 1.25% | 1.25% | 1.25% | 0.98%<sup>(3)</sup>  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets <br>(before waivers) | 1.62% | 1.73% | 1.70% | 1.73% | 1.53%  |
|  Ratio of net investment income (loss) to average net assets | (0.91)% | (0.87)% | 0.02% | (0.55)% | 0.82%  |
|  Ratio of net investment income (loss) to average net assets (before waivers) | (1.28)% | (1.34)% | (0.43)% | (1.02)% | 0.27%  |
| Portfolio turnover rate<sup>(5)</sup> | 69% | 76% | 67% | 72% | 67%<sup>(4)</sup> |

---

<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 12, 2021, the expense cap increased to 1.25%. Prior to December 12, 2021, the expense cap was 0.95%.

<sup>(4)</sup> The cost of purchases and the proceeds from sales of securities that were incurred by the Fund subsequent to Greenhouse's appointment as subadvisor to the Baird Equity Opportunity Fund that related to the alignment of the Fund's portfolio with Greenhouse's investment style are excluded from the portfolio turnover rate calculation. If such amounts had not been excluded, the portfolio turnover rate would have been 189% for the year ended December 31, 2021.

<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.

28<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Baird Equity Opportunity Fund** 

**Financial Highlights** 

**Investor Class** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **Per Share Data:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $16.19 | $13.23 | $11.65 | $17.65 | $15.52  |
| **Income from investment operations:** | **Income from investment operations:** |  |  |  |  |
| Net investment income (loss)<sup>(1)</sup> | (0.18) | (0.16) | (0.03) | (0.13) | 0.10  |
|  Net realized and unrealized gains (losses) on investments, written option contracts, and foreign currency translation | 0.62 | 3.30 | 1.61 | (1.95) | 2.83  |
| **Total from investment operations** | 0.44 | 3.14 | 1.58 | (2.08) | 2.93  |
| **Less distributions:**<br>|  |  |  |  |  |
| Distributions from net investment income |  | (0.00) <sup>(2)</sup> |  |  | (0.13)  |
| Distributions from net realized gains | (1.97) | (0.18) |  | (3.92) | (0.67)  |
| **Total distributions** | (1.97) | (0.18) |  | (3.92) | (0.80)  |
| **Net asset value, end of year** | $14.66 | $16.19 | $13.23 | $11.65 | $17.65  |
| Total return | 2.69% | 23.72% | 13.56% | (11.77)% | 19.16%  |
| **Supplemental data and ratios:**<br>|  |  |  |  |  |
| Net assets, end of year (thousands) | $3.3 | $3.2 | $2.6 | $2.3 | $2.6  |
| Ratio of expenses to average net assets | 1.50% | 1.50% | 1.50% | 1.50% | 1.23%<sup>(3)</sup>  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets <br>(before waivers) | 1.87% | 1.98% | 1.95% | 1.98% | 1.78%  |
|  Ratio of net investment income (loss) to average net assets | (1.16)% | (1.12)% | (0.23)% | (0.80)% | 0.57%  |
|  Ratio of net investment income (loss) to average net assets (before waivers) | (1.53)% | (1.59)% | (0.68)% | (1.27)% | 0.02%  |
| Portfolio turnover rate<sup>(5)</sup> | 69% | 76% | 67% | 72% | 67%<sup>(4)</sup> |

---

<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 12, 2021, the expense cap increased to 1.50%. Prior to December 12, 2021, the expense cap was 1.20%.

<sup>(4)</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. If such amounts had not been excluded, the portfolio turnover rate would have been 189% for the year ended December 31, 2021.

<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.

29<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Baird Chautauqua International Growth Fund** 

**Financial Highlights** 

**Institutional Class** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **Per Share Data:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $18.90 | $17.04 | $15.19 | $18.65 | $17.51  |
| **Income from investment operations:** | **Income from investment operations:** |  |  |  |  |
| Net investment income<sup>(1)</sup> | 0.14 | 0.12 | 0.13 | 0.06 | 0.04  |
|  Net realized and unrealized gains (losses) on investments and foreign currency translation | 3.54 | 1.86 | 1.76 | (3.38) | 1.19  |
| **Total from investment operations** | 3.68 | 1.98 | 1.89 | (3.32) | 1.23  |
| **Less distributions:**<br>|  |  |  |  |  |
| Distributions from net investment income | (0.18) | (0.12) | (0.04) | (0.03) | (0.09)  |
| Distributions from net realized gains | (0.24) |  |  | (0.11) | —  |
| **Total distributions** | (0.42) | (0.12) | (0.04) | (0.14) | (0.09)  |
| Paid in capital from redemption fees<sup>(2)</sup> |  |  |  |  | 0.00<sup>(3)</sup>  |
| **Net asset value, end of year** | $22.16 | $18.90 | $17.04 | $15.19 | $18.65  |
| Total return | 19.47% | 11.59% | 12.41% | (17.84)% | 6.90%  |
| **Supplemental data and ratios:**<br>|  |  |  |  |  |
| Net assets, end of year (millions) | $1539.4 | $1002.2 | $808.4 | $479.1 | $468.2  |
| Ratio of expenses to average net assets | 0.80% | 0.80% | 0.80% | 0.80% | 0.80%  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets <br>(before waivers) | 0.82% | 0.84% | 0.86% | 0.87% | 0.86%  |
|  Ratio of net investment income to average net assets | 0.64% | 0.67% | 0.78% | 0.37% | 0.20%  |
|  Ratio of net investment income to average net assets (before waivers) | 0.62% | 0.62% | 0.73% | 0.31% | 0.14%  |
| Portfolio turnover rate<sup>(4)</sup> | 17% | 18% | 12% | 23% | 14% |

---

<sup>(1)</sup> Calculated using average shares outstanding during the year.

<sup>(2)</sup> Effective December 1, 2021, the Fund eliminated the 2.00% redemption fee charged on amounts redeemed for shares held 90 days or less.

<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.

30<br>

------

**[**TABLE OF CONTENTS**](#TOC1)**

**Baird Chautauqua International Growth Fund** 

**Financial Highlights** 

**Investor Class** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **Per Share Data:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $18.75 | $16.92 | $15.11 | $18.58 | $17.48  |
| **Income from investment operations:** | **Income from investment operations:** |  |  |  |  |
| Net investment income (loss)<sup>(1)</sup> | 0.08 | 0.08 | 0.09 | 0.02 | (0.01)  |
|  Net realized and unrealized gains (losses) on investments and foreign currency translation | 3.51 | 1.83 | 1.75 | (3.37) | 1.20  |
| **Total from investment operations** | 3.59 | 1.91 | 1.84 | (3.35) | 1.19  |
| **Less distributions:**<br>|  |  |  |  |  |
| Distributions from net investment income | (0.07) | (0.08) | (0.03) | (0.01) | (0.09)  |
| Distributions from net realized gains | (0.24) |  |  | (0.11) | —  |
| **Total distributions** | (0.31) | (0.08) | (0.03) | (0.12) | (0.09)  |
| Paid in capital from redemption fees<sup>(2)</sup> |  |  |  |  | 0.00<sup>(3)</sup>  |
| **Net asset value, end of year** | $22.03 | $18.75 | $16.92 | $15.11 | $18.58  |
| Total return | 19.17% | 11.30% | 12.15% | (18.03)% | 6.62%  |
| **Supplemental data and ratios:**<br>|  |  |  |  |  |
| Net assets, end of year (thousands) | $16373.1 | $14297.0 | $15656.4 | $13993.5 | $608.0  |
| Ratio of expenses to average net assets | 1.05% | 1.05% | 1.05% | 1.05% | 1.05%  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets <br>(before waivers) | 1.07% | 1.09% | 1.11% | 1.12% | 1.11%  |
|  Ratio of net investment income (loss) to average net assets | 0.39% | 0.42% | 0.53% | 0.12% | (0.05)%  |
|  Ratio of net investment income (loss) to average net assets (before waivers) | 0.37% | 0.37% | 0.48% | 0.06% | (0.11)%  |
| Portfolio turnover rate<sup>(4)</sup> | 17% | 18% | 12% | 23% | 14% |

---

<sup>(1)</sup> Calculated using average shares outstanding during the year.

<sup>(2)</sup> Effective December 1, 2021, the Fund eliminated the 2.00% redemption fee charged on amounts redeemed for shares held 90 days or less.

<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.

31<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Baird Chautauqua Global Growth Fund** 

**Financial Highlights** 

**Institutional Class** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **Per Share Data:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $23.63 | $20.67 | $17.84 | $22.36 | $19.85  |
| **Income from investment operations:**<br>|  |  |  |  |  |
| Net investment income<sup>(1)</sup> | 0.09 | 0.09 | 0.11 | 0.04 | 0.00<sup>(2)</sup>  |
|  Net realized and unrealized gains (losses) on investments and foreign currency translation | 5.19 | 3.30 | 2.81 | (4.54) | 2.59  |
| **Total from investment operations** | 5.28 | 3.39 | 2.92 | (4.50) | 2.59  |
| **Less distributions:**<br>|  |  |  |  |  |
| Distributions from net investment income | (0.09) | (0.07) | (0.09) |  | (0.08)  |
| Distributions from net realized gains | (0.81) | (0.36) |  | (0.02) | —  |
| **Total distributions** | (0.90) | (0.43) | (0.09) | (0.02) | (0.08)  |
| Paid in capital from redemption fees<sup>(3)</sup> |  |  |  |  | 0.00<sup>(2)</sup>  |
| **Net asset value, end of year** | $28.01 | $23.63 | $20.67 | $17.84 | $22.36  |
| Total return | 22.40% | 16.32% | 16.34% | (20.11)% | 12.93%  |
| **Supplemental data and ratios:**<br>|  |  |  |  |  |
| Net assets, end of year (millions) | $451.6 | $366.8 | $318.5 | $264.9 | $314.7  |
| Ratio of expenses to average net assets | 0.80% | 0.80% | 0.80% | 0.80% | 0.80%  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets <br>(before waivers) | 0.84% | 0.86% | 0.88% | 0.92% | 0.92%  |
| Ratio of net investment income to average net assets | 0.36% | 0.38% | 0.54% | 0.20% | 0.01%  |
|  Ratio of net investment income (loss) to average net assets (before waivers) | 0.32% | 0.32% | 0.46% | 0.09% | (0.11)%  |
| Portfolio turnover rate<sup>(4)</sup> | 16% | 15% | 14% | 12% | 13% |

---

<sup>(1)</sup> Calculated using average shares outstanding during the year.

<sup>(2)</sup> Amount is less than $0.005.

<sup>(3)</sup> Effective December 1, 2021, the Fund eliminated the 2.00% redemption fee charged on amounts redeemed for shares held 90 days or less.

<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.

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**[**TABLE OF CONTENTS**](#TOC1)**

**Baird Chautauqua Global Growth Fund** 

**Financial Highlights** 

**Investor Class** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **Per Share Data:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $23.34 | $20.44 | $17.65 | $22.18 | $19.74  |
| **Income from investment operations:** | **Income from investment operations:** |  |  |  |  |
| Net investment income (loss)<sup>(1)</sup> | 0.03 | 0.03 | 0.06 | (0.01) | (0.05)  |
|  Net realized and unrealized gains (losses) on investments and foreign currency translation | 5.12 | 3.27 | 2.77 | (4.50) | 2.57  |
| **Total from investment operations** | 5.15 | 3.30 | 2.83 | (4.51) | 2.52  |
| **Less distributions:**<br>|  |  |  |  |  |
| Distributions from net investment income |  | (0.04) | (0.04) |  | (0.08)  |
| Distributions from net realized gains | (0.81) | (0.36) |  | (0.02) | —  |
| **Total distributions** | (0.81) | (0.40) | (0.04) | (0.02) | (0.08)  |
| Paid in capital from redemption fees<sup>(3)</sup> |  |  |  |  | 0.00<sup>(2)</sup>  |
| **Net asset value, end of year** | $27.68 | $23.34 | $20.44 | $17.65 | $22.18  |
| Total return | 22.12% | 16.07% | 16.01% | (20.32)% | 12.64%  |
| **Supplemental data and ratios:**<br>|  |  |  |  |  |
| Net assets, end of year (thousands) | $1094.1 | $989.4 | $1037.9 | $931.8 | $1590.1  |
| Ratio of expenses to average net assets | 1.05% | 1.05% | 1.05% | 1.05% | 1.05%  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets <br>(before waivers) | 1.09% | 1.11% | 1.13% | 1.17% | 1.17%  |
|  Ratio of net investment income (loss) to average net assets | 0.11% | 0.13% | 0.29% | (0.05)% | (0.24)%  |
|  Ratio of net investment income (loss) to average net assets (before waivers) | 0.07% | 0.07% | 0.21% | (0.16)% | (0.36)%  |
| Portfolio turnover rate<sup>(4)</sup> | 16% | 15% | 14% | 12% | 13% |

---

<sup>(1)</sup> Calculated using average shares outstanding during the year.

<sup>(2)</sup> Amount is less than $0.005.

<sup>(3)</sup> Effective December 1, 2021, the Fund eliminated the 2.00% redemption fee charged on amounts redeemed for shares held 90 days or less.

<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.

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**[**TABLE OF CONTENTS**](#TOC1)**

**BAIRD FUNDS, INC.** 

**Notes to the Financial Statements** 

**December 31, 2025** 

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 Mid Cap Growth Fund, the Baird Small/Mid Cap Growth Fund, the Baird Equity Opportunity Fund, the Baird Chautauqua International Growth Fund and the Baird Chautauqua Global Growth Fund (each, a "Fund," and collectively, the "Funds"), five of the fifteen active funds in the series comprising the Company. Pursuant to the 1940 Act, the Funds are "diversified" series of the Company except for the Baird Equity Opportunity Fund, which is a non-diversified fund. The investment advisor to the Funds is Robert W. Baird & Co. Incorporated ("Baird" or the "Advisor"). The investment subadvisor to the Baird Equity Opportunity Fund is Greenhouse Funds LLLP ("Greenhouse" or the "Subadvisor").

The following table presents the class-specific inception dates for each of the Funds:

---

| | | |
|:---|:---|:---|
| | **Inception Date**  | **Inception Date**  |
| <br>**Fund** | **Institutional Class** | **Investor Class**  |
| Baird Mid Cap Growth Fund . | December 29, 2000 | December 29, 2000  |
| Baird Small/Mid Cap Growth Fund . | October 31, 2018 | October 31, 2018  |
| Baird Equity Opportunity Fund . | May 1, 2012 | May 1, 2012  |
| Baird Chautauqua International Growth Fund . | April 15, 2016 | April 15, 2016  |
| Baird Chautauqua Global Growth Fund . | April 15, 2016 | April 15, 2016 |

---

Institutional Class shares are not subject to a distribution and service (12b-1) fee, while Investor Class shares are subject to a distribution and service (12b-1) fee up to 0.25%. See Note 7.

The Baird Mid Cap Growth Fund seeks to provide long-term growth of capital through investments in equity securities of mid-capitalization companies.

The Baird Small/Mid Cap Growth Fund seeks to provide long-term growth of capital through investments in equity securities of small- and mid-capitalization companies.

The Baird Equity Opportunity Fund seeks to provide long-term capital appreciation through investments in equity securities of small- and medium-capitalization companies.

The Baird Chautauqua International Growth Fund seeks to provide long-term capital appreciation. The Fund invests primarily in equity securities of non-U.S. companies with medium to large market capitalizations.

The Baird Chautauqua Global Growth Fund seeks to provide long-term capital appreciation. The Fund invests primarily in equity securities of both U.S. and non-U.S. companies with medium to large market capitalizations.

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of December 31, 2025, 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 controlling ownership in Baird Equity Opportunity Fund and Baird Small/Mid Cap Growth 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*.

&nbsp;&nbsp;&nbsp;&nbsp;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

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**BAIRD FUNDS, INC.** 

**Notes to the Financial Statements** 

**December 31, 2025 (Continued)** 

market quotations are not readily available (e.g., because there is no regular market quotation for such securities), the securities are valued at fair value using methods determined by the Advisor as the Valuation Designee of the Board of Directors of the Company (the "Board") in accordance with policies and procedures adopted pursuant to Rule 2a-5 of the 1940 Act, as discussed further below. Per GAAP, the "fair value" of a security means the price that would be received to sell a security in an orderly transaction between market participants at the measurement date.

The Funds determine the fair value of their investments and compute their NAV per share as of the close of regular trading of the New York Stock Exchange (generally, 4:00 p.m. ET).

Consistent with Section 2(a)(41) of the 1940 Act, the Funds price their securities as follows: equity securities, including common stocks, ETFs and closed end funds, that are listed on a securities exchange (other than NASDAQ) are valued at the last quoted sales price. Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Price information on listed stocks is taken from the exchange where the security is primarily traded. Securities that were not traded on the valuation date, as well as stocks that are not listed on an exchange, including NASDAQ, are valued at the average of the current bid and ask price. Debt securities are valued at their evaluated bid prices as provided by an independent pricing service based on various market inputs such as benchmark yields, market transactions and dealer quotations. Investments in mutual funds, including money market funds, are valued at their stated NAV. Other assets and securities for which market quotations are not readily available are valued at fair value as determined in good faith by the Advisor in accordance with the Funds' fair value procedures pursuant to Rule 2a-5 of the 1940 Act. In accordance with such procedures, the Advisor may, under certain circumstances, use alternative valuation methodologies, such as broker quotes. If prices are unavailable or deemed to be unreliable, fair value will be determined by the Advisor, subject to the oversight of the Board. The Advisor, as Valuation Designee, has further designated its valuation committee to be responsible for fair value determinations. In determining fair value, the valuation committee takes into account factors deemed relevant by the valuation committee and available information. Consequently, the price of the security used by a Fund to calculate its NAV may differ from quoted or published prices for the same security. Fair value pricing involves subjective judgments and there is no single standard for determining a security's fair value. As a result, different mutual funds could reasonably arrive at a different fair value for the same security. It is possible that the fair value determined for a security is materially different from the value that could be realized upon the sale of that security or from the values that other mutual funds may determine. The prices determined for any individual security on any given day may vary significantly from the amount that can be obtained in an actual sale of that security, and a Fund's NAV may fluctuate significantly from day to day or from period to period.

Put and call options will be valued at the last sale price or, in the absence of such a price, at the mean between bid and asked prices. See Note 2(d) for additional information regarding financial derivative instruments.

The Baird Chautauqua International Growth, Baird Chautauqua Global Growth, and Baird Equity Opportunity Funds have retained an independent fair value pricing service to assist in valuing foreign securities traded on a foreign exchange in order to adjust for possible changes in value that may occur between the close of the foreign exchange and the time at which the Funds calculate their NAVs. The fair value pricing service uses statistical data based on historical performance of securities and markets, and other data in developing factors used to estimate fair value for that day. Occasionally, significant events that affect these values and exchange rates may occur after the close of the exchange on which such securities are traded. If such events materially affect the value of a Fund's securities, these securities may be valued at their fair value pursuant to the Funds' fair value procedures.

&nbsp;&nbsp;&nbsp;&nbsp;b) *Foreign Securities* – The Baird Mid Cap Growth Fund and Baird Small/Mid Cap Growth Fund may invest in common stocks, ADRs or other depositary
 shares or receipts, or ordinary shares of publicly-traded foreign issuers, and ADRs that are traded on a major U.S. exchange. The Baird
 Equity Opportunity Fund, Baird Chautauqua International Growth Fund, and Baird Chautauqua Global Growth Fund may invest in common stocks,
 preferred stocks, depositary shares and receipts, rights, warrants and ETFs of non-U.S. companies. Investing in securities of foreign
 companies and foreign governments involves special risks and

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**BAIRD FUNDS, INC.** 

**Notes to the Financial Statements** 

**December 31, 2025 (Continued)** 

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.

&nbsp;&nbsp;&nbsp;&nbsp;c) *Foreign Currency Translation* – Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into
 U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities and income items denominated in foreign currencies
 are translated into U.S. dollar amounts on the respective dates of such transactions. When a Fund purchases or sells a foreign security,
 it will customarily enter into a foreign exchange contract to minimize foreign exchange risk from the trade date to the settlement date
 of such transaction. The Funds do not isolate the portion of the results of operations resulting from changes in foreign exchange rates
 on investments from the fluctuations arising from changes in market prices of securities held nor currency gains or losses realized between
 the trade and settlement dates on securities transactions. Such fluctuations are included with the net realized and unrealized gain or
 loss from investments. Net realized gain (loss) on foreign currency transactions include those gains and losses arising from the sale
 of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign currency transactions, the
 differences between the amounts of dividends, and foreign withholding taxes recorded on a Fund's books, and the U.S. dollar equivalent
 of the amounts actually received or paid. Net unrealized appreciation (depreciation) on investments includes changes in the value of investments
 resulting from exchange rates.

&nbsp;&nbsp;&nbsp;&nbsp;d) *Financial Derivatives Instruments* – Financial derivatives instruments, such as option contracts, derive their value from the performance
 of an underlying asset or index. The Baird Equity Opportunity Fund (the "Fund") may purchase and sell (write) put options
 and call options on securities or indices in standardized contracts listed on securities exchanges. The Fund may also purchase and sell
 (write) over-the-counter ("OTC") put options and call options. The Fund qualifies as a "limited derivatives user"
 under Rule 18f-4 of the 1940 Act.

A call option gives the purchaser of the option the right to buy, and a writer the obligation to sell, the underlying security or index at the stated exercise price at any time prior to the expiration of the option, regardless of the market price of the security. The premium paid to the writer is in consideration for undertaking the obligations under the option contract. A put option gives the purchaser the right to sell the underlying security or index at the stated exercise price at any time prior to the expiration date of the option, regardless of the market price of the security or index. In contrast to an option on a particular security, an option on an index provides the holder with the right to make or receive a cash settlement upon exercise of the option. The amount of this settlement will be equal to the difference between the closing price of the index at the time of exercise and the exercise price of the option expressed in dollars, times a specified multiple.

Writing Put and Call Options

As the writer of a put option, the Fund has a risk of loss should the underlying reference instrument decline in value. If the value of the underlying reference instrument declines below the exercise price of the put option and the put option is exercised, the Fund, as the writer of the put option, will be required to buy the instrument at the exercise price, which will exceed the market value of the underlying reference instrument at that time. The Fund will incur a loss to the extent that the current market value of the underlying reference instrument is less than the exercise price of the put option. However, the loss will be offset in part by the premium received from the buyer of the put. If a put option written by the Fund expires unexercised, the Fund will realize a gain in the amount of the premium received.

By writing a call option on a security, the Fund foregoes the opportunity to profit from an increase in the market price of the underlying security above the exercise price except insofar as the premium represents such a profit, and it is not able to sell the underlying security until the option expires or is exercised or the Fund effects a closing purchase transaction by purchasing an option of the same series. Except to the extent that a written call option on an index is covered by an option on the same index purchased by the Fund, movements in the index may result in a loss to the Fund; however, such losses may be mitigated by changes in the value of securities held by the Fund during the period the option was outstanding.

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**BAIRD FUNDS, INC.** 

**Notes to the Financial Statements** 

**December 31, 2025 (Continued)** 

If a call option on a security is exercised, the Fund may deliver the underlying security held by the Fund or purchase the underlying security in the open market. In either event, the proceeds of the sale will be increased by the net premium originally received, and the Fund will realize a gain or loss.

At December 31, 2025, the Baird Equity Opportunity Fund pledged securities with a fair value of $4,732,825 as collateral for option contracts. See the Fund's Schedule of Investments for the securities pledged as collateral.

&nbsp;&nbsp;&nbsp;&nbsp;e) *Income Tax Status* – The Funds qualify and 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, 2025, or for any other tax years which are open for exam. As of December 31, 2025, open tax years include the tax years ended December 31, 2022 through 2025. 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 Statements of Operations. During the year, the Funds did not incur any interest or penalties.

&nbsp;&nbsp;&nbsp;&nbsp;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 Company in proportion to their respective assets or are divided equally amongst the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;g) *Shareholder Transactions and Distributions* – Shareholder transactions are recorded on the 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.

&nbsp;&nbsp;&nbsp;&nbsp;h) *Use of Estimates* – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that
 affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
 statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results
 could differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;i) *Securities Transactions and Investment Income* – The Funds determine the gain or loss realized from investment transactions using the
 identified cost basis. For financial reporting purposes, investment transactions are recorded on the trade date. When a capital gain tax
 is determined to apply, the Funds may record an estimated deferred tax liability in an amount that would be payable if the securities
 were disposed of on the valuation date. Dividend income is recognized on the ex-dividend date net of withholding taxes, if any, and interest
 income is recognized on an accrual basis. Withholding taxes on foreign dividends have been accounted for in accordance with the Funds'
 interpretation of applicable tax laws of the countries in which they invest. Distributions received from underlying investments in real
 estate investment trusts ("REITs") may be classified as dividends, capital gains or return of capital.

&nbsp;&nbsp;&nbsp;&nbsp;j) *Guarantees and Indemnifications* – In the normal course of business, the Funds enter into contracts with service providers that contain
 general indemnification clauses. The Funds' maximum exposure under these arrangements is unknown and would involve future claims
 against the Funds that have not yet occurred. Based on experience, the Funds would expect the risk of loss to be low.

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**BAIRD FUNDS, INC.** 

**Notes to the Financial Statements** 

**December 31, 2025 (Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;k) *Segment Reporting* – Management already evaluated the impact of adopting ASU 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures*, with respect to the financial statements and disclosures and determined there is
 no material impact for the Funds. Each Fund operates as a single segment entity. Each Fund's income, expenses, assets, and performance
 are regularly monitored and assessed by the Principal Executive Officer and Principal Financial Officer of the Funds, who serve as the
 chief operating decision makers, using the information presented in the financial statements and financial highlights.

&nbsp;&nbsp;&nbsp;&nbsp;l) *New Regulatory and Accounting Pronouncements* – The Funds adopted the FASB Accounting Standards Update 2023-09, *Income Taxes (Topic 740) Improvements to Income Tax Disclosures* ("ASU 2023-09"). Adoption of the new standard by the Funds
 impacted financial statement disclosures only and did not affect the Funds' financial position or results of operations. A disaggregation
 of income taxes paid by jurisdiction is presented when significant income taxes are paid. Income taxes paid by the Funds for the year
 were determined to not be significant.

3. CAPITAL SHARE TRANSACTIONS

The following table summarizes the capital share transactions of each Fund for the past two fiscal years:

**Baird Mid Cap Growth Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended**<br>**December 31, 2025**  | **Year Ended**<br>**December 31, 2025**  | **Year Ended** <br>**December 31, 2024**  | **Year Ended** <br>**December 31, 2024**  |
| **Institutional Class Shares** | **Shares** | **Amount** | **Shares** | **Amount**  |
| Shares sold | 7142718  | $158448027  | 11882999  | $289699737  |
|  Shares issued to shareholders in reinvestment of distributions | 4516898  | 86679273  | 2657298  | 66113574  |
| Shares redeemed | (46501261) | (1040281614) | (31594540) | (773639184)  |
| Net decrease | (34841645) | $(795154314) | (17054243) | $(417825873)  |
| Shares Outstanding:<br>|  |  |  |  |
| Beginning of year | 78173845 |  | 95228088  |  |
| End of year | 43332200 |  | 78173845  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**  | **Year Ended** <br>**December 31, 2025**  | **Year Ended** <br>**December 31, 2024**  | **Year Ended** <br>**December 31, 2024**  |
| **Investor Class Shares** | **Shares** | **Amount** | **Shares** | **Amount**  |
| Shares sold | 1360088  | $28149326  | 975630  | $21932916  |
|  Shares issued to shareholders in reinvestment of distributions | 603357  | 10287239  | 253938  | 5703449  |
| Shares redeemed | (3142034) | (63358136) | (2927311) | (65157575)  |
| Net decrease | (1178589)  | $(24921571) | (1697743) | $(37521210)  |
| Shares Outstanding:<br>|  |  |  |  |
| Beginning of year | 6237483 |  | 7935226  |  |
| End of year | 5058894 |  | 6237483  |  |
| Total net decrease |  | $(820075885) |  | $(455347083) |

---

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**BAIRD FUNDS, INC.** 

**Notes to the Financial Statements** 

**December 31, 2025 (Continued)** 

**Baird Small/Mid Cap Growth Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**  | **Year Ended** <br>**December 31, 2025**  | **Year Ended** <br>**December 31, 2024**  | **Year Ended** <br>**December 31, 2024**  |
| **Institutional Class Shares** | **Shares** | **Amount** | **Shares** | **Amount**  |
| Shares sold | 811789  | $13059945  | 1742754  | $28256174  |
|  Shares issued to shareholders in reinvestment of distributions | —  | —  | —  | —  |
| Shares redeemed | (5428674) | (86483617) | (1831236) | (29209149)  |
| Net decrease | (4616885) | $(73423672) | (88482) | $(952975)  |
| Shares Outstanding:<br>|  |  |  |  |
| Beginning of year | 10905074 |  | 10993556  |  |
| End of year | 6288189 |  | 10905074  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**  | **Year Ended** <br>**December 31, 2025**  | **Year Ended** <br>**December 31, 2024**  | **Year Ended** <br>**December 31, 2024**  |
| **Investor Class Shares** | **Shares** | **Amount** | **Shares** | **Amount**  |
| Shares sold | 454  | $7135  | 766  | $12400  |
|  Shares issued to shareholders in reinvestment of distributions | —  | —  | —  | —  |
| Shares redeemed | (26540) | (413783) | (18890) | (294967)  |
| Net decrease | (26086) | $(406648) | (18124) | $(282567)  |
| Shares Outstanding:<br>|  |  |  |  |
| Beginning of year | 34336 |  | 52460  |  |
| End of year | 8250 |  | 34336  |  |
| Total net decrease |  | $(73830320) |  | $(1235542) |

---

**Baird Equity Opportunity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**  | **Year Ended** <br>**December 31, 2025**  | **Year Ended** <br>**December 31, 2024**  | **Year Ended** <br>**December 31, 2024**  |
| **Institutional Class Shares**  | **Shares**  | **Amount**  | **Shares**  | **Amount**  |
| Shares sold  | 734805  | $11408970  | 608423  | $8521629  |
|  Shares issued to shareholders in reinvestment of distributions  | 608384  | 9064925  | 50362  | 848715  |
| Shares redeemed  | (912419)  | (14251470)  | (519735)  | (7336847)  |
| Net increase  | 430770  | $6222425  | 139050  | $2033497  |
| Shares Outstanding: <br>|  |  |  |  |
| Beginning of year | 4658434  |  | 4519384  |  |
| End of year | 5089204  |  | 4658434  |  |

---

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**BAIRD FUNDS, INC.** 

**Notes to the Financial Statements** 

**December 31, 2025 (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**  | **Year Ended** <br>**December 31, 2025**  | **Year Ended** <br>**December 31, 2024**  | **Year Ended** <br>**December 31, 2024**  |
| **Investor Class Shares**  | **Shares**  | **Amount**  | **Shares**  | **Amount**  |
| Shares sold  | —  | $—  | —  | $—  |
|  Shares issued to shareholders in reinvestment of distributions  | 26  | 388  | 3  | 36  |
| Shares redeemed  | —  | —  | —  | —  |
| Net increase  | 26  | $388  | 3  | $36  |
| Shares Outstanding: <br>|  |  |  |  |
| Beginning of year | 197  |  | 194  |  |
| End of year | 223  |  | 197  |  |
| Total net increase  |  | $6222813  |  | $2033533 |

---

**Baird Chautauqua International Growth Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**  | **Year Ended** <br>**December 31, 2025**  | **Year Ended** <br>**December 31, 2024**  | **Year Ended** <br>**December 31, 2024**  |
| **Institutional Class Shares** | **Shares** | **Amount** | **Shares** | **Amount**  |
| Shares sold | 24535597  | $510261253  | 13261166  | $240354905  |
|  Shares issued to shareholders in reinvestment of distributions | 1150992  | 25665833  | 283820  | 5420961  |
| Shares redeemed | (9234092) | (194639223) | (7962485) | (147422328)  |
| Net increase | 16452497  | $341287863 | 5582501  | $98353538  |
| Shares Outstanding:<br>|  |  |  |  |
| Beginning of year | 53022056 |  | 47439555  |  |
| End of year | 69474553 |  | 53022056  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**  | **Year Ended** <br>**December 31, 2025**  | **Year Ended** <br>**December 31, 2024**  | **Year Ended** <br>**December 31, 2024**  |
| **Investor Class Shares** | **Shares** | **Amount** | **Shares** | **Amount**  |
| Shares sold | 131396  | $2679659  | 88556  | $1628583  |
|  Shares issued to shareholders in reinvestment of distributions | 10442  | 230419  | 3294  | 62420  |
| Shares redeemed | (161081) | (3440866) | (254842) | (4613543)  |
| Net decrease | (19243)  | $(530788) | (162992) | $(2922540)  |
| Shares Outstanding:<br>|  |  |  |  |
| Beginning of year | 762593 |  | 925585  |  |
| End of year | 743350 |  | 762593  |  |
| Total net increase |  | $340757075 |  | $95430998 |

---

40<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**BAIRD FUNDS, INC.** 

**Notes to the Financial Statements** 

**December 31, 2025 (Continued)** 

**Baird Chautauqua Global Growth Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**  | **Year Ended** <br>**December 31, 2025**  | **Year Ended** <br>**December 31, 2024**  | **Year Ended** <br>**December 31, 2024**  |
| **Institutional Class Shares**  | **Shares**  | **Amount**  | **Shares**  | **Amount**  |
| Shares sold  | 1494904  | $38000366  | 1087000  | $24866962  |
|  Shares issued to shareholders in reinvestment of distributions  | 484063  | 13442290  | 253813  | 6264114  |
| Shares redeemed  | (1379645)  | (36067920)  | (1227474)  | (28708652)  |
| Net increase  | 599322  | $15374736  | 113339  | $2422424  |
| Shares Outstanding: <br>|  |  |  |  |
| Beginning of year | 15523208  |  | 15409869  |  |
| End of year | 16122530  |  | 15523208  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**  | **Year Ended** <br>**December 31, 2025**  | **Year Ended** <br>**December 31, 2024**  | **Year Ended** <br>**December 31, 2024**  |
| **Investor Class Shares**  | **Shares**  | **Amount**  | **Shares**  | **Amount**  |
| Shares sold  | 4844  | $121534  | 5580  | $130779  |
|  Shares issued to shareholders in reinvestment of distributions  | 1101  | 30061  | 662  | 16163  |
| Shares redeemed  | (8799)  | (219208)  | (14625)  | (331259)  |
| Net decrease  | (2854)  | $(67613)  | (8383)  | $(184317)  |
| Shares Outstanding: <br>|  |  |  |  |
| Beginning of year | 42385  |  | 50768  |  |
| End of year | 39531  |  | 42385  |  |
| Total net increase  |  | $15307123  |  | $2238107 |

---

4. Investment Transactions and Income Tax Information

During the year ended December 31, 2025, purchases and sales of investment securities (excluding short-term investments) were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Baird Mid Cap** <br>**Growth Fund** | **Baird Small/Mid Cap** <br>**Growth Fund** | **Baird Equity** <br>**Opportunity Fund** | **Baird Chautauqua** <br>**International** <br>**Growth Fund** | **Baird Chautauqua** <br>**Global** <br>**Growth Fund**  |
| Purchases | $870426839 | &nbsp;&nbsp;&nbsp; $83632645 | &nbsp;&nbsp; $50821127 | &nbsp;&nbsp; $514280099 | &nbsp;&nbsp; $65637228  |
| Sales | 1785531938 | &nbsp;&nbsp;&nbsp; 155033008 | &nbsp;&nbsp; 51108434 | &nbsp;&nbsp; 221908843 | &nbsp;&nbsp; 64952565 |

---

The Funds did not purchase or sell U.S. Government securities during the year ended December 31, 2025.

41<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**BAIRD FUNDS, INC.** 

**Notes to the Financial Statements** 

**December 31, 2025 (Continued)** 

As of December 31, 2025, the components of accumulated earnings (accumulated losses) for income tax purposes were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Baird** <br>**Mid Cap** <br>**Growth Fund**  | **Baird** <br>**Small/Mid Cap** <br>**Growth Fund**  | **Baird Equity** <br>**Opportunity** <br>**Fund**  | **Baird** <br>**Chautauqua** <br>**International** <br>**Growth Fund**  | **Baird** <br>**Chautauqua** <br>**Global** <br>**Growth Fund**  |
| **Cost of investments**  | $678186438  | $89795119  | $65352794  | $1177989346  | $303722189  |
| Gross unrealized appreciation  | 264457104  | 20319500  | 17453920  | 454699217  | 170592744  |
| Gross unrealized depreciation  | (26633281)  | (10682911)  | (6983717)  | (86324749)  | (22087246)  |
| **Net unrealized appreciation**  | 237823823  | 9636589  | 10470203  | 368374468  | 148505498  |
| Undistributed ordinary income  | —  | —  | —  | 4935822  | 1696414  |
|  Undistributed long-term capital gains  | 41070909  | —  | —  | 14978389  | 5035529  |
| **Distributable earnings**  | 41070909  | —  | —  | 19914211  | 6731943  |
| **Other accumulated gains (losses)**  | —  | (16603464)  | (596090)  | 44192  | 8211  |
|  **Total distributable earnings (accumulated deficit)**  | $278894732  | $(6966875)  | $9874113  | $388332871  | $155245652 |

---

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, 2025, the following table shows the reclassifications made:

---

| | | |
|:---|:---|:---|
| **Fund**  | **Total** <br>**Distributable** <br>**Earnings**  | **Paid-in Capital**  |
| Baird Mid Cap Growth Fund  | $(78652935)  | $78652935  |
| Baird Small/Mid Cap Growth Fund  | 347316  | (347316)  |
| Baird Equity Opportunity Fund  | (817629)  | 817629  |
| Baird Chautauqua International Growth Fund  | (858973)  | 858973  |
| Baird Chautauqua Global Growth Fund  | (659816)  | 659816 |

---

**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.

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**[**TABLE OF CONTENTS**](#TOC1)**

**BAIRD FUNDS, INC.** 

**Notes to the Financial Statements** 

**December 31, 2025 (Continued)** 

The tax components of distributions paid during the years shown below for the applicable Funds are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31, 2025**  | **Year Ended December 31, 2025**  | **Year Ended December 31, 2025**  |
| <br>**Fund**  | **Ordinary** <br>**Income**  | **Long-Term** <br>**Capital Gains**  | **Total**  |
| Baird Mid Cap Growth Fund  | $6707370  | $99884193  | $106591563  |
| Baird Equity Opportunity Fund  | 3429204  | 5681124  | 9110328  |
| Baird Chautauqua International Growth Fund  | 26502102  | 2285531  | 28787633  |
| Baird Chautauqua Global Growth Fund  | 3233050  | 10983077  | 14216127 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| <br>**Fund** | **Ordinary** <br>**Income** | **Long-Term** <br>**Capital Gains** | **Total**  |
| Baird Mid Cap Growth Fund | $— | $80332948 | $80332948  |
| Baird Equity Opportunity Fund | 195277 | 658890 | 854167  |
| Baird Chautauqua International Growth Fund | 6211978 |  | 6211978  |
| Baird Chautauqua Global Growth Fund | 1087467 | 5522703 | 6610170 |

---

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, 2025.

At December 31, 2025, the following Fund deferred, on a tax basis, post-October losses and specified losses of:

---

| | |
|:---|:---|
| **Fund** | **Loss Deferral** |
| Baird Equity Opportunity Fund | $720395 |

---

At December 31, 2025, accumulated capital loss carryovers without expiration were:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Capital Loss Carryover**  | **Capital Loss Carryover**  | **Year of Expiration**  | **Year of Expiration**  |
| <br>**Fund**  | **Short-term**  | **Long-term**  | **Short-term**  | **Long-term**  |
| Baird Small/Mid Cap Growth Fund  | $16603464  | $—  | Indefinitely  | &nbsp;&nbsp;&nbsp; N/A |

---

During the year ended December 31, 2025, the Funds utilized capital loss carryovers as follows:

---

| | | |
|:---|:---|:---|
| | **Capital Loss Carryover Utilized**  | **Capital Loss Carryover Utilized**  |
| <br>**Fund**  | **Short-term**  | **Long-term**  |
| Baird Small/Mid Cap Growth Fund  | $2874068  | $3139371  |
| Baird Chautauqua International Growth Fund  | 769216  | 14362424 |

---

5. INVESTMENT ADVISORY AND OTHER AGREEMENTS

The Funds have entered into Investment Advisory Agreements with Baird for the provision of investment advisory services. In addition, Baird has entered into a Subadvisory Agreement with Greenhouse related to the Baird Equity Opportunity Fund. Pursuant to the Investment Advisory Agreements, the Advisor is entitled to receive a fee, calculated daily and payable monthly, at the annual rates as follows:

---

| | |
|:---|:---|
| **Fund** | **Investment** <br>**Advisory Fees**  |
| Baird Mid Cap Growth Fund  | &nbsp;&nbsp;&nbsp;&nbsp; 0.75%  |
| Baird Small/Mid Cap Growth Fund  | &nbsp;&nbsp;&nbsp;&nbsp; 0.75%  |
| Baird Equity Opportunity Fund  | &nbsp;&nbsp;&nbsp;&nbsp; 1.25%  |
| Baird Chautauqua International Growth Fund  | &nbsp;&nbsp;&nbsp;&nbsp; 0.75%  |
| Baird Chautauqua Global Growth Fund  | &nbsp;&nbsp;&nbsp;&nbsp; 0.75% |

---

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**[**TABLE OF CONTENTS**](#TOC1)**

**BAIRD FUNDS, INC.** 

**Notes to the Financial Statements** 

**December 31, 2025 (Continued)** 

Under the Subadvisory Agreement, Baird is obligated to pay Greenhouse its subadvisory fee out of the advisory fee paid to Baird by the Baird Equity Opportunity Fund.

The Advisor has contractually agreed to waive its investment advisory fee and/or reimburse the Funds' operating expenses, to the extent necessary to ensure that total operating expenses, including the fees and expenses incurred by the Funds in connection with the Funds' investments in other investment companies (to the extent, in the aggregate, such fees and expenses on an annual basis exceed 0.0049% of the Fund's average daily net assets) and interest expense, but excluding taxes, brokerage commissions and extraordinary expenses, do not exceed the following annual percentages of the average daily net assets attributable to the Funds' Institutional Class and Investor Class shares:

---

| | | |
|:---|:---|:---|
| **Fund** | **Institutional Class** | **Investor Class**  |
| Baird Mid Cap Growth Fund  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; 1.10%  |
| Baird Small/Mid Cap Growth Fund  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; 1.10%  |
| Baird Equity Opportunity Fund  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25% | &nbsp;&nbsp;&nbsp;&nbsp; 1.50%  |
| Baird Chautauqua International Growth Fund  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp;&nbsp; 1.05%  |
| Baird Chautauqua Global Growth Fund  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp;&nbsp; 1.05% |

---

The Expense Cap/Reimbursement Agreements are in effect through at least April 30, 2027 for all Funds.

To the extent that the Advisor reimburses or absorbs fees and expenses, it may seek payment of such amounts for three years after the date in which expenses were reimbursed or absorbed for the Baird Mid Cap Growth Fund, the Baird Small/Mid Cap Growth Fund, the Baird Chautauqua International Growth Fund, the Baird Chautauqua Global Growth Fund. A Fund will make no such payment, however, if its total annual operating expenses exceed the expense limits in effect at the time the expenses were reimbursed or at the time these payments are proposed.

---

| | | | |
|:---|:---|:---|:---|
|  | **Fiscal Year Ended December 31,**  | **Fiscal Year Ended December 31,**  | **Fiscal Year Ended December 31,**  |
| Recoverable amounts reimbursed during: <br>| **2025**  | **2024**  | **2023**  |
| Subject to recovery on or before: <br>| **2028**  | **2027**  | **2026**  |
| **Fund** <br>|  |  |  |
| Baird Small/Mid Cap Growth Fund  | $116612  | $134659  | $115155  |
| Baird Chautauqua International Growth Fund  | 279887  | 416113  | 357653  |
| Baird Chautauqua Global Growth Fund  | 170121  | 219751  | 243392 |

---

The Advisor is not entitled to recoup any fees waived and/or expenses reimbursed by the Baird Equity Opportunity Fund under the Expense Cap/Reimbursement Agreement or under prior agreements. For the year ended December 31, 2025, the Advisor waived the following amount pursuant to the Expense Cap/Reimbursement Agreement between the Advisor and the Company on behalf of the Baird Equity Opportunity Fund:

---

| | |
|:---|:---|
| **Fund** | **Waived Amount** |
| Baird Equity Opportunity Fund | &nbsp;&nbsp;&nbsp; $282331 |

---

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 Funds for the year ended December 31, 2025.

Certain officers and employees of the Advisor are also officers and a director of the Funds.

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**[**TABLE OF CONTENTS**](#TOC1)**

**BAIRD FUNDS, INC.** 

**Notes to the Financial Statements** 

**December 31, 2025 (Continued)** 

6. LINE OF CREDIT

The Company maintains an uncommitted line of credit ("LOC") with U.S. Bank to provide the fifteen Funds comprising the Company a temporary liquidity source to meet unanticipated redemptions or other permissible borrowing needs. The LOC is unsecured at all times and is subject to certain restrictions and covenants. Under the terms of the LOC, borrowings for each Fund are limited to one third of the total eligible net assets (including the amount borrowed) of the respective Fund, or $1,250,000,000 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, 2025, the Prime Rate was 6.75%. The LOC matures on June 29, 2026, 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, 2025, the Funds borrowed from the LOC as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund**  | **Amount** <br>**Borrowed**  | **Interest Charges** <br>**Accrued**  | **Borrowing** <br>**Rate**  |
| Baird Equity Opportunity Fund  | $831000  | &nbsp;&nbsp;&nbsp; $110  | &nbsp;&nbsp;&nbsp; 4.75% |

---

No other borrowings occurred for the Funds during the year ended December 31, 2025, nor were any other borrowings outstanding for the Funds under the LOC as of December 31, 2025.

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, 2025, the Funds' Investor Class shares incurred fees pursuant to the Plan as follows:

---

| | |
|:---|:---|
| **Fund**  |  |
| Baird Mid Cap Growth Fund  | $294376  |
| Baird Small/Mid Cap Growth Fund  | 727  |
| Baird Equity Opportunity Fund  | 7  |
| Baird Chautauqua International Growth Fund  | 40898  |
| Baird Chautauqua Global Growth Fund  | 2531 |

---

8. OTHER DERIVATIVES INFORMATION

As a principal investment strategy, the Baird Equity Opportunity Fund may purchase and write options to hedge its portfolio and enhance returns. Options are subject to various risks including market risk, liquidity risk, volatility risk, counterparty risk, legal risk, and operations risk.

Management has adopted authoritative standards regarding disclosure about derivatives and hedging activities and how they affect a Fund's Statement of Assets and Liabilities and Statement of Operations. Since the derivatives may be held for speculative trading purposes, the derivative instruments are not designated as hedging instruments. Accordingly, all realized gains and losses, as well as any change in net unrealized gains or losses on open contracts from the preceding period, are recognized as part of realized and unrealized gain (loss) in the Statement of Operations. These contracts are not subject to a master netting agreement.

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**BAIRD FUNDS, INC.** 

**Notes to the Financial Statements** 

**December 31, 2025 (Continued)** 

The following table presents the fair value of derivative instruments for the Baird Equity Opportunity Fund as of December 31, 2025 as presented on the Fund's Statement of Assets and Liabilities:

---

| | | | |
|:---|:---|:---|:---|
| **Derivatives Not Accounted for as Hedging Instruments** | **Statement of Assets and** <br>**Liabilities Location** | **Fair Value** | **Fair Value** |
| **Derivatives Not Accounted for as Hedging Instruments** | **Statement of Assets and** <br>**Liabilities Location** | **Assets** | **Liabilities** |
| **Baird Equity Opportunity Fund**<br>|  |  |  |
| Option Contracts<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased option contracts | Investments, at value | $521417 | $— |
| &nbsp;&nbsp;&nbsp; Written option contracts | Written option contracts, at value  | —  | 120659 |
| Total Option Contracts |  | $521417 | $120659 |

---

The following table presents the results of the derivatives trading and information related to volume for the year ended December 31, 2025. 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 Realized** | **Net Change** <br>**in Unrealized** <br>**Appreciation/**<br>**Depreciation**  |
| **Baird Equity Opportunity Fund**<br>|  |  |
| Option Contracts | Option Contracts | Option Contracts |
| &nbsp;&nbsp;&nbsp; Purchased option contracts<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; Purchased option contracts<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; Purchased option contracts<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity  | $(612544)  | &nbsp;&nbsp; $268894 |
| &nbsp;&nbsp;&nbsp; Written option contracts  | &nbsp;&nbsp;&nbsp; Written option contracts  | &nbsp;&nbsp;&nbsp; Written option contracts  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity  | 493416  | &nbsp;&nbsp; 13258 |
| Total Option Contracts  | $(119128)  | &nbsp;&nbsp; $282152 |

---

<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, 2025 were:

---

| | | |
|:---|:---|:---|
|  | **Average Notional**  | **Average Notional**  |
|  | **Purchased** | **Written**  |
| **Baird Equity Opportunity Fund**<br>|  |  |
| Option contracts<br>|  |  |
| &nbsp;&nbsp;&nbsp; Equity | $4272869 | $3790229 |

---

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, 2025. There were no subsequent events since December 31, 2025, through the date the financial statements were issued that would warrant adjustment to or additional disclosure in these financial statements.

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**BAIRD FUNDS, INC.** 

**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 schedule of written options of Baird Equity Opportunity Fund and the schedules of investments of Baird Mid Cap Growth Fund, Baird Small/Mid Cap Growth Fund, Baird Equity Opportunity Fund, Baird Chautauqua International Growth Fund, and Baird Chautauqua Global Growth Fund (the "Funds"), each a series of Baird Funds, Inc., as of December 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (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, 2025, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

<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, 2025, by correspondence with the custodians 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.

![](equity_sig.jpg)

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

February 24, 2026

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**BAIRD FUNDS, INC.** 

**ADDITIONAL INFORMATION (Unaudited)** 

**Qualified Dividend Income/Dividends Received Deduction** 

For the fiscal year ended December 31, 2025, 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:

---

| | |
|:---|:---|
| Baird Mid Cap Growth Fund  | 100.00%  |
| Baird Equity Opportunity Fund  | 29.34%  |
| Baird Chautauqua International Growth Fund  | 81.14%  |
| Baird Chautauqua Global Growth Fund  | 100.00% |

---

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended December 31, 2025 was as follows:

---

| | |
|:---|:---|
| Baird Mid Cap Growth Fund  | 100.00%  |
| Baird Equity Opportunity Fund  | 29.34%  |
| Baird Chautauqua Global Growth Fund  | 20.45% |

---

For the fiscal year ended December 31, 2025, 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:

---

| | |
|:---|:---|
| Baird Mid Cap Growth Fund  | 100.00%  |
| Baird Equity Opportunity Fund  | 100.00%  |
| Baird Chautauqua International Growth Fund  | 53.10%  |
| Baird Chautauqua Global Growth Fund  | 54.41% |

---

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**Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies. (Unaudited)** 

There were no changes in or disagreements with accountants during the two most recent fiscal years.

**Item 9. Proxy Disclosure for Open-End Investment Companies. (Unaudited)** 

There were no matters submitted to a vote of shareholders during the year covered by this report.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies. (Unaudited)** 

See Statements of Operations within Item 7.

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**[**TABLE OF CONTENTS**](#TOC1)**

**Item 11. Statement Regarding Basis for Approval of Investment Advisory and Subadvisory Contracts. (Unaudited)** 

**Disclosure Regarding Approval of the Investment Advisory Agreements and Subadvisory Agreement for Baird Equity Funds** 

The Investment Company Act of 1940, as amended (the "1940 Act"), requires that investment advisory and subadvisory agreements be approved by the vote of a majority of the registered investment company's Board of Directors (the "Board"), including a majority of the directors who are not "interested persons" within the meaning of the 1940 Act (the "Independent Directors"), cast in the manner required by the 1940 Act, and the rules and regulations thereunder. At an in-person meeting held August 22, 2025, the Board, including all of the Independent Directors, of Baird Funds, Inc. (the "Company") approved the continuation of the investment advisory agreements 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 Baird Equity Opportunity Fund, the Baird Chautauqua Global Growth Fund and the Baird Chautauqua International Growth Fund (collectively, the "Funds" or the "Equity Funds"). The Board also approved the continuation of the subadvisory agreement between the Advisor and Greenhouse Funds LLLP ("Greenhouse") with respect to the Baird Equity Opportunity Fund.

In connection with the consideration of the investment advisory and subadvisory agreements, the Board reviewed and discussed various information that had been provided prior to the meeting, including: copies of the investment advisory and subadvisory agreements and the Funds' fee schedules; the expense cap agreements for the Equity Funds; a memorandum provided by legal counsel summarizing the guidelines relevant to the Board's consideration of the investment advisory and subadvisory agreements; a memorandum and other information provided in response to a request from the Board by the Advisor (the "Advisor's 15(c) Response"); a copy of the Advisor's Form ADV Part 1A and the Form ADV brochure and brochure supplements for the Advisor and Greenhouse; organizational charts for the Advisor and Greenhouse; financial information for the Advisor, its parent company and Greenhouse; a profitability analysis; comparative information about the Funds' performance for the applicable periods ended June 30, 2025; comparative information about management fees and expense ratios; composite performance information for similar accounts managed by the Advisor and performance information for an unregistered private fund managed by Greenhouse using a long-only equity strategy that has an investment objective, policies, and strategies substantially similar to those of the Baird Equity Opportunity Fund (the "Long-Only Fund"); 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 and the Independent Directors met with legal counsel to the Independent Directors at a special meeting held on August 14, 2025. The Board also took into account knowledge gained over time through its experience with the Advisor and Greenhouse 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.

In considering the investment advisory and subadvisory agreements 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 agreements for each Fund and the subadvisory agreement for the Equity Opportunity Fund, the Board did not identify any single factor as determinative but considered all factors together.

<u>Nature, Extent and Quality of Services Provided to the Funds</u>

The Board considered the nature, extent and quality of the services provided by the Advisor to the Funds. The Board noted the Advisor's focus on delivering competitive long-term investment results and in providing quality services to Fund shareholders. The Board considered the continuity and experience of the portfolio management teams employed to manage the investments of the Funds, noting that the Advisor provides supervision of Greenhouse's portfolio management in the case of the Equity Opportunity Fund. 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, information technology, cybersecurity, and accounting personnel. The Board also considered the Advisor's continued investment in resources that benefit the Funds, including investments in personnel, systems, technology, and research. With respect to the Equity Opportunity Fund, the Board noted that the Advisor is responsible for overseeing Greenhouse as subadvisor to the Fund and also provides administrative, compliance and support services to the Fund.

50<br>

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**[**TABLE OF CONTENTS**](#TOC1)**

**Item 11. Statement Regarding Basis for Approval of Investment Advisory and Subadvisory Contracts. (Unaudited) (Continued)** 

The Board considered the Advisor's disciplined investment decision-making processes used for the applicable Funds. The Board noted that, for all Funds other than the Equity Opportunity Fund, Baird makes investment decisions, selects broker-dealers for the execution of portfolio transactions, votes proxies and provides other customary investment management services. 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 Company, ensuring adherence to the Funds' investment policies and restrictions, compliance services, shareholder servicing, administering the Funds' liquidity risk management program, administering the Funds' cybersecurity program and business continuity plan, providing valuation services and fair value services as valuation designee to the Board, providing support services to the Board and the committees of the Board and overseeing the Funds' other service providers. The Board considered the strength of the Advisor's legal and compliance department and the qualifications of the Funds' Chief Compliance Officer. The Board noted the effective operation of the Advisor's risk management, valuation and liquidity risk management processes. With respect to the Equity Opportunity Fund, the Board considered the quality of Greenhouse's subadvisory services to the Fund. The Board considered Greenhouse's investment decision-making process used for the Fund, the experience and credentials of the Fund's portfolio manager, and the investment management, trading, compliance, proxy voting, and other services provided by Greenhouse.

The Board concluded that the Advisor provides high quality services to the Funds and the nature, extent and quality of the services provided by the Advisor to each Fund were appropriate. The Board also concluded that the nature, extent, and quality of the services provided by Greenhouse to the Equity Opportunity Fund were appropriate.

<u>Investment Performance of the Advisor, Greenhouse and the Funds</u>

In considering the investment performance of each Fund, the Board reviewed information as of June 30, 2025 regarding the performance of each class of the 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 reviewed the composite investment performance of Baird Equity Asset Management with respect to accounts that are managed in the same strategy as the applicable Funds but did not consider it to be a material factor in the 15(c) process. The Board considered the performance of Greenhouse's Long-Only Fund as compared to the Equity Opportunity Fund.

The Board considered the performance challenges experienced by the Baird Mid Cap Growth Fund and the Baird Small/Mid Cap Growth Fund and the Advisor's commentary regarding the difficulties experienced by the Advisor's high-quality style of investing during the recent momentum-driven market environment. The Board noted that the performance of the Institutional Class of the Mid Cap Growth Fund and the Small/Mid Cap Growth Fund trailed their respective benchmarks. The Board considered that the performance of the Institutional Class of the Mid Cap Growth Fund was in line with its Lipper peer group average for the since inception period but trailed its Lipper peer group average over other time periods. The Board considered that the Institutional Class of the Small/Mid Cap Growth Fund exceeded its Lipper peer group average for the since inception period but trailed its Lipper peer group average over other time periods. The Board considered the Advisor's commentary regarding the performance headwinds and portfolio positioning that contributed to the Funds' recent performance challenges and the steps being taken by the Advisor to address those challenges.

The Board noted that the Institutional Class of the Baird Chautauqua International Growth Fund outperformed its benchmark index over all time periods and the Baird Chautauqua Global Growth Fund outperformed its benchmark index for the since-inception period, but underperformed its index for the one-year, three-year and five-year periods. The Board considered that the Baird Chautauqua International Growth Fund outperformed its Lipper peer group average over all time periods and the Baird Chautauqua Global Growth Fund outperformed its Lipper peer group average for the five-year and since-inception periods but trailed its Lipper peer group average over the one-year and three-year periods.

The Board noted that the Institutional Class of the Equity Opportunity Fund outperformed its benchmark index for the one-year, three-year and five-year periods and underperformed its benchmark index for the ten-year and since-inception periods. The Board noted that the Institutional Class of the Equity Opportunity Fund outperformed its Lipper peer group average for the one-year, three-year, and five-year periods and underperformed its Lipper peer group average for the ten-year and since inception periods. The Board considered the Fund's overall improved performance since Greenhouse became the Fund's subadviser at the end of 2021.

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**Item 11. Statement Regarding Basis for Approval of Investment Advisory and Subadvisory Contracts. (Unaudited) (Continued)** 

The Board also considered the quarterly portfolio commentaries and discussions with personnel of the Advisor and Greenhouse regarding the Funds' performance and the investment strategies employed by the Advisor and Greenhouse, as applicable. The Board concluded that each Fund and its shareholders were likely to benefit from the continued management by the Advisor, and that the Equity Opportunity Fund and its shareholders were likely to benefit from the continued management by Greenhouse.

<u>Advisory Fees and Expenses</u>

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 fees for the Mid Cap Growth Fund, the Small/Mid Cap Growth Fund and the Baird Chautauqua International Growth Fund are above the respective Morningstar category average and the advisory fee for the Baird Chautauqua Global Growth Fund is below its category average. The Board noted that the advisory fee of the Equity Opportunity Fund is above its Morningstar category average and considered the level of the subadvisory fee paid to Greenhouse as part of the Fund's advisory fee. The Board also considered the portion of the advisory fee retained by the Advisor and the level of the subadvisory fee in light of the services provided by each of the Advisor and Greenhouse. The Board considered the Advisor's analysis and commentary regarding the appropriateness of the advisory fee for each Fund.

The Board also considered the net expense ratio of each Fund, after fee waivers and expense reimbursements by the Advisor, relative to the respective Morningstar category. The Board noted that the net expense ratio of the Institutional Class of each of the Mid Cap Growth Fund, the Small/Mid Cap Growth Fund, the Baird Chautauqua International Growth Fund and the Baird Chautauqua Global Growth Fund is below the respective Morningstar category average and the net expense ratio of the Institutional Class of the Equity Opportunity Fund is above its Morningstar category average.

The Board also considered management fees charged by the Advisor to other accounts managed in similar strategies, including separately managed accounts, subadvised funds and other pooled investment funds, 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. The Board also considered the level of the subadvisory fee as compared to the fee payable by investors in Greenhouse's Long-Only Fund as well as Greenhouse's commentary regarding additional services it provides to the Fund.

The Board concluded that the advisory fee and total expense ratio of each Fund were reasonable considering the nature and quality of services provided and fees paid by comparable funds. With respect to the Equity Opportunity Fund, the Board concluded that the subadvisory fee was appropriate.

<u>Costs and Profitability</u>

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 information technology, cybersecurity, compliance, risk management, human resources, legal and finance. With respect to the Equity Opportunity Fund, the Board considered information regarding the fee revenue retained by the Advisor, taking into account the Advisor's parent company's ownership interest in Greenhouse, and the fee revenue retained by Greenhouse.

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 profitable to the Advisor.

The Board concluded that the Advisor's current level of profitability for each Fund, where applicable, was reasonable.

<u>Economies of Scale and Fee Levels Reflecting Those Economies</u>

The Board considered the extent to which economies of scale might be realized as each Fund grows and the extent to which each Fund's advisory fee reflects those economies of scale for the benefit of Fund investors.

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**Item 11. Statement Regarding Basis for Approval of Investment Advisory and Subadvisory Contracts. (Unaudited) (Continued)** 

The Board considered the expense cap agreements in place for the Funds and noted that the Advisor is waiving fees or reimbursing expenses for each of the Funds other than the Mid Cap Growth Fund. The Board considered expenses incurred and management fees waived in the past by the Advisor. The Board also considered investments made by the Advisor in resources that benefit the Funds as well as hard dollar payments for research.

The Directors concluded that each Fund's current fee structure was reasonable and provides for a sharing of any economies of scale with the Fund's investors.

<u>Benefits Derived from the Relationship with the Funds</u>

The Board considered other benefits to the Advisor from serving as advisor to the 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 and Greenhouse derive ancillary benefits from their association with the Equity Funds in the form of research services received from unaffiliated broker-dealers who execute portfolio trades for the Funds. With respect to the Equity Opportunity Fund, the Board noted that the Advisor indirectly shares in the subadvisory fee paid to Greenhouse due to its parent company's ownership interest in Greenhouse. 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 considered that Greenhouse may derive some reputational benefits by virtue of its management of the Equity Opportunity Fund.

The Board concluded that the other benefits realized by the Advisor and Greenhouse from their relationship with the Funds were appropriate.

Based on their evaluation of the above factors, the Directors concluded that (1) the continuation of the investment advisory agreements was in the best interest of each Fund and its shareholders and (2) the continuation of the subadvisory agreement was in the best interest of the Equity Opportunity Fund and its shareholders.

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![](bond_backcover.jpg)

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable because the Registrant is not a closed-end management investment company.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

 

Not applicable because the Registrant is not a closed-end management investment company.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable because the Registrant is not a closed-end management investment company.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Directors.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's management, with the participation of its principal executive and principal financial officers, have reviewed the
 Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act"))
 as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b)
 under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures
 are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and
 reported and made known to them by others within the Registrant and by the Registrant's service provider.

&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.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable because the Registrant is not a closed-end management investment company.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable.

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *File the exhibits listed below as part of this Form.* 

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.*

 

[Incorporated by reference to the Registrant's Form N-CSR filed on March 9, 2018.](https://www.sec.gov/Archives/edgar/data/1282693/000089853118000184/baird-ex99codeeth.htm)

(2*) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed.*

 

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)). *Filed herewith.*](bf-efp22201_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) *Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period.*

 

Not applicable.

 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](bf-efp22201_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) BAIRD
 FUNDS, INC.

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Mary Ellen Stanek |
|  | Mary Ellen Stanek, Principal Executive Officer |

---

Date <u>March 4, 2026</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Mary Ellen Stanek |
|  | Mary Ellen Stanek, Principal Executive Officer |

---

Date <u>March 4, 2026</u>

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Dustin J. Hutter |
|  | Dustin J. Hutter, Principal Financial Officer |

---

Date <u>March 4, 2026</u>

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

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: | March 4, 2026 | /s/ Mary Ellen Stanek |
|  |  | Mary Ellen Stanek<br> Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

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: | March 4, 2026 | /s/ Dustin J. Hutter |
|  |  | Dustin J. Hutter<br> Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

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 year ended December 31, 2025 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.

---

| | |
|:---|:---|
| /s/ Mary Ellen Stanek | /s/ Dustin J. Hutter |
| Mary Ellen Stanek | Dustin J. Hutter |
| Principal Executive Officer, Baird Funds, Inc. | Principal Financial Officer, Baird Funds, Inc. |

---

Dated: <u>March 4, 2026</u> Dated: <u>March 4, 2026</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.