N-CSRS

As filed with the U.S. Securities and Exchange Commission on September 3, 2021

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-09997

Baird Funds, Inc.

(Exact name of Registrant as specified in charter)

777 East Wisconsin Avenue

Milwaukee, WI 53202

(Address of principal executive offices) (Zip code)

Andrew D. Ketter

Robert W. Baird & Co. Incorporated

777 East Wisconsin Avenue

Milwaukee, WI 53202

(Name and address of agent for service)

1-866-442-2473

Registrant's telephone number, including area code

Date of fiscal year end: December 31

Date of reporting period:  June 30, 2021

Item 1. Reports to Stockholders.

Semi-Annual Report –

Baird Funds

June 30, 2021

Taxable Bond Funds

  Baird Ultra Short Bond Fund

  Baird Short-Term Bond Fund

  Baird Intermediate Bond Fund

  Baird Aggregate Bond Fund

  Baird Core Plus Bond Fund

Municipal Bond Funds

  Baird Short-Term Municipal Bond Fund

  Baird Strategic Municipal Bond Fund

  Baird Quality Intermediate Municipal Bond Fund

  Baird Core Intermediate Municipal Bond Fund

  Baird Municipal Bond Fund

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Table of Contents

Baird Ultra Short Bond Fund	1
Baird Short-Term Bond Fund	12
Baird Intermediate Bond Fund	24
Baird Aggregate Bond Fund	36
Baird Core Plus Bond Fund	59
Baird Short-Term Municipal Bond Fund	84
Baird Strategic Municipal Bond Fund	118
Baird Quality Intermediate Municipal Bond Fund	132
Baird Core Intermediate Municipal Bond Fund	150
Baird Municipal Bond Fund	176
Additional Information on Fund Expenses	185
Statements of Assets and Liabilities	186
Statements of Operations	188
Statements of Changes in Net Assets	190
Financial Highlights	195
Notes to the Financial Statements	205
Statement Regarding Liquidity Risk Management Program	216
Additional Information	217

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

Baird Ultra Short Bond Fund

June 30, 2021 (Unaudited)

Portfolio Characteristics

Quality Distribution⁽¹⁾⁽²⁾

	Net Assets	$6,248,416,150
	SEC 30-Day Yield(3)
	Institutional Class (Subsidized)	0.56%
	Institutional Class (Unsubsidized)	0.41%
	Investor Class (Subsidized)	0.32%
	Investor Class (Unsubsidized)	0.17%
	Average Effective Duration	0.55 years
	Average Effective Maturity	0.59 years
	Annualized Expense Ratio(4)
	Gross
	Institutional Class	0.30%
	Investor Class	0.55%	(5)
	Net
Sector Weightings(1)	Institutional Class	0.15%
	Investor Class	0.40%	(5)
	Portfolio Turnover Rate	41%	(6)
	Number of Holdings	459

(1)	Percentages shown are based on the Fund’s total investments.
(2)	The quality profile is calculated on a market value-weighted basis using the highest credit quality rating for each security held by the Fund given by S&P, Moody’s or Fitch, each of which is a Nationally Recognized Statistical Rating Organization (NRSRO).  NRSROs rate the credit quality of securities using a scale that generally ranges from AAA (highest) to D (lowest).
(3)	SEC yields are based on SEC guidelines and are calculated for the 30 days ended June 30, 2021.
(4)	Reflects expense ratios as stated in the Fund’s current prospectus dated May 1, 2021.  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, 2022.  The agreement may only be terminated prior to the end of this term by or with the consent of the Board of Directors of Baird Funds, Inc.
(5)	Includes 0.25% 12b-1 fee.
(6)	Not annualized.

Page 1

Baird Ultra Short Bond Fund

June 30, 2021 (Unaudited)

Total Returns

			Average Annual
	Six	One	Three	Five	Since
For the Periods Ended June 30, 2021	Months	Year	Years	Years	Inception(1)
Institutional Class Shares	0.18%	0.65%	2.00%	1.76%	1.50%
Investor Class Shares	0.06%	0.31%	1.84%	1.55%	1.28%
Bloomberg Barclays U.S. Short-Term Government/Corporate Index(2)	0.11%	0.25%	1.75%	1.47%	1.11%

(1)	For the period from December 31, 2013 (inception date) through June 30, 2021.
(2)	The Bloomberg Barclays U.S. Short-Term Government/Corporate Index is an unmanaged, market value weighted index of investment grade, fixed-rate debt issues, including government and corporate securities, with maturities less than one year.  This Index does not reflect any deduction for fees, expenses or taxes.  A direct investment in an index is not possible.

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

The Fund’s gross and net expense ratio for each Class, as reflected in the Fund’s current prospectus, is set forth under “Portfolio Characteristics”.

The Fund may invest up to 10% of its net assets in non-investment grade debt securities (commonly referred to as “high yield” bonds).  While these types of securities typically offer higher yields than investment grade securities, they also include greater risks including increased credit risk and the increased risk of default or bankruptcy.  The Fund may also invest in U.S. dollar denominated foreign securities which involve additional risks such as political and economic instability, and different and sometimes less strict financial reporting standards and regulation. The Fund may also invest in mortgage- and asset-backed securities, which include interest rate and prepayment risks more pronounced than those of other fixed income securities.  U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including the impact of the coronavirus (COVID-19) as a global pandemic and related public health issues, business interruptions, growth concerns in the U.S. and overseas, and changed travel and social behaviors. These and other geopolitical events may cause market disruptions and could have an adverse effect on the value of the Fund’s investments.

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

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

Page 2

Baird Ultra Short Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments

	Principal				% of
	Amount		Value		Net Assets
U.S. Treasury Securities
U.S. Treasury Bonds:
2.000%, 11/15/2021	$	248,400,000	$	250,185,375
2.500%, 01/15/2022		62,200,000		63,016,375
2.500%, 02/15/2022		175,000,000		177,666,016
1.750%, 03/31/2022		310,000,000		313,875,000
1.750%, 04/30/2022		290,000,000		294,010,155
0.125%, 06/30/2022		200,000,000		200,046,876
Total U.S. Treasury Securities
(Cost $1,298,800,587)				1,298,799,797		20.8	%
Other Government Related Security
Industrial Bank of Korea,
0.776%, 08/02/2021
(3 Month LIBOR USD + 0.600%)(1)(2)(3)		4,250,000		4,251,573
Total Other Government Related Security
(Cost $4,250,056)				4,251,573		0.1	%
Corporate Bonds
Industrials
7-Eleven, Inc.,
0.612%, 08/10/2022
(3 Month LIBOR USD + 0.450%)(1)(2)(3)		7,000,000		7,003,143
AbbVie, Inc.:
2.150%, 11/19/2021		7,195,000		7,247,259
5.000%, 12/15/2021		20,828,000		21,028,498
3.450%, 03/15/2022		4,385,000		4,458,943
3.250%, 10/01/2022		4,425,000		4,549,591
2.900%, 11/06/2022		9,732,000		10,055,492
America Movil SAB de CV,
3.125%, 07/16/2022(1)		23,174,000		23,807,137
American Tower Corp.,
2.250%, 01/15/2022		6,715,000		6,784,438
Amgen, Inc.,
3.625%, 05/15/2022		5,000,000		5,090,422
Analog Devices, Inc.,
2.500%, 12/05/2021		2,000,000		2,015,429
ANR Pipeline Co.,
9.625%, 11/01/2021(1)		11,305,000		11,646,168
AT&T, Inc.:
1.134%, 07/15/2021
(3 Month LIBOR USD + 0.950%)(3)		3,000,000		3,001,050
3.000%, 06/30/2022		3,200,000		3,272,095
BAE Systems PLC,
4.750%, 10/11/2021(1)(2)		27,745,000		28,064,598
Bayer US Finance II LLC:
2.750%, 07/15/2021(1)(2)		1,184,000		1,184,930
2.200%, 07/15/2022(1)(2)		2,000,000		2,028,800
Bayer US Finance LLC,
3.000%, 10/08/2021(1)(2)		24,170,000		24,342,125
Becton Dickinson and Co.,
2.894%, 06/06/2022		42,380,000		43,312,181
BG Energy Capital PLC,
4.000%, 10/15/2021(1)(2)		7,940,000		8,022,438
Biogen, Inc.,
3.625%, 09/15/2022		1,870,000		1,942,810
Boeing Co.,
1.167%, 02/04/2023		20,000,000		20,082,908
Boston Scientific Corp.,
3.375%, 05/15/2022		5,269,000		5,409,647
Broadcom, Inc.,
3.000%, 01/15/2022		21,111,000		21,346,557
Bunge Limited Finance Corp.,
3.000%, 09/25/2022		1,100,000		1,129,822
Cabot Corp.,
3.700%, 07/15/2022		4,000,000		4,113,670
Campbell Soup Co.,
2.500%, 08/02/2022		1,842,000		1,882,587
Canadian Natural Resources Ltd.,
3.450%, 11/15/2021(1)		12,821,000		12,868,762
Cardinal Health, Inc.,
2.616%, 06/15/2022		6,856,000		6,993,392
Celanese US Holdings LLC,
4.625%, 11/15/2022		4,000,000		4,213,219
Cenovus Energy, Inc.,
3.950%, 04/15/2022(1)		12,080,000		12,296,344
Charter Communications Operating LLC,
4.464%, 07/23/2022		21,421,000		22,176,920
CNH Industrial Capital LLC:
3.875%, 10/15/2021(1)		32,345,000		32,647,439
4.375%, 04/05/2022(1)		11,047,000		11,363,976
Constellation Brands, Inc.,
2.700%, 05/09/2022		24,601,000		25,051,306
CVS Health Corp.,
3.500%, 07/20/2022		13,300,000		13,671,443
Daimler Finance North America LLC:
2.000%, 07/06/2021(1)(2)		5,000,000		5,001,000
2.200%, 10/30/2021(1)(2)		3,015,000		3,034,220
3.750%, 11/05/2021(1)(2)		6,629,000		6,705,401
2.850%, 01/06/2022(1)(2)		9,556,000		9,676,795
1.056%, 02/15/2022
(3 Month LIBOR USD + 0.900%)(1)(2)(3)		3,500,000		3,518,359
1.030%, 02/22/2022
(3 Month LIBOR USD + 0.880%)(1)(2)(3)		3,500,000		3,517,424
3.400%, 02/22/2022(1)(2)		9,594,000		9,785,983
Danone SA:
2.077%, 11/02/2021(1)(2)		4,184,000		4,203,256
3.000%, 06/15/2022(1)(2)		15,500,000		15,892,561
Dentsply Sirona,
4.125%, 08/15/2021		2,000,000		2,000,000
DR Horton, Inc.,
4.375%, 09/15/2022		3,250,000		3,368,541
Eastman Chemical Co.:
3.500%, 12/01/2021		10,945,000		11,087,595
3.600%, 08/15/2022		14,000,000		14,387,827
eBay, Inc.,
3.800%, 03/09/2022		6,851,000		6,992,446
El Paso Natural Gas Co. LLC,
8.625%, 01/15/2022		2,000,000		2,085,014
EMD Finance LLC,
2.950%, 03/19/2022(1)(2)		8,850,000		8,979,086
Enbridge, Inc.,
2.900%, 07/15/2022(1)		8,664,000		8,871,939
Encana Corp.,
3.900%, 11/15/2021		11,769,000		11,797,145
Energy Transfer LP,
4.650%, 02/15/2022		7,367,000		7,557,316
Energy Transfer Partners LP,
5.200%, 02/01/2022		3,500,000		3,553,942
Enterprise Products Operating LLC,
3.500%, 02/01/2022		37,850,000		38,574,704
Equifax, Inc.:
1.026%, 08/15/2021
(3 Month LIBOR USD + 0.870%)(3)		6,420,000		6,425,704
3.600%, 08/15/2021		2,859,000		2,870,366
ERAC USA Finance LLC,
2.600%, 12/01/2021(2)		9,325,000		9,395,853

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

Page 3

Baird Ultra Short Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Florida Gas Transmission Co. LLC,
3.875%, 07/15/2022(2)	$	4,750,000	$	4,865,995
FMC Corp.,
3.950%, 02/01/2022		10,080,000		10,194,701
Ford Motor Credit Co. LLC,
3.339%, 03/28/2022		750,000		761,025
Fresenius Medical Care US Finance II, Inc.,
5.875%, 01/31/2022(1)(2)		6,738,000		6,943,587
General Mills, Inc.,
2.600%, 10/12/2022		2,500,000		2,564,948
General Motors Co.,
1.028%, 09/10/2021
(3 Month LIBOR USD + 0.900%)(3)		1,500,000		1,501,998
General Motors Financial Co., Inc.:
4.375%, 09/25/2021		2,808,000		2,834,091
4.200%, 11/06/2021		8,096,000		8,202,033
3.450%, 01/14/2022		4,100,000		4,157,160
3.150%, 06/30/2022		12,075,000		12,364,306
3.550%, 07/08/2022		16,320,000		16,844,432
Genpact Luxembourg Sarl,
3.700%, 04/01/2022		30,598,000		31,182,680
Georgia-Pacific LLC,
3.163%, 11/15/2021(2)		3,670,000		3,691,553
Glencore Finance (Canada) Ltd.,
4.950%, 11/15/2021(1)(2)		36,299,000		36,892,997
Glencore Funding LLC,
3.000%, 10/27/2022(1)(2)		5,000,000		5,140,650
Grupo Bimbo SAB de CV,
4.500%, 01/25/2022(1)(2)		3,588,000		3,666,555
GTE Corp.,
8.750%, 11/01/2021		6,575,000		6,757,051
Halliburton Co.,
3.250%, 11/15/2021		2,121,000		2,128,320
Hewlett Packard Enterprise Co.:
3.500%, 10/05/2021		13,665,000		13,742,133
4.400%, 10/15/2022		17,057,000		17,798,551
Howard University,
2.638%, 10/01/2021		925,000		929,902
2.738%, 10/01/2022		1,045,000		1,070,077
HP, Inc.,
4.050%, 09/15/2022		3,000,000		3,130,536
Hutchison Whampoa International Ltd.,
4.625%, 01/13/2022(1)(2)		1,000,000		1,021,684
Hyundai Capital America:
3.750%, 07/08/2021(1)(2)		17,885,000		17,895,073
3.950%, 02/01/2022(1)(2)		12,191,000		12,431,928
3.100%, 04/05/2022(1)(2)		2,782,000		2,834,959
3.000%, 06/20/2022(1)(2)		3,008,000		3,076,799
3.250%, 09/20/2022(1)(2)		4,671,000		4,813,303
Hyundai Capital America, Inc.,
1.137%, 07/08/2021
(3 Month LIBOR USD + 0.940%)(1)(2)(3)		2,000,000		2,000,238
Kinder Morgan Energy Partners LP:
5.000%, 10/01/2021		18,391,000		18,391,000
4.150%, 03/01/2022		16,712,000		17,126,416
3.950%, 09/01/2022		8,337,000		8,603,312
Kraft Heinz Foods Co.,
3.500%, 06/06/2022		10,645,000		10,931,244
Kroger Co.:
3.400%, 04/15/2022		4,800,000		4,881,135
2.800%, 08/01/2022		3,000,000		3,072,422
Leggett & Platt, Inc.,
3.400%, 08/15/2022		5,375,000		5,500,063
Lennar Corp.,
4.125%, 01/15/2022		13,987,000		14,126,870
Marriott International, Inc.:
2.300%, 01/15/2022		5,837,000		5,878,532
2.125%, 10/03/2022		7,716,000		7,825,727
Martin Marietta Materials, Inc.,
0.650%, 07/15/2023(8)		10,000,000		10,022,589
Midwest Connector Capital Co. LLC,
3.625%, 04/01/2022(2)		15,000,000		15,253,203
Molson Coors Beverage Co.:
2.100%, 07/15/2021		18,135,000		18,147,149
3.500%, 05/01/2022		11,725,000		12,033,400
Mosaic Co.:
3.750%, 11/15/2021		7,810,000		7,841,609
3.250%, 11/15/2022		2,000,000		2,070,358
Nissan Motor Acceptance Corp.:
1.900%, 09/14/2021(1)(2)		1,250,000		1,253,431
0.765%, 09/21/2021
(3 Month LIBOR USD + 0.630%)(1)(2)(3)		5,000,000		5,002,748
3.650%, 09/21/2021(1)(2)		3,773,000		3,798,035
2.800%, 01/13/2022(1)(2)		9,859,000		9,969,507
2.650%, 07/13/2022(1)(2)		1,070,000		1,087,459
2.600%, 09/28/2022(1)(2)		1,000,000		1,020,612
Northern Border Pipeline Co.,
7.500%, 09/15/2021		35,400,000		35,924,399
Nutrien Ltd.,
3.150%, 10/01/2022(1)		2,406,000		2,469,668
O’Reilly Automotive, Inc.,
3.800%, 09/01/2022		12,250,000		12,603,759
Occidental Petroleum Corp.,
1.606%, 08/15/2022
(3 Month LIBOR USD + 1.450%)(3)		8,250,000		8,209,049
ONEOK Partners LP,
3.375%, 10/01/2022		3,500,000		3,595,750
ONEOK, Inc.,
4.250%, 02/01/2022		20,987,000		21,254,342
Oracle Corp.:
2.500%, 05/15/2022		1,100,000		1,117,016
2.500%, 10/15/2022		16,474,000		16,921,618
Orlando Health Obligated Group,
3.205%, 10/01/2021		1,000,000		1,006,063
Parker-Hannifin Corp.,
3.500%, 09/15/2022		2,412,000		2,501,684
PayPal Holdings, Inc.,
2.200%, 09/26/2022		12,795,000		13,099,811
Penske Truck Leasing Co.:
3.375%, 02/01/2022(2)		11,050,000		11,185,190
4.875%, 07/11/2022(2)		18,821,000		19,634,535
Pernod Ricard SA,
4.250%, 07/15/2022(1)(2)		1,500,000		1,557,167
Phillips 66,
4.300%, 04/01/2022		34,976,000		35,989,794
Rayonier, Inc.,
3.750%, 04/01/2022		24,500,000		24,895,104
Raytheon Technologies Corp.,
3.100%, 11/15/2021		6,554,000		6,575,582
Regency Energy Partners LP /
Regency Energy Finance Corp.:
5.875%, 03/01/2022		30,281,000		30,928,792
5.000%, 10/01/2022		3,900,000		4,065,582
Reliance Industries Ltd.,
5.400%, 02/14/2022(1)(2)		26,471,000		27,199,482
Rogers Communications, Inc.,
0.735%, 03/22/2022
(3 Month LIBOR USD + 0.600%)(1)(3)		30,839,000		30,926,887

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

Page 4

Baird Ultra Short Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Roper Technologies, Inc.,
2.800%, 12/15/2021	$	2,851,000	$	2,878,063
Ryder System, Inc.,
2.500%, 09/01/2022		14,475,000		14,795,333
Sabine Pass Liquefaction LLC,
6.250%, 03/15/2022		40,701,000		41,748,752
Schlumberger Investment SA,
2.400%, 08/01/2022(2)		3,500,000		3,555,464
Seven & i Holdings Co., Ltd.,
3.350%, 09/17/2021(1)(2)		1,608,000		1,618,072
Smithfield Foods, Inc.:
2.650%, 10/03/2021(1)(2)		13,305,000		13,369,771
3.350%, 02/01/2022(1)(2)		1,482,000		1,502,832
Smiths Group PLC,
3.625%, 10/12/2022(1)(2)		2,500,000		2,597,893
Sonoco Products Co.,
4.375%, 11/01/2021		2,000,000		2,006,205
Southern Natural Gas Co. LLC,
0.625%, 04/28/2023(2)		7,000,000		7,006,580
Suntory Holdings Ltd.,
2.550%, 06/28/2022(1)(2)		12,075,000		12,308,099
Teck Resources Ltd.,
4.750%, 01/15/2022(1)		2,890,000		2,922,644
Time Warner Cable LLC,
4.000%, 09/01/2021		24,947,000		24,947,000
Toyota Industries Corp.,
3.110%, 03/12/2022(1)(2)		17,900,000		18,216,298
TransCanada PipeLines Ltd.,
2.500%, 08/01/2022(1)		24,208,000		24,765,206
Trustees of Boston College,
2.651%, 07/01/2022		1,000,000		1,022,630
Verizon Communications, Inc.,
1.256%, 05/15/2025
(3 Month LIBOR USD + 1.100%)(3)		4,000,000		4,125,320
VF Corp.,
2.050%, 04/23/2022		7,446,000		7,546,913
Viatris, Inc.,
1.125%, 06/22/2022(2)		20,000,000		20,142,620
Volkswagen Group of America Finance LLC:
2.500%, 09/24/2021(1)(2)		7,425,000		7,461,875
1.108%, 11/12/2021
(3 Month LIBOR USD + 0.940%)(1)(2)(3)		6,200,000		6,220,478
4.000%, 11/12/2021(1)(2)		10,041,000		10,180,839
2.900%, 05/13/2022(1)(2)		7,275,000		7,429,431
2.700%, 09/26/2022(1)(2)		6,060,000		6,227,997
Walgreens Boots Alliance, Inc.,
3.300%, 11/18/2021		5,552,000		5,586,257
Westlake Chemical Corp.,
3.600%, 07/15/2022		3,360,000		3,437,970
WestRock RKT LLC,
4.900%, 03/01/2022		5,065,000		5,210,924
Whirlpool Corp.,
4.700%, 06/01/2022		4,374,000		4,543,668
Williams Companies, Inc.:
7.875%, 09/01/2021		11,619,000		11,759,664
4.000%, 11/15/2021		14,900,000		14,956,810
3.600%, 03/15/2022		12,983,000		13,200,902
3.350%, 08/15/2022		1,500,000		1,535,988
Xylem, Inc.,
4.875%, 10/01/2021		28,750,000		29,063,706
Zimmer Holdings, Inc.,
3.150%, 04/01/2022		20,171,000		20,492,576
Total Industrials
(Cost $1,703,997,289)				1,704,710,156		27.2	%
Utilities
American Electric Power Co., Inc.,
3.650%, 12/01/2021		6,650,000		6,745,213
American Transmission Systems, Inc.,
5.250%, 01/15/2022(2)		25,991,000		26,613,595
CenterPoint Energy, Inc.,
2.500%, 09/01/2022		9,476,000		9,687,263
DTE Energy Co.,
3.300%, 06/15/2022		2,500,000		2,556,404
Duquesne Light Holdings, Inc.,
5.900%, 12/01/2021(2)		5,251,000		5,366,864
Enel Finance International NV,
2.875%, 05/25/2022(1)(2)		43,175,000		44,119,824
Entergy Corp.,
4.000%, 07/15/2022		10,688,000		11,024,644
Evergy, Inc.,
5.292%, 06/15/2022(7)		2,014,000		2,080,690
LG&E and KU Energy LLC,
4.375%, 10/01/2021		1,900,000		1,900,000
NextEra Energy Capital Holdings, Inc.:
0.685%, 08/28/2021
(3 Month LIBOR USD + 0.550%)(3)		2,619,000		2,620,021
1.950%, 09/01/2022		10,742,000		10,938,003
0.420%, 02/22/2023
(3 Month LIBOR USD + 0.270%)(3)		8,500,000		8,501,483
Oncor Electric Delivery Co. LLC,
4.100%, 06/01/2022		3,622,000		3,711,193
Public Service Co. of New Mexico,
5.350%, 10/01/2021		12,205,000		12,228,181
Puget Energy, Inc.,
5.625%, 07/15/2022		11,919,000		12,396,519
Southwestern Electric Power Co.,
3.550%, 02/15/2022		12,250,000		12,393,795
Total Utilities
(Cost $172,812,683)				172,883,692		2.8	%
Financials
ABN AMRO Bank NV,
0.709%, 08/27/2021
(3 Month LIBOR USD + 0.570%)(1)(2)(3)		1,000,000		1,000,830
AerCap Holdings NV:
4.450%, 12/16/2021(1)		3,000,000		3,045,552
3.950%, 02/01/2022(1)		15,675,000		15,939,778
3.500%, 05/26/2022(1)		2,000,000		2,047,905
4.625%, 07/01/2022(1)		11,064,000		11,504,781
Air Lease Corp.:
3.500%, 01/15/2022		8,144,000		8,278,665
3.750%, 02/01/2022		6,890,000		6,983,140
Ally Financial, Inc.:
4.125%, 02/13/2022		15,081,000		15,424,685
4.625%, 05/19/2022		22,213,000		23,005,462
American International Group, Inc.,
4.875%, 06/01/2022		22,705,000		23,634,165
Banco Santander SA,
3.500%, 04/11/2022(1)		18,833,000		19,290,118
Bank of America Corp.:
5.700%, 01/24/2022		11,399,000		11,749,286
3.124%, 01/20/2023
(3 Month LIBOR USD + 1.160%)(3)		35,000,000		35,526,983
Barclays PLC:
3.200%, 08/10/2021(1)		16,575,000		16,626,346
4.610%, 02/15/2023
(3 Month LIBOR USD + 1.400%)(1)(3)		27,203,000		27,899,463
BPCE SA:
2.750%, 12/02/2021(1)		5,870,000		5,934,030
3.000%, 05/22/2022(1)(2)		32,246,000		33,022,884

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

Page 5

Baird Ultra Short Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Cantor Fitzgerald LP,
6.500%, 06/17/2022(2)	$	919,000	$	969,214
CIT Group, Inc.,
5.000%, 08/15/2022		2,750,000		2,873,750
Citigroup, Inc.:
2.350%, 08/02/2021		1,269,000		1,271,226
2.900%, 12/08/2021		19,171,000		19,352,803
1.136%, 04/25/2022
(3 Month LIBOR USD + 0.960%)(3)		4,875,000		4,905,610
2.312%, 11/04/2022 (SOFR + 0.867%)(3)		8,000,000		8,050,212
3.142%, 01/24/2023
(3 Month LIBOR USD + 0.722%)(3)		11,601,000		11,776,536
Citizens Bank NA:
0.874%, 02/14/2022
(3 Month LIBOR USD + 0.720%)(3)		1,500,000		1,505,101
2.650%, 05/26/2022		4,000,000		4,077,810
Cooperatieve Rabobank UA,
3.950%, 11/09/2022(1)		6,805,000		7,123,772
Credit Agricole SA,
3.375%, 01/10/2022(1)(2)		16,305,000		16,566,584
Credit Suisse AG,
2.800%, 04/08/2022(1)		34,425,000		35,091,173
Credit Suisse Group Funding Guernsey Ltd.,
3.800%, 09/15/2022(1)		10,675,000		11,108,209
Daiwa Securities Group, Inc.,
3.129%, 04/19/2022(1)(2)		11,144,000		11,391,362
Danske Bank A/S,
5.000%, 01/12/2022(1)(2)		22,678,000		23,204,158
Deutsche Bank AG:
4.250%, 10/14/2021(1)		24,688,000		24,955,701
5.000%, 02/14/2022(1)		5,246,000		5,389,502
Discover Financial Services,
5.200%, 04/27/2022		7,740,000		8,041,180
Fifth Third Bank NA,
0.816%, 02/01/2022
(3 Month LIBOR USD + 0.640%)(3)		2,000,000		2,006,555
First Niagara Financial Group, Inc.,
7.250%, 12/15/2021		17,597,000		18,142,907
First Republic Bank,
2.500%, 06/06/2022		3,516,000		3,578,926
Goldman Sachs Group, Inc.:
5.750%, 01/24/2022		35,450,000		36,546,429
2.876%, 10/31/2022
(3 Month LIBOR USD + 0.821%)(3)		12,000,000		12,094,435
ING Groep NV,
3.150%, 03/29/2022(1)		35,500,000		36,262,592
International Lease Finance Corp.,
5.875%, 08/15/2022(1)		4,404,000		4,660,422
JPMorgan Chase & Co.,
2.776%, 04/25/2023
(3 Month LIBOR USD + 0.935%)(3)		37,675,000		38,399,439
Liberty Mutual Group, Inc.,
4.950%, 05/01/2022(2)		1,393,000		1,443,343
Lloyds Bank PLC,
3.000%, 01/11/2022(1)		7,622,000		7,733,113
Markel Corp.,
4.900%, 07/01/2022		1,565,000		1,630,444
Mitsubishi UFJ Financial Group, Inc.:
0.826%, 07/26/2021
(3 Month LIBOR USD + 0.650%)(1)(3)		5,981,000		5,983,531
0.831%, 03/07/2022
(3 Month LIBOR USD + 0.700%)(1)(3)		3,173,000		3,187,326
2.665%, 07/25/2022(1)		3,445,000		3,530,447
Mitsubishi UFJ Lease & Finance Co. Ltd.,
2.652%, 09/19/2022(1)(2)		3,000,000		3,067,954
Mizuho Financial Group, Inc.,
1.075%, 02/28/2022
(3 Month LIBOR USD + 0.940%)(1)(3)		5,205,000		5,234,963
Morgan Stanley,
2.750%, 05/19/2022		21,833,000		22,319,894
National Bank of Canada:
2.150%, 10/07/2022(1)(2)		4,609,000		4,710,914
0.310%, 05/16/2023
(SOFR + 0.300%)(1)(3)		22,075,000		22,078,887
NatWest Markets PLC,
3.625%, 09/29/2022(1)(2)		4,500,000		4,680,105
Nordea Bank AB,
4.250%, 09/21/2022(1)(2)		10,275,000		10,731,871
PNC Bank NA,
0.553%, 12/09/2022
(3 Month LIBOR USD + 0.430%)(3)		8,000,000		8,015,139
Reliance Standard Life Global Funding II,
2.625%, 07/22/2022(1)(2)		1,004,000		1,028,120
Santander Holdings USA, Inc.,
4.450%, 12/03/2021(1)		9,550,000		9,679,999
Santander UK Group Holdings PLC,
2.875%, 08/05/2021(1)		3,270,000		3,277,550
Santander UK PLC,
0.816%, 11/15/2021
(3 Month LIBOR USD + 0.660%)(1)(3)		3,000,000		3,007,476
Societe Generale SA,
3.250%, 01/12/2022(1)(2)		8,210,000		8,337,385
Standard Chartered PLC:
1.328%, 09/10/2022
(3 Month LIBOR USD + 1.200%)(1)(2)(3)		5,000,000		5,009,150
2.744%, 09/10/2022
(3 Month LIBOR USD + 1.200%)(1)(2)(3)		38,116,000		38,274,444
1.338%, 01/20/2023
(3 Month LIBOR USD + 1.150%)(1)(2)(3)		3,000,000		3,015,739
Sumitomo Mitsui Financial Group, Inc.:
2.442%, 10/19/2021(1)		15,000,000		15,100,576
2.846%, 01/11/2022(1)		2,356,000		2,388,500
SunTrust Banks, Inc.,
0.746%, 05/17/2022
(3 Month LIBOR USD + 0.590%)(3)		8,700,000		8,743,193
Synchrony Bank,
3.000%, 06/15/2022		18,493,000		18,909,849
Synchrony Financial,
2.850%, 07/25/2022		2,850,000		2,917,272
Trinity Acquisition PLC,
3.500%, 09/15/2021		10,365,000		10,404,140
UBS Group Funding Switzerland AG,
1.706%, 02/01/2022
(3 Month LIBOR USD + 1.530%)(1)(2)(3)		4,900,000		4,944,253
Wells Fargo Bank NA,
0.783%, 09/09/2022
(3 Month LIBOR USD + 0.660%)(3)		8,400,000		8,411,676
Zions Bancorp NA,
3.350%, 03/04/2022		2,500,000		2,543,158
Total Financials
(Cost $860,088,524)				860,600,092		13.8	%
Total Corporate Bonds
(Cost $2,736,898,496)				2,738,193,940		43.8	%

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

Page 6

Baird Ultra Short Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Municipal Bonds
Arlington County Industrial
Development Authority,
2.426%, 12/15/2021	$	1,360,000	$	1,373,245
Berks County Municipal Authority,
0.750%, 05/15/2022
(Callable 07/01/2021)(4)		410,000		410,000
Borough of Carlstadt NJ,
2.000%, 07/23/2021		8,525,000		8,532,812
Borough of Economy PA,
0.320%, 12/15/2021(8)		1,000,000		999,960
Burke County Development Authority,
1.550%, 12/01/2049(4)		13,000,000		13,181,086
California Municipal Finance Authority,
0.300%, 07/01/2051(4)(8)		10,000,000		10,000,058
Central Texas Turnpike System,
0.000%, 08/15/2021		1,115,000		1,114,642
City of Baton Rouge and
Parish of East Baton Rouge,
5.000%, 08/01/2021		1,500,000		1,505,560
City of Bridgeport CT,
3.313%, 07/01/2021		2,150,000		2,150,000
City of Farmington NM,
1.200%, 06/01/2040(4)		2,000,000		2,013,496
City of New Orleans LA,
3.692%, 09/01/2022		2,000,000		2,073,395
City of New York NY:
0.140%, 04/01/2042
(Callable 07/01/2021)(4)		10,025,000		10,025,000
0.150%, 10/01/2046
(Callable 07/01/2021)(4)		1,700,000		1,700,000
City of Newark NJ:
2.000%, 10/05/2021		3,000,000		3,011,092
1.750%, 02/22/2022		2,250,000		2,266,375
City of Philadelphia PA,
5.000%, 08/01/2021		1,040,000		1,044,044
City of Troy NY,
1.250%, 07/30/2021		12,902,475		12,913,820
City of West Carrollton OH,
0.500%, 05/02/2022		4,415,000		4,414,972
County of Burleigh ND:
0.650%, 11/01/2021		3,200,000		3,200,761
2.750%, 02/01/2022
(Callable 07/21/2021)		20,250,000		20,258,394
County of Clark Department of Aviation,
5.000%, 07/01/2021		9,500,000		9,500,000
County of Lucas OH,
0.450%, 10/15/2021		10,500,000		10,506,741
County of Meade KY,
0.070%, 07/01/2060
(Callable 07/01/2021)(4)		8,000,000		8,000,000
County of St. Lucie FL,
0.030%, 09/01/2028
(Callable 07/01/2021)(4)		15,000,000		15,000,000
County of Suffolk NY:
2.000%, 07/22/2021		4,800,000		4,804,967
2.000%, 08/19/2021		9,000,000		9,020,617
Dallas/Fort Worth International Airport,
5.000%, 11/01/2038
(Callable 11/01/2021)		1,120,000		1,137,753
Garden State Preservation Trust,
0.000%, 11/01/2021		1,000,000		998,255
Glendale-River Hills School District,
1.000%, 08/23/2021		2,000,000		2,002,369
Gulf Coast Authority,
0.020%, 06/01/2030
(Callable 07/01/2021)(4)		10,950,000		10,950,000
Illinois Development Finance Authority,
0.550%, 11/01/2044
(Callable 08/03/2021)(4)		6,000,000		6,006,958
Indiana Finance Authority,
3.875%, 08/01/2021		8,500,000		8,525,007
Indianapolis Local Public
Improvement Bond Bank,
5.000%, 06/01/2022		1,300,000		1,356,218
Joplin Industrial Development Authority,
2.154%, 02/15/2022		1,400,000		1,410,674
Memphis-Shelby County Airport Authority,
5.000%, 07/01/2021		1,000,000		1,000,000
Metropolitan Transportation Authority,
5.000%, 09/01/2021		16,960,000		17,092,295
Miami-Dade County Industrial
Development Authority,
0.550%, 11/01/2041(4)		2,750,000		2,753,189
Minneapolis-Saint Paul
Metropolitan Airports Commission,
5.000%, 01/01/2022		1,000,000		1,023,188
Mississippi Business Finance Corp.,
2.500%, 04/01/2022
(Callable 08/02/2021)		1,500,000		1,509,016
Mizuho Floater/Residual Trust:
0.270%, 11/15/2021
(Callable 07/01/2021)(2)(4)		15,200,000		15,200,000
0.410%, 06/15/2056
(Callable 06/15/2031)(2)(4)		5,500,000		5,500,000
0.410%, 11/01/2056
(Callable 03/01/2022)(2)(4)		11,305,000		11,305,000
0.410%, 12/01/2059
(Callable 12/01/2036)(2)(4)		2,945,000		2,945,000
Monroe County Development Authority,
0.030%, 09/01/2037
(Callable 07/01/2021)(4)		10,000,000		10,000,000
Montachusett Regional Transit Authority,
1.500%, 07/30/2021		19,000,000		19,016,215
Municipal Electric Authority of Georgia,
4.430%, 01/01/2022		5,195,000		5,298,271
New Jersey Economic
Development Authority,
0.000%, 02/15/2022		6,178,000		6,167,828
New Jersey Educational Facilities Authority,
5.000%, 09/01/2021		1,610,000		1,622,440
New Jersey Sports & Exposition Authority,
5.000%, 09/01/2021		1,300,000		1,309,434
New York State Dormitory Authority,
5.000%, 07/01/2021		1,545,000		1,545,000
Penns Grove-Carneys Point
Regional School District,
2.000%, 07/09/2021		6,858,000		6,860,214
Pennsylvania Economic Development
Financing Authority,
0.700%, 08/01/2037(4)		7,500,000		7,503,130
Philadelphia Parking Authority,
5.000%, 09/01/2021
(Callable 08/02/2021)		8,450,000		8,480,766
Port of Port Arthur Navigation District:
0.020%, 04/01/2040
(Callable 07/01/2021)(4)		8,505,000		8,505,000
0.100%, 11/01/2040
(Callable 07/01/2021)(4)		10,000,000		10,000,000

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

Page 7

Baird Ultra Short Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Public Finance Authority,
5.000%, 07/01/2022	$	2,790,000	$	2,844,421
Regional Transit Authority,
0.000%, 12/01/2021		1,425,000		1,423,527
Sacramento City Unified School District,
0.320%, 09/01/2021(8)		1,250,000		1,249,975
San Antonio Housing Trust Finance Corp.,
1.400%, 07/01/2022(4)		10,000,000		10,047,684
School District of Philadelphia,
5.000%, 09/01/2021		5,000,000		5,038,800
South Carolina Transportation
Infrastructure Bank,
0.517%, 10/01/2031 (1 Month LIBOR
USD + 0.450%) (Callable 10/01/2021)(3)		20,500,000		20,508,339
Southwestern Illinois Community
College District No. 522,
0.747%, 12/01/2021		4,255,000		4,256,156
State of Connecticut,
3.000%, 07/01/2021		3,250,000		3,250,000
State of Illinois:
5.000%, 08/01/2021		1,035,000		1,039,034
1.900%, 10/01/2021		19,200,000		19,224,601
State of Ohio,
5.000%, 01/15/2042(4)		1,310,000		1,322,034
Tender Option Bond Trust:
0.420%, 05/15/2023(2)(4)		10,400,000		10,400,000
0.210%, 07/01/2025(2)(4)		2,000,000		2,000,000
0.200%, 08/01/2055
(Callable 02/01/2031)(2)(4)		5,955,000		5,955,000
Township of Weehawken NJ,
1.500%, 08/17/2021		1,057,000		1,057,714
University of Alaska,
1.602%, 10/01/2021		250,000		250,739
University of Louisville,
5.000%, 09/01/2027
(Callable 09/01/2021)		1,200,000		1,209,330
West Mifflin Sanitary Sewer
Municipal Authority,
0.795%, 08/01/2021		250,000		250,054
Westfield-Washington Schools,
2.000%, 07/15/2021		1,120,000		1,120,661
Wheaton College,
0.160%, 10/01/2035
(Callable 07/01/2021)(4)		5,000,000		5,000,000
Winooski School District,
1.250%, 10/15/2021		4,700,000		4,706,214
Total Municipal Bonds
(Cost $437,731,348)				438,198,540		7.0	%
Residential Mortgage-Backed Securities
Non-U.S. Government Agency Issues
Aegis Asset Backed Securities Trust,
Series 2005-4, Class M1,
0.767%, 10/25/2035
(1 Month LIBOR USD + 0.675%)(3)		1,069,649		1,068,917
Arroyo Mortgage Trust:
Series 2019-3, Class A1,
2.962%, 10/25/2048(2)(4)		33,946,454		34,421,888
Series 2019-1, Class A1,
3.805%, 01/25/2049(2)(4)		9,606,594		9,779,486
Series 2019-2, Class A1,
3.347%, 04/25/2049(2)(4)		19,137,665		19,463,268
Home Equity Asset Trust,
Series 2006-2, Class 2A4,
0.712%, 05/25/2036
(1 Month LIBOR USD + 0.620%)(2)(3)		876,687		875,708
Towd Point Mortgage Trust:
Series 2016-3, Class A1,
2.250%, 08/25/2055(2)(4)		144,880		145,408
Series 2016-2, Class A1A,
2.750%, 08/25/2055(2)(4)		2,211,677		2,231,111
Series 2016-2, Class A1,
3.000%, 08/25/2055(2)(4)		440,913		445,228
Series 2016-4, Class A1,
2.250%, 07/25/2056(2)(4)		7,208,480		7,262,523
Series 2017-1, Class A1,
2.750%, 10/25/2056(2)(4)		9,540,975		9,686,982
Series 2017-5, Class A1,
0.692%, 02/26/2057
(1 Month LIBOR USD + 0.600%)(2)(3)		13,724,070		13,724,745
Series 2017-3, Class A1,
2.750%, 06/25/2057(2)(4)		7,368,217		7,510,554
Series 2017-6, Class A1,
2.750%, 10/25/2057(2)(4)		20,203,849		20,692,289
Total Residential
Mortgage-Backed Securities
(Cost $127,683,831)				127,308,107		2.0	%
Commercial Mortgage-Backed Securities
Non-U.S. Government Agency Issues
COMM Mortgage Trust,
Series 2013-LC6, Class ASB,
2.478%, 01/12/2046		346,238		350,570
Morgan Stanley Bank of America
Merrill Lynch Trust,
Series 2012-C5, Class A4,
3.176%, 08/17/2045		14,000,000		14,236,408
WFRBS Commercial Mortgage Trust:
Series 2012-C8, Class ASB,
2.559%, 08/17/2045		1,332,180		1,336,922
Series 2013-C14, Class ASB,
2.977%, 06/15/2046		188,202		192,392
Total Commercial
Mortgage-Backed Securities
(Cost $16,315,712)				16,116,292		0.3	%
Asset Backed Securities
Ally Auto Receivables:
Series 2017-5, Class A4,
2.220%, 10/17/2022		1,440,597		1,441,860
Series 2019-3, Class A3,
1.930%, 05/15/2024		14,919,112		15,077,791
Ally Master Owner Trust,
Series 2018-4, Class A,
3.300%, 07/15/2023		38,760,000		38,803,605
American Express Credit
Account Master Trust:
Series 2018-6, Class A,
3.060%, 02/15/2024		152,050		152,234
Series 2018-8, Class A,
3.180%, 04/15/2024		4,000,000		4,025,091
Series 2019-2, Class A,
2.670%, 11/15/2024		1,211,000		1,235,052
ARI Fleet Lease Trust:
Series 2018-B, Class A3,
3.430%, 08/16/2027(2)		6,580,000		6,693,317
Series 2019-A, Class A2A,
2.410%, 11/15/2027(2)		9,643,977		9,727,187

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

Page 8

Baird Ultra Short Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Bank of The West Auto Trust:
Series 2018-1, Class A3,
3.430%, 12/15/2022(2)	$	496,280	$	497,435
Series 2017-1, Class A3,
2.110%, 01/15/2023(2)		91,365		91,444
Barclays Dryrock Issuance Trust,
Series 2018-1, Class A,
0.403%, 07/15/2024
(1 Month LIBOR USD + 0.330%)(3)		7,000,000		7,004,837
Capital One Multi-Asset Execution Trust:
Series 2016-A5, Class A5,
1.660%, 06/17/2024		5,516,000		5,526,008
Series 2017-A2, Class A2,
0.483%, 01/15/2025
(1 Month LIBOR USD + 0.410%)(3)		13,500,000		13,538,441
CarMax Auto Owner Trust:
Series 2020-3, Class A2A,
0.490%, 06/15/2023		5,879,204		5,884,333
Series 2018-4, Class A3,
3.360%, 09/15/2023		12,328,116		12,495,191
Series 2021-2, Class A2A,
0.270%, 06/17/2024		11,425,000		11,428,763
CCG Receivables Trust,
Series 2021-1, Class A1,
0.166%, 02/14/2022(2)		3,760,032		3,760,020
Chase Auto Credit Linked Notes,
Series 2021-1, Class B,
0.875%, 09/25/2028(2)		17,460,000		17,472,777
Chesapeake Funding II LLC:
Series 2018-1A, Class A1,
3.040%, 04/15/2030(2)		1,801,123		1,803,481
Series 2019-1A, Class A1,
2.940%, 04/15/2031(2)		19,818,180		19,990,471
CNH Equipment Trust,
Series 2020-A, Class A2,
1.080%, 07/15/2023		400,450		401,130
Conseco Financial Corp.,
Series 1998-4, Class A6,
6.530%, 04/01/2030(4)		51,991		52,463
Daimler Trucks Retail Trust,
Series 2019-1, Class A3,
2.770%, 08/15/2022(2)		5,240,804		5,273,227
Dell Equipment Finance Trust:
Series 2020-1, Class A2,
2.260%, 06/22/2022(2)		5,799,991		5,836,557
Series 2020-2, Class A2,
0.470%, 10/24/2022(2)		5,721,258		5,728,464
Discover Card Execution Note Trust:
Series 2018-A5, Class A5,
3.320%, 03/15/2024		8,010,000		8,060,405
Series 2019-A1, Class A1,
3.040%, 07/15/2024		33,333,542		33,852,985
Ford Credit Auto Lease Trust,
Series 2020-B, Class A2A,
0.500%, 12/15/2022		4,326,253		4,329,253
Ford Credit Auto Owner Trust:
Series 2020-A, Class A2,
1.030%, 10/15/2022		752,846		753,570
Series 2019-A, Class A3,
2.780%, 09/15/2023		3,910,625		3,955,569
Series 2017-1, Class A,
2.620%, 08/15/2028(2)		24,017,000		24,377,262
Ford Credit Floorplan Master Owner Trust,
Series 2018-3, Class A1,
3.520%, 10/15/2023		50,664,000		51,156,150
GM Financial Consumer
Automobile Receivables Trust:
Series 2018-2, Class A3,
2.810%, 12/16/2022		240,277		241,498
Series 2020-2, Class A2A,
1.500%, 03/16/2023		1,727,572		1,730,577
Series 2020-3, Class A2,
0.350%, 07/16/2023		5,106,723		5,109,824
GMF Floorplan Owner Revolving Trust:
Series 2018-4, Class A1,
3.500%, 09/15/2023(2)		43,399,000		43,693,805
Series 2019-1, Class A,
2.700%, 04/15/2024(2)		23,400,000		23,855,430
HPEFS Equipment Trust:
Series 2021-2A, Class A2,
0.300%, 09/20/2028(2)		20,000,000		20,002,560
Series 2020-2A, Class A2,
0.650%, 07/22/2030(2)		20,251,370		20,276,425
Hyundai Auto Lease Securitization Trust:
Series 2019-B, Class A3,
2.040%, 08/15/2022(2)		7,348,844		7,373,674
Series 2020-B, Class A2,
0.360%, 01/17/2023(2)		8,043,202		8,049,092
Hyundai Auto Receivables Trust:
Series 2020-B, Class A2,
0.380%, 03/15/2023		4,211,622		4,213,996
Series 2020-A, Class A2,
1.510%, 04/15/2023		3,898,529		3,912,829
Hyundai Floorplan Master Owner Trust,
Series 2019-1, Class A,
2.680%, 04/15/2024(2)		63,985,000		65,205,603
John Deere Owner Trust,
Series 2018-B, Class A4,
3.230%, 06/15/2025		28,022,000		28,432,155
Marlette Funding Trust:
Series 2019-1A, Class A,
3.440%, 04/16/2029(2)		529,678		530,761
Series 2019-4A, Class A,
2.390%, 12/15/2029(2)		3,845,472		3,864,896
Series 2020-2A, Class A,
1.020%, 09/16/2030(2)		4,398,050		4,401,777
Series 2021-1A, Class A,
0.600%, 06/16/2031(2)		16,683,125		16,693,115
Mercedes-Benz Auto Lease Trust,
Series 2020-A, Class A2,
1.820%, 03/15/2022		1,023,781		1,024,511
Mercedes-Benz Auto Receivables Trust,
Series 2020-1, Class A2,
0.460%, 03/15/2023		7,349,703		7,355,905
Mercedes-Benz Master Owner Trust,
Series 2019-BA, Class A,
2.610%, 05/15/2024(2)		101,610,000		103,712,494
MMAF Equipment Finance LLC,
Series 2020-A, Class A2,
0.740%, 04/09/2024(2)		9,167,172		9,201,234
NextGear Floorplan Master Owner Trust,
Series 2019-1A, Class A2,
3.210%, 02/15/2024(2)		59,682,000		60,763,301
Nissan Auto Lease Trust,
Series 2020-B, Class A2,
0.340%, 12/15/2022		10,940,192		10,948,633

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

Page 9

Baird Ultra Short Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Nissan Auto Receivables Owner Trust:
Series 2020-B, Class A2A,
0.470%, 10/17/2022	$	2,080,188	$	2,081,230
Series 2018-C, Class A3,
3.220%, 06/15/2023		7,801,006		7,886,905
Series 2019-A, Class A3,
2.900%, 10/16/2023		15,535,141		15,743,763
0.503%, 11/15/2023		27,125,000		27,164,174
PFS Financing Corp.:
Series 2019-B, Class A,
0.623%, 09/15/2023
(1 Month LIBOR USD + 0.550%)(2)(3)		10,050,000		10,058,070
Series 2018-F, Class A,
3.520%, 10/16/2023(2)		48,294,000		48,754,092
Series 2019-A, Class A2,
2.860%, 04/15/2024(2)		21,310,000		21,739,787
Santander Consumer Auto
Receivables Trust:
Series 2020-BA, Class A2,
0.380%, 02/15/2023(2)		2,085,087		2,085,745
Series 2020-AA, Class A,
1.370%, 10/15/2024(2)		22,219,688		22,361,811
SoFi Consumer Loan Program LLC:
Series 2018-1, Class B,
3.650%, 02/25/2027(2)		8,477,448		8,594,677
Series 2019-2, Class A,
3.010%, 04/25/2028(2)		360,586		361,561
Synchrony Card Funding LLC:
Series 2019-A1, Class A,
2.950%, 03/15/2025		6,350,000		6,473,386
Series 2019-A2, Class A,
2.340%, 06/15/2025		11,598,000		11,833,856
Synchrony Card Issuance Trust,
Series 2018-A1, Class A,
3.380%, 09/15/2024		37,816,000		38,061,849
Tesla Auto Lease Trust,
Series 2018-B, Class A,
3.710%, 08/20/2021(2)		100,881		101,073
Towd Point Mortgage Trust:
Series 2019-MH1, Class A1,
3.000%, 11/25/2058(2)(4)		2,533,620		2,579,328
Series 2020-MH1, Class A1,
2.250%, 02/25/2060(2)(4)		4,147,607		4,197,275
Toyota Auto Receivables Owner Trust,
Series 2020-A, Class A2,
1.670%, 11/15/2022		1,385,600		1,388,688
Verizon Owner Trust:
Series 2018-A, Class A1A,
3.230%, 04/20/2023		9,421,355		9,486,196
Series 2019-A, Class A1A,
2.930%, 09/20/2023		18,837,362		19,062,149
Volkswagen Auto Loan Enhanced Trust,
Series 2020-1, Class A2A,
0.930%, 12/20/2022		3,964,478		3,969,231
Wheels SPV 2 LLC,
Series 2019-1A, Class A2,
2.300%, 05/22/2028(2)		7,157,724		7,204,900
World Financial Network
Credit Card Master Trust:
Series 2018-B, Class A,
3.460%, 07/15/2025		29,564,000		29,754,951
Series 2018-C, Class A,
3.550%, 08/15/2025		33,015,000		33,332,789
World Omni Auto Receivables Trust:
Series 2018-A, Class A3,
2.500%, 04/17/2023		6,238,379		6,274,261
Series 2020-C, Class A2,
0.350%, 12/15/2023		9,919,778		9,926,368
Series 2019-C, Class A3,
1.960%, 12/15/2024		18,811,000		19,033,743
World Omni Select Auto Trust,
Series 2020-A, Class A2,
0.470%, 06/17/2024		4,282,985		4,286,357
Total Asset Backed Securities
(Cost $1,146,491,727)				1,144,818,683		18.3	%
Total Long-Term Investments
(Cost $5,768,171,757)				5,767,686,932		92.3	%
Short-Term Investments
Commercial Paper
AT&T, Inc., 0.17%(6), 11/16/2021(2)		32,150,000		32,128,525
Banco Santander SA,
0.12%(6), 08/23/2021(1)		8,400,000		8,398,488
Baptist Memorial Health Care Corp.,
0.08%(6), 07/14/2021		25,726,000		25,725,204
Canadian Natural Resources Ltd.,
0.26%(6), 07/26/2021(1)		32,925,000		32,918,854
Catholic Health Initiatives,
0.12%(6), 07/07/2021		20,000,000		19,999,533
Catholic Health Initiatives,
0.14%(6), 08/25/2021		18,000,000		17,996,080
Catholic Health Initiatives,
0.15%(6), 09/28/2021		3,000,000		2,998,875
City of Denton TX, 0.500%, 08/18/2021		35,000,000		35,001,855
HSBC USA, Inc., 0.32%(6), 01/06/2022(2)		18,500,000		18,468,463
HSBC USA, Inc., 0.33%(6), 04/01/2022		22,050,000		21,994,247
Jabil Inc., 0.51%(6), 07/16/2021		3,000,000		2,999,319
Nationwide Mutual Insurance Co.,
0.12%(6), 07/26/2021(1)		3,400,000		3,399,703
NatWest Markets PLC,
0.18%(6), 01/04/2022(1)(2)		25,000,000		24,976,108
NatWest Markets PLC,
0.21%(6), 03/29/2022(1)		10,000,000		9,984,133
NatWest Markets PLC,
0.21%(6), 04/22/2022(1)		3,550,000		3,543,754
Shell International Finance BV,
0.05%(6), 07/12/2021(1)		16,600,000		16,599,707
Smithfield Foods, Inc.,
0.20%(6), 07/02/2021		28,775,000		28,774,675
Viatris Inc., 0.42%(6), 09/13/2021		23,500,000		23,479,682
Volkswagen Group of America Finance LLC,
0.47%(6), 11/10/2021(1)		7,000,000		6,987,742
Walt Disney Co., 0.10%(6), 07/16/2021		7,675,000		7,674,666
Total Commercial Paper
(Cost $343,935,491)				344,049,613		5.5	%

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

Page 10

Baird Ultra Short Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Short-Term Investments (cont.)

						% of
	Shares		Value			Net Assets
Money Market Mutual Fund
First American Government
Obligations Fund, Class U, 0.03%(5)		211,167,456	$	211,167,456
Total Money Market Mutual Fund
(Cost $211,167,456)				211,167,456			3.4	%
Total Short-Term Investments
(Cost $555,102,947)				555,217,069			8.9	%
Total Investments
(Cost $6,323,274,704)				6,322,904,001			101.2	%
Liabilities in Excess of Other Assets				(74,487,851	)		(1.2	)%
TOTAL NET ASSETS			$	6,248,416,150			100.0	%

Notes to Schedule of Investments

LIBOR – London Inter-bank Offered Rate

SOFR – Secured Overnight Financing Rate

(1)	Foreign security.
(2)	Security as defined in Rule 144A under the Securities Act of 1933 and classified as liquid under the Fund’s liquidity risk management program. Purchased in a private placement transaction; resale to the public may require registration or may extend only to qualified institutional buyers. At June 30, 2021, the value of these securities totaled $1,594,212,491, which represented 25.51% of total net assets.
(3)	Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of June 30, 2021.
(4)	Variable rate security. The coupon is based on an underlying pool of loans. The rate reported is the rate in effect as of June 30, 2021.
(5)	Seven-day yield.
(6)	Effective yield as of June 30, 2021.
(7)	Step-up bond; the interest rate shown is the rate in effect as of June 30, 2021.
(8)	Security or a portion of the security purchased on a when-issued or delayed delivery basis.

Summary of Fair Value Exposure at June 30, 2021 (Unaudited)

The Fund has adopted authoritative fair valuation accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion on changes in valuation techniques and related inputs during the period. These standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The fair value hierarchy is organized into three levels based upon the assumptions (referred to as “inputs”) used in pricing the asset or liability. These standards state that “observable inputs” reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from independent sources and “unobservable inputs” reflect an entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. These inputs are summarized into three broad levels and described below:

Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3 – Unobservable inputs for the asset or liability.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2021:

	Level 1		Level 2		Level 3		Total
Long-Term Investments
U.S. Treasury Securities	$	—	$	1,298,799,797	$	—	$	1,298,799,797
Other Government Related Security		—		4,251,573		—		4,251,573
Corporate Bonds		—		2,738,193,940		—		2,738,193,940
Municipal Bonds		—		438,198,540		—		438,198,540
Residential Mortgage-Backed Securities – Non-U.S. Government Agency Issues		—		127,308,107		—		127,308,107
Commercial Mortgage-Backed Securities – Non-U.S. Government Agency Issues		—		16,116,292		—		16,116,292
Asset Backed Securities		—		1,144,818,683		—		1,144,818,683
Total Long-Term Investments		—		5,767,686,932		—		5,767,686,932
Short-Term Investments
Commercial Paper		—		344,049,613		—		344,049,613
Money Market Mutual Fund		211,167,456		—		—		211,167,456
Total Short-Term Investments		211,167,456		344,049,613		—		555,217,069
Total Investments	$	211,167,456	$	6,111,736,545	$	—	$	6,322,904,001

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

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

Page 11

Baird Short-Term Bond Fund

June 30, 2021 (Unaudited)

Portfolio Characteristics

Quality Distribution⁽¹⁾⁽²⁾

	Net Assets	$9,599,976,779
	SEC 30-Day Yield(3)
	Institutional Class	0.42%
	Investor Class	0.18%
	Average Effective Duration	1.94 years
	Average Effective Maturity	2.01 years
	Annualized Expense Ratio(4)
	Institutional Class	0.30%
	Investor Class	0.55%	(5)
	Portfolio Turnover Rate	33%	(6)
	Number of Holdings	512
Sector Weightings(1)

(1)	Percentages shown are based on the Fund’s total investments.
(2)	The quality profile is calculated on a market value-weighted basis using the highest credit quality rating for each security held by the Fund given by S&P, Moody’s or Fitch, each of which is a Nationally Recognized Statistical Rating Organization (NRSRO).  NRSROs rate the credit quality of securities using a scale that generally ranges from AAA (highest) to D (lowest).
(3)	SEC yields are based on SEC guidelines and are calculated for the 30 days ended June 30, 2021.
(4)	Reflects expense ratios as stated in the Fund’s current prospectus dated May 1, 2021.
(5)	Includes 0.25% 12b-1 fee.
(6)	Not annualized.

Page 12

Baird Short-Term Bond Fund

June 30, 2021 (Unaudited)

Total Returns

			Average Annual
					Since	Since
	Six	One	Five	Ten	Inception	Inception
For the Periods Ended June 30, 2021	Months	Year	Years	Years	(8/31/04)	(9/19/12)
Institutional Class Shares	0.07%	1.33%	2.37%	2.24%	2.80%	N/A
Investor Class Shares	0.05%	1.08%	2.11%	N/A	N/A	1.88%
Bloomberg Barclays 1-3 Year U.S. Government/Credit Bond Index(1)	0.00%	0.44%	1.88%	1.49%	2.39%	1.52%

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

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

The Fund’s gross expense ratio for each Class, as reflected in the Fund’s current prospectus, is set forth under “Portfolio Characteristics”.

The Fund may invest in U.S. dollar denominated foreign securities which involve additional risks such as political and economic instability, and different and sometimes less strict financial reporting standards and regulation. The Fund may also invest in mortgage- and asset-backed securities, which include interest rate and prepayment risks more pronounced than those of other fixed income securities.  U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including the impact of the coronavirus (COVID-19) as a global pandemic and related public health issues, business interruptions, growth concerns in the U.S. and overseas, and changed travel and social behaviors. These and other geopolitical events may cause market disruptions and could have an adverse effect on the value of the Fund’s investments.

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

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

Page 13

Baird Short-Term Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments

	Principal				% of
	Amount		Value		Net Assets
U.S. Treasury Securities
U.S. Treasury Bonds:
2.125%, 12/31/2022	$	141,625,000	$	145,740,976
1.750%, 05/15/2023		903,400,000		928,808,125
2.750%, 11/15/2023		857,375,000		906,573,587
2.500%, 05/15/2024		1,333,575,000		1,412,599,734
Total U.S. Treasury Securities
(Cost $3,402,980,284)				3,393,722,422		35.4	%
Other Government Related Securities
Harvest Operations Corp.,
1.000%, 04/26/2024(1)(2)		25,000,000		25,011,000
Industrial Bank of Korea,
0.776%, 08/02/2021
(3 Month LIBOR USD + 0.600%)(1)(2)(3)		2,150,000		2,150,796
Total Other Government Related Securities
(Cost $27,111,750)				27,161,796		0.3	%
Corporate Bonds
Industrials
7-Eleven, Inc.,
0.800%, 02/10/2024(1)(2)		20,000,000		19,950,480
A.P. Meoller – Maersk A/S,
3.750%, 09/22/2024(1)(2)		9,750,000		10,510,012
AbbVie, Inc.:
5.000%, 12/15/2021		20,045,000		20,237,961
3.450%, 03/15/2022		6,975,000		7,092,617
3.850%, 06/15/2024		13,187,000		14,302,032
Agilent Technologies, Inc.,
3.875%, 07/15/2023		7,500,000		7,960,795
Allegion US Holding Co., Inc.,
3.200%, 10/01/2024		20,250,000		21,527,057
AmerisourceBergen Corp.,
0.737%, 03/15/2023		15,250,000		15,277,658
Anglo American Capital PLC:
4.125%, 09/27/2022(1)(2)		2,775,000		2,889,020
4.875%, 05/14/2025(1)(2)		956,000		1,082,109
ANR Pipeline Co.,
7.375%, 02/15/2024(1)		13,000,000		15,072,405
AT&T, Inc.,
0.900%, 03/25/2024		26,000,000		26,056,680
Bayer US Finance II LLC,
2.200%, 07/15/2022(1)(2)		2,250,000		2,282,401
Beam Suntory, Inc.,
3.250%, 05/15/2022(1)		10,875,000		11,070,393
Becton Dickinson and Co.:
2.894%, 06/06/2022		19,186,000		19,608,011
3.363%, 06/06/2024		6,882,000		7,373,304
Bell Canada, Inc.,
0.750%, 03/17/2024(1)		40,325,000		40,416,012
Bemis Co., Inc.,
4.500%, 10/15/2021		5,375,000		5,377,475
Berry Global, Inc.,
0.950%, 02/15/2024(2)		20,000,000		20,017,400
BMW US Capital LLC,
0.800%, 04/01/2024(1)(2)		18,100,000		18,180,809
Boardwalk Pipelines LP,
4.950%, 12/15/2024		8,140,000		9,098,502
Boeing Co.:
1.950%, 02/01/2024		10,000,000		10,239,640
1.433%, 02/04/2024		35,325,000		35,418,484
BorgWarner, Inc.,
5.000%, 10/01/2025(2)		9,946,000		11,413,287
Broadcom, Inc.:
3.625%, 01/15/2024		11,225,000		11,985,352
4.700%, 04/15/2025		29,575,000		33,318,169
3.150%, 11/15/2025		5,000,000		5,358,902
Bunge Limited Finance Corp.,
1.630%, 08/17/2025		5,006,000		5,064,960
Canadian Natural Resources Ltd.,
2.950%, 01/15/2023(1)		6,500,000		6,732,885
Carlisle Companies, Inc.,
3.750%, 11/15/2022		2,230,000		2,309,881
Celanese US Holdings LLC:
4.625%, 11/15/2022		3,395,000		3,575,970
3.500%, 05/08/2024		4,450,000		4,754,730
Charter Communications Operating LLC,
4.464%, 07/23/2022		22,835,000		23,640,819
Cheniere Corpus Christi Holdings LLC,
7.000%, 06/30/2024		18,650,000		21,364,173
Chevron Phillips Chemical Co. LLC /
Chevron Phillips Chemical Co. LP,
3.300%, 05/01/2023(2)		1,930,000		2,026,496
Choice Hotels International, Inc.,
5.750%, 07/01/2022		4,495,000		4,684,559
Cigna Corp.,
3.750%, 07/15/2023		1,414,000		1,505,796
CNH Industrial Capital LLC:
3.875%, 10/15/2021(1)		13,460,000		13,585,857
4.375%, 04/05/2022(1)		4,102,000		4,219,700
4.200%, 01/15/2024(1)		13,300,000		14,391,702
CNH Industrial NV,
4.500%, 08/15/2023(1)		15,515,000		16,726,510
Coca-Cola Europacific Partners PLC,
0.800%, 05/03/2024(1)(2)		5,050,000		5,034,712
CommonSpirit Health:
2.950%, 11/01/2022		6,349,000		6,553,940
4.200%, 08/01/2023		4,210,000		4,508,025
Constellation Brands, Inc.,
3.200%, 02/15/2023		9,650,000		10,057,191
Daimler Finance North America LLC:
3.400%, 02/22/2022(1)(2)		13,000,000		13,260,140
3.350%, 02/22/2023(1)(2)		1,619,000		1,692,750
1.750%, 03/10/2023(1)(2)		7,000,000		7,144,145
0.750%, 03/01/2024(1)(2)		16,250,000		16,284,162
Dell International LLC / EMC Corp.:
5.450%, 06/15/2023		20,000,000		21,697,268
4.000%, 07/15/2024		11,493,000		12,497,259
Diamondback Energy, Inc.,
0.900%, 03/24/2023		20,000,000		20,004,299
DXC Technology Co.:
4.250%, 04/15/2024		4,624,000		5,015,455
4.125%, 04/15/2025		38,251,000		42,039,564
Eastman Chemical Co.,
3.500%, 12/01/2021		17,550,000		17,778,648
Edward-Elmhurst Healthcare,
3.500%, 05/04/2023		35,000,000		36,337,254
Elanco Animal Health, Inc.,
4.912%, 08/27/2021		32,689,000		32,815,670
Element Fleet Management Corp.,
1.600%, 04/06/2024(1)(2)		30,000,000		30,488,065
Embotelladora Andina SA,
5.000%, 10/01/2023(1)(2)		12,389,000		13,477,791
EMD Finance LLC,
2.950%, 03/19/2022(1)(2)		12,400,000		12,580,866
Encana Corp.,
3.900%, 11/15/2021		32,690,000		32,768,175

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

Page 14

Baird Short-Term Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Energy Transfer LP,
4.250%, 04/01/2024	$	1,276,000	$	1,376,003
Energy Transfer Operating LP,
4.250%, 03/15/2023		15,933,000		16,716,604
Energy Transfer Partners LP,
4.050%, 03/15/2025		16,781,000		18,195,246
Eni SpA,
4.000%, 09/12/2023(1)(2)		3,187,000		3,403,818
Equifax, Inc.,
3.950%, 06/15/2023		12,294,000		13,056,541
ERAC USA Finance LLC,
2.600%, 12/01/2021(2)		1,450,000		1,461,017
Fiserv, Inc.,
3.500%, 10/01/2022		6,350,000		6,547,728
Flex Ltd.,
5.000%, 02/15/2023		2,350,000		2,504,957
Flowserve Corp.,
4.000%, 11/15/2023		1,669,000		1,782,129
FMC Corp.:
3.950%, 02/01/2022		13,172,000		13,321,885
4.100%, 02/01/2024		2,425,000		2,603,203
Ford Motor Credit Co. LLC:
2.979%, 08/03/2022		15,000,000		15,206,250
3.087%, 01/09/2023		12,000,000		12,240,000
Fortune Brands Home & Security, Inc.,
4.000%, 09/21/2023		3,805,000		4,072,523
Fox Corp.,
3.666%, 01/25/2022		5,000,000		5,097,856
Fresenius Medical Care US Finance II, Inc.:
5.875%, 01/31/2022(1)(2)		2,947,000		3,036,918
4.750%, 10/15/2024(1)(2)		18,720,000		20,800,121
Fresenius US Finance II, Inc.,
4.500%, 01/15/2023(1)(2)		3,328,000		3,478,262
General Electric Co.,
3.375%, 03/11/2024		9,475,000		10,155,047
General Motors Financial Co., Inc.:
4.200%, 11/06/2021		5,000,000		5,065,485
3.550%, 07/08/2022		5,000,000		5,160,671
1.700%, 08/18/2023		12,000,000		12,247,678
5.100%, 01/17/2024		2,925,000		3,220,142
2.750%, 06/20/2025		7,302,000		7,688,198
Genpact Luxembourg Sarl,
3.700%, 04/01/2022		5,511,000		5,616,307
Gilead Sciences, Inc.,
0.750%, 09/29/2023		20,275,000		20,285,006
Glencore Finance (Canada) Ltd.:
4.950%, 11/15/2021(1)(2)		18,000,000		18,294,552
4.250%, 10/25/2022(1)(2)		7,555,000		7,902,303
Glencore Funding LLC:
4.125%, 05/30/2023(1)(2)		7,121,000		7,574,157
4.625%, 04/29/2024(1)(2)		7,500,000		8,220,749
4.000%, 04/16/2025(1)(2)		4,043,000		4,413,986
Global Payments, Inc.:
3.750%, 06/01/2023		4,550,000		4,787,769
2.650%, 02/15/2025		40,361,000		42,525,623
Graphic Packaging International LLC,
0.821%, 04/15/2024(2)		10,000,000		9,925,992
Gray Oak Pipeline LLC,
2.000%, 09/15/2023(2)		7,000,000		7,139,612
Grupo Bimbo SAB de CV:
4.500%, 01/25/2022(1)(2)		4,692,000		4,794,725
3.875%, 06/27/2024(1)(2)		10,718,000		11,552,798
Gulf South Pipeline Co. LP,
4.000%, 06/15/2022		3,000,000		3,072,070
HCA, Inc.:
4.750%, 05/01/2023		20,093,000		21,529,310
5.000%, 03/15/2024		14,570,000		16,098,756
Hewlett Packard Enterprise Co.:
2.250%, 04/01/2023		23,000,000		23,681,938
4.450%, 10/02/2023		22,909,000		24,774,868
Huntington Ingalls Industries, Inc.,
3.844%, 05/01/2025		37,176,000		40,511,475
Hutchison Whampoa International Ltd.,
4.625%, 01/13/2022(1)(2)		8,200,000		8,377,812
Hyundai Capital America:
3.750%, 07/08/2021(1)(2)		2,650,000		2,651,492
3.950%, 02/01/2022(1)(2)		5,024,000		5,123,288
3.000%, 06/20/2022(1)(2)		5,000,000		5,114,360
2.850%, 11/01/2022(1)(2)		6,000,000		6,169,316
0.800%, 04/03/2023(1)(2)		15,000,000		14,997,250
1.250%, 09/18/2023(1)(2)		15,000,000		15,136,944
5.875%, 04/07/2025(1)(2)		4,815,000		5,559,158
IHS Markit Ltd.,
5.000%, 11/01/2022(2)		9,613,000		10,069,991
Illumina, Inc.,
0.550%, 03/23/2023		12,600,000		12,619,875
Infor, Inc.,
1.450%, 07/15/2023(2)		28,072,000		28,388,736
Inversiones CMPC SA,
4.375%, 05/15/2023(1)(2)		2,325,000		2,437,786
Johnson Controls International PLC,
3.625%, 07/02/2024(7)		1,651,000		1,773,054
Kerry Group Financial
Services Unlimited Co.,
3.200%, 04/09/2023(1)(2)		36,325,000		37,630,798
Kimberly-Clark de Mexico SAB de CV,
3.250%, 03/12/2025(1)(2)		5,000,000		5,297,850
Kinder Morgan Energy Partners LP,
5.000%, 10/01/2021		13,000,000		13,000,000
Kinder Morgan, Inc.,
5.625%, 11/15/2023(2)		9,060,000		9,980,486
Kinross Gold Corp.,
5.950%, 03/15/2024(1)		15,680,000		17,539,024
Leggett & Platt, Inc.,
3.400%, 08/15/2022		10,000,000		10,232,675
Leidos, Inc.,
2.950%, 05/15/2023		27,875,000		28,987,491
Lennar Corp.:
4.875%, 12/15/2023		5,000,000		5,442,450
4.500%, 04/30/2024		11,192,000		12,241,250
5.875%, 11/15/2024		11,260,000		12,797,103
Lennox International, Inc.,
3.000%, 11/15/2023		16,160,000		16,936,514
LYB International Finance III LLC,
1.145%, 10/01/2023
(3 Month LIBOR USD + 1.000%)(3)		20,000,000		20,031,599
Marathon Petroleum Corp.,
4.500%, 05/01/2023		10,000,000		10,664,541
Marriott International, Inc.,
2.125%, 10/03/2022		10,000,000		10,142,206
Maxim Integrated Products, Inc.,
3.375%, 03/15/2023		2,190,000		2,282,044
Microchip Technology, Inc.:
2.670%, 09/01/2023		3,100,000		3,228,710
0.972%, 02/15/2024(2)		23,775,000		23,763,287
Micron Technology, Inc.:
2.497%, 04/24/2023		36,364,000		37,586,563
4.640%, 02/06/2024		6,700,000		7,344,339

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

Page 15

Baird Short-Term Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Midwest Connector Capital Co. LLC,
3.625%, 04/01/2022(2)	$	27,750,000	$	28,218,425
Mosaic Co.:
3.750%, 11/15/2021		2,850,000		2,861,534
3.250%, 11/15/2022		6,443,000		6,669,660
MPLX LP,
3.500%, 12/01/2022		6,403,000		6,650,541
Mylan, Inc.,
3.125%, 01/15/2023(2)		32,660,000		33,837,124
Newell Brands, Inc.,
3.850%, 04/01/2023		33,713,000		35,314,367
Nissan Motor Acceptance Corp.,
3.450%, 03/15/2023(1)(2)		1,585,000		1,649,958
Nissan Motor Co. Ltd.:
3.043%, 09/15/2023(1)(2)		10,000,000		10,429,696
3.522%, 09/17/2025(1)(2)		5,291,000		5,649,864
Northern Border Pipeline Co.,
7.500%, 09/15/2021		4,500,000		4,566,661
Nutrien Ltd.:
3.150%, 10/01/2022(1)		1,000,000		1,026,462
1.900%, 05/13/2023(1)		19,400,000		19,872,735
nVent Finance Sarl,
3.950%, 04/15/2023		12,565,000		13,131,741
NXP Semiconductors NV:
3.875%, 09/01/2022(1)(2)		10,862,000		11,262,642
4.625%, 06/01/2023(1)(2)		19,023,000		20,444,824
Occidental Petroleum Corp.:
1.606%, 08/15/2022
(3 Month LIBOR USD + 1.450%)(3)		4,250,000		4,228,904
2.700%, 08/15/2022		17,650,000		18,003,000
2.700%, 02/15/2023		10,000,000		10,222,000
Owens Corning,
4.200%, 12/15/2022		924,000		961,018
Panasonic Corp.,
2.536%, 07/19/2022(1)(2)		15,000,000		15,296,586
Penske Truck Leasing Co.:
4.250%, 01/17/2023(2)		10,000,000		10,547,437
2.700%, 03/14/2023(2)		1,500,000		1,548,516
4.125%, 08/01/2023(2)		1,350,000		1,440,009
4.000%, 07/15/2025(2)		8,000,000		8,810,379
Phillips 66,
3.700%, 04/06/2023		9,800,000		10,346,577
Pioneer Natural Resources Co.,
0.750%, 01/15/2024		13,500,000		13,487,595
POSCO:
2.375%, 01/17/2023(1)(2)		35,000,000		35,829,150
4.000%, 08/01/2023(1)(2)		5,000,000		5,324,550
Reckitt Benckiser Treasury Services PLC,
2.375%, 06/24/2022(1)(2)		15,000,000		15,287,595
Regency Energy Partners LP /
Regency Energy Finance Corp.:
5.000%, 10/01/2022		1,430,000		1,490,713
4.500%, 11/01/2023		13,121,000		14,081,960
Reliance Industries Ltd.,
5.400%, 02/14/2022(1)(2)		5,000,000		5,137,600
Roper Technologies, Inc.,
3.125%, 11/15/2022		10,000,000		10,300,340
Royalty Pharma PLC,
0.750%, 09/02/2023(2)		15,000,000		15,044,050
RPM International, Inc.,
3.450%, 11/15/2022		2,508,000		2,586,455
Ryder System, Inc.,
2.875%, 06/01/2022		5,000,000		5,105,886
Sabine Pass Liquefaction LLC:
5.625%, 04/15/2023		15,800,000		16,973,850
5.750%, 05/15/2024		6,463,000		7,252,684
Schneider Electric SE,
2.950%, 09/27/2022(2)		8,824,000		9,096,005
Seagate HDD Cayman:
4.750%, 06/01/2023(1)		12,400,000		13,193,476
4.875%, 03/01/2024(1)		2,500,000		2,693,650
Shire Acquisitions Investments Ireland DAC,
2.875%, 09/23/2023(1)		2,145,000		2,244,697
SK Hynix, Inc.,
1.000%, 01/19/2024(1)(2)		37,010,000		36,801,264
Skyworks Solutions, Inc.,
0.900%, 06/01/2023		5,000,000		5,014,868
Smithfield Foods, Inc.:
2.650%, 10/03/2021(1)(2)		17,740,000		17,826,362
3.350%, 02/01/2022(1)(2)		4,023,000		4,079,549
Smiths Group PLC,
3.625%, 10/12/2022(1)(2)		17,604,000		18,293,321
Sociedad Quimica y Minera de Chile SA,
3.625%, 04/03/2023(1)(2)		3,000,000		3,131,250
Sonoco Products Co.,
4.375%, 11/01/2021		855,000		857,652
Spirit AeroSystems, Inc.,
3.950%, 06/15/2023		3,515,000		3,534,332
SSM Health Care Corp.,
3.688%, 06/01/2023		16,500,000		17,310,602
Suncor Energy, Inc.,
2.800%, 05/15/2023(1)		10,000,000		10,400,206
Suntory Holdings Ltd.,
2.550%, 06/28/2022(1)(2)		25,600,000		26,094,188
TC PipeLines LP,
4.375%, 03/13/2025(1)		13,816,000		15,210,435
Teva Pharmaceutical Finance
Netherlands III BV,
2.200%, 07/21/2021(1)		15,654,000		15,647,738
Time Warner Cable LLC,
4.000%, 09/01/2021		9,706,000		9,706,000
Timken Co.,
3.875%, 09/01/2024		30,952,000		33,133,933
Toll Road Investors Partnership II LP,
0.000%, 02/15/2022(1)(2)		26,200,000		25,761,269
Toyota Motor Credit Corp.,
2.900%, 03/30/2023(1)		8,175,000		8,538,764
Triton Container International Ltd.,
1.150%, 06/07/2024(1)(2)		20,000,000		19,960,443
Valero Energy Corp.:
2.700%, 04/15/2023		19,400,000		20,112,706
1.200%, 03/15/2024		20,000,000		20,173,032
VF Corp.,
2.050%, 04/23/2022		32,900,000		33,345,883
Volkswagen Group of America Finance LLC:
4.000%, 11/12/2021(1)(2)		24,700,000		25,043,993
3.125%, 05/12/2023(1)(2)		7,000,000		7,309,531
0.875%, 11/22/2023(1)(2)		10,000,000		10,026,551
Wabtec Corp.,
4.400%, 03/15/2024		20,900,000		22,644,892
Westinghouse Air Brake Technologies Corp.,
3.200%, 06/15/2025		25,524,000		27,144,768
WestRock RKT LLC,
4.900%, 03/01/2022		4,100,000		4,218,122

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

Page 16

Baird Short-Term Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Williams Companies, Inc.:
7.875%, 09/01/2021	$	3,065,000	$	3,102,106
3.600%, 03/15/2022		4,750,000		4,829,722
3.350%, 08/15/2022		235,000		240,638
3.700%, 01/15/2023		12,537,000		13,055,250
4.300%, 03/04/2024		19,450,000		21,126,822
Zimmer Biomet Holdings, Inc.,
3.700%, 03/19/2023		6,307,000		6,629,601
Zimmer Holdings, Inc.,
3.150%, 04/01/2022		2,690,000		2,732,885
Zoetis, Inc.,
3.250%, 02/01/2023		13,085,000		13,589,387
Total Industrials
(Cost $2,670,775,928)				2,709,173,635		28.2	%
Utilities
Ausgrid Finance Pty Ltd.,
3.850%, 05/01/2023(1)(2)		9,979,000		10,420,471
Dominion Energy, Inc.,
2.450%, 01/15/2023(2)		30,000,000		30,888,055
EDP Finance BV,
3.625%, 07/15/2024(1)(2)		36,756,000		39,515,141
Enel Finance International NV:
2.875%, 05/25/2022(1)(2)		28,583,000		29,208,499
4.250%, 09/14/2023(1)(2)		1,100,000		1,184,969
ITC Holdings Corp.,
4.050%, 07/01/2023(1)		8,000,000		8,463,465
Jersey Central Power & Light Co.,
4.700%, 04/01/2024(2)		3,000,000		3,263,911
NextEra Energy Capital Holdings, Inc.,
0.650%, 03/01/2023		27,325,000		27,436,516
Orange Cogen Funding Corp.,
8.175%, 03/15/2022(2)		1,798,380		1,839,252
Transelec SA:
4.625%, 07/26/2023(1)(2)		9,800,000		10,455,620
4.250%, 01/14/2025(1)(2)		5,000,000		5,427,550
Total Utilities
(Cost $166,099,612)				168,103,449		1.7	%
Financials
AerCap Holdings NV:
4.450%, 12/16/2021(1)		25,000,000		25,379,603
3.300%, 01/23/2023(1)		8,000,000		8,297,229
Aetna, Inc.,
2.800%, 06/15/2023		2,000,000		2,081,528
AIB Group PLC:
4.750%, 10/12/2023(1)(2)		7,397,000		8,034,661
4.263%, 04/10/2025
(3 Month LIBOR USD + 1.874%)(1)(2)(3)		37,350,000		40,237,374
AIG Global Funding,
2.300%, 07/01/2022(2)		8,775,000		8,942,607
Air Lease Corp.:
2.625%, 07/01/2022		1,609,000		1,639,472
2.750%, 01/15/2023		21,150,000		21,820,947
Ally Financial, Inc.:
4.625%, 05/19/2022		16,661,000		17,255,391
1.450%, 10/02/2023		27,100,000		27,503,389
Assurant, Inc.,
4.200%, 09/27/2023		4,099,000		4,395,318
Banco Bilbao Vizcaya Argentaria SA,
0.875%, 09/18/2023(1)		27,000,000		27,093,358
Bank of America Corp.:
2.816%, 07/21/2023
(3 Month LIBOR USD + 0.930%)(3)		10,000,000		10,248,729
3.550%, 03/05/2024
(3 Month LIBOR USD + 0.780%)(3)		5,000,000		5,253,383
3.864%, 07/23/2024
(3 Month LIBOR USD + 0.940%)(3)		5,275,000		5,624,513
0.976%, 04/22/2025
(SOFR + 0.690%)(3)		45,000,000		45,144,204
Banque Federative du Credit Mutuel SA:
2.700%, 07/20/2022(1)(2)		3,000,000		3,077,182
2.125%, 11/21/2022(1)(2)		18,000,000		18,433,871
Barclays PLC:
4.610%, 02/15/2023
(3 Month LIBOR USD + 1.400%)(1)(3)		7,000,000		7,179,217
3.932%, 05/07/2025
(3 Month LIBOR USD + 1.610%)(1)(3)		7,250,000		7,826,400
2.852%, 05/07/2026
(3 Month LIBOR USD + 2.714%)(1)(3)		19,400,000		20,495,571
BBVA USA,
2.875%, 06/29/2022		18,861,000		19,307,338
BNP Paribas SA:
2.950%, 05/23/2022(1)(2)		23,125,000		23,674,630
3.500%, 03/01/2023(1)(2)		10,794,000		11,322,562
4.705%, 01/10/2025
(3 Month LIBOR USD + 2.235%)(1)(2)(3)		11,390,000		12,426,451
BNZ International Funding Ltd.,
3.375%, 03/01/2023(1)(2)		15,305,000		16,060,370
BPCE SA:
5.700%, 10/22/2023(1)(2)		17,793,000		19,698,023
4.625%, 07/11/2024(1)(2)		2,794,000		3,070,798
5.150%, 07/21/2024(1)(2)		17,675,000		19,693,328
4.500%, 03/15/2025(1)(2)		3,970,000		4,374,139
Brown & Brown, Inc.,
4.200%, 09/15/2024		1,000,000		1,095,833
Canadian Imperial Bank of Commerce,
2.606%, 07/22/2023
(3 Month LIBOR USD + 0.785%)(1)(3)		36,050,000		36,878,439
Cantor Fitzgerald LP:
6.500%, 06/17/2022(2)		1,177,000		1,241,311
4.875%, 05/01/2024(2)		9,600,000		10,518,582
Capital One NA,
3.375%, 02/15/2023		34,182,000		35,765,812
CIT Group, Inc.:
4.750%, 02/16/2024		9,711,000		10,524,296
5.250%, 03/07/2025		22,407,000		25,207,875
Citigroup, Inc.:
1.678%, 05/15/2024
(SOFR + 1.667%)(3)		25,000,000		25,528,284
0.981%, 05/01/2025
(SOFR + 0.669%)(3)		15,000,000		15,035,698
Citizens Bank NA,
3.250%, 02/14/2022		3,000,000		3,048,164
Cooperatieve Rabobank UA:
3.950%, 11/09/2022(1)		37,273,000		39,019,011
4.625%, 12/01/2023(1)		12,004,000		13,126,138
Credit Agricole SA:
3.375%, 01/10/2022(1)(2)		19,895,000		20,214,179
3.750%, 04/24/2023(1)(2)		3,380,000		3,574,337
4.375%, 03/17/2025(1)(2)		20,341,000		22,368,016
Credit Suisse Group AG:
3.574%, 01/09/2023(1)(2)		11,400,000		11,580,524
2.997%, 12/14/2023
(3 Month LIBOR USD + 1.200%)(1)(2)(3)		18,000,000		18,587,982
2.593%, 09/11/2025
(SOFR + 1.560%)(1)(2)(3)		12,000,000		12,484,496

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

Page 17

Baird Short-Term Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Credit Suisse Group
Funding Guernsey Ltd.,
3.800%, 09/15/2022(1)	$	4,650,000	$	4,838,705
CyrusOne LP / CyrusOne
Finance Corp.,
2.900%, 11/15/2024		11,549,000		12,196,090
Daiwa Securities Group, Inc.,
3.129%, 04/19/2022(1)(2)		9,750,000		9,966,419
Danske Bank A/S:
3.875%, 09/12/2023(1)(2)		8,500,000		9,045,201
1.171%, 12/08/2023
(1 Year CMT Rate + 1.030%)(1)(2)(3)		26,375,000		26,507,319
DBS Group Holdings Ltd.,
2.850%, 04/16/2022(1)(2)		10,000,000		10,187,200
Deutsche Bank AG:
4.250%, 10/14/2021(1)		5,400,000		5,458,554
5.000%, 02/14/2022(1)		10,000,000		10,273,547
2.222%, 09/18/2024
(SOFR + 2.159%)(1)(3)		17,000,000		17,459,353
1.447%, 04/01/2025
(SOFR + 1.131%)(1)(3)		10,000,000		10,060,113
3.961%, 11/26/2025
(SOFR + 2.581%)(1)(3)		12,200,000		13,189,325
Discover Bank:
3.350%, 02/06/2023		7,964,000		8,296,542
4.200%, 08/08/2023		17,405,000		18,740,988
Discover Financial Services,
5.200%, 04/27/2022		10,443,000		10,849,360
F.N.B. Corporation,
2.200%, 02/24/2023		18,075,000		18,357,925
Fifth Third Bancorp,
1.625%, 05/05/2023		15,000,000		15,298,835
First Horizon National Corp.,
3.550%, 05/26/2023		30,000,000		31,560,227
GATX Corp.,
4.350%, 02/15/2024		2,650,000		2,882,563
Goldman Sachs Group, Inc.:
2.876%, 10/31/2022
(3 Month LIBOR USD + 0.821%)(3)		12,000,000		12,094,435
2.908%, 06/05/2023
(3 Month LIBOR USD + 1.053%)(3)		8,280,000		8,463,778
2.905%, 07/24/2023
(3 Month LIBOR USD + 0.990%)(3)		14,200,000		14,556,311
0.673%, 03/08/2024
(SOFR + 0.572%)(3)		21,800,000		21,838,952
Health Care Service Corp.
A Mutual Legal Reserve Co.,
1.500%, 06/01/2025(2)		6,465,000		6,563,054
HSBC Holdings PLC:
3.803%, 03/11/2025
(3 Month LIBOR USD + 1.211%)(1)(3)		28,200,000		30,323,016
0.976%, 05/24/2025
(SOFR + 0.708%)(1)(3)		9,000,000		8,992,441
Invesco Finance PLC,
3.125%, 11/30/2022		9,377,000		9,723,614
Jefferies Group LLC,
5.125%, 01/20/2023		30,883,000		33,000,353
KeyBank NA,
3.180%, 05/22/2022		24,943,000		25,587,149
LeasePlan Corp. NV,
2.875%, 10/24/2024(1)(2)		29,018,000		30,475,198
Lexington Realty Trust,
4.250%, 06/15/2023		10,962,000		11,591,254
Liberty Mutual Group, Inc.,
4.950%, 05/01/2022(2)		3,000,000		3,108,420
Lloyds Bank PLC:
3.000%, 01/11/2022(1)		10,000,000		10,145,779
1.326%, 06/15/2023
(1 Year CMT Rate + 1.100%)(1)(3)		9,400,000		9,475,447
2.907%, 11/07/2023
(3 Month LIBOR USD + 0.810%)(1)(3)		21,704,000		22,379,243
0.695%, 05/11/2024
(1 Year CMT Rate + 0.550%)(1)(3)		9,400,000		9,425,266
Macquarie Bank Ltd.,
2.100%, 10/17/2022(1)(2)		17,600,000		18,004,398
Macquarie Group Ltd.,
3.189%, 11/28/2023
(3 Month LIBOR USD + 1.023%)(1)(2)(3)		4,000,000		4,142,838
Massachusetts Mutual Life Insurance Co.,
7.625%, 11/15/2023(2)		31,945,000		35,332,482
Mitsubishi UFJ Financial Group, Inc.:
2.623%, 07/18/2022(1)		10,000,000		10,246,303
0.848%, 09/15/2024
(1 Year CMT Rate + 0.680%)(1)(3)		20,000,000		20,105,845
Mitsubishi UFJ Lease & Finance Co. Ltd.:
3.406%, 02/28/2022(1)(2)		5,200,000		5,285,983
2.652%, 09/19/2022(1)(2)		3,000,000		3,067,954
Mizuho Financial Group, Inc.:
4.600%, 03/27/2024(1)(2)		32,170,000		35,079,234
1.241%, 07/10/2024
(3 Month LIBOR USD + 1.252%)(1)(3)		14,700,000		14,902,578
Morgan Stanley:
0.731%, 04/05/2024 (SOFR + 0.616%)(3)		7,100,000		7,114,875
3.737%, 04/24/2024
(3 Month LIBOR USD + 0.847%)(3)		34,242,000		36,214,537
Nationwide Building Society:
2.000%, 01/27/2023(1)(2)		4,980,000		5,109,470
3.622%, 04/26/2023
(3 Month LIBOR USD + 1.181%)(1)(2)(3)		18,635,000		19,108,914
3.766%, 03/08/2024
(3 Month LIBOR USD + 1.064%)(1)(2)(3)		9,670,000		10,154,847
New York Life Global Funding,
1.100%, 05/05/2023(2)		14,425,000		14,613,278
Nomura Holdings, Inc.,
1.851%, 07/16/2025(1)		3,000,000		3,066,588
Nordea Bank AB:
4.250%, 09/21/2022(1)(2)		14,785,000		15,442,405
3.750%, 08/30/2023(1)(2)		3,725,000		3,976,309
Park Aerospace Holdings Ltd.,
4.500%, 03/15/2023(1)(2)		7,746,000		8,142,418
People’s United Bank NA,
4.000%, 07/15/2024		14,505,000		15,618,711
People’s United Financial, Inc.,
3.650%, 12/06/2022		6,329,000		6,549,575
Principal Life Global Funding II,
0.750%, 04/12/2024(2)		6,500,000		6,503,708
Protective Life Global Funding:
0.502%, 04/12/2023(1)(2)		10,000,000		10,008,485
1.082%, 06/09/2023(1)(2)		15,900,000		16,088,404
Prudential Funding LLC,
6.750%, 09/15/2023(2)		41,192,000		46,705,463
Reliance Standard Life Global Funding II:
2.625%, 07/22/2022(1)(2)		13,625,000		13,952,322
2.150%, 01/21/2023(1)(2)		15,000,000		15,346,542
Royal Bank of Scotland Group PLC:
3.498%, 05/15/2023
(3 Month LIBOR USD + 1.480%)(1)(3)		13,000,000		13,338,514

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

Page 18

Baird Short-Term Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Royal Bank of Scotland Group PLC: (cont.)
3.875%, 09/12/2023(1)	$	8,187,000	$	8,745,726
4.519%, 06/25/2024
(3 Month LIBOR USD + 1.550%)(1)(3)		9,734,000		10,450,237
4.269%, 03/22/2025
(3 Month LIBOR USD + 1.762%)(1)(3)		14,250,000		15,456,744
Santander Holdings USA, Inc.:
4.450%, 12/03/2021(1)		7,500,000		7,602,094
3.400%, 01/18/2023(1)		7,114,000		7,406,608
Santander UK Group Holdings PLC:
2.875%, 08/05/2021(1)		2,970,000		2,976,857
3.571%, 01/10/2023(1)		2,500,000		2,540,040
3.373%, 01/05/2024
(3 Month LIBOR USD + 1.080%)(1)(3)		10,000,000		10,406,309
Santander UK PLC,
5.000%, 11/07/2023(1)(2)		2,300,000		2,507,414
Skandinaviska Enskilda Banken AB,
2.200%, 12/12/2022(1)(2)		17,825,000		18,303,537
SMBC Aviation Capital Finance DAC:
2.650%, 07/15/2021(1)(2)		1,950,000		1,951,443
4.125%, 07/15/2023(1)(2)		1,960,000		2,084,302
Societe Generale SA:
5.000%, 01/17/2024(1)(2)		14,511,000		15,793,049
3.875%, 03/28/2024(1)(2)		17,000,000		18,271,875
2.625%, 10/16/2024(1)(2)		14,000,000		14,617,794
Standard Chartered PLC:
2.744%, 09/10/2022
(3 Month LIBOR USD + 1.200%)(1)(2)(3)		10,000,000		10,041,569
1.319%, 10/14/2023
(1 Year CMT Rate + 1.170%)(1)(2)(3)		2,525,000		2,546,740
3.885%, 03/15/2024
(3 Month LIBOR USD + 1.080%)(1)(2)(3)		18,850,000		19,819,329
0.991%, 01/12/2025
(1 Year CMT Rate + 0.780%)(1)(2)(3)		18,000,000		17,943,367
Stifel Financial Corp.,
4.250%, 07/18/2024		3,021,000		3,309,858
Sumitomo Mitsui Financial Group, Inc.,
4.436%, 04/02/2024(1)(2)		3,300,000		3,591,921
Sumitomo Mitsui Trust Bank Ltd.,
0.850%, 03/25/2024(1)(2)		37,000,000		37,056,531
Synchrony Financial:
2.850%, 07/25/2022		25,219,000		25,814,271
4.375%, 03/19/2024		12,000,000		13,060,838
4.250%, 08/15/2024		9,000,000		9,834,561
Synovus Bank,
2.289%, 02/10/2023 (SOFR + 0.945%)(3)		7,000,000		7,054,126
Trinity Acquisition PLC,
3.500%, 09/15/2021		18,183,000		18,251,661
UBS Group AG,
1.008%, 07/30/2024
(1 Year CMT Rate + 0.830%)(1)(2)(3)		9,800,000		9,870,577
UBS Group Funding Switzerland AG,
2.859%, 08/15/2023
(3 Month LIBOR USD + 0.954%)(1)(2)(3)		7,200,000		7,388,602
USAA Capital Corp.,
1.500%, 05/01/2023(2)		6,000,000		6,120,631
WEA Finance LLC,
3.150%, 04/05/2022(1)(2)		12,750,000		12,938,773
Wells Fargo & Co.:
3.750%, 01/24/2024		9,840,000		10,582,422
1.654%, 06/02/2024 (SOFR + 1.600%)(3)		30,000,000		30,641,631
2.188%, 04/30/2026 (SOFR + 2.000%)(3)		1,500,000		1,557,290
Willis North America, Inc.,
3.600%, 05/15/2024		2,600,000		2,792,982
Zions Bancorp NA:
3.500%, 08/27/2021		11,700,000		11,754,958
3.350%, 03/04/2022		20,000,000		20,345,265
Total Financials
(Cost $2,056,545,327)				2,088,957,451		21.8	%
Total Corporate Bonds
(Cost $4,893,420,867)				4,966,234,535		51.7	%
Municipal Bonds
Arlington Higher Education Finance Corp.,
3.000%, 08/15/2044
(Callable 08/15/2024)(4)		28,340,000		30,198,600
Bloomington Redevelopment District,
2.400%, 08/01/2024		690,000		694,302
Brazos Higher Education Authority, Inc.,
2.427%, 04/01/2022		1,320,000		1,335,877
Central Texas Turnpike System,
1.980%, 08/15/2042(4)		8,280,000		8,420,517
Chicago Transit Authority:
1.708%, 12/01/2022		1,000,000		1,014,723
1.838%, 12/01/2023		1,000,000		1,021,917
City of Houston TX,
1.054%, 07/01/2023		6,000,000		6,062,947
City of Johnson TN,
7.850%, 03/01/2024		3,865,000		4,207,182
City of Ontario CA:
2.071%, 06/01/2022		1,095,000		1,105,800
2.216%, 06/01/2023		1,300,000		1,324,726
City of Pittsburg CA,
5.864%, 07/01/2021		555,000		555,000
County of Burleigh ND,
2.750%, 02/01/2022
(Callable 07/21/2021)		7,355,000		7,358,049
County of Riverside CA:
2.265%, 02/15/2022		5,000,000		5,057,744
2.363%, 02/15/2023		5,000,000		5,147,738
County of Sacramento CA:
7.680%, 08/15/2021(7)		16,535,000		16,671,042
7.680%, 08/15/2021(7)		2,000,000		2,016,950
County of Saline AR,
3.550%, 06/01/2042
(Callable 06/01/2024)		1,890,000		1,943,099
Florida Development Finance Corp.:
1.795%, 04/01/2022		1,000,000		1,003,748
1.976%, 04/01/2023		1,255,000		1,265,424
Great Lakes Water Authority:
1.684%, 07/01/2022		250,000		253,597
1.879%, 07/01/2023		500,000		514,440
1.984%, 07/01/2024		500,000		519,805
Housing & Redevelopment
Authority of The City of St. Paul,
3.539%, 07/01/2023		5,000,000		5,290,765
Illinois Housing Development Authority,
4.000%, 02/01/2034
(Callable 08/01/2025)		3,395,000		3,550,908
Massachusetts Educational
Financing Authority:
1.073%, 07/01/2024(8)		1,725,000		1,725,276
1.338%, 07/01/2025(8)		5,000,000		5,001,114
2.000%, 07/01/2037
(Callable 07/01/2031)(8)		1,000,000		999,423
Metropolitan Transportation Authority:
5.000%, 11/15/2021		1,500,000		1,525,836
5.000%, 11/15/2021		260,000		264,482
5.000%, 11/15/2021		750,000		762,918

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

Page 19

Baird Short-Term Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
New Hampshire Housing
Finance Authority,
4.000%, 07/01/2036
(Callable 07/10/2024)	$	2,585,000	$	2,660,867
New Jersey Economic
Development Authority:
2.609%, 06/15/2022		500,000		508,440
2.781%, 06/15/2023		2,085,000		2,151,033
New Jersey Sports &
Exposition Authority:
6.076%, 03/01/2023		955,000		992,341
5.976%, 03/01/2024		995,000		1,038,417
New Jersey Transportation
Trust Fund Authority,
2.384%, 06/15/2022		4,245,000		4,310,057
Niagara Area Development Corp.,
2.643%, 05/01/2022		1,000,000		1,015,958
Philadelphia Authority for
Industrial Development:
0.000%, 04/15/2022		6,022,000		6,010,212
0.000%, 04/15/2023		7,250,000		7,114,297
3.964%, 04/15/2026		4,500,000		4,796,547
Port of Seattle WA,
2.430%, 05/01/2022		1,000,000		1,017,566
Rhode Island Housing &
Mortgage Finance Corp.,
3.000%, 10/01/2034
(Callable 10/01/2022)		1,135,000		1,149,708
South Carolina Transportation
Infrastructure Bank,
0.517%, 10/01/2031
(1 Month LIBOR USD + 0.450%)
(Callable 10/01/2021)(3)		11,940,000		11,944,857
State of Connecticut:
2.500%, 07/01/2022		3,000,000		3,067,830
2.000%, 07/01/2023		3,000,000		3,094,462
State of Illinois,
1.900%, 10/01/2021		5,500,000		5,507,047
State Public School Building Authority,
2.615%, 04/01/2023		2,500,000		2,581,160
Tennessee Housing Development Agency,
4.000%, 07/01/2040
(Callable 07/01/2029)		4,725,000		5,061,665
Tobacco Settlement Finance Authority,
0.947%, 06/01/2022		3,500,000		3,516,681
Total Municipal Bonds
(Cost $182,125,317)				184,353,094		1.9	%
Residential Mortgage-Backed Securities
Non-U.S. Government Agency Issues
Aegis Asset Backed Securities Trust,
Series 2005-4, Class M1,
0.767%, 10/25/2035
(1 Month LIBOR USD + 0.675%)(3)		7,230,825		7,225,876
Alternative Loan Trust:
Series 2004-12CB, Class 1A1,
5.000%, 08/25/2021		4,169		4,152
Series 2004-J2, Class 3A3,
5.500%, 04/25/2034		56,409		57,867
Series 2005-73CB, Class 1A7,
5.500%, 01/25/2036(6)		43,027		42,980
Series 2006-28CB, Class A17,
6.000%, 10/25/2036		465,260		337,570
Argent Securities Inc. Asset-Backed
Pass-Through Certificates,
Series 2005-W3, Class A2D,
0.772%, 11/25/2035
(1 Month LIBOR USD + 0.680%)(3)		990,437		989,404
Arroyo Mortgage Trust:
Series 2019-3, Class A1,
2.962%, 10/25/2048(2)(4)		14,100,945		14,298,434
Series 2019-2, Class A1,
3.347%, 04/25/2049(2)(4)		11,352,991		11,546,148
Series 2020-1, Class A1A,
1.662%, 03/25/2055(2)		9,446,458		9,522,373
COLT Trust,
Series 2020-RPL1, Class A1,
1.390%, 01/25/2065(2)(4)		24,120,739		24,268,626
CSMC Trust,
Series 2019-RPL1, Class A1A,
3.650%, 07/25/2058(2)(4)		30,593,286		31,984,005
CWABS Asset-Backed Certificates Trust,
Series 2006-9, Class 1AF3,
5.859%, 08/25/2036(4)		285,230		286,717
GSAMP Trust,
Series 2006-HE7, Class A2D,
0.322%, 10/25/2036
(1 Month LIBOR USD + 0.230%)(3)		3,866,827		3,845,300
J.P. Morgan Mortgage Trust,
Series 2005-A4, Class 1A1,
2.696%, 07/25/2035(4)		206,818		214,357
MASTR Alternative Loan Trust:
Series 2003-5, Class 7A1,
5.000%, 10/01/2031		38,159		22,083
Series 2003-5, Class 4A1,
5.500%, 07/25/2033		1,811,548		1,876,726
Mill City Mortgage Loan Trust,
Series 2018-2, Class A1,
3.500%, 05/25/2058(2)(4)		1,156,558		1,181,892
Morgan Stanley,
Series 2005-HE5, Class M2,
0.737%, 09/25/2035
(1 Month LIBOR USD + 0.645%)(3)		4,166,525		4,160,430
Renaissance Home Equity Loan Trust,
Series 2007-2, Class AF2,
5.675%, 06/25/2037(7)		1,914,212		724,307
Structured Asset Securities Corp.,
Series 2004-4XS, Class 1A6,
5.050%, 02/25/2034(7)		19,385		19,389
Thornburg Mortgage Securities Trust,
Series 2003-5, Class 3A,
2.231%, 10/25/2043(4)		2,779,403		2,800,523
Towd Point Mortgage Trust:
Series 2016-5, Class A1,
2.500%, 10/25/2056(2)(4)		14,871,155		15,109,922
Series 2017-1, Class A1,
2.750%, 10/25/2056(2)(4)		11,643,263		11,821,441
Series 2017-5, Class A1,
0.692%, 02/26/2057
(1 Month LIBOR USD + 0.600%)(2)(3)		4,431,465		4,431,683
Series 2017-2, Class A1,
2.750%, 04/25/2057(2)(4)		6,078,212		6,162,880
Series 2017-3, Class A1,
2.750%, 06/25/2057(2)(4)		25,061,577		25,545,712
Series 2017-4, Class A1,
2.750%, 06/25/2057(2)(4)		6,433,970		6,615,331

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

Page 20

Baird Short-Term Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Towd Point Mortgage Trust: (cont.)
Series 2017-6, Class A1,
2.750%, 10/25/2057(2)(4)	$	37,377,775	$	38,281,405
Series 2018-6, Class A1A,
3.750%, 03/25/2058(2)(4)		7,014,090		7,244,664
WaMu Mortgage Pass-Through
Certificates Trust,
Series 2004-AR3, Class A1,
2.577%, 06/25/2034(4)		1,943,583		2,001,653
Total Residential
Mortgage-Backed Securities
(Cost $231,752,784)				232,623,850		2.4	%
Commercial Mortgage-Backed Securities
Non-U.S. Government Agency Issues
Citigroup Commercial Mortgage Trust:
Series 2013-GC11, Class A4,
3.093%, 04/10/2046		11,499,024		11,911,442
Series 2014-GC19, Class AAB,
3.552%, 03/12/2047		2,512,863		2,617,278
Series 2014-GC23, Class AAB,
3.337%, 07/12/2047		9,075,567		9,441,408
COMM Mortgage Trust:
Series 2012-CR1, Class ASB,
3.053%, 05/17/2045		3,685,848		3,710,428
Series 2012-CR2, Class A4,
3.147%, 08/17/2045		7,890,000		8,040,118
Series 2013-LC6, Class ASB,
2.478%, 01/12/2046		4,183,918		4,236,258
Series 2014-LC15, Class ASB,
3.528%, 04/12/2047		7,499,609		7,757,248
Series 2014-CR16, Class ASB,
3.653%, 04/12/2047		6,728,362		6,985,184
Series 2015-LC21, Class A4,
3.708%, 07/10/2048		12,060,955		13,168,655
Series 2013-CR11, Class A4,
4.258%, 08/12/2050		5,130,000		5,502,765
GS Mortgage Securities Trust,
Series 2012-GCJ9, Class A3,
2.773%, 11/10/2045		23,068,275		23,566,411
J.P. Morgan Chase Commercial
Mortgage Securities Trust:
Series 2012-C8, Class ASB,
2.379%, 10/17/2045		5,356,210		5,413,074
Series 2012-C8, Class A3,
2.829%, 10/17/2045		10,018,546		10,226,074
Series 2013-LC11, Class A5,
2.960%, 04/15/2046		12,580,000		13,041,710
JPMBB Commercial
Mortgage Securities Trust:
Series 2013-C14, Class ASB,
3.761%, 08/17/2046(4)		8,046,156		8,337,646
Series 2013-C14, Class A4,
4.133%, 08/17/2046(4)		8,211,831		8,602,812
Series 2014-C25, Class A5,
3.672%, 11/18/2047		9,543,000		10,315,620
Series 2015-C31, Class ASB,
3.540%, 08/17/2048		7,856,023		8,302,922
Series 2015-C33, Class ASB,
3.562%, 12/17/2048		3,664,225		3,879,484
Morgan Stanley Bank of America
Merrill Lynch Trust:
Series 2013-C9, Class AAB,
2.657%, 05/17/2046		9,259,135		9,409,451
Series 2015-C25, Class ASB,
3.383%, 10/19/2048		12,962,505		13,604,060
Series 2013-C8, Class ASB,
2.699%, 12/17/2048		5,953,558		6,012,410
Wells Fargo Commercial Mortgage Trust,
Series 2014-LC16, Class ASB,
3.477%, 08/17/2050		9,105,290		9,464,428
WFRBS Commercial Mortgage Trust:
Series 2013-C11, Class A5,
3.071%, 03/17/2045		4,947,330		5,089,935
Series 2012-C6, Class A4,
3.440%, 04/15/2045		3,766,941		3,776,304
Series 2013-C14, Class ASB,
2.977%, 06/15/2046		8,920,956		9,119,548
Series 2013-C14, Class A4,
3.073%, 06/15/2046		11,249,415		11,488,426
Series 2014-C23, Class ASB,
3.636%, 10/17/2057		777,142		814,173
Total Commercial
Mortgage-Backed Securities
(Cost $232,909,478)				233,835,272		2.4	%
Asset Backed Securities
Bank of The West Auto Trust:
Series 2017-1, Class A3,
2.110%, 01/15/2023(2)		134,071		134,186
Series 2019-1, Class A3,
2.430%, 04/15/2024(2)		10,310,086		10,434,228
CarMax Auto Owner Trust,
Series 2018-4, Class A3,
3.360%, 09/15/2023		5,865,588		5,945,080
Chase Auto Credit Linked Notes:
Series 2020-2, Class B,
0.840%, 02/25/2028(2)		9,800,720		9,813,886
Series 2021-1, Class B,
0.875%, 09/25/2028(2)		40,000,000		40,029,272
Chesapeake Funding II LLC:
Series 2018-1A, Class A1,
3.040%, 04/15/2030(2)		2,361,559		2,364,650
Series 2020-1A, Class A1,
0.870%, 08/15/2032(2)		15,868,537		15,953,789
Conseco Financial Corp.,
Series 1998-3, Class A5,
6.220%, 03/01/2030		4,477		4,485
Discover Card Execution Note Trust,
Series 2019-A3, Class A,
1.890%, 10/15/2024		2,700,000		2,756,430
Donlen Fleet Lease Funding 2 LLC,
Series 2021-2, Class A2,
0.560%, 12/11/2034(2)		29,475,000		29,510,069
Ford Credit Floorplan Master Owner Trust,
Series 2019-3, Class A1,
2.230%, 09/15/2024		46,629,000		47,731,725
Genesis Sales Finance Master Trust,
Series 2021-AA, Class A,
1.200%, 12/20/2026(2)		1,080,000		1,077,145
GM Financial Automobile Leasing Trust,
Series 2020-2, Class A3,
0.800%, 07/20/2023		9,500,000		9,551,282
GMF Floorplan Owner Revolving Trust:
Series 2020-1, Class A,
0.680%, 08/15/2025(2)		8,900,000		8,932,601

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

Page 21

Baird Short-Term Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal					% of
	Amount		Value			Net Assets
GMF Floorplan Owner
Revolving Trust: (cont.)
Series 2019-2, Class A,
2.900%, 04/15/2026(2)	$	26,900,000	$	28,536,946
Hyundai Auto Lease Securitization Trust,
Series 2020-A, Class A3,
1.950%, 07/15/2023(2)		23,600,000		23,788,944
Mercedes-Benz Master Owner Trust,
Series 2019-BA, Class A,
2.610%, 05/15/2024(2)		20,775,000		21,204,872
Navient Private Education Refi Loan Trust,
Series 2021-A, Class A,
0.840%, 05/15/2069(2)		13,963,462		13,937,924
Nelnet Student Loan Trust,
Series 2021-A, Class APT1,
1.360%, 04/20/2062(2)		14,000,000		14,002,236
PFS Financing Corp.:
Series 2019-A, Class A2,
2.860%, 04/15/2024(2)		7,675,000		7,829,792
Series 2020-A, Class A,
1.270%, 06/15/2025(2)		39,067,000		39,638,105
Series 2021-A, Class A,
0.710%, 04/15/2026(2)		12,500,000		12,490,032
Towd Point Mortgage Trust:
Series 2019-MH1, Class A1,
3.000%, 11/25/2058(2)(4)		8,611,157		8,766,509
Series 2020-MH1, Class A1A,
2.184%, 02/25/2060(2)(4)		16,582,572		16,759,394
Series 2020-MH1, Class A1,
2.250%, 02/25/2060(2)(4)		21,513,433		21,771,058
Volkswagen Auto Lease Trust,
Series 2019-A, Class A3,
1.990%, 11/21/2022		8,768,508		8,823,024
Volkswagen Auto Loan Enhanced Trust,
Series 2020-1, Class A3,
0.980%, 11/20/2024		19,375,000		19,517,333
Total Asset Backed Securities
(Cost $420,093,535)				421,304,997			4.4	%
Total Long-Term Investments
(Cost $9,390,394,015)				9,459,235,966			98.5	%
Short-Term Investment
	Shares
Money Market Mutual Fund
First American Government
Obligations Fund, Class U, 0.03%(5)		345,997,227		345,997,227
Total Short-Term Investment
(Cost $345,997,227)				345,997,227			3.6	%
Total Investments
(Cost $9,736,391,242)				9,805,233,193			102.1	%
Liabilities in Excess of Other Assets				(205,256,414	)		(2.1	)%
TOTAL NET ASSETS			$	9,599,976,779			100.0	%

Notes to Schedule of Investments

CMT – Constant Maturity Treasury

LIBOR – London Inter-bank Offered Rate

SOFR – Secured Overnight Financing Rate

(1)	Foreign security.
(2)	Security as defined in Rule 144A under the Securities Act of 1933 and classified as liquid under the Fund’s liquidity risk management program. Purchased in a private placement transaction; resale to the public may require registration or may extend only to qualified institutional buyers. At June 30, 2021, the value of these securities totaled $2,476,930,900, which represented 25.80% of total net assets.
(3)	Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of June 30, 2021.
(4)	Variable rate security. The coupon is based on an underlying pool of loans. The rate reported is the rate in effect as of June 30, 2021.
(5)	Seven-day yield.
(6)	Security that, on the last payment date, missed a partial principal or interest payment.
(7)	Step-up bond; the interest rate shown is the rate in effect as of June 30, 2021.
(8)	Security or a portion of the security purchased on a when-issued or delayed delivery basis.

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

Page 22

Baird Short-Term Bond Fund

Summary of Fair Value Exposure at June 30, 2021 (Unaudited)

The Fund has adopted authoritative fair valuation accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion on changes in valuation techniques and related inputs during the period. These standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The fair value hierarchy is organized into three levels based upon the assumptions (referred to as “inputs”) used in pricing the asset or liability. These standards state that “observable inputs” reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from independent sources and “unobservable inputs” reflect an entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. These inputs are summarized into three broad levels and described below:

Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3 – Unobservable inputs for the asset or liability.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2021:

	Level 1		Level 2		Level 3		Total
Long-Term Investments
U.S. Treasury Securities	$	—	$	3,393,722,422	$	—	$	3,393,722,422
Other Government Related Securities		—		27,161,796		—		27,161,796
Corporate Bonds		—		4,966,234,535		—		4,966,234,535
Municipal Bonds		—		184,353,094		—		184,353,094
Residential Mortgage-Backed Securities – Non-U.S. Government Agency Issues		—		232,623,850		—		232,623,850
Commercial Mortgage-Backed Securities – Non-U.S. Government Agency Issues		—		233,835,272		—		233,835,272
Asset Backed Securities		—		421,304,997		—		421,304,997
Total Long-Term Investments		—		9,459,235,966		—		9,459,235,966
Short-Term Investment
Money Market Mutual Fund		345,997,227		—		—		345,997,227
Total Short-Term Investment		345,997,227		—		—		345,997,227
Total Investments	$	345,997,227	$	9,459,235,966	$	—	$	9,805,233,193

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

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

Page 23

Baird Intermediate Bond Fund

June 30, 2021 (Unaudited)

Portfolio Characteristics

Quality Distribution⁽¹⁾⁽²⁾

	Net Assets	$6,261,988,513
	SEC 30-Day Yield(3)
	Institutional Class	0.89%
	Investor Class	0.64%
	Average Effective Duration	4.18 years
	Average Effective Maturity	4.50 years
	Annualized Expense Ratio(4)
	Institutional Class	0.30%
	Investor Class	0.55%	(5)
	Portfolio Turnover Rate	22%	(6)
	Number of Holdings	585
Sector Weightings(1)

(1)	Percentages shown are based on the Fund’s total investments.
(2)	The quality profile is calculated on a market value-weighted basis using the highest credit quality rating for each security held by the Fund given by S&P, Moody’s or Fitch, each of which is a Nationally Recognized Statistical Rating Organization (NRSRO). NRSROs rate the credit quality of securities using a scale that generally ranges from AAA (highest) to D (lowest).
(3)	SEC yields are based on SEC guidelines and are calculated for the 30 days ended June 30, 2021.
(4)	Reflects expense ratios as stated in the Fund’s current prospectus dated May 1, 2021.
(5)	Includes 0.25% 12b-1 fee.
(6)	Not annualized.

Page 24

Baird Intermediate Bond Fund

June 30, 2021 (Unaudited)

Total Returns

			Average Annual
	Six	One	Five	Ten	Since
For the Periods Ended June 30, 2021	Months	Year	Years	Years	Inception(1)
Institutional Class Shares	-0.84%	0.91%	3.00%	3.30%	4.73%
Investor Class Shares	-1.00%	0.62%	2.76%	3.06%	4.46%
Bloomberg Barclays Intermediate U.S. Government/Credit Bond Index(2)	-0.90%	0.19%	2.63%	2.76%	4.28%

(1)	For the period from September 29, 2000 (inception date) through June 30, 2021.
(2)	The Bloomberg Barclays Intermediate U.S. Government/Credit Bond Index is an unmanaged, market value weighted index of investment grade, fixed-rate debt issues, including government and corporate securities, with maturities between one and ten years.  This Index does not reflect any deduction for fees, expenses or taxes.  A direct investment in an index is not possible.

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

The Fund’s gross expense ratio for each Class, as reflected in the Fund’s current prospectus, is set forth under “Portfolio Characteristics”.

The Fund may invest in U.S. dollar denominated foreign securities which involve additional risks such as political and economic instability, and different and sometimes less strict financial reporting standards and regulation. The Fund may also invest in mortgage- and asset-backed securities, which include interest rate and prepayment risks more pronounced than those of other fixed income securities.  U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including the impact of the coronavirus (COVID-19) as a global pandemic and related public health issues, business interruptions, growth concerns in the U.S. and overseas, and changed travel and social behaviors. These and other geopolitical events may cause market disruptions and could have an adverse effect on the value of the Fund’s investments.

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

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

Page 25

Baird Intermediate Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments

	Principal				% of
	Amount		Value		Net Assets
U.S. Treasury Securities
U.S. Treasury Bonds:
1.750%, 03/31/2022	$	111,450,000	$	112,843,125
1.875%, 03/31/2022		101,225,000		102,585,211
2.500%, 05/15/2024		704,550,000		746,300,090
2.250%, 11/15/2025		614,425,000		653,690,598
2.000%, 11/15/2026		69,825,000		73,687,195
2.250%, 11/15/2027		396,225,000		423,836,930
3.125%, 11/15/2028		167,000,000		188,925,273
1.625%, 08/15/2029		295,850,000		302,587,522
0.625%, 08/15/2030		155,725,000		145,079,735
Total U.S. Treasury Securities
(Cost $2,768,572,661)				2,749,535,679		43.9	%
Other Government Related Security
NBN Co. Ltd.,
2.625%, 05/05/2031(1)(2)		7,000,000		7,170,310
Total Other Government Related Security
(Cost $6,996,360)				7,170,310		0.1	%
Corporate Bonds
Industrials
Adventist Health System,
2.952%, 03/01/2029		250,000		263,535
Agilent Technologies, Inc.,
3.050%, 09/22/2026		1,495,000		1,612,190
Allegion PLC,
3.500%, 10/01/2029		3,160,000		3,434,374
Allegion US Holding Co., Inc.,
3.200%, 10/01/2024		4,748,000		5,047,430
Anglo American Capital PLC,
2.250%, 03/17/2028(1)(2)		6,500,000		6,571,986
Anheuser-Busch InBev Worldwide, Inc.:
3.650%, 02/01/2026(1)		3,945,000		4,356,008
4.750%, 01/23/2029(1)		910,000		1,084,051
AP Moller – Maersk A/S,
4.500%, 06/20/2029(1)(2)		4,207,000		4,862,623
ArcelorMittal,
4.550%, 03/11/2026(1)		4,015,000		4,540,933
Ashtead Capital, Inc.,
4.000%, 05/01/2028(1)(2)		4,536,000		4,768,470
AT&T, Inc.:
4.350%, 03/01/2029		2,150,000		2,489,393
4.300%, 02/15/2030		9,604,000		11,100,546
2.750%, 06/01/2031		7,900,000		8,211,959
2.250%, 02/01/2032		1,075,000		1,055,069
2.550%, 12/01/2033(2)		2,874,000		2,847,105
Bayer US Finance II LLC,
3.375%, 07/15/2024(1)(2)		250,000		266,371
Becton Dickinson and Co.,
7.000%, 08/01/2027		9,275,000		11,993,451
Bemis Co., Inc.,
2.630%, 06/19/2030		4,525,000		4,625,943
Boardwalk Pipelines LP:
5.950%, 06/01/2026		7,745,000		9,182,076
4.800%, 05/03/2029		1,750,000		2,013,851
3.400%, 02/15/2031		225,000		238,824
Broadcom, Inc.:
3.150%, 11/15/2025		10,000,000		10,717,804
5.000%, 04/15/2030		8,000,000		9,438,173
2.450%, 02/15/2031(2)		10,000,000		9,826,946
Bunge Limited Finance Corp.,
3.750%, 09/25/2027		5,225,000		5,754,740
Campbell Soup Co.,
3.950%, 03/15/2025		8,000,000		8,823,813
Carrier Global Corp.,
2.242%, 02/15/2025		13,275,000		13,802,941
CH Robinson Worldwide, Inc.,
4.200%, 04/15/2028		12,300,000		14,045,488
Charter Communications Operating LLC:
4.464%, 07/23/2022		10,548,000		10,920,226
4.908%, 07/23/2025		1,502,000		1,701,632
3.750%, 02/15/2028		5,830,000		6,429,654
4.200%, 03/15/2028		2,070,000		2,342,574
5.050%, 03/30/2029		3,000,000		3,543,573
Cheniere Corpus Christi Holdings LLC,
5.125%, 06/30/2027		2,000,000		2,325,573
Cigna Corp.,
3.000%, 07/15/2023		5,905,000		6,184,183
CK Hutchison International Ltd.:
3.250%, 04/11/2024(1)(2)		10,000,000		10,641,972
2.500%, 04/15/2031(1)(2)		5,000,000		5,091,900
CNH Industrial Capital LLC:
3.875%, 10/15/2021(1)		3,000,000		3,028,051
4.200%, 01/15/2024(1)		2,800,000		3,029,832
1.875%, 01/15/2026(1)		250,000		254,239
CNH Industrial NV:
4.500%, 08/15/2023(1)		5,000,000		5,390,432
3.850%, 11/15/2027(1)		2,243,000		2,483,435
Coca-Cola Femsa SAB de CV,
2.750%, 01/22/2030(1)		8,875,000		9,239,585
Columbia Pipeline Group, Inc.,
4.500%, 06/01/2025(1)		880,000		987,794
CommonSpirit Health,
2.760%, 10/01/2024		250,000		263,207
Conagra Brands, Inc.:
4.600%, 11/01/2025		250,000		284,992
8.250%, 09/15/2030		1,140,000		1,690,076
Constellation Brands, Inc.:
2.700%, 05/09/2022		2,975,000		3,029,456
3.500%, 05/09/2027		3,625,000		3,989,360
Cox Communications, Inc.:
3.850%, 02/01/2025(2)		2,800,000		3,047,129
3.350%, 09/15/2026(2)		1,927,000		2,092,543
CVS Health Corp.:
3.625%, 04/01/2027		2,500,000		2,770,387
4.300%, 03/25/2028		14,406,000		16,551,150
CVS Pass-Through Trust,
5.926%, 01/10/2034(2)		1,965,186		2,376,029
Daimler Finance North America LLC:
3.750%, 11/05/2021(1)(2)		6,800,000		6,878,372
1.750%, 03/10/2023(1)(2)		11,000,000		11,226,513
Dell International LLC / EMC Corp.:
5.450%, 06/15/2023		12,100,000		13,126,847
6.020%, 06/15/2026		9,000,000		10,804,738
Dentsply Sirona,
3.250%, 06/01/2030		10,600,000		11,337,220
Diageo Capital PLC,
2.000%, 04/29/2030(1)		3,275,000		3,277,294
Dollar Tree, Inc.,
3.700%, 05/15/2023		5,050,000		5,336,183
Dow Chemical Co.,
4.550%, 11/30/2025		2,515,000		2,863,250
DuPont de Nemours, Inc.,
4.493%, 11/15/2025		4,450,000		5,060,341
DXC Technology Co.:
4.250%, 04/15/2024		5,700,000		6,182,546
4.125%, 04/15/2025		4,805,000		5,280,910

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

Page 26

Baird Intermediate Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Ecolab, Inc.,
4.800%, 03/24/2030	$	10,000,000	$	12,233,809
Edward-Elmhurst Healthcare,
3.500%, 05/04/2023		6,575,000		6,826,213
EI du Pont de Nemours and Co.,
1.700%, 07/15/2025		10,000,000		10,255,305
Emerson Electric Co.,
1.950%, 10/15/2030		12,600,000		12,742,652
Energy Transfer Operating LP:
4.500%, 04/15/2024		1,000,000		1,088,730
5.500%, 06/01/2027		17,931,000		21,029,201
5.250%, 04/15/2029		1,100,000		1,299,287
3.750%, 05/15/2030		275,000		298,729
EnLink Midstream Partners LP,
4.400%, 04/01/2024		10,000,000		10,500,000
Enterprise Products Operating LLC,
3.900%, 02/15/2024		225,000		241,999
EQT Midstream Partners LP,
4.125%, 12/01/2026		5,000,000		5,118,750
Equifax, Inc.,
2.600%, 12/01/2024		5,000,000		5,261,674
Equinix, Inc.,
1.800%, 07/15/2027		7,000,000		7,084,983
ERAC USA Finance LLC,
2.600%, 12/01/2021(2)		5,075,000		5,113,561
Express Scripts Holding Co.,
4.500%, 02/25/2026		18,000,000		20,305,475
Exxon Mobil Corp.,
2.992%, 03/19/2025		11,250,000		12,066,612
Ferguson Finance PLC,
4.500%, 10/24/2028(2)		5,930,000		6,901,036
Fidelity National Information Services, Inc.,
1.650%, 03/01/2028		5,000,000		4,971,661
Fiserv, Inc.:
3.500%, 10/01/2022		3,050,000		3,144,971
2.250%, 06/01/2027		16,000,000		16,597,310
4.200%, 10/01/2028		1,035,000		1,189,770
Flex Ltd.:
3.750%, 02/01/2026		2,165,000		2,367,714
4.875%, 05/12/2030		4,073,000		4,726,545
FMC Corp.:
3.950%, 02/01/2022		250,000		252,845
4.100%, 02/01/2024		4,685,000		5,029,281
Ford Motor Credit Co. LLC:
3.339%, 03/28/2022		2,000,000		2,029,400
2.979%, 08/03/2022		12,000,000		12,165,000
4.250%, 09/20/2022		1,545,000		1,595,321
Fortune Brands Home & Security, Inc.:
4.000%, 09/21/2023		6,025,000		6,448,607
3.250%, 09/15/2029		2,725,000		2,930,788
Fox Corp.,
4.030%, 01/25/2024		5,155,000		5,584,474
Freeport-McMoRan, Inc.,
3.875%, 03/15/2023		1,100,000		1,146,926
Fresenius Medical Care US Finance III, Inc.,
1.875%, 12/01/2026(1)(2)		20,000,000		20,000,573
General Motors Financial Co., Inc.:
4.375%, 09/25/2021		5,325,000		5,374,477
4.200%, 11/06/2021		2,000,000		2,026,194
3.450%, 01/14/2022		1,475,000		1,495,564
3.150%, 06/30/2022		1,225,000		1,254,350
4.150%, 06/19/2023		1,325,000		1,407,235
1.700%, 08/18/2023		10,000,000		10,206,398
2.900%, 02/26/2025		4,000,000		4,234,153
Genpact Luxembourg Sarl,
3.375%, 12/01/2024		7,000,000		7,478,141
Genpact Luxembourg SARL,
1.750%, 04/10/2026		21,300,000		21,343,467
Glencore Funding LLC:
4.125%, 05/30/2023(1)(2)		1,750,000		1,861,364
4.125%, 03/12/2024(1)(2)		5,000,000		5,390,237
4.625%, 04/29/2024(1)(2)		1,000,000		1,096,100
4.000%, 03/27/2027(1)(2)		4,850,000		5,375,512
3.875%, 10/27/2027(1)(2)		1,150,000		1,264,770
2.500%, 09/01/2030(1)(2)		6,343,000		6,327,502
Global Payments, Inc.:
3.750%, 06/01/2023		2,575,000		2,709,562
4.800%, 04/01/2026		4,535,000		5,184,911
Grupo Bimbo SAB de CV:
4.500%, 01/25/2022(1)(2)		2,017,000		2,061,160
3.875%, 06/27/2024(1)(2)		5,340,000		5,755,919
HP, Inc.,
2.200%, 06/17/2025		18,325,000		19,020,086
Husky Energy, Inc.,
4.400%, 04/15/2029(1)		5,000,000		5,654,258
Hutchison Whampoa International Ltd.,
4.625%, 01/13/2022(1)(2)		7,000,000		7,151,791
Hyundai Capital America,
1.300%, 01/08/2026(1)(2)		5,825,000		5,756,544
Infor, Inc.,
1.450%, 07/15/2023(2)		250,000		252,821
Ingersoll-Rand Co.,
6.391%, 11/15/2027		1,195,000		1,462,621
International Business Machines Corp.,
3.300%, 05/15/2026		6,150,000		6,765,375
International Flavors & Fragrances, Inc.,
1.832%, 10/15/2027		10,000,000		9,971,590
JB Hunt Transport Services, Inc.,
3.875%, 03/01/2026		3,000,000		3,336,581
Johnson Controls International PLC,
3.750%, 12/01/2021		6,000		6,031
Kerry Group Financial Services Unlimited Co.,
3.200%, 04/09/2023(1)(2)		5,000,000		5,179,738
Kinder Morgan, Inc.:
3.150%, 01/15/2023		250,000		260,138
5.625%, 11/15/2023(2)		1,000,000		1,101,599
7.800%, 08/01/2031		12,425,000		17,780,137
Kraft Heinz Foods Co.,
6.375%, 07/15/2028		8,129,000		10,124,681
Lear Corp.,
3.800%, 09/15/2027		1,000,000		1,102,200
Leidos, Inc.:
4.375%, 05/15/2030		6,900,000		7,835,157
2.300%, 02/15/2031		250,000		243,905
Lennox International, Inc.:
1.350%, 08/01/2025		7,000,000		7,044,011
1.700%, 08/01/2027		175,000		174,969
Lundin Energy Finance BV,
2.000%, 07/15/2026(1)(2)		10,000,000		10,016,004
LYB International Finance III LLC,
2.250%, 10/01/2030		5,000,000		4,992,619
Microchip Technology, Inc.:
2.670%, 09/01/2023		10,191,000		10,614,126
0.972%, 02/15/2024(2)		5,000,000		4,997,537
Micron Technology, Inc.,
4.640%, 02/06/2024		6,000,000		6,577,020
Midwest Connector Capital Co. LLC,
3.900%, 04/01/2024(2)		7,450,000		7,790,088

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

Page 27

Baird Intermediate Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Molex Electronic Technologies LLC,
3.900%, 04/15/2025(2)	$	250,000	$	256,535
Mosaic Co.,
4.250%, 11/15/2023		8,606,000		9,243,269
MPLX LP:
4.875%, 06/01/2025		10,219,000		11,535,525
4.800%, 02/15/2029		3,475,000		4,077,766
Mylan, Inc.,
4.550%, 04/15/2028		200,000		229,682
Newell Brands, Inc.,
3.850%, 04/01/2023		3,166,000		3,316,385
Nissan Motor Acceptance Corp.,
3.650%, 09/21/2021(1)(2)		7,210,000		7,257,840
Nutrien Ltd.,
3.150%, 10/01/2022(1)		1,306,000		1,340,560
nVent Finance Sarl,
3.950%, 04/15/2023		18,275,000		19,099,289
NXP Semiconductors NV:
3.875%, 09/01/2022(1)(2)		7,000,000		7,258,193
4.875%, 03/01/2024(1)(2)		5,790,000		6,373,644
Occidental Petroleum Corp.:
2.900%, 08/15/2024		5,000,000		5,112,500
7.500%, 10/15/2026		1,288,000		1,449,000
ONEOK, Inc.:
4.250%, 02/01/2022		250,000		253,184
7.500%, 09/01/2023		7,470,000		8,413,436
2.750%, 09/01/2024		3,300,000		3,474,063
Oracle Corp.:
2.800%, 04/01/2027		10,500,000		11,134,562
2.300%, 03/25/2028		3,000,000		3,078,021
Orange SA,
9.000%, 03/01/2031(1)		4,125,000		6,487,680
PeaceHealth Obligated Group,
1.375%, 11/15/2025		250,000		252,403
Penske Truck Leasing Co.:
2.700%, 11/01/2024(2)		8,000,000		8,413,015
3.950%, 03/10/2025(2)		12,000,000		13,121,532
4.000%, 07/15/2025(2)		6,500,000		7,158,433
PerkinElmer, Inc.,
3.300%, 09/15/2029		200,000		216,305
Phillips 66,
2.150%, 12/15/2030		10,000,000		9,830,652
Phillips 66 Partners LP:
3.605%, 02/15/2025		2,000,000		2,154,210
3.150%, 12/15/2029		225,000		236,320
Pioneer Natural Resources Co.,
3.950%, 07/15/2022		175,000		179,380
POSCO,
4.000%, 08/01/2023(1)(2)		5,000,000		5,324,550
Premier Health Partners,
2.911%, 11/15/2026		12,800,000		13,358,753
Regency Energy Partners LP /
Regency Energy Finance Corp.,
4.500%, 11/01/2023		1,100,000		1,180,562
Roper Technologies, Inc.:
3.800%, 12/15/2026		1,450,000		1,620,024
2.000%, 06/30/2030		14,675,000		14,451,216
Sabine Pass Liquefaction LLC:
5.875%, 06/30/2026		9,955,000		11,784,298
4.500%, 05/15/2030		4,500,000		5,193,234
Samarco Mineracao SA,
5.375%, 09/26/2024(1)(2)(9)		1,675,000		1,302,329
Schneider Electric SE,
2.950%, 09/27/2022(2)		2,000,000		2,061,651
Shell International Finance BV:
2.375%, 04/06/2025(1)		5,000,000		5,256,442
2.750%, 04/06/2030(1)		5,000,000		5,329,682
Sherwin-Williams Co.,
3.300%, 02/01/2025		3,851,000		4,103,539
Shire Acquisitions Investments Ireland DAC,
2.875%, 09/23/2023(1)		225,000		235,458
Smith & Nephew PLC,
2.032%, 10/14/2030(1)		5,250,000		5,134,942
Smithfield Foods, Inc.,
2.650%, 10/03/2021(1)(2)		8,000,000		8,038,946
Smurfit Kappa Treasury Funding DAC,
7.500%, 11/20/2025(1)		7,800,000		9,691,500
Sodexo, Inc.,
1.634%, 04/16/2026(1)(2)		15,000,000		15,108,611
Solvay Finance America LLC,
4.450%, 12/03/2025(1)(2)		15,995,000		17,941,727
Southern Natural Gas Co. LLC,
8.000%, 03/01/2032		2,523,000		3,600,556
Sysco Corp.,
2.600%, 06/12/2022		150,000		153,134
TC PipeLines LP:
4.375%, 03/13/2025(1)		5,500,000		6,055,109
3.900%, 05/25/2027(1)		13,850,000		15,264,634
Textron, Inc.,
3.650%, 03/15/2027		250,000		276,943
Timken Co.,
4.500%, 12/15/2028		225,000		251,361
T-Mobile USA, Inc.,
3.875%, 04/15/2030		5,000,000		5,589,100
Toyota Motor Credit Corp.,
2.900%, 03/30/2023(1)		10,000,000		10,444,972
TransCanada PipeLines Ltd.,
5.600%, 03/31/2034(1)		1,335,000		1,683,556
Transcontinental Gas Pipe Line Co. LLC,
7.250%, 12/01/2026		4,748,000		6,079,041
Triton Container International Ltd.,
2.050%, 04/15/2026(1)(2)		10,000,000		10,036,080
Tyson Foods, Inc.,
4.000%, 03/01/2026		3,000,000		3,346,866
Vale Overseas Ltd.:
6.250%, 08/10/2026(1)		17,637,000		21,217,311
3.750%, 07/08/2030(1)		7,500,000		7,985,250
Valero Energy Corp.,
3.400%, 09/15/2026		4,985,000		5,398,328
Verisk Analytics, Inc.:
4.125%, 09/12/2022		250,000		260,555
4.125%, 03/15/2029		3,000,000		3,402,793
Verizon Communications, Inc.:
3.376%, 02/15/2025		853,000		926,660
2.625%, 08/15/2026		300,000		318,775
4.125%, 03/16/2027		3,196,000		3,639,729
3.000%, 03/22/2027		13,000,000		13,989,689
2.100%, 03/22/2028		5,675,000		5,793,694
4.329%, 09/21/2028		2,051,000		2,386,421
4.016%, 12/03/2029		5,628,000		6,453,167
Viterra Finance BV,
2.000%, 04/21/2026(1)(2)		25,000,000		25,033,917
Volkswagen Group of
America Finance LLC:
1.108%, 11/12/2021
(3 Month LIBOR USD + 0.940%)(1)(2)(3)		1,800,000		1,805,945
4.000%, 11/12/2021(1)(2)		8,000,000		8,111,415
0.875%, 11/22/2023(1)(2)		6,875,000		6,893,254
2.850%, 09/26/2024(1)(2)		8,850,000		9,345,247

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

Page 28

Baird Intermediate Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Vontier Corp.,
1.800%, 04/01/2026(2)	$	6,300,000	$	6,257,412
Wabtec Corp.:
4.375%, 08/15/2023		12,302,000		13,030,281
3.450%, 11/15/2026		10,775,000		11,564,552
4.950%, 09/15/2028		1,500,000		1,739,980
Walgreens Boots Alliance, Inc.,
3.200%, 04/15/2030		6,335,000		6,775,938
Western Midstream Operating LP,
4.500%, 03/01/2028		7,195,000		7,680,662
Westinghouse Air Brake Technologies Corp.,
3.200%, 06/15/2025		5,000,000		5,317,499
Williams Companies, Inc.:
3.700%, 01/15/2023		1,775,000		1,848,374
4.300%, 03/04/2024		9,329,000		10,133,271
7.500%, 01/15/2031		3,400,000		4,710,253
Wipro IT Services LLC,
1.500%, 06/23/2026(1)(2)		9,000,000		8,976,563
Woodside Finance Ltd.,
4.500%, 03/04/2029(1)(2)		10,000,000		11,203,233
WRKCo, Inc.:
4.650%, 03/15/2026		275,000		315,210
3.900%, 06/01/2028		8,275,000		9,342,475
Xylem, Inc.,
2.250%, 01/30/2031		225,000		226,500
Yara International ASA,
3.800%, 06/06/2026(1)(2)		650,000		716,142
Zimmer Biomet Holdings, Inc.,
3.700%, 03/19/2023		10,000,000		10,511,497
Zoetis, Inc.:
3.250%, 02/01/2023		7,500,000		7,789,102
4.500%, 11/13/2025		2,000,000		2,266,419
Total Industrials
(Cost $1,351,857,846)				1,413,866,849		22.6	%
Utilities
Ausgrid Finance Pty Ltd.,
3.850%, 05/01/2023(1)(2)		6,200,000		6,474,288
Avangrid, Inc.,
3.800%, 06/01/2029(1)		10,975,000		12,379,217
Berkshire Hathaway Energy Co.,
4.050%, 04/15/2025		14,925,000		16,571,815
Duke Energy Corp.,
3.050%, 08/15/2022		350,000		357,922
Duquesne Light Holdings, Inc.,
2.775%, 01/07/2032(2)(8)		12,400,000		12,495,438
Edison International,
2.950%, 03/15/2023		448,000		462,471
Enel Finance International NV:
3.625%, 05/25/2027(1)(2)		11,550,000		12,687,167
3.500%, 04/06/2028(1)(2)		13,750,000		15,054,914
Entergy Corp.,
2.800%, 06/15/2030		12,425,000		12,931,380
Exelon Generation Co. LLC,
4.250%, 06/15/2022		350,000		359,332
FirstEnergy Corp.,
2.050%, 03/01/2025		6,450,000		6,498,375
ITC Holdings Corp.,
2.950%, 05/14/2030(1)(2)		15,717,000		16,541,598
NextEra Energy Capital Holdings, Inc.,
2.403%, 09/01/2021		225,000		225,814
Oncor Electric Delivery Co. LLC,
2.750%, 05/15/2030		6,000,000		6,376,055
PPL Capital Funding, Inc.,
3.400%, 06/01/2023		2,475,000		2,595,455
RGS I&M Funding Corp.,
9.820%, 12/07/2022		59,486		60,349
Talent Yield Investments Ltd.,
4.500%, 04/25/2022(1)(2)		3,800,000		3,899,597
Total Utilities
(Cost $118,466,419)				125,971,187		2.0	%
Financials
ABN AMRO Bank NV,
4.750%, 07/28/2025(1)(2)		24,973,000		27,993,135
AerCap Holdings NV,
2.875%, 08/14/2024(1)		5,000,000		5,228,797
Aetna, Inc.,
2.800%, 06/15/2023		4,010,000		4,173,464
AIA Group Ltd.,
3.200%, 03/11/2025(1)(2)		3,000,000		3,188,490
Air Lease Corp.:
2.250%, 01/15/2023		3,800,000		3,901,000
2.750%, 01/15/2023		250,000		257,931
American International Group, Inc.:
4.875%, 06/01/2022		6,000,000		6,245,540
4.125%, 02/15/2024		1,000,000		1,088,897
3.750%, 07/10/2025		225,000		247,939
AmFam Holdings, Inc.,
2.805%, 03/11/2031(2)		7,000,000		7,166,355
AmSouth Bancorporation,
6.750%, 11/01/2025		630,000		762,066
Anthem, Inc.:
3.350%, 12/01/2024		10,225,000		11,030,567
2.375%, 01/15/2025		12,000,000		12,566,641
Banco Santander SA:
3.500%, 04/11/2022(1)		4,400,000		4,506,798
5.179%, 11/19/2025(1)		5,000,000		5,714,212
2.749%, 12/03/2030(1)		4,000,000		3,962,472
Bank of America Corp.:
3.300%, 01/11/2023		4,710,000		4,916,062
2.816%, 07/21/2023
(3 Month LIBOR USD + 0.930%)(3)		3,500,000		3,587,055
4.000%, 04/01/2024		1,785,000		1,947,300
3.864%, 07/23/2024
(3 Month LIBOR USD + 0.940%)(3)		10,000,000		10,662,583
3.458%, 03/15/2025
(3 Month LIBOR USD + 0.970%)(3)		5,060,000		5,408,048
3.093%, 10/01/2025
(3 Month LIBOR USD + 1.090%)(3)		3,295,000		3,510,057
1.734%, 07/22/2027 (SOFR + 0.960%)(3)		5,000,000		5,038,456
3.705%, 04/24/2028
(3 Month LIBOR USD + 1.512%)(3)		5,050,000		5,584,198
3.419%, 12/20/2028
(3 Month LIBOR USD + 1.040%)(3)		1,689,000		1,839,506
2.087%, 06/14/2029 (SOFR + 1.060%)(3)		4,000,000		4,032,367
Bank of Montreal,
3.300%, 02/05/2024(1)		10,000,000		10,708,496
Bank of New Zealand,
3.500%, 02/20/2024(1)(2)		5,000,000		5,359,811
Bank of Nova Scotia:
1.625%, 05/01/2023(1)		10,000,000		10,219,548
4.500%, 12/16/2025(1)		7,000,000		7,929,095
Banque Federative du Credit Mutuel SA,
3.750%, 07/20/2023(1)(2)		8,000,000		8,524,580
Barclays PLC:
3.684%, 01/10/2023(1)		7,350,000		7,475,726
3.932%, 05/07/2025
(3 Month LIBOR USD + 1.610%)(1)(3)		4,500,000		4,857,765
4.337%, 01/10/2028(1)		8,790,000		9,828,353

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

Page 29

Baird Intermediate Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
BBVA USA:
2.875%, 06/29/2022	$	3,475,000	$	3,557,234
3.875%, 04/10/2025		4,200,000		4,627,473
BNP Paribas SA:
3.375%, 01/09/2025(1)(2)		250,000		268,141
2.819%, 11/19/2025
(3 Month LIBOR USD + 1.111%)(1)(2)(3)		5,000,000		5,260,707
4.375%, 05/12/2026(1)(2)		8,288,000		9,223,002
1.323%, 01/13/2027
(SOFR + 1.004%)(1)(2)(3)		4,000,000		3,951,541
2.871%, 04/19/2032
(SOFR + 1.387%)(1)(2)(3)		3,000,000		3,080,911
BNZ International Funding Ltd.,
3.375%, 03/01/2023(1)(2)		2,000,000		2,098,709
Boston Properties LP,
3.200%, 01/15/2025		12,400,000		13,284,255
BPCE SA:
5.700%, 10/22/2023(1)(2)		5,375,000		5,950,479
4.000%, 04/15/2024(1)		3,500,000		3,819,483
4.625%, 07/11/2024(1)(2)		10,225,000		11,237,979
Brown & Brown, Inc.:
4.200%, 09/15/2024		10,461,000		11,463,514
4.500%, 03/15/2029		8,597,000		9,888,723
2.375%, 03/15/2031		3,500,000		3,497,010
Capital One Financial Corp.:
3.200%, 01/30/2023		250,000		260,306
3.650%, 05/11/2027		3,000,000		3,329,926
Citigroup, Inc.:
2.750%, 04/25/2022		250,000		254,612
2.876%, 07/24/2023
(3 Month LIBOR USD + 0.950%)(3)		2,000,000		2,051,349
3.750%, 06/16/2024		500,000		543,784
3.352%, 04/24/2025
(3 Month LIBOR USD + 0.897%)(3)		10,040,000		10,698,150
3.200%, 10/21/2026		5,000,000		5,416,303
3.887%, 01/10/2028
(3 Month LIBOR USD + 1.563%)(3)		9,000,000		10,016,513
Citizens Bank NA,
2.250%, 04/28/2025		19,000,000		19,851,374
CNA Financial Corp.:
7.250%, 11/15/2023		1,980,000		2,275,290
4.500%, 03/01/2026		5,070,000		5,749,796
3.900%, 05/01/2029		4,000,000		4,489,898
Cooperatieve Rabobank UA:
3.950%, 11/09/2022(1)		2,250,000		2,355,399
4.625%, 12/01/2023(1)		5,000,000		5,467,402
4.375%, 08/04/2025(1)		7,400,000		8,262,758
3.750%, 07/21/2026(1)		1,276,000		1,405,141
Credit Agricole SA:
3.375%, 01/10/2022(1)(2)		7,400,000		7,518,720
1.248%, 01/26/2027
(SOFR + 0.892%)(1)(2)(3)		4,000,000		3,938,134
Credit Suisse Group AG:
3.574%, 01/09/2023(1)(2)		1,000,000		1,015,836
4.207%, 06/12/2024
(3 Month LIBOR USD + 1.240%)(1)(2)(3)		4,000,000		4,260,230
2.593%, 09/11/2025
(SOFR + 1.560%)(1)(2)(3)		12,395,000		12,895,444
3.869%, 01/12/2029
(3 Month LIBOR USD + 1.410%)(1)(2)(3)		250,000		275,293
Credit Suisse Group Funding Guernsey Ltd.,
3.800%, 06/09/2023(1)		9,000,000		9,537,987
Deutsche Bank AG:
4.250%, 10/14/2021(1)		7,000,000		7,075,904
3.300%, 11/16/2022(1)		5,175,000		5,361,145
2.222%, 09/18/2024
(SOFR + 2.159%)(1)(3)		5,000,000		5,135,104
3.035%, 05/28/2032
(SOFR + 1.718%)(1)(3)		5,000,000		5,084,239
Discover Financial Services:
3.950%, 11/06/2024		4,200,000		4,577,427
3.750%, 03/04/2025		250,000		273,262
4.100%, 02/09/2027		12,000,000		13,427,529
Equitable Financial Life Global Funding,
1.400%, 07/07/2025(2)		225,000		226,891
FirstMerit Bank NA,
4.270%, 11/25/2026		5,450,000		6,129,901
GE Capital Funding LLC,
4.050%, 05/15/2027		5,000,000		5,658,933
Goldman Sachs Group, Inc.:
2.905%, 07/24/2023
(3 Month LIBOR USD + 0.990%)(3)		200,000		205,018
3.500%, 01/23/2025		2,000,000		2,162,392
3.272%, 09/29/2025
(3 Month LIBOR USD + 1.201%)(3)		3,500,000		3,744,243
1.093%, 12/09/2026 (SOFR + 0.789%)(3)		5,000,000		4,922,367
3.691%, 06/05/2028
(3 Month LIBOR USD + 1.510%)(3)		4,000,000		4,416,434
4.223%, 05/01/2029
(3 Month LIBOR USD + 1.301%)(3)		3,100,000		3,535,536
Guardian Life Global Funding,
3.400%, 04/25/2023(2)		9,000,000		9,479,844
Hartford Financial Services Group, Inc.,
2.800%, 08/19/2029		3,825,000		4,015,623
Health Care Service Corp.
A Mutual Legal Reserve Co.,
2.200%, 06/01/2030(2)		10,000,000		10,030,348
High Street Funding Trust I,
4.111%, 02/15/2028(2)		5,000,000		5,638,784
HSBC Holdings PLC:
3.262%, 03/13/2023
(3 Month LIBOR USD + 1.055%)(1)(3)		10,140,000		10,344,839
3.600%, 05/25/2023(1)		2,700,000		2,858,857
3.803%, 03/11/2025
(3 Month LIBOR USD + 1.211%)(1)(3)		3,000,000		3,225,853
4.292%, 09/12/2026
(3 Month LIBOR USD + 1.348%)(1)(3)		7,485,000		8,329,922
3.973%, 05/22/2030
(3 Month LIBOR USD + 1.610%)(1)(3)		1,000,000		1,119,277
Humana, Inc.,
2.900%, 12/15/2022		6,525,000		6,738,165
ING Groep NV,
3.550%, 04/09/2024(1)		4,000,000		4,308,654
Invesco Finance PLC,
3.125%, 11/30/2022		5,000,000		5,184,821
Jackson National Life Global Funding,
3.250%, 01/30/2024(1)(2)		10,350,000		11,020,438
Jefferies Group LLC:
4.850%, 01/15/2027		1,425,000		1,657,527
6.450%, 06/08/2027		3,075,000		3,829,353
John Hancock Life Insurance Co.,
7.375%, 02/15/2024(1)(2)		11,650,000		13,554,939
JPMorgan Chase & Co.:
1.406%, 10/24/2023
(3 Month LIBOR USD + 1.230%)(3)		5,035,000		5,107,252
4.023%, 12/05/2024
(3 Month LIBOR USD + 1.000%)(3)		20,000,000		21,586,542
2.301%, 10/15/2025 (SOFR + 1.160%)(3)		13,000,000		13,539,760

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

Page 30

Baird Intermediate Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
JPMorgan Chase & Co.: (cont.)
2.005%, 03/13/2026 (SOFR + 1.585%)(3)	$	7,625,000	$	7,872,049
2.083%, 04/22/2026 (SOFR + 1.850%)(3)		3,000,000		3,102,132
1.045%, 11/19/2026 (SOFR + 0.800%)(3)		5,000,000		4,936,714
1.578%, 04/22/2027 (SOFR + 0.885%)(3)		7,000,000		7,036,267
2.522%, 04/22/2031 (SOFR + 2.040%)(3)		1,500,000		1,543,490
2.580%, 04/22/2032 (SOFR + 1.250%)(3)		5,000,000		5,131,699
KeyBank NA:
3.180%, 05/22/2022		2,750,000		2,821,018
3.400%, 05/20/2026		2,200,000		2,397,078
LeasePlan Corp. NV,
2.875%, 10/24/2024(1)(2)		10,250,000		10,764,724
Liberty Mutual Group, Inc.:
4.250%, 06/15/2023(2)		966,000		1,031,753
4.569%, 02/01/2029(2)		1,559,000		1,821,142
Life Storage LP:
3.875%, 12/15/2027		8,000,000		8,922,215
4.000%, 06/15/2029		1,500,000		1,680,084
Lincoln National Corp.,
4.000%, 09/01/2023		250,000		268,244
Lloyds Bank PLC:
4.050%, 08/16/2023(1)		4,580,000		4,910,181
1.627%, 05/11/2027
(1 Year CMT Rate + 0.850%)(1)(3)		8,850,000		8,854,571
Macquarie Group Ltd.:
3.189%, 11/28/2023
(3 Month LIBOR USD + 1.023%)(1)(2)(3)		5,250,000		5,437,475
4.150%, 03/27/2024
(3 Month LIBOR USD + 1.330%)(1)(2)(3)		4,000,000		4,233,746
2.691%, 06/23/2032
(SOFR + 1.440%)(1)(2)(3)		5,000,000		5,013,075
Marsh & McLennan Companies, Inc.,
3.875%, 03/15/2024		1,550,000		1,681,199
Massachusetts Mutual Life Insurance Co.,
7.625%, 11/15/2023(2)		12,053,000		13,331,113
MBIA Insurance Corp.,
11.444%, 01/15/2033
(3 Month LIBOR USD + 11.260%)(2)(3)(9)		500,000		146,875
Metropolitan Life Global Funding I,
3.000%, 01/10/2023(2)		1,300,000		1,351,619
Mitsubishi UFJ Financial Group, Inc.:
3.455%, 03/02/2023(1)		2,000,000		2,100,631
2.193%, 02/25/2025(1)		5,000,000		5,203,667
Mizuho Financial Group, Inc.:
2.601%, 09/11/2022(1)		5,000,000		5,134,768
4.600%, 03/27/2024(1)(2)		7,000,000		7,633,032
3.922%, 09/11/2024
(3 Month LIBOR USD + 1.000%)(1)(3)		3,000,000		3,213,869
Morgan Stanley:
1.576%, 10/24/2023
(3 Month LIBOR USD + 1.400%)(3)		7,000,000		7,113,785
2.188%, 04/28/2026 (SOFR + 1.990%)(3)		10,000,000		10,383,017
3.125%, 07/27/2026		4,600,000		4,983,997
National Australia Bank Ltd.,
2.332%, 08/21/2030(1)(2)		7,575,000		7,351,998
Nationwide Building Society:
3.766%, 03/08/2024
(3 Month LIBOR USD + 1.064%)(1)(2)(3)		5,000,000		5,250,696
4.000%, 09/14/2026(1)(2)		19,900,000		21,935,768
Nationwide Mutual Insurance Co.,
8.250%, 12/01/2031(2)		2,195,000		3,108,224
Nomura Holdings, Inc.,
1.851%, 07/16/2025(1)		3,175,000		3,245,473
Nordea Bank AB,
4.250%, 09/21/2022(1)(2)		12,850,000		13,421,366
Peachtree Corners Funding Trust,
3.976%, 02/15/2025(2)		6,556,000		7,176,421
People’s United Bank NA,
4.000%, 07/15/2024		5,000,000		5,383,906
Pine Street Trust I,
4.572%, 02/15/2029(2)		5,000,000		5,725,907
Principal Financial Group, Inc.,
3.100%, 11/15/2026		250,000		270,920
Principal Life Global Funding II,
3.000%, 04/18/2026(2)		7,000,000		7,559,183
Protective Life Corp.,
4.300%, 09/30/2028(1)(2)		1,400,000		1,568,799
Prudential Insurance Co. of America,
8.300%, 07/01/2025(2)		8,300,000		10,428,135
Reliance Standard Life Global Funding II,
2.750%, 01/21/2027(1)(2)		11,775,000		12,413,038
Royal Bank of Scotland Group PLC:
4.269%, 03/22/2025
(3 Month LIBOR USD + 1.762%)(1)(3)		7,454,000		8,085,232
5.076%, 01/27/2030
(3 Month LIBOR USD + 1.905%)(1)(3)		4,700,000		5,571,701
4.445%, 05/08/2030
(3 Month LIBOR USD + 1.871%)(1)(3)		6,850,000		7,841,299
Santander UK Group Holdings PLC:
3.373%, 01/05/2024
(3 Month LIBOR USD + 1.080%)(1)(3)		2,500,000		2,601,577
4.796%, 11/15/2024
(3 Month LIBOR USD + 1.570%)(1)(3)		5,000,000		5,466,949
Santander UK PLC,
5.000%, 11/07/2023(1)(2)		3,675,000		4,006,412
SMBC Aviation Capital Finance DAC:
3.000%, 07/15/2022(1)(2)		4,000,000		4,091,200
3.550%, 04/15/2024(1)(2)		6,075,000		6,451,747
Societe Generale SA:
5.000%, 01/17/2024(1)(2)		3,350,000		3,645,973
2.625%, 01/22/2025(1)(2)		2,855,000		2,978,382
4.250%, 04/14/2025(1)(2)		9,814,000		10,656,978
4.250%, 08/19/2026(1)(2)		225,000		246,165
1.488%, 12/14/2026
(1 Year CMT Rate + 1.100%)(1)(2)(3)		7,415,000		7,347,635
1.792%, 06/09/2027
(1 Year CMT Rate + 1.000%)(1)(2)(3)		10,000,000		9,975,691
Standard Chartered PLC:
3.785%, 05/21/2025
(3 Month LIBOR USD + 1.560%)(1)(2)(3)		4,125,000		4,434,296
2.819%, 01/30/2026
(3 Month LIBOR USD + 1.209%)(1)(2)(3)		15,000,000		15,743,047
1.456%, 01/14/2027
(1 Year CMT Rate + 1.000%)(1)(2)(3)		4,500,000		4,456,952
Stifel Financial Corp.:
4.250%, 07/18/2024		10,139,000		11,108,458
4.000%, 05/15/2030		11,970,000		13,258,208
Sumitomo Mitsui Financial Group, Inc.:
1.474%, 07/08/2025(1)		250,000		252,457
3.544%, 01/17/2028(1)		2,094,000		2,314,819
SunTrust Banks, Inc.,
2.700%, 01/27/2022		250,000		253,085
Synchrony Financial:
4.250%, 08/15/2024		5,275,000		5,764,145
3.700%, 08/04/2026		3,000,000		3,275,633
Trinity Acquisition PLC,
4.400%, 03/15/2026		1,125,000		1,271,388

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

Page 31

Baird Intermediate Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
UBS Group Funding Switzerland AG,
3.491%, 05/23/2023(1)(2)	$	3,050,000	$	3,132,497
Voya Financial, Inc.:
3.125%, 07/15/2024		3,350,000		3,564,991
3.650%, 06/15/2026		2,410,000		2,668,026
Wells Fargo & Co.:
1.416%, 10/31/2023
(3 Month LIBOR USD + 1.230%)(3)		5,000,000		5,070,500
1.654%, 06/02/2024 (SOFR + 1.600%)(3)		5,000,000		5,106,939
2.164%, 02/11/2026
(3 Month LIBOR USD + 0.750%)(3)		5,000,000		5,189,573
2.188%, 04/30/2026 (SOFR + 2.000%)(3)		16,000,000		16,611,092
3.196%, 06/17/2027
(3 Month LIBOR USD + 1.170%)(3)		275,000		296,787
2.393%, 06/02/2028 (SOFR + 2.100%)(3)		10,339,000		10,722,530
Westpac Banking Corp.,
2.894%, 02/04/2030
(5 Year CMT Rate + 1.350%)(1)(3)		2,000,000		2,074,340
Willis North America, Inc.:
3.600%, 05/15/2024		8,150,000		8,754,925
4.500%, 09/15/2028		8,500,000		9,818,317
Total Financials
(Cost $1,052,499,548)				1,105,054,248		17.6	%
Total Corporate Bonds
(Cost $2,522,823,813)				2,644,892,284		42.2	%
Municipal Bonds
Alabama Economic Settlement Authority,
3.163%, 09/15/2025		3,305,000		3,487,260
Central Valley Support Joint Powers Agency,
5.326%, 09/01/2022		2,000,000		2,109,332
City of Berwyn IL:
5.790%, 12/01/2022		430,000		439,974
5.790%, 12/01/2022		1,280,000		1,298,545
County of Cook IL,
5.240%, 11/15/2025 (Callable 11/15/2021)		2,345,000		2,385,868
County of Hamilton OH,
3.374%, 06/01/2034		10,000,000		10,577,494
County of Miami-Dade FL,
2.536%, 10/01/2033 (Callable 10/01/2030)		2,800,000		2,845,162
Dallas/Fort Worth International Airport,
1.329%, 11/01/2025		225,000		227,441
GBG LLC,
2.250%, 09/01/2030(2)		1,054,000		1,061,208
Great Lakes Water Authority,
2.315%, 07/01/2031		2,000,000		2,079,833
Indiana Finance Authority,
2.683%, 09/15/2023		200,000		203,266
Massachusetts Educational
Financing Authority:
1.921%, 07/01/2027(8)		10,000,000		10,015,929
2.161%, 07/01/2028(8)		10,000,000		10,021,795
New Jersey Economic
Development Authority,
0.000%, 02/15/2022		2,000,000		1,996,707
New Jersey Higher Education
Student Assistance Authority:
5.000%, 12/01/2027		1,000,000		1,232,926
5.000%, 12/01/2027		1,600,000		1,972,681
5.000%, 12/01/2028		1,225,000		1,537,361
5.000%, 12/01/2028		1,205,000		1,512,261
New Jersey Turnpike Authority,
3.223%, 01/01/2036
(Callable 07/01/2025)(2)		5,000,000		5,204,795
New York State Dormitory Authority,
3.000%, 08/01/2036 (Callable 08/01/2031)		1,650,000		1,658,182
Niagara Area Development Corp.:
3.004%, 05/01/2025		1,000,000		1,036,722
3.204%, 05/01/2026		1,995,000		2,067,105
3.272%, 05/01/2027		2,060,000		2,115,717
3.372%, 05/01/2028		2,130,000		2,180,432
3.422%, 05/01/2029		2,200,000		2,254,225
North Carolina Housing Finance Agency:
4.000%, 01/01/2030 (Callable 07/01/2021)		120,000		120,000
3.000%, 01/01/2033 (Callable 01/01/2025)		1,070,000		1,089,509
North East Independent School District,
5.240%, 08/01/2027		2,100,000		2,589,513
San Diego Convention Center Expansion
Financing Authority:
1.987%, 04/15/2026		3,440,000		3,524,467
2.363%, 04/15/2028		1,325,000		1,377,723
South Dakota Housing
Development Authority,
2.700%, 11/01/2036 (Callable 11/01/2025)		840,000		858,813
Winnebago & Boone Counties
School District No. 205:
3.800%, 12/01/2026 (Callable 12/01/2025)		2,200,000		2,396,969
3.950%, 12/01/2027 (Callable 12/01/2025)		1,700,000		1,849,696
Total Municipal Bonds
(Cost $82,527,312)				85,328,911		1.4	%
Residential Mortgage-Backed Securities
U.S. Government Agency Issues
Fannie Mae REMIC Trust:
Series 1991-137, Class H,
7.000%, 10/25/2021		168		169
Series 1993-32, Class H,
6.000%, 03/25/2023		1,950		2,020
Federal Gold Loan
Mortgage Corp. (FGLMC),
6.000%, 07/01/2028		2,186		2,494
Federal Home Loan
Mortgage Corp. (FHLMC),
Series 1395, Class G, 6.000%, 10/15/2022		658		674
Total U.S. Government Agency Issues
(Cost $4,919)				5,357		0.0	%
Non-U.S. Government Agency Issues
AMRESCO Residential Securities
Corp. Mortgage Loan Trust,
Series 1998-1, Class A6,
6.510%, 08/25/2027(4)		25		25
Argent Securities Inc. Asset-Backed
Pass-Through Certificates,
Series 2005-W3, Class A2D,
0.772%, 11/25/2035
(1 Month LIBOR USD + 0.680%)(3)		190,012		189,814
Banc of America Alternative Loan Trust,
Series 2006-2, Class 7A1,
6.000%, 09/25/2021(6)		20,345		19,392
Banc of America Funding Trust,
Series 2004-2, Class 1CB1,
5.750%, 09/20/2034		1,242,523		1,338,024
Bear Stearns ARM Trust,
Series 2004-5, Class 2A,
2.938%, 07/25/2034(4)		569,722		588,048
CWABS Asset-Backed Certificates Trust:
Series 2005-1, Class AF6,
5.030%, 06/25/2035(4)		644		648
Series 2006-9, Class 1AF3,
5.859%, 08/25/2036(4)		262,412		263,779

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

Page 32

Baird Intermediate Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Delta Funding Home Equity Loan Trust,
Series 1999-2, Class A7F,
7.030%, 08/15/2030	$	83,081	$	83,635
IMC Home Equity Loan Trust,
Series 1998-1, Class A6,
7.020%, 06/20/2029(7)		200		202
J.P. Morgan Alternative Loan Trust,
Series 2006-A1, Class 2A1,
3.172%, 03/25/2036(4)(6)		192,972		185,103
Mill City Mortgage Loan Trust,
Series 2018-3, Class A1,
3.472%, 08/25/2058(2)(4)		138,905		144,496
New Residential Mortgage Loan Trust,
Series 2017-2A, Class A3,
4.000%, 03/25/2057(2)(4)		2,116,543		2,259,531
RALI Series Trust,
Series 2004-QS6, Class A1,
5.000%, 12/15/2021(6)		1,186		1,116
RAMP Series Trust,
Series 2005-RS1, Class AI6,
4.713%, 11/25/2034		148		149
Soundview Home Loan Trust,
Series 2003-2, Class A2,
1.392%, 11/25/2033
(1 Month LIBOR USD + 1.300%)(3)		855,886		856,205
Thornburg Mortgage Securities Trust,
Series 2003-5, Class 3A,
2.231%, 10/25/2043(4)		1,667,642		1,680,314
Towd Point Mortgage Trust:
Series 2015-5, Class A1B,
2.750%, 05/25/2055(2)(4)		71,259		71,254
Series 2016-2, Class A1,
3.000%, 08/25/2055(2)(4)		579,587		585,259
Series 2017-1, Class A1,
2.750%, 10/25/2056(2)(4)		7,348,439		7,460,893
Series 2017-5, Class A1,
0.692%, 02/26/2057
(1 Month LIBOR USD + 0.600%)(2)(3)		2,073,926		2,074,028
Series 2019-1, Class A1,
3.722%, 03/25/2058(2)(4)		6,153,389		6,480,611
Series 2018-6, Class A1A,
3.750%, 03/25/2058(2)(4)		61,527		63,550
Series 2018-4, Class A1,
3.000%, 06/25/2058(2)(4)		109,264		113,584
Series 2019-4, Class A1,
2.900%, 10/25/2059(2)(4)		10,114,597		10,459,939
Series 2020-4, Class A1,
1.750%, 10/25/2060(2)		19,005,025		19,216,346
WaMu Mortgage Pass-Through
Certificates Trust:
Series 2004-AR3, Class A1,
2.577%, 06/25/2034(4)		1,176,515		1,211,667
Series 2004-CB2, Class 3A,
6.000%, 08/25/2034		1,693,819		1,834,931
Wells Fargo Home Equity
Asset-Backed Securities Trust,
Series 2004-2, Class A33,
1.092%, 10/25/2034
(1 Month LIBOR USD + 1.000%)(3)		1,263,266		1,253,289
Total Non-U.S. Government Agency Issues
(Cost $57,437,789)				58,435,832		0.9	%
Total Residential
Mortgage-Backed Securities
(Cost $57,442,708)				58,441,189		0.9	%
Commercial Mortgage-Backed Securities
U.S. Government Agency Issues
Freddie Mac Multifamily Structured
Pass Through Certificates:
Series K717, Class A2,
2.991%, 09/25/2021		320,332		320,892
Series K720, Class A2,
2.716%, 06/25/2022		17,250,000		17,521,129
Series K721, Class A2,
3.090%, 08/25/2022(4)		247,344		252,882
Series K723, Class A2,
2.454%, 08/25/2023		14,500,000		14,994,245
Series K038, Class A2,
3.389%, 03/25/2024		1,775,000		1,898,902
Series K726, Class A2,
2.905%, 04/25/2024		134,825		141,640
Series K041, Class A2,
3.171%, 10/25/2024		4,895,000		5,267,420
Series K043, Class A2,
3.062%, 12/25/2024		4,250,000		4,567,378
Series K048, Class A2,
3.284%, 06/25/2025(4)		8,725,000		9,501,273
Series K050, Class A2,
3.334%, 08/25/2025(4)		12,375,000		13,508,705
Series K734, Class A2,
3.208%, 02/25/2026		9,475,000		10,348,766
Series K062, Class A2,
3.413%, 12/25/2026		21,774,000		24,277,372
Series K064, Class A2,
3.224%, 03/25/2027		1,325,000		1,466,961
Series K065, Class A2,
3.243%, 04/25/2027		2,075,000		2,301,915
Series K066, Class A2,
3.117%, 06/25/2027		170,000		187,603
Series K068, Class A2,
3.244%, 08/25/2027		24,446,000		27,211,933
Series K069, Class A2,
3.187%, 09/25/2027(4)		175,000		194,448
Series K071, Class A2,
3.286%, 11/25/2027		7,075,000		7,905,584
Total U.S. Government Agency Issues
(Cost $135,875,965)				141,869,048		2.3	%
Non-U.S. Government Agency Issues
BANK:
Series 2017-BNK9, Class A4,
3.538%, 11/17/2054		9,275,000		10,301,651
Series 2017-BNK7, Class ASB,
3.265%, 09/17/2060		1,300,000		1,391,217
Series 2018-BN10, Class A5,
3.688%, 02/17/2061		895,000		1,001,550
CD Mortgage Trust,
Series 2017-CD6, Class ASB,
3.332%, 11/15/2050		10,723,000		11,559,628
Citigroup Commercial Mortgage Trust:
Series 2013-GC11, Class A4,
3.093%, 04/10/2046		11,725,000		12,145,523
Series 2015-GC27, Class A5,
3.137%, 02/10/2048		13,810,576		14,728,543
Series 2015-GC35, Class A4,
3.818%, 11/13/2048		15,210,000		16,775,535
COMM Mortgage Trust:
Series 2012-CR2, Class A4,
3.147%, 08/17/2045		375,000		382,135

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

Page 33

Baird Intermediate Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
COMM Mortgage Trust: (cont.)
Series 2014-CR19, Class A5,
3.796%, 08/12/2047	$	225,000	$	243,535
Series 2013-CR11, Class A4,
4.258%, 08/12/2050		13,025,000		13,971,446
CSAIL Commercial Mortgage Trust,
Series 2021-C20, Class ASB,
2.436%, 03/17/2054		6,866,000		7,120,093
GS Mortgage Securities Corp. II,
Series 2018-GS10, Class A5,
4.155%, 07/12/2051(4)		9,372,252		10,740,811
J.P. Morgan Chase Commercial
Mortgage Securities Trust:
Series 2013-LC11, Class A5,
2.960%, 04/15/2046		175,000		181,423
Series 2013-LC11, Class A4,
2.694%, 04/17/2046		3,058,423		3,137,336
Series 2013-C10, Class ASB,
2.702%, 12/17/2047		66,768		67,856
JPMBB Commercial Mortgage
Securities Trust:
Series 2013-C12, Class A5,
3.664%, 07/17/2045		3,373,000		3,539,715
Series 2013-C17, Class A3,
3.928%, 01/17/2047		34,350		35,624
Series 2014-C26, Class A4,
3.494%, 01/17/2048		14,480,202		15,630,664
JPMCC Commercial Mortgage
Securities Trust,
Series 2017-C7, Class A5,
3.409%, 10/17/2050		5,125,000		5,650,712
Morgan Stanley Bank of
America Merrill Lynch Trust:
Series 2013-C7, Class A4,
2.918%, 02/16/2046		12,980,000		13,355,323
Series 2014-C16, Class A4,
3.600%, 06/17/2047		12,843,581		13,520,778
Series 2015-C27, Class A4,
3.753%, 12/17/2047		28,920,000		31,705,505
Series 2015-C25, Class ASB,
3.383%, 10/19/2048		196,653		206,386
Series 2016-C29, Class ASB,
3.140%, 05/17/2049		4,852,149		5,115,492
Series 2017-C34, Class A4,
3.536%, 11/18/2052		14,450,000		16,020,804
Wells Fargo Commercial Mortgage Trust:
Series 2014-LC18, Class ASB,
3.244%, 12/17/2047		11,412,504		11,904,055
Series 2015-P2, Class ASB,
3.656%, 12/17/2048		10,569,264		11,209,876
Series 2015-P2, Class A4,
3.809%, 12/17/2048		21,019,144		23,215,401
WFRBS Commercial Mortgage Trust:
Series 2012-C6, Class A4,
3.440%, 04/15/2045		3,835,659		3,845,193
Series 2014-C24, Class ASB,
3.324%, 11/18/2047		6,938,196		7,235,214
Series 2013-C12, Class ASB,
2.838%, 03/17/2048		2,728,572		2,776,379
Total Non-U.S. Government Agency Issues
(Cost $262,759,657)				268,715,403		4.3	%
Total Commercial
Mortgage-Backed Securities
(Cost $398,635,622)				410,584,451		6.6	%
Asset Backed Securities
Bank of The West Auto Trust,
Series 2019-1, Class A3,
2.430%, 04/15/2024(2)		6,421,507		6,498,827
Conseco Financial Corp.:
Series 1998-7, Class A1,
6.320%, 05/01/2029		75,590		75,711
Series 1998-3, Class A5,
6.220%, 03/01/2030		8,178		8,192
Series 1998-4, Class A5,
6.180%, 04/01/2030		12,574		12,700
Discover Card Execution Note Trust,
Series 2017-A4, Class A4,
2.530%, 10/15/2026		4,000,000		4,219,517
Hyundai Auto Lease Securitization Trust,
Series 2020-A, Class A3,
1.950%, 07/15/2023(2)		15,050,000		15,170,492
MMAF Equipment Finance LLC,
Series 2020-A, Class A3,
0.970%, 04/09/2027(2)		6,550,000		6,605,293
Nelnet Student Loan Trust,
Series 2021-A, Class APT1,
1.360%, 04/20/2062(2)		9,000,000		9,001,437
Oakwood Mortgage Investors, Inc.,
Series 1999-B, Class A3,
6.450%, 12/15/2023		13,905		14,264
PFS Financing Corp.:
Series 2019-A, Class A2,
2.860%, 04/15/2024(2)		12,125,000		12,369,541
Series 2021-A, Class A,
0.710%, 04/15/2026(2)		14,675,000		14,663,298
Synchrony Card Issuance Trust,
Series 2018-A1, Class A,
3.380%, 09/15/2024		275,000		276,788
Towd Point Mortgage Trust,
Series 2020-MH1, Class A1,
2.250%, 02/25/2060(2)(4)		10,709,950		10,838,203
Toyota Auto Loan Extended Note Trust:
Series 2019-1A, Class A,
2.560%, 11/25/2031(2)		25,592,000		26,985,612
Series 2020-1A, Class A,
1.350%, 05/25/2033(2)		225,000		228,738
Verizon Owner Trust,
Series 2019-B, Class A1A,
2.330%, 12/20/2023		150,000		151,650
Volkswagen Auto Loan Enhanced Trust,
Series 2020-1, Class A3,
0.980%, 11/20/2024		150,000		151,102
Total Asset Backed Securities
(Cost $105,776,972)				107,271,365		1.7	%
Total Long-Term Investments
(Cost $5,942,775,448)				6,063,224,189		96.8	%

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

Page 34

Baird Intermediate Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Short-Term Investment

						% of
	Shares		Value			Net Assets
Money Market Mutual Fund
First American Government
Obligations Fund, Class U, 0.03%(5)		278,260,547	$	278,260,547
Total Short-Term Investment
(Cost $278,260,547)				278,260,547			4.5	%
Total Investments
(Cost $6,221,035,995)				6,341,484,736			101.3	%
Liabilities in Excess of Other Assets				(79,496,223	)		(1.3	)%
TOTAL NET ASSETS			$	6,261,988,513			100.0	%

Notes to Schedule of Investments

CMT – Constant Maturity Treasury

LIBOR – London Inter-bank Offered Rate

SOFR – Secured Overnight Financing Rate

(1)	Foreign security.
(2)	Security as defined in Rule 144A under the Securities Act of 1933 and classified as liquid under the Fund’s liquidity risk management program. Purchased in a private placement transaction; resale to the public may require registration or may extend only to qualified institutional buyers. At June 30, 2021, the value of these securities totaled $990,798,081, which represented 15.82% of total net assets.
(3)	Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of June 30, 2021.
(4)	Variable rate security. The coupon is based on an underlying pool of loans. The rate reported is the rate in effect as of June 30, 2021.
(5)	Seven-day yield.
(6)	Security that, on the last payment date, missed a partial principal or interest payment.
(7)	Step-up bond; the interest rate shown is the rate in effect as of June 30, 2021.
(8)	Security or a portion of the security purchased on a when-issued or delayed delivery basis.
(9)	Security in default.

Summary of Fair Value Exposure at June 30, 2021 (Unaudited)

The Fund has adopted authoritative fair valuation accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion on changes in valuation techniques and related inputs during the period. These standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The fair value hierarchy is organized into three levels based upon the assumptions (referred to as “inputs”) used in pricing the asset or liability. These standards state that “observable inputs” reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from independent sources and “unobservable inputs” reflect an entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. These inputs are summarized into three broad levels and described below:

Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3 – Unobservable inputs for the asset or liability.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2021:

	Level 1		Level 2		Level 3		Total
Long-Term Investments
U.S. Treasury Securities	$	—	$	2,749,535,679	$	—	$	2,749,535,679
Other Government Related Security		—		7,170,310		—		7,170,310
Corporate Bonds		—		2,644,892,284		—		2,644,892,284
Municipal Bonds		—		85,328,911		—		85,328,911
Residential Mortgage-Backed Securities – U.S. Government Agency Issues		—		5,357		—		5,357
Residential Mortgage-Backed Securities – Non-U.S. Government Agency Issues		—		58,435,832		—		58,435,832
Commercial Mortgage-Backed Securities – U.S. Government Agency Issues		—		141,869,048		—		141,869,048
Commercial Mortgage-Backed Securities – Non-U.S. Government Agency Issues		—		268,715,403		—		268,715,403
Asset Backed Securities		—		107,271,365		—		107,271,365
Total Long-Term Investments		—		6,063,224,189		—		6,063,224,189
Short-Term Investment
Money Market Mutual Fund		278,260,547		—		—		278,260,547
Total Short-Term Investment		278,260,547		—		—		278,260,547
Total Investments	$	278,260,547	$	6,063,224,189	$	—	$	6,341,484,736

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

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

Page 35

Baird Aggregate Bond Fund

June 30, 2021 (Unaudited)

Portfolio Characteristics

Quality Distribution⁽¹⁾⁽²⁾

	Net Assets	$35,748,240,231
	SEC 30-Day Yield(3)
	Institutional Class	1.36%
	Investor Class	1.12%
	Average Effective Duration	6.58 years
	Average Effective Maturity	8.29 years
	Annualized Expense Ratio(4)
	Institutional Class	0.30%
	Investor Class	0.55%	(5)
	Portfolio Turnover Rate	17%	(6)
	Number of Holdings	1,487
Sector Weightings(1)

(1)	Percentages shown are based on the Fund’s total investments.
(2)	The quality profile is calculated on a market value-weighted basis using the highest credit quality rating for each security held by the Fund given by S&P, Moody’s or Fitch, each of which is a Nationally Recognized Statistical Rating Organization (NRSRO). NRSROs rate the credit quality of securities using a scale that generally ranges from AAA (highest) to D (lowest).
(3)	SEC yields are based on SEC guidelines and are calculated for the 30 days ended June 30, 2021.
(4)	Reflects expense ratios as stated in the Fund’s current prospectus dated May 1, 2021.
(5)	Includes 0.25% 12b-1 fee.
(6)	Not annualized.

Page 36

Baird Aggregate Bond Fund

June 30, 2021 (Unaudited)

Total Returns

			Average Annual
	Six	One	Five	Ten	Since
For the Periods Ended June 30, 2021	Months	Year	Years	Years	Inception(1)
Institutional Class Shares	-1.47%	0.64%	3.59%	4.18%	5.29%
Investor Class Shares	-1.62%	0.37%	3.31%	3.92%	5.04%
Bloomberg Barclays U.S. Aggregate Bond Index(2)	-1.60%	-0.33%	3.03%	3.39%	4.78%

(1)

For the period from September 29, 2000 (inception date) through June 30, 2021.

(2)

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

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

The Fund’s gross expense ratio for each Class, as reflected in the Fund’s current prospectus, is set forth under “Portfolio Characteristics”.

The Fund maintains securities with longer maturities in order to provide a greater potential for return. Generally, the longer a bond’s maturity, the greater the interest rate risk. The Fund may also invest in U.S. dollar denominated foreign securities which involve additional risks such as political and economic instability, and different and sometimes less strict financial reporting standards and regulation. The Fund may also invest in mortgage- and asset-backed securities, which include interest rate and prepayment risks more pronounced than those of other fixed income securities.  U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including the impact of the coronavirus (COVID-19) as a global pandemic and related public health issues, business interruptions, growth concerns in the U.S. and overseas, and changed travel and social behaviors. These and other geopolitical events may cause market disruptions and could have an adverse effect on the value of the Fund’s investments.

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

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

Page 37

Baird Aggregate Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments

	Principal				% of
	Amount		Value		Net Assets
U.S. Treasury Securities
U.S. Treasury Bonds:
1.875%, 03/31/2022	$	223,150,000	$	226,148,578
2.125%, 12/31/2022		438,400,000		451,141,000
2.500%, 05/15/2024		1,504,785,000		1,593,955,264
2.250%, 11/15/2025		649,600,000		691,113,500
2.000%, 11/15/2026		999,675,000		1,054,969,523
2.250%, 11/15/2027		1,186,325,000		1,268,997,023
1.625%, 08/15/2029		143,150,000		146,410,018
0.625%, 08/15/2030		1,010,975,000		941,865,376
1.375%, 11/15/2040		383,750,000		344,715,430
2.875%, 05/15/2043		1,307,995,000		1,504,296,431
2.500%, 02/15/2045		1,329,450,000		1,438,402,575
2.875%, 05/15/2049		318,675,000		373,160,955
Total U.S. Treasury Securities
(Cost $10,101,612,108)				10,035,175,673		28.1	%
Other Government Related Securities
Comision Federal de Electricidad,
4.875%, 01/15/2024(1)(2)		3,423,000		3,722,547
Corp Andina de Fomento,
4.375%, 06/15/2022(1)		6,107,000		6,326,363
NBN Co. Ltd.,
2.625%, 05/05/2031(1)(2)		13,625,000		13,956,496
Petroleos Mexicanos:
4.500%, 01/23/2026(1)		1,953,000		1,977,217
5.950%, 01/28/2031(1)		558,000		542,097
6.350%, 02/12/2048(1)		8,500,000		7,243,700
Sinopec Group Overseas
Development [2014] Ltd.,
4.375%, 04/10/2024(1)(2)		1,500,000		1,637,839
Sinopec Group Overseas
Development [2015] Ltd.,
3.250%, 04/28/2025(1)(2)		7,500,000		8,016,600
Sinopec Group Overseas
Development [2017] Ltd.,
3.000%, 04/12/2022(1)(2)		15,000,000		15,265,801
Total Other Government
Related Securities
(Cost $57,997,888)				58,688,660		0.2	%
Corporate Bonds
Industrials
A.P. Meoller – Maersk A/S,
3.750%, 09/22/2024(1)(2)		22,000,000		23,714,900
Abbott Laboratories,
4.900%, 11/30/2046		4,700,000		6,432,261
AbbVie, Inc.:
5.000%, 12/15/2021		24,000,000		24,231,033
3.250%, 10/01/2022		17,863,000		18,365,953
3.850%, 06/15/2024		12,067,000		13,087,330
3.800%, 03/15/2025		16,425,000		17,966,424
2.950%, 11/21/2026		9,625,000		10,346,359
4.550%, 03/15/2035		12,000,000		14,564,521
4.500%, 05/14/2035		17,395,000		20,952,220
4.300%, 05/14/2036		6,000,000		7,118,531
4.050%, 11/21/2039		12,700,000		14,750,106
Adventist Health System:
2.952%, 03/01/2029		19,250,000		20,292,204
3.630%, 03/01/2049		9,000,000		9,882,588
Agilent Technologies, Inc.,
2.100%, 06/04/2030		14,000,000		13,851,199
Air Products and Chemicals, Inc.,
2.700%, 05/15/2040		10,425,000		10,572,731
Alcon Finance Corp.:
2.750%, 09/23/2026(1)(2)		14,770,000		15,630,676
3.800%, 09/23/2049(1)(2)		7,000,000		7,778,772
Allegion PLC,
3.500%, 10/01/2029		21,494,000		23,360,263
Allegion US Holding Co., Inc.:
3.200%, 10/01/2024		7,000,000		7,441,452
3.550%, 10/01/2027		11,975,000		13,014,015
Amgen, Inc.:
3.150%, 02/21/2040		13,350,000		13,910,723
4.400%, 05/01/2045		12,300,000		14,934,002
Analog Devices, Inc.,
3.125%, 12/05/2023		10,000,000		10,577,707
Anglo American Capital PLC:
4.875%, 05/14/2025(1)(2)		3,376,000		3,821,339
4.750%, 04/10/2027(1)(2)		10,000,000		11,494,337
4.000%, 09/11/2027(1)(2)		2,570,000		2,849,294
2.625%, 09/10/2030(1)(2)		25,000,000		25,094,559
Anheuser-Busch InBev Worldwide, Inc.:
4.750%, 01/23/2029(1)		4,075,000		4,854,404
4.375%, 04/15/2038(1)		7,000,000		8,368,993
5.450%, 01/23/2039(1)		20,000,000		26,377,407
4.900%, 02/01/2046(1)		67,184,000		85,038,150
AP Moller – Maersk A/S:
3.875%, 09/28/2025(1)(2)		8,900,000		9,772,295
4.500%, 06/20/2029(1)(2)		8,000,000		9,246,728
Apple, Inc.,
2.650%, 05/11/2050		10,000,000		9,818,362
ArcelorMittal:
4.550%, 03/11/2026(1)		13,000,000		14,702,898
4.250%, 07/16/2029(1)		20,000,000		22,122,166
AT&T, Inc.:
2.550%, 12/01/2033(2)		22,965,000		22,750,088
5.250%, 03/01/2037		10,000,000		12,597,799
4.900%, 08/15/2037		10,000,000		12,321,852
6.375%, 03/01/2041		11,764,000		16,887,314
3.100%, 02/01/2043		5,825,000		5,707,629
5.150%, 02/15/2050		6,905,000		8,866,540
3.550%, 09/15/2055(2)		55,110,000		55,294,775
3.800%, 12/01/2057(2)		19,423,000		20,236,483
3.650%, 09/15/2059(2)		49,359,000		50,054,892
BAE Systems PLC,
1.900%, 02/15/2031(1)(2)		18,500,000		17,829,099
Bayer US Finance II LLC:
5.500%, 08/15/2025(1)(2)		14,400,000		16,489,761
4.250%, 12/15/2025(1)(2)		14,440,000		16,091,164
Becton Dickinson and Co.:
3.363%, 06/06/2024		6,300,000		6,749,756
3.734%, 12/15/2024		4,000,000		4,355,794
2.823%, 05/20/2030		15,000,000		15,710,622
4.875%, 05/15/2044		10,815,000		12,810,712
Bell Canada, Inc.:
4.464%, 04/01/2048(1)		1,225,000		1,521,505
4.300%, 07/29/2049(1)		4,123,000		4,973,103
Bimbo Bakeries USA, Inc.,
4.000%, 05/17/2051(1)(2)		11,700,000		12,563,490
Boardwalk Pipelines LP:
4.950%, 12/15/2024		27,631,000		30,884,607
5.950%, 06/01/2026		28,506,000		33,795,257
4.450%, 07/15/2027		13,777,000		15,543,303
4.800%, 05/03/2029		16,918,000		19,468,761
3.400%, 02/15/2031		5,825,000		6,182,887

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

Page 38

Baird Aggregate Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Boeing Co.:
2.196%, 02/04/2026	$	47,500,000	$	47,954,016
5.040%, 05/01/2027		5,140,000		5,930,676
5.150%, 05/01/2030		24,000,000		28,419,719
Bon Secours Mercy Health, Inc.:
3.464%, 06/01/2030		8,000,000		8,774,380
3.205%, 06/01/2050		10,800,000		11,184,141
BorgWarner, Inc.,
5.000%, 10/01/2025(2)		27,301,000		31,328,590
Bristol-Myers Squibb Co.,
3.250%, 02/20/2023		5,941,000		6,206,315
Broadcom, Inc.:
3.625%, 10/15/2024		13,075,000		14,160,813
3.125%, 01/15/2025		12,000,000		12,809,204
3.150%, 11/15/2025		23,600,000		25,294,017
4.250%, 04/15/2026		58,100,000		65,132,176
4.750%, 04/15/2029		29,000,000		33,734,451
5.000%, 04/15/2030		11,000,000		12,977,488
3.500%, 02/15/2041(2)		16,000,000		16,368,461
Broadridge Financial Solutions, Inc.,
2.900%, 12/01/2029		11,300,000		11,948,143
Bunge Limited Finance Corp.:
3.000%, 09/25/2022		15,000,000		15,406,669
1.630%, 08/17/2025		10,000,000		10,117,778
3.250%, 08/15/2026		11,550,000		12,475,442
Burlington Northern Santa Fe LLC,
4.150%, 04/01/2045		3,000,000		3,637,909
Cameron LNG LLC,
3.302%, 01/15/2035(2)		20,000,000		21,475,726
Campbell Soup Co.,
3.950%, 03/15/2025		10,325,000		11,388,234
Canadian Natural Resources Ltd.,
6.500%, 02/15/2037(1)		982,000		1,319,139
Carlisle Companies, Inc.:
3.500%, 12/01/2024		5,000,000		5,395,874
2.750%, 03/01/2030		16,000,000		16,644,606
Carrier Global Corp.:
2.242%, 02/15/2025		8,125,000		8,448,128
2.493%, 02/15/2027		25,975,000		27,186,509
2.722%, 02/15/2030		6,861,000		7,112,911
2.700%, 02/15/2031		18,500,000		19,047,888
CCL Industries, Inc.,
3.050%, 06/01/2030(1)(2)		20,000,000		20,985,415
Celanese US Holdings LLC,
3.500%, 05/08/2024		10,640,000		11,368,614
Celulosa Arauco y Constitucion SA,
3.875%, 11/02/2027(1)		12,000,000		12,900,000
CF Industries, Inc.:
3.450%, 06/01/2023		21,000,000		21,918,750
5.150%, 03/15/2034		3,000,000		3,629,805
Charter Communications Operating LLC:
4.464%, 07/23/2022		13,773,000		14,259,032
4.908%, 07/23/2025		54,750,000		62,026,875
3.750%, 02/15/2028		5,000,000		5,514,283
5.050%, 03/30/2029		33,420,000		39,475,407
2.300%, 02/01/2032		10,525,000		10,118,965
6.384%, 10/23/2035		37,906,000		50,667,701
3.500%, 06/01/2041		12,225,000		12,307,760
4.400%, 12/01/2061		24,375,000		26,190,580
Cheniere Corpus Christi Holdings LLC:
7.000%, 06/30/2024		4,000,000		4,582,128
5.875%, 03/31/2025		5,646,000		6,470,706
5.125%, 06/30/2027		30,119,000		35,021,971
3.700%, 11/15/2029		13,723,000		14,989,387
Cigna Corp.:
3.050%, 11/30/2022		10,000,000		10,350,288
3.000%, 07/15/2023		5,512,000		5,772,602
3.500%, 06/15/2024		9,000,000		9,648,299
4.125%, 11/15/2025		3,190,000		3,574,840
4.500%, 02/25/2026		9,810,000		11,164,787
2.400%, 03/15/2030		15,000,000		15,302,590
4.800%, 08/15/2038		5,000,000		6,227,143
CK Hutchison International Ltd.:
2.875%, 04/05/2022(1)(2)		8,000,000		8,138,480
2.500%, 04/15/2031(1)(2)		13,525,000		13,773,589
CNH Industrial Capital LLC:
1.950%, 07/02/2023(1)		22,275,000		22,834,347
4.200%, 01/15/2024(1)		2,450,000		2,651,103
1.875%, 01/15/2026(1)		20,000,000		20,339,086
CNH Industrial NV,
3.850%, 11/15/2027(1)		23,656,000		26,191,768
Columbia Pipeline Group, Inc.:
4.500%, 06/01/2025(1)		6,199,000		6,958,339
5.800%, 06/01/2045(1)		10,776,000		14,545,424
Comcast Corp.:
3.300%, 04/01/2027		9,125,000		10,056,847
3.200%, 07/15/2036		6,000,000		6,437,284
3.969%, 11/01/2047		8,622,000		10,038,033
4.950%, 10/15/2058		10,000,000		13,828,133
CommonSpirit Health,
3.347%, 10/01/2029		17,635,000		19,099,175
Conagra Brands, Inc.:
7.125%, 10/01/2026		6,441,000		8,064,488
7.000%, 10/01/2028		4,300,000		5,728,911
5.300%, 11/01/2038		5,000,000		6,354,480
Corning, Inc.,
4.375%, 11/15/2057		9,000,000		10,723,522
Costco Wholesale Corp.,
1.600%, 04/20/2030		15,000,000		14,804,170
Cox Communications, Inc.:
3.850%, 02/01/2025(2)		4,725,000		5,142,031
3.350%, 09/15/2026(2)		4,450,000		4,832,286
4.800%, 02/01/2035(2)		14,000,000		16,967,064
3.600%, 06/15/2051(2)		21,000,000		22,113,585
CSX Corp.,
4.650%, 03/01/2068		9,000,000		11,780,354
CVS Health Corp.:
3.625%, 04/01/2027		3,000,000		3,324,465
3.250%, 08/15/2029		8,000,000		8,680,329
4.780%, 03/25/2038		40,059,000		49,282,434
2.700%, 08/21/2040		5,000,000		4,846,584
5.125%, 07/20/2045		29,155,000		37,920,451
5.050%, 03/25/2048		30,300,000		39,355,933
Daimler Finance North America LLC:
3.400%, 02/22/2022(1)(2)		6,550,000		6,681,071
2.550%, 08/15/2022(1)(2)		30,000,000		30,702,838
1.750%, 03/10/2023(1)(2)		20,000,000		20,411,843
Danone SA,
2.589%, 11/02/2023(1)(2)		19,600,000		20,432,470
Dell International LLC / EMC Corp.:
5.450%, 06/15/2023		15,043,000		16,319,600
6.020%, 06/15/2026		80,596,000		96,757,624
6.100%, 07/15/2027		5,580,000		6,836,468
Dentsply Sirona,
3.250%, 06/01/2030		25,000,000		26,738,727
Deutsche Telekom International
Finance BV,
8.750%, 06/15/2030(1)		8,661,000		12,977,969

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

Page 39

Baird Aggregate Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Dignity Health,
5.267%, 11/01/2064	$	2,921,000	$	4,037,560
Dollar General Corp.,
3.500%, 04/03/2030		7,000,000		7,690,017
DuPont de Nemours, Inc.:
4.493%, 11/15/2025		10,000,000		11,371,552
5.319%, 11/15/2038		29,000,000		38,352,738
DXC Technology Co.:
4.250%, 04/15/2024		54,525,000		59,140,934
4.125%, 04/15/2025		12,041,000		13,233,599
4.750%, 04/15/2027		36,917,000		42,505,288
Eagle Materials, Inc.,
2.500%, 07/01/2031(8)		8,700,000		8,619,014
Eastern Gas Transmission and Storage, Inc.:
4.800%, 11/01/2043		4,017,000		4,766,447
4.600%, 12/15/2044		3,674,000		4,271,720
Edward-Elmhurst Healthcare,
3.500%, 05/04/2023		4,000,000		4,152,829
EI du Pont de Nemours and Co.,
2.300%, 07/15/2030		7,450,000		7,650,451
Elanco Animal Health, Inc.,
5.272%, 08/28/2023		10,000,000		10,755,900
Element Fleet Management Corp.,
3.850%, 06/15/2025(1)(2)		18,492,000		19,892,385
Enable Midstream Partners LP,
3.900%, 05/15/2024		5,000,000		5,314,274
Enbridge Energy Partners LP:
7.500%, 04/15/2038(1)		4,500,000		6,674,397
7.375%, 10/15/2045(1)		20,000,000		31,380,521
Encana Corp.,
3.900%, 11/15/2021		20,000,000		20,047,828
Energy Transfer LP:
3.900%, 07/15/2026		10,000,000		10,919,059
4.000%, 10/01/2027		2,000,000		2,200,346
5.400%, 10/01/2047		7,425,000		8,796,749
Energy Transfer Operating LP:
5.500%, 06/01/2027		5,468,000		6,412,786
5.250%, 04/15/2029		22,666,000		26,772,392
4.900%, 03/15/2035		4,550,000		5,256,016
5.800%, 06/15/2038		7,797,000		9,693,052
6.050%, 06/01/2041		1,968,000		2,495,502
5.950%, 10/01/2043		3,550,000		4,428,878
6.125%, 12/15/2045		5,797,000		7,388,967
6.000%, 06/15/2048		10,000,000		12,640,077
6.250%, 04/15/2049		3,850,000		5,052,148
Energy Transfer Partners LP:
4.050%, 03/15/2025		21,190,000		22,975,822
6.500%, 02/01/2042		5,621,000		7,297,888
Eni SpA,
4.250%, 05/09/2029(1)(2)		18,250,000		20,760,962
Enterprise Products Operating LLC:
3.700%, 02/15/2026		8,350,000		9,236,974
5.750%, 03/01/2035		4,930,000		6,365,247
3.200%, 02/15/2052		30,725,000		30,480,430
EQT Midstream Partners LP:
4.750%, 07/15/2023		3,504,000		3,657,300
4.000%, 08/01/2024		3,000,000		3,082,500
4.125%, 12/01/2026		10,000,000		10,237,500
Equinix, Inc.:
3.200%, 11/18/2029		2,000,000		2,145,209
2.150%, 07/15/2030		7,675,000		7,626,005
ERAC USA Finance LLC,
3.300%, 12/01/2026(2)		20,225,000		22,043,832
Exxon Mobil Corp.,
2.992%, 03/19/2025		33,700,000		36,146,206
FedEx Corp.,
4.950%, 10/17/2048		15,000,000		19,346,798
Ferguson Finance PLC:
4.500%, 10/24/2028(2)		34,125,000		39,712,961
3.250%, 06/02/2030(2)		28,100,000		30,327,065
Fidelity National Information
Services, Inc.:
3.100%, 03/01/2041		7,100,000		7,273,003
4.500%, 08/15/2046		17,040,000		20,863,162
Fiserv, Inc.:
3.500%, 10/01/2022		5,410,000		5,578,458
3.200%, 07/01/2026		11,650,000		12,607,370
4.200%, 10/01/2028		5,000,000		5,747,681
2.650%, 06/01/2030		28,900,000		29,922,387
4.400%, 07/01/2049		3,500,000		4,221,569
Flex Ltd.:
3.750%, 02/01/2026		15,000,000		16,404,484
4.875%, 06/15/2029		14,600,000		16,839,670
FLIR Systems, Inc.,
2.500%, 08/01/2030		7,000,000		7,052,951
Florida Gas Transmission Co. LLC,
2.550%, 07/01/2030(2)		18,500,000		18,689,281
FMC Corp.:
4.100%, 02/01/2024		46,920,000		50,367,951
3.200%, 10/01/2026		5,000,000		5,399,154
Fomento Economico
Mexicano SAB de CV:
2.875%, 05/10/2023(1)		5,000,000		5,161,800
4.375%, 05/10/2043(1)		1,874,000		2,227,361
3.500%, 01/16/2050(1)		42,509,000		44,709,266
Ford Motor Credit Co. LLC:
3.339%, 03/28/2022		5,000,000		5,073,500
2.979%, 08/03/2022		34,690,000		35,166,988
3.087%, 01/09/2023		5,900,000		6,018,000
4.140%, 02/15/2023		10,000,000		10,362,500
5.584%, 03/18/2024		9,350,000		10,240,120
3.664%, 09/08/2024		5,565,000		5,832,899
Fortune Brands Home & Security, Inc.,
3.250%, 09/15/2029		15,000,000		16,132,777
Fresenius Medical Care
US Finance II, Inc.,
4.750%, 10/15/2024(1)(2)		14,530,000		16,144,538
Fresenius Medical Care
US Finance III, Inc.:
1.875%, 12/01/2026(1)(2)		4,200,000		4,200,121
3.750%, 06/15/2029(1)(2)		24,200,000		26,325,592
2.375%, 02/16/2031(1)(2)		25,000,000		24,390,375
General Electric Co.:
3.450%, 05/01/2027		4,000,000		4,397,076
3.625%, 05/01/2030		10,000,000		11,150,793
6.875%, 01/10/2039		651,000		973,933
General Motors Co.,
6.125%, 10/01/2025		21,479,000		25,426,886
General Motors Financial Co., Inc.:
4.375%, 09/25/2021		2,675,000		2,699,855
3.450%, 01/14/2022		5,000,000		5,069,707
3.150%, 06/30/2022		6,000,000		6,143,755
1.700%, 08/18/2023		25,000,000		25,515,995
5.100%, 01/17/2024		33,000,000		36,329,805
2.900%, 02/26/2025		13,000,000		13,760,998
1.250%, 01/08/2026		19,000,000		18,873,381

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

Page 40

Baird Aggregate Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Genpact Luxembourg Sarl,
3.375%, 12/01/2024	$	49,575,000	$	52,961,264
Genpact Luxembourg SARL,
1.750%, 04/10/2026		25,000,000		25,051,018
Gilead Sciences, Inc.,
4.600%, 09/01/2035		4,600,000		5,628,397
Glencore Finance (Canada) Ltd.,
5.550%, 10/25/2042(1)(2)		5,000,000		6,456,950
Glencore Funding LLC:
4.125%, 05/30/2023(1)(2)		13,691,000		14,562,251
4.625%, 04/29/2024(1)(2)		35,620,000		39,043,077
4.000%, 04/16/2025(1)(2)		4,450,000		4,858,332
4.000%, 03/27/2027(1)(2)		25,550,000		28,318,420
3.875%, 10/27/2027(1)(2)		2,000,000		2,199,600
4.875%, 03/12/2029(1)(2)		11,000,000		12,792,256
2.500%, 09/01/2030(1)(2)		30,000,000		29,926,699
3.875%, 04/27/2051(1)(2)		6,000,000		6,283,214
Global Payments, Inc.:
4.000%, 06/01/2023		19,700,000		20,923,269
4.800%, 04/01/2026		13,830,000		15,811,978
2.900%, 05/15/2030		14,467,000		15,072,665
Grupo Bimbo SAB de CV:
4.500%, 01/25/2022(1)(2)		4,367,000		4,462,610
3.875%, 06/27/2024(1)(2)		18,220,000		19,639,110
4.875%, 06/27/2044(1)(2)		8,250,000		9,853,140
4.700%, 11/10/2047(1)(2)		25,000,000		29,384,618
4.000%, 09/06/2049(1)(2)		7,300,000		7,773,102
Gulf South Pipeline Co. LP,
4.000%, 06/15/2022		3,633,000		3,720,276
Gulfstream Natural Gas System LLC,
4.600%, 09/15/2025(2)		5,000,000		5,579,043
Halliburton Co.,
3.800%, 11/15/2025		551,000		609,021
HCA, Inc.:
5.250%, 04/15/2025		30,686,000		35,106,886
4.500%, 02/15/2027		15,000,000		16,951,126
3.500%, 07/15/2051		20,000,000		19,990,887
Hewlett Packard Enterprise Co.,
4.400%, 10/15/2022		15,150,000		15,808,645
HP, Inc.:
2.200%, 06/17/2025		15,000,000		15,568,965
3.000%, 06/17/2027		35,000,000		37,481,251
Hubbell, Inc.,
3.150%, 08/15/2027		11,700,000		12,538,168
Husky Energy, Inc.,
4.400%, 04/15/2029(1)		20,000,000		22,617,034
Hutchison Whampoa International Ltd.,
3.625%, 10/31/2024(1)(2)		7,850,000		8,549,753
Hyundai Capital America:
3.750%, 07/08/2021(1)(2)		12,950,000		12,957,294
3.950%, 02/01/2022(1)(2)		17,222,000		17,562,354
3.100%, 04/05/2022(1)(2)		21,255,000		21,659,618
3.000%, 06/20/2022(1)(2)		6,222,000		6,364,309
0.800%, 04/03/2023(1)(2)		33,750,000		33,743,813
1.250%, 09/18/2023(1)(2)		14,000,000		14,127,815
3.400%, 06/20/2024(1)(2)		19,025,000		20,281,424
5.875%, 04/07/2025(1)(2)		3,000,000		3,463,650
1.300%, 01/08/2026(1)(2)		10,000,000		9,882,478
Infor, Inc.,
1.750%, 07/15/2025(2)		17,375,000		17,726,848
Ingersoll-Rand Luxembourg Finance SA,
4.500%, 03/21/2049		10,000,000		12,558,148
Ingredion, Inc.,
2.900%, 06/01/2030		26,775,000		28,006,212
International Business Machines Corp.,
4.150%, 05/15/2039		11,325,000		13,458,150
International Flavors & Fragrances, Inc.,
1.832%, 10/15/2027		5,000,000		4,985,795
JAB Holdings BV,
2.200%, 11/23/2030(1)(2)		18,925,000		18,378,016
JM Smucker Co.:
3.500%, 03/15/2025		5,000,000		5,452,839
2.375%, 03/15/2030		9,125,000		9,295,517
Johnson Controls International PLC:
6.000%, 01/15/2036		892,000		1,248,789
4.500%, 02/15/2047		4,400,000		5,520,805
4.950%, 07/02/2064(7)		1,713,000		2,330,771
Kansas City Southern:
4.700%, 05/01/2048		10,075,000		12,548,337
3.500%, 05/01/2050		12,000,000		12,647,666
Kellogg Co.,
2.100%, 06/01/2030		20,000,000		20,098,397
Keysight Technologies, Inc.,
4.600%, 04/06/2027		36,562,000		42,482,699
Kinder Morgan Energy Partners LP:
4.300%, 05/01/2024		10,000,000		10,896,366
7.300%, 08/15/2033		8,103,000		11,440,298
5.800%, 03/15/2035		2,150,000		2,761,696
6.950%, 01/15/2038		14,008,000		20,021,039
6.500%, 09/01/2039		5,359,000		7,470,837
7.500%, 11/15/2040		7,917,000		11,684,134
Kinder Morgan, Inc.:
5.625%, 11/15/2023(2)		5,017,000		5,526,722
8.050%, 10/15/2030		3,670,000		5,092,175
7.800%, 08/01/2031		16,745,000		23,962,043
7.750%, 01/15/2032		36,569,000		52,460,929
Kraft Heinz Foods Co.:
3.000%, 06/01/2026		9,249,000		9,849,579
5.000%, 07/15/2035		14,740,000		18,080,379
L3Harris Technologies, Inc.,
3.832%, 04/27/2025		5,000,000		5,474,948
Lafarge SA,
7.125%, 07/15/2036(1)		893,000		1,322,598
Leidos, Inc.:
3.625%, 05/15/2025		12,925,000		14,045,597
4.375%, 05/15/2030		40,178,000		45,623,324
2.300%, 02/15/2031		8,175,000		7,975,694
Lennar Corp.,
4.125%, 01/15/2022		496,000		500,960
Lennox International, Inc.,
3.000%, 11/15/2023		5,930,000		6,214,946
Lockheed Martin Corp.,
3.100%, 01/15/2023		5,000,000		5,187,759
Lundin Energy Finance BV,
2.000%, 07/15/2026(1)(2)		10,000,000		10,016,004
LYB International Finance III LLC,
2.250%, 10/01/2030		5,925,000		5,916,253
Magellan Midstream Partners LP:
3.200%, 03/15/2025		5,000,000		5,287,641
3.950%, 03/01/2050		5,100,000		5,533,534
Marathon Petroleum Corp.:
3.625%, 09/15/2024		1,600,000		1,721,506
4.750%, 09/15/2044		1,500,000		1,772,305
Marshfield Clinic Health System, Inc.,
2.703%, 02/15/2030		23,125,000		23,407,010
Martin Marietta Materials, Inc.:
2.500%, 03/15/2030		6,200,000		6,305,347
6.250%, 05/01/2037		893,000		1,173,800

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

Page 41

Baird Aggregate Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
McDonald’s Corp.:
3.300%, 07/01/2025	$	3,000,000	$	3,259,411
3.500%, 07/01/2027		6,000,000		6,648,793
Microchip Technology, Inc.:
4.333%, 06/01/2023		16,455,000		17,547,647
0.972%, 02/15/2024(2)		10,000,000		9,995,073
Microsoft Corp.:
3.950%, 08/08/2056		9,903,000		12,571,440
2.675%, 06/01/2060		2,097,000		2,076,749
Midwest Connector Capital Co. LLC,
4.625%, 04/01/2029(2)		11,300,000		12,010,591
Molex Electronic Technologies LLC,
3.900%, 04/15/2025(2)		9,365,000		9,609,789
Molson Coors Beverage Co.,
3.000%, 07/15/2026		9,889,000		10,590,047
Mosaic Co.:
4.250%, 11/15/2023		36,878,000		39,608,795
5.450%, 11/15/2033		2,000,000		2,504,116
4.875%, 11/15/2041		5,000,000		5,841,659
MPLX LP:
4.500%, 07/15/2023		18,255,000		19,524,375
4.000%, 02/15/2025		6,000,000		6,549,884
4.875%, 06/01/2025		18,665,000		21,069,632
1.750%, 03/01/2026		17,125,000		17,309,626
4.125%, 03/01/2027		11,700,000		13,073,540
2.650%, 08/15/2030		22,125,000		22,330,617
4.500%, 04/15/2038		5,725,000		6,569,182
Mylan NV,
3.950%, 06/15/2026		32,400,000		35,689,773
Mylan, Inc.:
3.125%, 01/15/2023(2)		5,000,000		5,180,209
4.550%, 04/15/2028		16,705,000		19,184,170
5.200%, 04/15/2048		9,000,000		11,074,994
Newell Brands, Inc.,
3.850%, 04/01/2023		15,000,000		15,712,500
Norfolk Southern Corp.,
3.050%, 05/15/2050		15,000,000		14,993,561
Nutrien Ltd.:
3.375%, 03/15/2025(1)		5,125,000		5,520,671
4.200%, 04/01/2029(1)		7,000,000		8,050,946
nVent Finance Sarl,
4.550%, 04/15/2028		26,190,000		28,765,879
Occidental Petroleum Corp.:
3.200%, 08/15/2026		11,000,000		11,082,500
7.500%, 05/01/2031		7,170,000		9,034,200
7.875%, 09/15/2031		6,320,000		8,121,200
ONEOK, Inc.:
7.500%, 09/01/2023		5,000,000		5,631,483
2.750%, 09/01/2024		1,200,000		1,263,296
Oracle Corp.:
2.800%, 04/01/2027		26,225,000		27,809,894
3.850%, 07/15/2036		7,500,000		8,245,071
4.500%, 07/08/2044		3,000,000		3,499,387
3.950%, 03/25/2051		3,300,000		3,601,913
Orange SA,
9.000%, 03/01/2031(1)		29,044,000		45,679,557
Otis Worldwide Corp.,
3.362%, 02/15/2050		3,025,000		3,183,866
Pactiv LLC,
7.950%, 12/15/2025		286,000		321,750
PeaceHealth Obligated Group,
3.218%, 11/15/2050		7,200,000		7,564,416
Penske Truck Leasing Co.:
2.700%, 11/01/2024(2)		5,275,000		5,547,332
4.000%, 07/15/2025(2)		31,150,000		34,305,411
PepsiCo, Inc.,
2.750%, 03/19/2030		10,675,000		11,495,933
PerkinElmer, Inc.:
3.300%, 09/15/2029		24,200,000		26,172,919
3.625%, 03/15/2051		12,000,000		13,071,432
Pernod Ricard SA,
4.250%, 07/15/2022(1)(2)		20,527,000		21,309,307
Perrigo Finance Unlimited Co.,
4.375%, 03/15/2026		4,875,000		5,364,789
Phillips 66:
2.150%, 12/15/2030		12,000,000		11,796,782
5.875%, 05/01/2042		6,000,000		8,192,623
4.875%, 11/15/2044		21,130,000		26,270,351
Phillips 66 Partners LP:
3.605%, 02/15/2025		3,000,000		3,231,315
3.550%, 10/01/2026		7,000,000		7,605,767
3.150%, 12/15/2029		12,000,000		12,603,742
Plains All American Pipeline LP /
PAA Finance Corp.,
3.550%, 12/15/2029		10,000,000		10,530,231
Premier Health Partners,
2.911%, 11/15/2026		29,767,000		31,066,407
Quanta Services, Inc.,
2.900%, 10/01/2030		8,275,000		8,579,716
Raytheon Technologies Corp.:
3.500%, 03/15/2027		9,578,000		10,564,534
7.500%, 09/15/2029		8,000,000		11,172,688
2.250%, 07/01/2030		12,375,000		12,575,601
4.350%, 04/15/2047		9,175,000		11,277,132
3.125%, 07/01/2050		6,000,000		6,160,083
Regency Energy Partners LP /
Regency Energy Finance Corp.,
5.875%, 03/01/2022		8,955,000		9,146,572
Reliance Steel & Aluminum Co.,
2.150%, 08/15/2030		10,000,000		9,851,980
Rio Tinto Alcan, Inc.,
5.750%, 06/01/2035(1)		446,000		612,812
Rogers Communications, Inc.,
5.450%, 10/01/2043(1)		16,560,000		21,807,578
Sabine Pass Liquefaction LLC:
5.625%, 03/01/2025		17,500,000		20,001,403
5.875%, 06/30/2026		60,000,000		71,025,401
Samarco Mineracao SA,
5.750%, 10/24/2023(1)(2)(9)		4,463,000		3,458,825
Seagate HDD Cayman,
4.750%, 06/01/2023(1)		7,500,000		7,979,925
Shell International Finance BV:
2.375%, 04/06/2025(1)		8,875,000		9,330,184
3.250%, 05/11/2025(1)		5,725,000		6,213,021
2.750%, 04/06/2030(1)		8,750,000		9,326,944
4.125%, 05/11/2035(1)		10,000,000		11,893,570
Sherwin-Williams Co.,
4.500%, 06/01/2047		4,000,000		5,003,233
Shire Acquisitions Investments
Ireland DAC,
2.875%, 09/23/2023(1)		26,223,000		27,441,817
SK Hynix, Inc.,
1.500%, 01/19/2026(1)(2)		21,852,000		21,555,250
SK Telecom Co. Ltd.,
6.625%, 07/20/2027(1)(2)		1,339,000		1,711,617
Smith & Nephew PLC,
2.032%, 10/14/2030(1)		14,575,000		14,255,577
Smithfield Foods, Inc.:
2.650%, 10/03/2021(1)(2)		6,000,000		6,029,209
3.350%, 02/01/2022(1)(2)		30,802,000		31,234,969

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

Page 42

Baird Aggregate Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Sociedad Quimica y Minera de Chile SA,
3.625%, 04/03/2023(1)(2)	$	10,000,000	$	10,437,500
Sodexo, Inc.,
1.634%, 04/16/2026(1)(2)		7,000,000		7,050,685
Solvay Finance America LLC,
4.450%, 12/03/2025(1)(2)		61,307,000		68,768,580
Southern Copper Corp.,
7.500%, 07/27/2035(1)		5,000,000		7,225,000
Spectra Energy Partners LP,
4.500%, 03/15/2045(1)		7,000,000		8,199,700
Steel Dynamics, Inc.:
2.400%, 06/15/2025		5,000,000		5,228,490
3.250%, 01/15/2031		7,000,000		7,510,728
STERIS Irish FinCo Unlimited Co.,
3.750%, 03/15/2051		7,500,000		7,961,941
Suntory Holdings Ltd.:
2.550%, 06/28/2022(1)(2)		16,500,000		16,818,520
2.250%, 10/16/2024(1)(2)		8,500,000		8,808,669
Sysco Corp.:
5.650%, 04/01/2025		10,165,000		11,775,736
3.300%, 07/15/2026		11,550,000		12,553,264
Takeda Pharmaceutical Co. Ltd.,
3.175%, 07/09/2050(1)		15,000,000		15,159,635
TC PipeLines LP:
4.375%, 03/13/2025(1)		31,115,000		34,255,405
3.900%, 05/25/2027(1)		30,327,000		33,424,589
Telecom Italia Capital SA,
7.200%, 07/18/2036(1)		5,475,000		7,062,750
Telefonica Emisiones SA:
4.665%, 03/06/2038(1)		4,000,000		4,703,855
5.213%, 03/08/2047(1)		12,225,000		15,260,157
4.895%, 03/06/2048(1)		29,050,000		34,785,398
5.520%, 03/01/2049(1)		18,775,000		24,430,265
Teva Pharmaceutical Finance
Netherlands III BV:
2.800%, 07/21/2023(1)		25,000,000		24,912,250
3.150%, 10/01/2026(1)		15,000,000		14,268,750
Textron, Inc.,
3.000%, 06/01/2030		19,675,000		20,694,934
Time Warner Cable LLC:
6.550%, 05/01/2037		893,000		1,216,472
6.750%, 06/15/2039		2,767,000		3,851,985
Timken Co.:
3.875%, 09/01/2024		11,255,000		12,048,411
4.500%, 12/15/2028		6,550,000		7,317,398
T-Mobile USA, Inc.:
3.875%, 04/15/2030		60,382,000		67,496,207
2.550%, 02/15/2031		20,000,000		20,224,000
4.375%, 04/15/2040		24,900,000		29,190,270
TransCanada PipeLines Ltd.,
7.625%, 01/15/2039(1)		21,077,000		32,641,223
Transcontinental Gas Pipe Line Co. LLC:
7.250%, 12/01/2026		3,500,000		4,481,180
4.600%, 03/15/2048		5,150,000		6,275,066
Triton Container International Ltd.,
2.050%, 04/15/2026(1)(2)		20,000,000		20,072,160
TTX Co.:
3.600%, 01/15/2025(2)		5,000,000		5,459,265
3.900%, 02/01/2045(2)		10,250,000		11,499,845
4.600%, 02/01/2049(2)		8,325,000		10,651,868
Tyson Foods, Inc.,
5.100%, 09/23/2048		10,000,000		13,162,092
Universal Health Services, Inc.,
2.650%, 10/15/2030(2)		10,000,000		10,055,300
Upjohn, Inc.:
3.850%, 06/22/2040(2)		13,083,000		13,913,529
4.000%, 06/22/2050(2)		40,600,000		42,935,680
UPMC,
3.600%, 04/03/2025		45,000,000		48,911,145
Vale Overseas Ltd.:
6.250%, 08/10/2026(1)		32,481,000		39,074,643
3.750%, 07/08/2030(1)		13,926,000		14,827,012
8.250%, 01/17/2034(1)		8,526,000		12,447,960
6.875%, 11/21/2036(1)		18,483,000		25,334,833
6.875%, 11/10/2039(1)		16,643,000		23,279,729
Valero Energy Corp.:
2.850%, 04/15/2025		15,000,000		15,904,861
2.150%, 09/15/2027		14,150,000		14,373,968
4.000%, 04/01/2029		15,475,000		17,280,988
6.625%, 06/15/2037		2,100,000		2,878,856
Valero Energy Partners LP,
4.375%, 12/15/2026		10,000,000		11,324,551
Verizon Communications, Inc.:
3.000%, 03/22/2027		5,000,000		5,380,650
4.329%, 09/21/2028		3,077,000		3,580,214
2.550%, 03/21/2031		6,600,000		6,746,025
4.500%, 08/10/2033		16,325,000		19,507,853
4.272%, 01/15/2036		8,148,000		9,694,695
5.250%, 03/16/2037		28,793,000		37,770,008
4.812%, 03/15/2039		36,839,000		46,663,143
2.650%, 11/20/2040		10,000,000		9,623,172
3.400%, 03/22/2041		3,850,000		4,072,694
4.862%, 08/21/2046		2,500,000		3,234,472
5.500%, 03/16/2047		4,150,000		5,805,578
3.700%, 03/22/2061		26,725,000		28,624,039
Viterra Finance BV:
2.000%, 04/21/2026(1)(2)		23,641,000		23,673,074
3.200%, 04/21/2031(1)(2)		30,450,000		30,687,672
Vodafone Group PLC:
7.875%, 02/15/2030(1)		3,100,000		4,427,043
5.000%, 05/30/2038(1)		6,800,000		8,558,862
4.375%, 02/19/2043(1)		15,554,000		18,137,674
5.250%, 05/30/2048(1)		24,200,000		31,887,507
Volkswagen Group of America
Finance LLC:
4.000%, 11/12/2021(1)(2)		8,845,000		8,968,183
4.250%, 11/13/2023(1)(2)		17,350,000		18,751,169
2.850%, 09/26/2024(1)(2)		14,000,000		14,783,441
3.350%, 05/13/2025(1)(2)		10,000,000		10,791,074
1.250%, 11/24/2025(1)(2)		30,000,000		29,822,947
Vontier Corp.,
2.400%, 04/01/2028(2)		4,921,000		4,888,029
Vulcan Materials Co.,
4.700%, 03/01/2048		3,446,000		4,342,795
Wabtec Corp.:
4.375%, 08/15/2023		2,678,000		2,836,538
4.400%, 03/15/2024		24,825,000		26,897,581
3.450%, 11/15/2026		28,315,000		30,389,817
4.950%, 09/15/2028		4,739,000		5,497,177
Walgreens Boots Alliance, Inc.:
3.300%, 11/18/2021		6,383,000		6,422,384
3.450%, 06/01/2026		2,080,000		2,263,606
3.200%, 04/15/2030		13,575,000		14,519,867
4.800%, 11/18/2044		4,520,000		5,399,738
4.650%, 06/01/2046		4,000,000		4,657,823
Waste Connections, Inc.,
2.600%, 02/01/2030		7,525,000		7,775,049

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

Page 43

Baird Aggregate Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Western Digital Corp.,
4.750%, 02/15/2026	$	4,000,000	$	4,445,000
Western Gas Partners LP:
4.000%, 07/01/2022		10,463,000		10,633,024
3.950%, 06/01/2025		8,000,000		8,312,400
Western Midstream Operating LP,
4.350%, 02/01/2025		20,000,000		21,131,800
Westinghouse Air Brake
Technologies Corp.,
3.200%, 06/15/2025		10,295,000		10,948,730
WestRock MWV LLC,
8.200%, 01/15/2030		7,963,000		11,265,492
Williams Companies, Inc.:
3.600%, 03/15/2022		10,176,000		10,346,790
3.700%, 01/15/2023		1,690,000		1,759,861
4.300%, 03/04/2024		7,310,000		7,940,209
4.550%, 06/24/2024		7,000,000		7,711,975
3.900%, 01/15/2025		3,160,000		3,455,479
8.750%, 03/15/2032		5,750,000		8,835,455
6.300%, 04/15/2040		8,142,000		11,160,242
4.850%, 03/01/2048		7,000,000		8,507,359
Woodside Finance Ltd.:
3.650%, 03/05/2025(1)(2)		12,300,000		13,132,193
4.500%, 03/04/2029(1)(2)		19,400,000		21,734,272
WRKCo, Inc.,
3.000%, 09/15/2024		14,895,000		15,769,223
Xylem, Inc.,
2.250%, 01/30/2031		9,325,000		9,387,177
Yara International ASA,
3.800%, 06/06/2026(1)(2)		23,500,000		25,891,288
Zimmer Biomet Holdings, Inc.:
3.550%, 04/01/2025		20,996,000		22,778,650
3.550%, 03/20/2030		14,977,000		16,392,535
5.750%, 11/30/2039		11,967,000		15,983,769
Zimmer Holdings, Inc.,
3.150%, 04/01/2022		9,500,000		9,651,454
Zoetis, Inc.:
3.250%, 02/01/2023		34,200,000		35,518,306
4.700%, 02/01/2043		3,568,000		4,587,000
Total Industrials
(Cost $7,335,244,536)				7,859,188,948		22.0	%
Utilities
Ameren Corp.,
3.500%, 01/15/2031		20,000,000		21,898,611
American Electric Power Co., Inc.,
3.250%, 03/01/2050		10,175,000		10,171,421
Ausgrid Finance Pty Ltd.,
3.850%, 05/01/2023(1)(2)		5,000,000		5,221,200
Avangrid, Inc.,
3.200%, 04/15/2025(1)		14,000,000		15,035,501
Berkshire Hathaway Energy Co.:
4.050%, 04/15/2025		5,000,000		5,551,697
3.700%, 07/15/2030		18,425,000		20,884,868
2.850%, 05/15/2051		13,675,000		13,230,287
Consumers Energy Co.,
3.500%, 08/01/2051		9,400,000		10,649,411
Dominion Energy, Inc.:
2.450%, 01/15/2023(2)		15,000,000		15,444,028
3.375%, 04/01/2030		10,000,000		10,889,104
Duke Energy Corp.,
2.650%, 09/01/2026		10,000,000		10,552,558
Edison International,
2.950%, 03/15/2023		5,000,000		5,161,507
EDP Finance BV,
3.625%, 07/15/2024(1)(2)		19,175,000		20,614,398
Enel Finance International NV:
2.875%, 05/25/2022(1)(2)		7,000,000		7,153,185
3.625%, 05/25/2027(1)(2)		22,790,000		25,033,812
3.500%, 04/06/2028(1)(2)		8,000,000		8,759,223
4.875%, 06/14/2029(1)(2)		6,615,000		7,894,438
6.800%, 09/15/2037(1)(2)		4,565,000		6,659,673
4.750%, 05/25/2047(1)(2)		63,375,000		77,808,779
Entergy Corp.,
2.950%, 09/01/2026		13,075,000		13,945,046
Essential Utilities, Inc.,
2.704%, 04/15/2030		14,100,000		14,629,411
Evergy, Inc.,
2.450%, 09/15/2024		6,675,000		6,990,327
Eversource Energy,
1.650%, 08/15/2030		9,925,000		9,498,753
Exelon Corp.:
4.050%, 04/15/2030		8,900,000		10,136,537
4.950%, 06/15/2035		3,500,000		4,297,787
FirstEnergy Corp.:
2.650%, 03/01/2030		4,300,000		4,282,671
3.400%, 03/01/2050		15,000,000		14,662,500
FirstEnergy Transmission LLC,
2.866%, 09/15/2028(2)		10,000,000		10,351,174
Interstate Power and Light Co.,
2.300%, 06/01/2030		9,350,000		9,472,224
ITC Holdings Corp.:
3.350%, 11/15/2027(1)		25,581,000		27,866,137
2.950%, 05/14/2030(1)(2)		10,000,000		10,524,653
Liberty Utilities Finance GP 1,
2.050%, 09/15/2030(1)(2)		10,000,000		9,641,690
National Rural Utilities
Cooperative Finance Corp.,
8.000%, 03/01/2032		4,659,000		7,038,872
NiSource, Inc.:
3.600%, 05/01/2030		4,585,000		5,076,543
5.250%, 02/15/2043		5,779,000		7,611,989
3.950%, 03/30/2048		11,750,000		13,392,183
Oncor Electric Delivery Co. LLC,
2.750%, 05/15/2030		9,500,000		10,095,421
RGS I&M Funding Corp.,
9.820%, 12/07/2022		103,087		104,581
Southern Co.,
4.250%, 07/01/2036		5,525,000		6,400,123
Talent Yield Investments Ltd.,
4.500%, 04/25/2022(1)(2)		1,785,000		1,831,784
Xcel Energy, Inc.,
3.400%, 06/01/2030		15,000,000		16,442,033
Total Utilities
(Cost $480,210,702)				512,906,140		1.4	%
Financials
ABN AMRO Bank NV:
7.750%, 05/15/2023(1)(2)		7,200,000		8,010,355
4.750%, 07/28/2025(1)(2)		62,453,000		70,005,816
4.800%, 04/18/2026(1)(2)		24,705,000		28,009,541
1.542%, 06/16/2027
(1 Year CMT Rate + 0.800%)(1)(2)(3)		5,000,000		4,966,287
AerCap Holdings NV:
4.875%, 01/16/2024(1)		20,000,000		21,772,796
2.875%, 08/14/2024(1)		20,000,000		20,915,189
AIA Group Ltd.,
3.200%, 03/11/2025(1)(2)		6,000,000		6,376,980

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

Page 44

Baird Aggregate Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Air Lease Corp.:
4.250%, 02/01/2024	$	8,550,000	$	9,270,862
2.300%, 02/01/2025		15,000,000		15,506,728
American International Group, Inc.:
4.875%, 06/01/2022		17,698,000		18,422,262
4.125%, 02/15/2024		893,000		972,385
3.750%, 07/10/2025		12,135,000		13,372,184
3.875%, 01/15/2035		4,875,000		5,513,167
6.820%, 11/15/2037		1,410,000		1,953,386
Ameriprise Financial, Inc.,
3.000%, 04/02/2025		13,700,000		14,679,287
AmSouth Bancorporation,
6.750%, 11/01/2025		223,000		269,747
Anthem, Inc.:
2.375%, 01/15/2025		6,000,000		6,283,320
5.100%, 01/15/2044		1,584,000		2,083,624
4.375%, 12/01/2047		8,650,000		10,550,029
ANZ New Zealand (Int’l) Ltd.,
3.400%, 03/19/2024(1)(2)		2,000,000		2,145,919
Aon PLC:
4.000%, 11/27/2023		6,150,000		6,591,488
3.875%, 12/15/2025		9,126,000		10,133,293
4.450%, 05/24/2043		1,274,000		1,510,889
Arthur J. Gallagher & Co.,
3.500%, 05/20/2051		5,625,000		5,891,102
ASB Bank Ltd.,
3.750%, 06/14/2023(1)(2)		10,000,000		10,631,561
Australia & New Zealand
Banking Group Ltd.:
4.500%, 03/19/2024(1)(2)		44,423,000		48,603,481
2.950%, 07/22/2030
(5 Year CMT Rate + 1.288%)(1)(2)(3)		5,000,000		5,201,750
2.570%, 11/25/2035
(5 Year CMT Rate + 1.700%)(1)(2)(3)		15,000,000		14,570,700
Banco Bilbao Vizcaya Argentaria SA,
1.125%, 09/18/2025(1)		10,000,000		9,912,366
Banco Santander SA:
3.500%, 04/11/2022(1)		13,000,000		13,315,538
2.746%, 05/28/2025(1)		7,000,000		7,376,588
5.179%, 11/19/2025(1)		16,183,000		18,494,620
4.379%, 04/12/2028(1)		13,400,000		15,313,748
3.490%, 05/28/2030(1)		5,000,000		5,399,058
2.749%, 12/03/2030(1)		19,250,000		19,069,396
Bank of America Corp.:
3.300%, 01/11/2023		7,000,000		7,306,250
4.125%, 01/22/2024		15,000,000		16,331,747
3.458%, 03/15/2025
(3 Month LIBOR USD + 0.970%)(3)		28,881,000		30,867,557
3.093%, 10/01/2025
(3 Month LIBOR USD + 1.090%)(3)		15,000,000		15,979,013
2.456%, 10/22/2025
(3 Month LIBOR USD + 0.870%)(3)		17,775,000		18,594,337
3.559%, 04/23/2027
(3 Month LIBOR USD + 1.060%)(3)		9,000,000		9,857,013
1.734%, 07/22/2027
(SOFR + 0.960%)(3)		10,000,000		10,076,912
3.248%, 10/21/2027		6,000,000		6,508,437
3.419%, 12/20/2028
(3 Month LIBOR USD + 1.040%)(3)		37,683,000		41,040,910
2.087%, 06/14/2029
(SOFR + 1.060%)(3)		15,000,000		15,121,376
3.194%, 07/23/2030
(3 Month LIBOR USD + 1.180%)(3)		5,000,000		5,382,811
2.496%, 02/13/2031
(3 Month LIBOR USD + 0.990%)(3)		13,000,000		13,272,919
2.592%, 04/29/2031
(SOFR + 2.150%)(3)		60,000,000		61,856,232
7.750%, 05/14/2038		1,138,000		1,796,131
Bank of New Zealand,
2.000%, 02/21/2025(1)(2)		16,000,000		16,544,373
Bank of Nova Scotia,
4.500%, 12/16/2025(1)		8,500,000		9,628,186
Bank of Tokyo-Mitsubishi UFJ Ltd.:
4.100%, 09/09/2023(1)(2)		2,911,000		3,140,646
3.750%, 03/10/2024(1)(2)		2,800,000		3,025,994
Banque Federative du Credit Mutuel SA,
3.750%, 07/20/2023(1)(2)		34,100,000		36,336,022
Barclays PLC:
3.684%, 01/10/2023(1)		25,475,000		25,910,764
4.610%, 02/15/2023
(3 Month LIBOR USD + 1.400%)(1)(3)		10,000,000		10,256,024
4.338%, 05/16/2024
(3 Month LIBOR USD + 1.356%)(1)(3)		13,000,000		13,860,416
3.650%, 03/16/2025(1)		8,100,000		8,770,518
3.932%, 05/07/2025
(3 Month LIBOR USD + 1.610%)(1)(3)		34,300,000		37,026,967
2.852%, 05/07/2026
(3 Month LIBOR USD + 2.714%)(1)(3)		10,000,000		10,564,728
BBVA USA:
2.875%, 06/29/2022		8,000,000		8,189,317
3.875%, 04/10/2025		36,235,000		39,922,971
Belrose Funding Trust,
2.330%, 08/15/2030(2)		13,950,000		13,670,518
BNP Paribas SA:
3.375%, 01/09/2025(1)(2)		8,350,000		8,955,896
2.819%, 11/19/2025 (3 Month LIBOR
USD + 1.111%)(1)(2)(3)		17,100,000		17,991,618
4.375%, 05/12/2026(1)(2)		45,131,000		50,222,408
2.219%, 06/09/2026
(SOFR + 2.074%)(1)(2)(3)		15,000,000		15,459,102
1.323%, 01/13/2027
(SOFR + 1.004%)(1)(2)(3)		20,000,000		19,757,703
4.625%, 03/13/2027(1)(2)		4,500,000		5,078,102
1.904%, 09/30/2028
(SOFR + 1.609%)(1)(2)(3)		27,000,000		26,816,107
2.871%, 04/19/2032
(SOFR + 1.387%)(1)(2)(3)		19,075,000		19,589,463
2.588%, 08/12/2035
(5 Year CMT Rate + 2.050%)(1)(2)(3)		14,000,000		13,676,781
BNZ International Funding Ltd.:
2.650%, 11/03/2022(1)(2)		20,350,000		20,996,726
3.375%, 03/01/2023(1)(2)		20,000,000		20,987,089
BPCE SA:
5.700%, 10/22/2023(1)(2)		22,955,000		25,412,697
4.000%, 04/15/2024(1)		2,500,000		2,728,203
5.150%, 07/21/2024(1)(2)		31,285,000		34,857,469
2.375%, 01/14/2025(1)(2)		12,000,000		12,494,847
4.500%, 03/15/2025(1)(2)		55,492,000		61,140,981
1.652%, 10/06/2026
(SOFR + 1.520%)(1)(2)(3)		15,000,000		15,066,201
2.277%, 01/20/2032
(SOFR + 1.312%)(1)(2)(3)		12,850,000		12,605,187
Brown & Brown, Inc.:
4.500%, 03/15/2029		23,825,000		27,404,772
2.375%, 03/15/2031		27,360,000		27,336,624
Canadian Imperial Bank of Commerce,
3.100%, 04/02/2024(1)		37,700,000		40,057,972

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

Page 45

Baird Aggregate Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Capital One Financial Corp.:
3.200%, 01/30/2023	$	6,550,000	$	6,820,019
3.900%, 01/29/2024		4,550,000		4,910,451
3.300%, 10/30/2024		2,998,000		3,228,942
3.650%, 05/11/2027		26,000,000		28,859,361
Capital One NA,
3.375%, 02/15/2023		45,962,000		48,091,635
Centene Corp.,
2.500%, 03/01/2031		35,000,000		34,518,750
Citigroup, Inc.:
2.350%, 08/02/2021		6,100,000		6,110,699
2.750%, 04/25/2022		11,575,000		11,788,518
3.142%, 01/24/2023
(3 Month LIBOR USD + 0.722%)(3)		12,200,000		12,384,600
2.876%, 07/24/2023
(3 Month LIBOR USD + 0.950%)(3)		20,350,000		20,872,480
1.565%, 09/01/2023
(3 Month LIBOR USD + 1.430%)(3)		7,000,000		7,098,815
4.044%, 06/01/2024
(3 Month LIBOR USD + 1.023%)(3)		22,600,000		24,071,319
3.750%, 06/16/2024		1,000,000		1,087,568
3.352%, 04/24/2025
(3 Month LIBOR USD + 0.897%)(3)		5,650,000		6,020,373
3.700%, 01/12/2026		4,500,000		4,976,385
3.106%, 04/08/2026
(SOFR + 2.842%)(3)		20,000,000		21,403,858
3.887%, 01/10/2028
(3 Month LIBOR USD + 1.563%)(3)		20,600,000		22,926,685
3.668%, 07/24/2028
(3 Month LIBOR USD + 1.390%)(3)		3,142,000		3,465,251
3.520%, 10/27/2028
(3 Month LIBOR USD + 1.151%)(3)		1,500,000		1,642,629
2.572%, 06/03/2031
(SOFR + 2.107%)(3)		25,000,000		25,700,556
2.561%, 05/01/2032
(SOFR + 1.167%)(3)		6,000,000		6,107,711
Citizens Bank NA:
2.250%, 04/28/2025		20,000,000		20,896,183
3.750%, 02/18/2026		12,120,000		13,405,036
Citizens Financial Group, Inc.:
2.850%, 07/27/2026		10,000,000		10,657,644
3.250%, 04/30/2030		28,025,000		30,363,874
CNA Financial Corp.:
7.250%, 11/15/2023		4,000,000		4,596,546
4.500%, 03/01/2026		14,000,000		15,877,148
3.450%, 08/15/2027		12,000,000		13,151,173
3.900%, 05/01/2029		8,000,000		8,979,795
Comerica Bank,
4.000%, 07/27/2025		10,000,000		11,038,853
Commonwealth Bank of Australia:
2.688%, 03/11/2031(1)(2)		10,000,000		9,997,490
3.610%, 09/12/2034
(5 Year CMT Rate + 2.050%)(1)(2)(3)		10,000,000		10,584,400
3.743%, 09/12/2039(1)(2)		23,500,000		25,891,701
Cooperatieve Rabobank UA:
4.625%, 12/01/2023(1)		14,630,000		15,997,618
4.375%, 08/04/2025(1)		20,397,000		22,775,064
3.750%, 07/21/2026(1)		20,829,000		22,937,054
Credit Agricole SA:
3.375%, 01/10/2022(1)(2)		10,180,000		10,343,319
3.750%, 04/24/2023(1)(2)		5,000,000		5,287,481
4.375%, 03/17/2025(1)(2)		4,204,000		4,622,936
1.248%, 01/26/2027
(SOFR + 0.892%)(1)(2)(3)		20,000,000		19,690,672
3.250%, 01/14/2030(1)(2)		6,800,000		7,158,735
4.000%, 01/10/2033 (5 Year Swap
Rate USD + 1.644%)(1)(2)(3)		8,000,000		8,686,009
Credit Suisse AG,
3.625%, 09/09/2024(1)		4,325,000		4,698,781
Credit Suisse Group AG:
3.574%, 01/09/2023(1)(2)		17,000,000		17,269,203
4.207%, 06/12/2024 (3 Month
LIBOR USD + 1.240%)(1)(2)(3)		8,325,000		8,866,604
2.593%, 09/11/2025
(SOFR + 1.560%)(1)(2)(3)		12,250,000		12,744,590
2.193%, 06/05/2026
(SOFR + 2.044%)(1)(2)(3)		15,000,000		15,358,656
1.305%, 02/02/2027
(SOFR + 0.980%)(1)(2)(3)		40,000,000		39,178,024
4.282%, 01/09/2028(1)(2)		17,403,000		19,358,869
3.869%, 01/12/2029 (3 Month
LIBOR USD + 1.410%)(1)(2)(3)		11,000,000		12,112,911
4.194%, 04/01/2031
(SOFR + 3.730%)(1)(2)(3)		20,000,000		22,476,572
3.091%, 05/14/2032
(SOFR + 1.730%)(1)(2)(3)		10,000,000		10,302,516
Credit Suisse Group Funding
Guernsey Ltd.:
3.800%, 06/09/2023(1)		14,550,000		15,419,745
4.550%, 04/17/2026(1)		2,000,000		2,265,224
Credit Suisse USA, Inc.,
7.125%, 07/15/2032(1)		5,063,000		7,325,755
CyrusOne LP / CyrusOne Finance Corp.,
2.150%, 11/01/2030		11,000,000		10,435,867
Daiwa Securities Group, Inc.,
3.129%, 04/19/2022(1)(2)		12,000,000		12,266,362
Danske Bank A/S,
1.621%, 09/11/2026
(1 Year CMT Rate + 1.350%)(1)(2)(3)		10,000,000		10,009,361
Deutsche Bank AG:
4.250%, 10/14/2021(1)		36,125,000		36,516,716
5.000%, 02/14/2022(1)		10,000,000		10,273,547
3.300%, 11/16/2022(1)		22,175,000		22,972,635
3.700%, 05/30/2024(1)		10,000,000		10,713,424
2.222%, 09/18/2024
(SOFR + 2.159%)(1)(3)		52,000,000		53,405,081
2.129%, 11/24/2026
(SOFR + 1.870%)(1)(3)		17,000,000		17,250,021
3.035%, 05/28/2032
(SOFR + 1.718%)(1)(3)		14,000,000		14,235,870
Discover Bank:
3.350%, 02/06/2023		8,600,000		8,959,099
4.200%, 08/08/2023		20,000,000		21,535,177
3.450%, 07/27/2026		22,000,000		24,016,373
4.650%, 09/13/2028		13,747,000		16,132,762
Discover Financial Services:
3.950%, 11/06/2024		10,000,000		10,898,635
4.100%, 02/09/2027		15,150,000		16,952,256
DNB Bank ASA:
1.127%, 09/16/2026
(5 Year CMT Rate + 0.850%)(1)(2)(3)		10,000,000		9,922,579
1.535%, 05/25/2027
(1 Year CMT Rate + 0.720%)(1)(2)(3)		7,000,000		7,012,730
Extra Space Storage LP,
2.550%, 06/01/2031		10,000,000		10,069,383

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

Page 46

Baird Aggregate Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Federation des Caisses
Desjardins du Quebec,
2.050%, 02/10/2025(1)(2)	$	12,100,000	$	12,498,419
FirstMerit Bank NA,
4.270%, 11/25/2026		4,600,000		5,173,861
Five Corners Funding Trust,
4.419%, 11/15/2023(2)		11,330,000		12,351,849
Five Corners Funding Trust II,
2.850%, 05/15/2030(2)		30,000,000		31,595,293
FMR LLC,
4.950%, 02/01/2033(2)		1,750,000		2,197,236
GE Capital Funding LLC:
4.050%, 05/15/2027		8,975,000		10,157,785
4.550%, 05/15/2032		10,000,000		11,937,180
GE Capital International
Funding Co. Unlimited Co.,
4.418%, 11/15/2035		66,698,000		79,936,318
Globe Life, Inc.:
3.800%, 09/15/2022		12,475,000		12,960,465
4.550%, 09/15/2028		5,000,000		5,854,146
Goldman Sachs Group, Inc.:
2.908%, 06/05/2023
(3 Month LIBOR USD + 1.053%)(3)		12,000,000		12,266,345
2.905%, 07/24/2023
(3 Month LIBOR USD + 0.990%)(3)		8,000,000		8,200,739
1.735%, 11/29/2023
(3 Month LIBOR USD + 1.600%)(3)		5,000,000		5,159,350
3.850%, 07/08/2024		3,000,000		3,244,995
3.500%, 01/23/2025		3,000,000		3,243,587
3.500%, 04/01/2025		5,000,000		5,424,487
3.750%, 05/22/2025		5,000,000		5,469,727
3.272%, 09/29/2025
(3 Month LIBOR USD + 1.201%)(3)		15,000,000		16,046,754
1.093%, 12/09/2026
(SOFR + 0.789%)(3)		10,000,000		9,844,734
1.934%, 10/28/2027
(3 Month LIBOR USD + 1.750%)(3)		10,000,000		10,593,800
3.691%, 06/05/2028
(3 Month LIBOR USD + 1.510%)(3)		6,775,000		7,480,335
4.223%, 05/01/2029
(3 Month LIBOR USD + 1.301%)(3)		10,000,000		11,404,956
3.800%, 03/15/2030		30,000,000		33,716,840
1.992%, 01/27/2032
(SOFR + 1.090%)(3)		10,000,000		9,711,944
2.615%, 04/22/2032
(SOFR + 1.281%)(3)		9,625,000		9,832,584
6.345%, 02/15/2034		1,053,000		1,475,803
Guardian Life Global Funding,
3.400%, 04/25/2023(2)		6,950,000		7,320,546
Guardian Life Insurance Co. of America:
4.875%, 06/19/2064(2)		5,000,000		6,385,687
3.700%, 01/22/2070(2)		15,062,000		15,573,423
4.850%, 01/24/2077(2)		22,227,000		28,462,270
Hanover Insurance Group, Inc.,
2.500%, 09/01/2030		10,550,000		10,553,982
Hartford Financial Services Group, Inc.,
3.600%, 08/19/2049		7,000,000		7,675,055
Health Care Service Corp.
A Mutual Legal Reserve Co.,
2.200%, 06/01/2030(2)		6,125,000		6,143,588
HSBC Bank PLC,
7.650%, 05/01/2025(1)		2,525,000		3,051,091
HSBC Bank USA NA,
7.000%, 01/15/2039(1)		4,200,000		6,540,314
HSBC Holdings PLC:
3.262%, 03/13/2023 (3 Month
LIBOR USD + 1.055%)(1)(3)		17,600,000		17,955,540
3.600%, 05/25/2023(1)		2,275,000		2,408,852
3.950%, 05/18/2024 (3 Month
LIBOR USD + 0.987%)(1)(3)		6,000,000		6,373,700
3.803%, 03/11/2025 (3 Month
LIBOR USD + 1.211%)(1)(3)		26,550,000		28,548,797
1.645%, 04/18/2026
(SOFR + 1.538%)(1)(3)		15,000,000		15,201,115
4.292%, 09/12/2026 (3 Month
LIBOR USD + 1.348%)(1)(3)		7,450,000		8,290,971
4.375%, 11/23/2026(1)		10,000,000		11,275,999
1.589%, 05/24/2027
(SOFR + 1.290%)(1)(3)		12,500,000		12,524,093
2.013%, 09/22/2028
(SOFR + 1.732%)(1)(3)		25,000,000		25,085,167
4.950%, 03/31/2030(1)		7,000,000		8,447,679
3.973%, 05/22/2030 (3 Month
LIBOR USD + 1.610%)(1)(3)		2,000,000		2,238,553
2.804%, 05/24/2032
(SOFR + 1.187%)(1)(3)		9,000,000		9,236,242
Invesco Finance PLC:
3.125%, 11/30/2022		5,902,000		6,120,163
3.750%, 01/15/2026		4,900,000		5,416,686
Jackson National Life Global Funding,
3.250%, 01/30/2024(1)(2)		23,475,000		24,995,632
Jefferies Group LLC:
4.850%, 01/15/2027		4,600,000		5,350,613
4.150%, 01/23/2030		10,000,000		11,198,597
6.250%, 01/15/2036		1,390,000		1,857,672
John Hancock Life Insurance Co.,
7.375%, 02/15/2024(1)(2)		13,339,000		15,520,114
JPMorgan Chase & Co.:
1.406%, 10/24/2023
(3 Month LIBOR USD + 1.230%)(3)		15,000,000		15,215,250
3.559%, 04/23/2024
(3 Month LIBOR USD + 0.730%)(3)		15,000,000		15,816,881
3.125%, 01/23/2025		14,000,000		15,023,536
2.301%, 10/15/2025
(SOFR + 1.160%)(3)		10,000,000		10,415,200
2.005%, 03/13/2026
(SOFR + 1.585%)(3)		50,000,000		51,619,994
2.083%, 04/22/2026
(SOFR + 1.850%)(3)		76,000,000		78,587,356
1.045%, 11/19/2026
(SOFR + 0.800%)(3)		25,000,000		24,683,568
1.578%, 04/22/2027
(SOFR + 0.885%)(3)		25,000,000		25,129,526
2.522%, 04/22/2031
(SOFR + 2.040%)(3)		28,000,000		28,811,804
1.953%, 02/04/2032
(SOFR + 1.065%)(3)		22,000,000		21,366,371
2.580%, 04/22/2032
(SOFR + 1.250%)(3)		10,000,000		10,263,397
5.600%, 07/15/2041		4,106,000		5,757,567
KeyBank NA:
3.180%, 05/22/2022		6,500,000		6,667,862
3.400%, 05/20/2026		18,965,000		20,663,902
LeasePlan Corp. NV,
2.875%, 10/24/2024(1)(2)		59,600,000		62,592,934
Lexington Realty Trust,
2.700%, 09/15/2030		7,000,000		7,115,506

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

Page 47

Baird Aggregate Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Liberty Mutual Group, Inc.:
4.250%, 06/15/2023(2)	$	591,000	$	631,228
4.569%, 02/01/2029(2)		2,087,000		2,437,924
3.951%, 10/15/2050(2)		2,231,000		2,485,118
Liberty Mutual Insurance Co.,
7.697%, 10/15/2097(2)		465,000		722,883
Life Storage LP,
3.500%, 07/01/2026		6,819,000		7,459,354
Lincoln National Corp.,
3.050%, 01/15/2030		24,650,000		26,309,566
Lloyds Bank PLC:
2.907%, 11/07/2023 (3 Month
LIBOR USD + 0.810%)(1)(3)		18,669,000		19,249,819
3.870%, 07/09/2025
(1 Year CMT Rate + 3.500%)(1)(3)		15,000,000		16,250,572
2.438%, 02/05/2026
(1 Year CMT Rate + 1.000%)(1)(3)		15,725,000		16,398,421
1.627%, 05/11/2027
(1 Year CMT Rate + 0.850%)(1)(3)		5,000,000		5,002,583
3.574%, 11/07/2028 (3 Month
LIBOR USD + 1.205%)(1)(3)		10,000,000		10,937,743
Macquarie Bank Ltd.:
4.875%, 06/10/2025(1)(2)		23,717,000		26,524,843
3.624%, 06/03/2030(1)(2)		12,550,000		13,265,589
Macquarie Group Ltd.:
3.189%, 11/28/2023 (3 Month
LIBOR USD + 1.023%)(1)(2)(3)		29,067,000		30,104,968
4.150%, 03/27/2024 (3 Month
LIBOR USD + 1.330%)(1)(2)(3)		24,000,000		25,402,476
1.340%, 01/12/2027
(SOFR + 1.069%)(1)(2)(3)		9,000,000		8,924,426
Manulife Financial Corp.:
4.150%, 03/04/2026(1)		10,000,000		11,272,162
5.375%, 03/04/2046(1)		5,150,000		7,223,086
Marsh & McLennan Companies, Inc.:
2.250%, 11/15/2030		5,000,000		5,064,263
5.875%, 08/01/2033		4,700,000		6,352,993
4.350%, 01/30/2047		3,450,000		4,311,333
Massachusetts Mutual Life Insurance Co.:
5.077%, 02/15/2069		23,170,000		28,602,949
3.729%, 10/15/2070(2)		16,676,000		17,687,537
4.900%, 04/01/2077(2)		11,175,000		14,502,533
MBIA Insurance Corp.,
11.444%, 01/15/2033 (3 Month
LIBOR USD + 11.260%)(2)(3)(9)		714,000		209,738
MetLife, Inc.:
6.500%, 12/15/2032		466,000		661,809
4.875%, 11/13/2043		3,375,000		4,447,255
4.050%, 03/01/2045		12,375,000		14,742,233
Metropolitan Life Global Funding I,
2.950%, 04/09/2030(2)		10,000,000		10,735,741
Metropolitan Life Insurance Co.,
7.800%, 11/01/2025(2)		6,300,000		7,960,940
Mitsubishi UFJ Financial Group, Inc.:
2.190%, 09/13/2021(1)		6,844,000		6,871,030
2.665%, 07/25/2022(1)		9,000,000		9,223,229
3.455%, 03/02/2023(1)		10,650,000		11,185,859
2.801%, 07/18/2024(1)		10,000,000		10,588,941
2.193%, 02/25/2025(1)		25,000,000		26,018,334
Mizuho Financial Group, Inc.:
2.953%, 02/28/2022(1)		2,575,000		2,621,060
2.601%, 09/11/2022(1)		13,000,000		13,350,396
3.922%, 09/11/2024 (3 Month
LIBOR USD + 1.000%)(1)(3)		5,000,000		5,356,449
2.555%, 09/13/2025 (3 Month
LIBOR USD + 1.362%)(1)(3)		20,000,000		20,938,800
1.234%, 05/22/2027
(1 Year CMT Rate + 0.670%)(1)(3)		8,000,000		7,882,552
1.979%, 09/08/2031 (3 Month
LIBOR USD + 1.532%)(1)(3)		15,000,000		14,673,222
Morgan Stanley:
2.750%, 05/19/2022		10,000,000		10,223,008
1.576%, 10/24/2023
(3 Month LIBOR USD + 1.400%)(3)		8,000,000		8,130,040
3.737%, 04/24/2024
(3 Month LIBOR USD + 0.847%)(3)		6,455,000		6,826,845
3.875%, 04/29/2024		1,650,000		1,794,579
3.700%, 10/23/2024		4,000,000		4,363,999
3.591%, 07/22/2028
(3 Month LIBOR USD + 1.340%)(3)		12,000,000		13,293,017
3.772%, 01/24/2029
(3 Month LIBOR USD + 1.140%)(3)		1,000,000		1,122,328
3.622%, 04/01/2031
(SOFR + 3.120%)(3)		10,000,000		11,162,543
1.928%, 04/28/2032
(SOFR + 1.020%)(3)		25,000,000		24,300,707
National Australia Bank Ltd.:
2.332%, 08/21/2030(1)(2)		54,282,000		52,683,984
2.990%, 05/21/2031(1)(2)		9,525,000		9,670,676
3.933%, 08/02/2034
(5 Year CMT Rate + 1.880%)(1)(2)(3)		10,000,000		10,833,700
National Securities Clearing Corp.,
1.500%, 04/23/2025(2)		12,124,000		12,364,413
Nationwide Building Society:
3.766%, 03/08/2024 (3 Month
LIBOR USD + 1.064%)(1)(2)(3)		20,000,000		21,002,786
4.000%, 09/14/2026(1)(2)		58,507,000		64,492,260
4.302%, 03/08/2029 (3 Month
LIBOR USD + 1.452%)(1)(2)(3)		20,000,000		22,575,418
3.960%, 07/18/2030 (3 Month
LIBOR USD + 1.855%)(1)(2)(3)		10,125,000		11,367,411
4.125%, 10/18/2032 (5 Year Mid
Swap Rate USD + 1.849%)(1)(2)(3)		7,000,000		7,638,053
Nationwide Financial Services, Inc.,
3.900%, 11/30/2049(2)		10,000,000		11,033,248
Nationwide Mutual Insurance Co.:
9.375%, 08/15/2039(2)		9,000,000		15,676,534
4.350%, 04/30/2050(2)		25,000,000		28,016,044
NatWest Group PLC,
1.642%, 06/14/2027
(1 Year CMT Rate + 0.900%)(1)(3)		20,000,000		19,997,497
New York Life Insurance Co.:
6.750%, 11/15/2039(2)		12,026,000		18,238,587
3.750%, 05/15/2050(2)		17,000,000		18,983,545
4.450%, 05/15/2069(2)		10,000,000		12,505,637
Nomura Holdings, Inc.:
2.648%, 01/16/2025(1)		20,000,000		21,011,299
1.851%, 07/16/2025(1)		23,825,000		24,353,822
Nordea Bank AB,
4.250%, 09/21/2022(1)(2)		15,793,000		16,495,225
Pacific Life Global Funding II,
1.200%, 06/24/2025(2)		22,300,000		22,352,617
Peachtree Corners Funding Trust,
3.976%, 02/15/2025(2)		12,295,000		13,458,526
Penn Mutual Life Insurance Co.,
3.800%, 04/29/2061(2)		15,000,000		15,520,514

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

Page 48

Baird Aggregate Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
People’s United Bank NA,
4.000%, 07/15/2024	$	11,400,000	$	12,275,305
Pine Street Trust I,
4.572%, 02/15/2029(2)		7,825,000		8,961,045
Principal Financial Group, Inc.:
3.300%, 09/15/2022		1,860,000		1,923,481
3.125%, 05/15/2023		4,667,000		4,889,856
4.300%, 11/15/2046		2,325,000		2,805,464
Principal Life Global Funding II:
1.250%, 06/23/2025(2)		16,000,000		16,096,596
3.000%, 04/18/2026(2)		13,400,000		14,470,437
Protective Life Corp.:
4.300%, 09/30/2028(1)(2)		10,000,000		11,205,710
8.450%, 10/15/2039(1)		2,650,000		4,255,067
Prudential Financial, Inc.:
6.625%, 12/01/2037		5,000,000		7,407,386
3.935%, 12/07/2049		11,426,000		13,352,420
Raymond James Financial, Inc.,
4.650%, 04/01/2030		9,700,000		11,601,821
Regions Financial Corp.,
2.250%, 05/18/2025		25,000,000		26,032,523
Reliance Standard Life Global Funding II,
2.500%, 10/30/2024(1)(2)		22,800,000		23,776,811
Royal Bank of Canada,
4.650%, 01/27/2026(1)		7,773,000		8,905,505
Royal Bank of Scotland Group PLC:
3.498%, 05/15/2023 (3 Month
LIBOR USD + 1.480%)(1)(3)		10,650,000		10,927,321
3.875%, 09/12/2023(1)		10,000,000		10,682,454
4.269%, 03/22/2025 (3 Month
LIBOR USD + 1.762%)(1)(3)		27,351,000		29,667,186
3.073%, 05/22/2028
(1 Year CMT Rate + 2.550%)(1)(3)		15,000,000		15,828,935
4.892%, 05/18/2029 (3 Month
LIBOR USD + 1.754%)(1)(3)		10,000,000		11,711,092
5.076%, 01/27/2030 (3 Month
LIBOR USD + 1.905%)(1)(3)		7,000,000		8,298,278
4.445%, 05/08/2030 (3 Month
LIBOR USD + 1.871%)(1)(3)		35,000,000		40,065,031
Sammons Financial Group, Inc.,
3.350%, 04/16/2031(2)		14,350,000		14,769,358
Santander Holdings USA, Inc.,
3.500%, 06/07/2024(1)		5,695,000		6,092,014
Santander UK Group Holdings PLC:
3.571%, 01/10/2023(1)		5,000,000		5,080,080
3.373%, 01/05/2024 (3 Month
LIBOR USD + 1.080%)(1)(3)		5,967,000		6,209,444
4.796%, 11/15/2024 (3 Month
LIBOR USD + 1.570%)(1)(3)		5,250,000		5,740,296
1.673%, 06/14/2027
(SOFR + 0.989%)(1)(3)		9,500,000		9,485,468
3.823%, 11/03/2028 (3 Month
LIBOR USD + 1.400%)(1)(3)		6,000,000		6,597,850
Santander UK PLC,
5.000%, 11/07/2023(1)(2)		21,921,000		23,897,836
SMBC Aviation Capital Finance DAC,
3.000%, 07/15/2022(1)(2)		8,000,000		8,182,400
Societe Generale SA:
3.250%, 01/12/2022(1)(2)		8,000,000		8,124,127
4.250%, 09/14/2023(1)(2)		8,000,000		8,597,425
5.000%, 01/17/2024(1)(2)		20,000,000		21,767,003
3.875%, 03/28/2024(1)(2)		15,300,000		16,444,688
2.625%, 10/16/2024(1)(2)		23,000,000		24,014,948
2.625%, 01/22/2025(1)(2)		31,125,000		32,470,096
4.250%, 04/14/2025(1)(2)		21,032,000		22,838,553
4.250%, 08/19/2026(1)(2)		12,000,000		13,128,827
1.488%, 12/14/2026
(1 Year CMT Rate + 1.100%)(1)(2)(3)		12,000,000		11,890,981
2.889%, 06/09/2032
(1 Year CMT Rate + 1.300%)(1)(2)(3)		6,775,000		6,855,758
3.625%, 03/01/2041(1)(2)		12,000,000		12,182,850
Standard Chartered PLC:
4.247%, 01/20/2023 (3 Month
LIBOR USD + 1.150%)(1)(2)(3)		10,000,000		10,203,849
3.885%, 03/15/2024 (3 Month
LIBOR USD + 1.080%)(1)(2)(3)		31,557,000		33,179,765
3.785%, 05/21/2025 (3 Month
LIBOR USD + 1.560%)(1)(2)(3)		26,294,000		28,265,548
2.819%, 01/30/2026 (3 Month
LIBOR USD + 1.209%)(1)(2)(3)		14,700,000		15,428,186
1.456%, 01/14/2027
(1 Year CMT Rate + 1.000%)(1)(2)(3)		13,800,000		13,667,988
4.644%, 04/01/2031
(5 Year CMT Rate + 3.850%)(1)(2)(3)		14,700,000		17,190,990
5.700%, 03/26/2044(1)(2)		6,000,000		7,698,354
Stifel Financial Corp.:
4.250%, 07/18/2024		17,850,000		19,556,758
4.000%, 05/15/2030		44,140,000		48,890,334
Sumitomo Mitsui Banking Corp.,
3.950%, 07/19/2023(1)		1,850,000		1,982,210
Sumitomo Mitsui Financial Group, Inc.:
2.784%, 07/12/2022(1)		10,000,000		10,255,533
3.102%, 01/17/2023(1)		12,000,000		12,507,037
2.696%, 07/16/2024(1)		12,000,000		12,685,527
2.448%, 09/27/2024(1)		19,000,000		19,929,683
2.130%, 07/08/2030(1)		7,575,000		7,616,011
SunTrust Banks, Inc.,
3.300%, 05/15/2026		3,925,000		4,299,882
Synchrony Financial:
4.375%, 03/19/2024		1,538,000		1,673,964
4.250%, 08/15/2024		26,864,000		29,355,071
4.500%, 07/23/2025		23,127,000		25,863,178
3.700%, 08/04/2026		17,635,000		19,255,262
3.950%, 12/01/2027		44,825,000		49,966,840
TD Ameritrade Holding Corp.:
2.950%, 04/01/2022		4,625,000		4,698,926
3.625%, 04/01/2025		7,000,000		7,641,339
Trinity Acquisition PLC:
4.400%, 03/15/2026		27,305,000		30,858,004
6.125%, 08/15/2043		19,286,000		27,098,698
UBS Group AG:
1.364%, 01/30/2027
(1 Year CMT Rate + 1.080%)(1)(2)(3)		10,950,000		10,873,347
2.095%, 02/11/2032
(1 Year CMT Rate + 1.000%)(1)(2)(3)		35,000,000		34,287,114
UBS Group Funding Switzerland AG:
2.650%, 02/01/2022(1)(2)		14,150,000		14,349,869
3.491%, 05/23/2023(1)(2)		14,825,000		15,225,991
2.859%, 08/15/2023 (3 Month
LIBOR USD + 0.954%)(1)(2)(3)		42,658,000		43,775,412
4.253%, 03/23/2028(1)(2)		17,150,000		19,403,686
UnitedHealth Group, Inc.,
2.750%, 05/15/2040		7,000,000		7,088,937
USAA Capital Corp.,
2.125%, 05/01/2030(2)		5,000,000		5,051,600
Voya Financial, Inc.,
3.125%, 07/15/2024		21,875,000		23,278,858

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

Page 49

Baird Aggregate Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Wells Fargo & Co.:
1.416%, 10/31/2023 (3 Month
LIBOR USD + 1.230%)(3)	$	5,000,000	$	5,070,500
3.000%, 02/19/2025		5,000,000		5,350,776
2.406%, 10/30/2025 (3 Month
LIBOR USD + 1.087%)(3)		11,500,000		12,032,117
2.164%, 02/11/2026 (3 Month
LIBOR USD + 0.750%)(3)		15,000,000		15,568,720
3.000%, 04/22/2026		8,000,000		8,602,060
2.393%, 06/02/2028
(SOFR + 2.100%)(3)		49,850,000		51,699,207
3.068%, 04/30/2041
(SOFR + 2.530%)(3)		25,000,000		25,642,080
3.900%, 05/01/2045		5,000,000		5,861,518
5.013%, 04/04/2051 (3 Month
LIBOR USD + 4.502%)(3)		7,000,000		9,588,883
Wells Fargo Bank NA,
5.850%, 02/01/2037		10,000,000		13,728,859
Westpac Banking Corp.:
2.894%, 02/04/2030
(5 Year CMT Rate + 1.350%)(1)(3)		11,425,000		11,849,668
4.322%, 11/23/2031 (5 Year Mid
Swap Rate USD + 2.236%)(1)(3)		8,350,000		9,266,115
4.110%, 07/24/2034
(5 Year CMT Rate + 2.000%)(1)(3)		10,000,000		10,988,900
2.668%, 11/15/2035
(5 Year CMT Rate + 1.750%)(1)(3)		13,600,000		13,377,232
4.421%, 07/24/2039(1)		10,000,000		11,830,791
Willis North America, Inc.:
3.600%, 05/15/2024		9,000,000		9,668,015
2.950%, 09/15/2029		7,500,000		7,875,114
5.050%, 09/15/2048		10,200,000		13,366,439
Total Financials
(Cost $5,697,137,481)				6,015,874,760		16.8	%
Total Corporate Bonds
(Cost $13,512,592,719)				14,387,969,848		40.2	%
Municipal Bonds
Atlanta Independent School System,
5.557%, 03/01/2026		4,465,000		5,291,513
California Housing Finance Agency:
3.656%, 02/01/2029
(Callable 08/01/2025)		4,510,000		4,689,878
2.794%, 08/01/2036
(Callable 08/01/2025)		5,455,000		5,593,674
California Qualified School Bond
Joint Powers Authority,
7.155%, 03/01/2027		6,695,000		7,873,692
City of Berwyn IL:
5.790%, 12/01/2022		820,000		839,020
5.790%, 12/01/2022		2,525,000		2,561,582
City of Vernon CA,
4.500%, 08/01/2022		7,265,000		7,462,357
County of Cuyahoga OH,
9.125%, 10/01/2023		700,000		758,386
County of Riverside CA,
2.617%, 02/15/2024		20,000,000		20,958,818
Dallas/Fort Worth International Airport:
2.246%, 11/01/2031
(Callable 11/01/2030)		2,500,000		2,538,212
2.416%, 11/01/2032
(Callable 11/01/2030)		5,000,000		5,105,509
2.516%, 11/01/2033
(Callable 11/01/2030)		1,220,000		1,246,535
Eaton Community City School District,
5.390%, 08/25/2027
(Callable 08/02/2021)		2,305,000		2,309,380
Kentucky Housing Corp.,
3.500%, 01/01/2040
(Callable 07/01/2025)		2,500,000		2,623,805
Kentucky Public Energy Authority,
1.367%, 12/01/2049
(1 Month LIBOR USD + 1.300%)
(Callable 03/01/2025)(3)		28,000,000		28,805,958
Louisiana Housing Corp.,
2.100%, 12/01/2038
(Callable 09/01/2024)		2,052,532		2,092,068
Maryland Community Development
Administration Housing Revenue,
3.160%, 09/01/2041
(Callable 09/01/2025)		7,725,000		7,985,903
Massachusetts Educational
Financing Authority,
3.850%, 05/25/2033		20,208,007		21,403,216
Minnesota Housing Finance Agency:
2.730%, 08/01/2046
(Callable 07/01/2025)		3,200,948		3,274,328
3.200%, 06/01/2047
(Callable 07/01/2026)		7,177,060		7,375,422
3.000%, 10/01/2047
(Callable 01/01/2027)		9,288,191		9,635,472
New Hampshire Business
Finance Authority,
2.872%, 07/01/2035
(Callable 01/01/2035)		18,090,000		17,699,589
New Hampshire Housing
Finance Authority:
3.750%, 07/01/2034
(Callable 07/01/2023)		395,000		406,250
4.000%, 07/01/2036
(Callable 07/01/2025)		2,910,000		3,041,250
New Jersey Higher Education
Student Assistance Authority:
3.500%, 12/01/2039
(Callable 12/01/2028)		17,910,000		19,383,819
3.500%, 12/01/2039
(Callable 12/01/2028)		18,250,000		20,118,547
New Jersey Turnpike Authority,
3.223%, 01/01/2036
(Callable 07/01/2025)(2)		90,230,000		93,925,731
New York State Dormitory Authority,
2.219%, 07/01/2035		15,000,000		15,001,683
North Carolina Housing Finance Agency,
2.812%, 07/01/2035
(Callable 01/01/2024)		1,210,000		1,243,792
State Public School Building Authority,
2.966%, 04/01/2027		5,800,000		6,253,809
Texas Private Activity Bond
Surface Transportation Corp.,
3.922%, 12/31/2049		8,800,000		9,803,504
Three Rivers Local School District,
5.209%, 09/15/2027
(Callable 08/02/2021)		2,365,000		2,371,336
West Contra Costa Unified
School District,
6.250%, 08/01/2030		1,785,000		2,415,233
Western Michigan University Homer
Stryker MD School of Medicine,
4.750%, 11/15/2028		12,905,000		15,265,296

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

Page 50

Baird Aggregate Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Westlake City School District,
5.227%, 12/01/2026
(Callable 08/02/2021)	$	3,570,000	$	3,580,592
Total Municipal Bonds
(Cost $348,682,770)				360,935,159		1.0	%
Residential Mortgage-Backed Securities
U.S. Government Agency Issues
Fannie Mae REMIC Trust:
Series 1991-86, Class Z,
6.500%, 07/25/2021		2		2
Series 1993-58, Class H,
5.500%, 04/25/2023		14,939		15,393
Series 1998-66, Class C,
6.000%, 12/25/2028		13,095		13,849
Federal Gold Loan Mortgage
Corp. (FGLMC):
2.500%, 04/01/2028		1,392,182		1,459,038
6.500%, 06/01/2029		68,858		78,287
3.000%, 12/01/2030		5,232,719		5,555,220
3.000%, 04/01/2031		4,555,763		4,829,772
3.000%, 02/01/2032		42,688,966		45,341,411
3.000%, 03/01/2032		1,627,212		1,726,819
3.500%, 05/01/2032		10,922,102		11,650,115
3.000%, 07/01/2032		10,637,488		11,310,718
3.500%, 07/01/2032		14,337,442		15,231,860
3.000%, 04/01/2033		1,422,989		1,510,500
5.000%, 08/01/2033		3,020,275		3,430,418
3.500%, 01/01/2034		10,760,095		11,472,733
5.000%, 09/01/2035		5,982,953		6,853,753
5.500%, 01/01/2036		105,806		122,640
5.000%, 03/01/2036		2,648,205		3,032,766
6.000%, 12/01/2036		96,076		114,062
3.500%, 03/01/2037		4,765,151		5,108,921
4.000%, 03/01/2037		2,521,766		2,739,196
3.500%, 02/01/2038		55,803,720		58,825,395
5.000%, 02/01/2038		1,440,572		1,648,486
5.500%, 05/01/2038		299,483		348,648
5.500%, 01/01/2039		6,556,246		7,565,899
4.500%, 11/01/2039		1,866,635		2,061,385
4.500%, 11/01/2039		2,252,579		2,505,308
4.500%, 12/01/2039		11,841,863		13,170,614
3.000%, 02/01/2040		15,662,832		16,579,458
5.000%, 03/01/2040		499,513		568,838
4.500%, 08/01/2040		375,961		415,690
2.000%, 09/01/2040		32,154,925		32,825,592
4.500%, 09/01/2040		1,628,438		1,811,030
4.000%, 01/01/2041		7,799,609		8,523,215
4.000%, 01/01/2041		15,273,585		16,695,679
4.500%, 03/01/2041		1,147,295		1,275,763
3.500%, 10/01/2041		4,547,796		4,900,352
4.000%, 03/01/2042		4,180,053		4,598,536
3.500%, 06/01/2042		2,317,060		2,497,909
3.500%, 07/01/2042		6,014,977		6,484,487
3.000%, 08/01/2042		8,709,864		9,232,325
3.000%, 10/01/2042		3,428,291		3,633,815
3.000%, 11/01/2042		28,643,904		30,539,545
3.500%, 12/01/2042		6,964,152		7,506,680
3.000%, 01/01/2043		14,392,019		15,254,359
3.500%, 01/01/2043		11,762,539		12,680,086
3.000%, 02/01/2043		1,926,972		2,042,200
3.000%, 04/01/2043		10,582,989		11,262,784
3.000%, 04/01/2043		4,899,654		5,192,249
3.000%, 04/01/2043		3,952,125		4,213,759
3.500%, 04/01/2043		32,877,070		35,433,739
4.000%, 04/01/2043		14,748,003		16,449,092
3.500%, 05/01/2043		7,624,150		8,264,870
3.000%, 06/01/2043		10,251,190		10,904,529
3.000%, 08/01/2043		3,257,391		3,464,664
3.500%, 11/01/2043		4,972,483		5,359,572
3.500%, 01/01/2044		6,231,708		6,735,422
3.500%, 02/01/2044		21,426,517		23,153,902
4.000%, 03/01/2044		2,670,818		2,910,219
3.500%, 05/01/2044		27,142,401		29,471,307
4.000%, 05/01/2044		11,304,587		12,356,023
4.000%, 07/01/2044		2,185,738		2,380,290
3.500%, 10/01/2044		35,817,131		38,399,908
4.000%, 10/01/2044		6,010,562		6,568,684
3.000%, 01/01/2045		12,080,048		12,728,219
3.500%, 01/01/2045		17,819,483		19,311,194
4.500%, 01/01/2045		18,929,775		21,031,704
3.500%, 06/01/2045		12,124,339		13,165,355
3.500%, 07/01/2045		44,230,552		47,766,626
3.000%, 10/01/2045		22,860,200		24,310,009
4.000%, 10/01/2045		3,385,101		3,670,115
4.000%, 11/01/2045		7,179,442		7,784,907
3.000%, 01/01/2046		76,595,065		82,285,931
3.000%, 01/01/2046		60,076,756		64,567,226
3.500%, 01/01/2046		19,991,901		21,573,962
4.000%, 02/01/2046		43,165,803		47,118,622
4.000%, 02/01/2046		9,848,443		10,657,140
4.000%, 04/01/2046		6,305,381		6,897,152
3.500%, 05/01/2046		4,233,125		4,552,985
3.500%, 08/01/2046		20,976,576		22,777,841
3.000%, 10/01/2046		41,698,860		44,630,744
3.000%, 10/01/2046		46,220,896		49,086,465
3.000%, 12/01/2046		42,449,513		44,663,580
4.000%, 01/01/2047		37,654,612		41,307,135
3.000%, 02/01/2047		26,954,465		28,309,860
4.500%, 04/01/2047		22,828,870		24,842,186
3.000%, 05/01/2047		41,663,487		44,283,227
4.500%, 06/01/2047		138,560,185		150,378,468
4.500%, 08/01/2047		36,794,058		39,972,250
4.000%, 09/01/2047		12,133,441		12,984,606
4.000%, 08/01/2048		18,964,351		20,495,385
3.000%, 11/01/2049		66,428,166		70,576,271
4.000%, 05/01/2050		126,849,678		138,784,085
2.500%, 11/01/2050(8)		28,472,920		29,674,601
2.500%, 02/01/2051		52,782,378		54,903,278
2.500%, 02/01/2051		25,466,164		26,637,449
2.500%, 02/01/2051		73,088,322		76,179,159
2.500%, 07/01/2051(8)		36,909,226		38,426,314
Federal National Mortgage
Association (FNMA):
5.000%, 11/01/2021		54		57
2.500%, 12/01/2027		4,515,759		4,731,396
2.500%, 05/01/2028		6,986,162		7,343,364
5.000%, 05/01/2028		99,288		108,745
4.500%, 08/01/2029		754,620		811,601
4.500%, 09/01/2029		867,573		935,473
2.500%, 04/01/2030		2,464,594		2,590,537
2.500%, 05/01/2030		8,096,526		8,513,603
3.500%, 11/01/2030		21,091,300		22,801,230
3.000%, 12/01/2030		13,518,202		14,310,324
3.000%, 12/01/2030		8,876,025		9,396,384
2.500%, 09/01/2031		29,875,066		31,444,595

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

Page 51

Baird Aggregate Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Federal National Mortgage
Association (FNMA): (cont.)
3.500%, 01/01/2032	$	26,212,193	$	27,949,740
2.500%, 02/01/2032		4,885,962		5,135,463
3.000%, 09/01/2032		1,968,203		2,078,473
3.000%, 10/01/2032		1,327,129		1,395,981
3.000%, 11/01/2032		3,754,458		3,963,883
3.500%, 11/01/2032		3,065,588		3,301,512
2.500%, 12/01/2032		31,394,236		32,865,085
3.000%, 12/01/2032		2,632,803		2,772,621
6.000%, 03/01/2033		26,315		30,435
3.500%, 10/01/2033		13,457,867		14,498,805
4.500%, 10/01/2033		9,704,612		10,677,713
5.000%, 10/01/2033		10,631,762		12,124,621
3.000%, 11/01/2033		62,235,086		66,433,035
5.000%, 11/01/2033		29,938		34,145
4.000%, 01/01/2034		4,206,588		4,583,391
5.500%, 04/01/2034		3,684,960		4,256,241
3.000%, 06/01/2034		20,334,891		21,514,958
4.000%, 06/01/2034		5,586,366		6,085,863
4.000%, 09/01/2034		6,316,465		6,880,674
5.500%, 09/01/2034		97,327		112,654
6.000%, 11/01/2034		27,234		32,272
3.500%, 01/01/2035		35,724,632		38,992,512
5.500%, 02/01/2035		327,206		378,990
4.000%, 03/01/2035		29,309,306		31,549,298
3.000%, 06/01/2035		8,041,021		8,522,425
5.000%, 07/01/2035		2,770,551		3,167,274
5.000%, 10/01/2035		1,329,871		1,522,547
2.000%, 01/01/2036		49,533,589		51,356,711
2.000%, 02/01/2036		48,973,878		50,693,021
5.000%, 02/01/2036		1,943,636		2,225,854
2.000%, 03/01/2036		19,537,071		20,204,231
2.000%, 03/01/2036		13,709,906		14,183,779
3.000%, 11/01/2036		24,935,417		26,241,336
5.500%, 11/01/2036		127,096		147,201
2.500%, 12/01/2036		13,921,486		14,450,072
3.500%, 02/01/2037		9,023,769		9,677,087
5.500%, 04/01/2037		823,205		948,753
4.000%, 05/01/2037		24,034,889		26,029,469
4.000%, 02/01/2038		21,468,040		23,128,630
2.500%, 04/01/2038		35,539,450		37,034,479
3.000%, 05/01/2038		19,885,948		20,786,398
4.000%, 05/01/2038		14,916,144		16,399,407
4.000%, 04/01/2039		6,963,073		7,656,188
4.500%, 04/01/2039		10,180,333		11,303,527
5.000%, 06/01/2039		9,633,145		10,937,223
5.000%, 06/01/2039		6,534,321		7,469,334
4.500%, 11/01/2039		109,979		122,207
4.000%, 08/01/2040		797,281		872,547
3.500%, 10/01/2040		17,739,179		18,795,267
4.000%, 10/01/2040		18,351,530		20,180,120
3.500%, 12/01/2040		4,732,007		5,095,936
4.000%, 12/01/2040		4,423,791		4,818,946
2.500%, 01/01/2041		32,278,289		33,551,744
3.500%, 02/01/2041		7,413,513		7,982,665
4.500%, 02/01/2041		36,174,673		40,185,882
3.500%, 03/01/2041		10,380,693		11,177,104
4.500%, 05/01/2041		4,242,247		4,710,899
4.000%, 06/01/2041		8,648,189		9,463,001
4.500%, 07/01/2041		4,611,504		5,126,531
5.000%, 07/01/2041		7,424,383		8,486,622
3.500%, 09/01/2041		10,705,163		11,517,607
4.000%, 09/01/2041		1,137,334		1,242,604
4.000%, 10/01/2041		3,277,609		3,581,298
3.500%, 11/01/2041		4,134,269		4,467,895
3.500%, 12/01/2041		18,727,413		20,181,096
4.000%, 12/01/2041		4,740,671		5,179,558
4.000%, 01/01/2042		6,165,273		6,746,567
4.500%, 01/01/2042		6,576,209		7,318,077
4.000%, 02/01/2042		24,093,769		26,365,699
3.000%, 04/01/2042		39,655,830		42,354,023
3.000%, 05/01/2042		4,275,774		4,530,642
3.500%, 07/01/2042		62,014,323		67,261,870
3.500%, 08/01/2042		4,904,216		5,284,010
3.000%, 10/01/2042		14,400,752		15,471,965
3.000%, 03/01/2043		21,512,738		22,873,862
3.000%, 03/01/2043		4,280,710		4,562,328
3.000%, 05/01/2043		10,941,961		11,589,710
3.000%, 05/01/2043		22,630,324		24,080,139
3.500%, 05/01/2043		22,717,957		24,600,007
3.000%, 06/01/2043		4,794,331		5,077,946
3.000%, 07/01/2043		1,927,787		2,049,911
4.000%, 07/01/2043		16,808,599		18,336,986
3.000%, 08/01/2043		3,142,939		3,327,325
3.000%, 09/01/2043		55,993,088		59,940,195
3.500%, 09/01/2043		28,432,765		30,626,530
4.500%, 09/01/2043		6,877,354		7,634,275
3.000%, 10/01/2043		70,367,425		75,157,575
3.500%, 10/01/2043		33,472,548		36,165,552
3.000%, 11/01/2043		16,019,532		17,030,710
4.000%, 11/01/2043		5,906,597		6,494,387
4.000%, 01/01/2045		4,126,876		4,508,042
3.500%, 02/01/2045		22,179,311		23,887,076
4.000%, 02/01/2045		10,355,848		11,299,440
3.500%, 04/01/2045		16,565,016		17,896,163
4.000%, 09/01/2045		3,246,142		3,537,336
4.000%, 10/01/2045		4,046,116		4,394,161
4.000%, 11/01/2045		16,678,073		18,100,573
3.500%, 12/01/2045		14,414,869		15,407,781
4.500%, 02/01/2046		18,483,954		20,516,443
3.000%, 05/01/2046		9,710,004		10,346,757
3.500%, 05/01/2046		22,422,637		24,079,873
3.000%, 07/01/2046		6,994,601		7,453,537
4.500%, 08/01/2046		15,276,669		16,921,235
3.500%, 09/01/2046		6,855,498		7,441,057
2.500%, 10/01/2046		17,058,334		17,659,943
3.000%, 11/01/2046		29,510,382		31,284,270
3.000%, 11/01/2046		14,224,743		14,997,134
3.500%, 11/01/2046		25,976,927		27,802,551
3.000%, 12/01/2046		18,901,768		20,088,737
3.500%, 05/01/2047		1,726,567		1,835,382
3.500%, 08/01/2047		9,496,174		10,050,362
4.000%, 08/01/2047		34,506,359		37,181,507
3.500%, 10/01/2047		7,925,234		8,379,096
4.000%, 10/01/2047		22,527,414		24,184,788
4.000%, 11/01/2047		17,981,279		19,275,652
4.500%, 11/01/2047		8,455,313		9,294,393
3.500%, 12/01/2047		70,586,326		74,658,191
4.000%, 12/01/2047		28,145,088		30,153,419
4.500%, 12/01/2047		4,423,704		4,769,582
3.500%, 01/01/2048		21,206,603		22,420,784
3.500%, 02/01/2048		40,121,988		42,398,982
3.500%, 03/01/2048		27,854,091		29,450,256
4.000%, 04/01/2048		63,271,713		67,287,396
4.000%, 07/01/2048		19,681,521		21,558,468

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

Page 52

Baird Aggregate Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Federal National Mortgage
Association (FNMA): (cont.)
4.000%, 09/01/2048	$	6,498,948	$	6,921,671
4.500%, 11/01/2048		24,280,359		26,169,810
5.000%, 11/01/2048		30,265,881		33,830,132
4.000%, 01/01/2049		5,380,753		5,815,865
4.500%, 01/01/2049		15,460,448		16,946,348
3.000%, 02/01/2049		18,128,867		19,298,369
3.500%, 06/01/2049		36,757,564		38,691,590
3.500%, 01/01/2050		37,109,732		39,970,378
3.000%, 05/01/2050		53,184,767		56,676,224
2.500%, 10/01/2050(8)		50,862,335		52,948,694
2.500%, 11/01/2050		69,190,294		71,961,011
3.000%, 11/01/2050		8,171,467		8,726,138
2.500%, 12/01/2050		68,604,971		71,099,842
2.500%, 12/01/2050		103,333,291		107,694,500
2.500%, 01/01/2051(8)		44,461,747		46,292,261
2.500%, 04/01/2051(8)		25,630,082		26,627,720
2.500%, 05/01/2051		45,227,226		47,169,770
3.500%, 05/01/2052		66,904,075		72,705,376
3.000%, 11/01/2059		70,644,146		76,449,240
Government National Mortgage
Association (GNMA):
6.000%, 11/20/2033		25,856		30,271
5.000%, 07/20/2040		974,020		1,099,384
3.500%, 10/20/2041		4,659,244		5,003,021
3.500%, 01/15/2042		8,083,923		8,677,806
4.000%, 06/20/2042		5,094,008		5,615,146
3.500%, 09/20/2042		1,976,966		2,120,274
3.500%, 01/20/2043		41,088,641		43,984,218
4.000%, 10/20/2043		7,282,036		7,864,792
4.000%, 09/20/2044		27,897,479		30,486,016
4.000%, 01/20/2045		6,043,422		6,589,773
3.500%, 03/20/2045		9,116,544		9,794,663
3.000%, 04/20/2045		11,985,031		12,719,629
3.500%, 04/20/2045		14,925,783		15,913,832
4.000%, 08/20/2045		5,311,557		5,736,389
4.500%, 01/20/2046		8,348,687		9,229,762
3.500%, 04/20/2046		48,022,793		50,985,362
4.000%, 04/20/2046		5,804,274		6,282,803
3.500%, 05/20/2046		30,652,929		32,670,536
4.000%, 05/20/2046		14,139,944		15,213,946
3.500%, 06/20/2046		51,766,773		55,083,543
3.000%, 11/20/2046		28,767,211		31,607,139
5.000%, 04/20/2047		1,433,728		1,572,739
3.000%, 06/20/2047		21,325,880		22,630,628
4.500%, 06/20/2047		22,574,823		24,407,658
4.500%, 07/20/2047		5,577,153		6,036,214
4.500%, 09/20/2047		7,149,569		7,700,221
4.000%, 01/20/2048		10,303,333		10,964,345
5.000%, 02/20/2049		71,188,883		76,827,413
3.500%, 02/20/2050		113,427,177		123,883,362
2.500%, 12/20/2050		106,403,211		110,238,510
2.500%, 03/20/2051		63,639,734		66,013,559
2.500%, 04/20/2051		81,538,241		84,731,022
Seasoned Credit Risk Transfer Trust:
Series 2019-4, Class MA,
3.000%, 02/25/2059		49,377,018		51,854,881
Series 2020-2, Class MT,
2.000%, 11/25/2059		72,458,099		73,597,009
Series 2020-3, Class MT,
2.000%, 05/25/2060		49,799,062		50,377,752
Total U.S. Government Agency Issues
(Cost $5,885,657,542)				6,065,043,195		17.0	%
Non-U.S. Government Agency Issues
Alternative Loan Trust:
Series 2006-43CB, Class 2A1,
6.000%, 02/25/2022(6)		13,221		13,245
Series 2006-28CB, Class A17,
6.000%, 10/25/2036		467,181		338,963
Argent Securities Inc. Asset-Backed
Pass-Through Certificates,
Series 2005-W3, Class A2D,
0.772%, 11/25/2035
(1 Month LIBOR USD + 0.680%)(3)		598,537		597,913
Arroyo Mortgage Trust:
Series 2018-1, Class A1,
3.763%, 04/25/2048(2)(4)		12,665,622		12,660,412
Series 2019-3, Class A1,
2.962%, 10/25/2048(2)(4)		22,940,022		23,261,307
Series 2020-1, Class A1A,
1.662%, 03/25/2055(2)		22,041,735		22,218,871
Asset Backed Securities Corp.
Home Equity Loan Trust:
Series 2006-HE3, Class A2,
0.257%, 03/25/2036
(1 Month LIBOR USD + 0.165%)(3)		7,212,852		7,151,478
Series 2006-HE6, Class A1,
0.237%, 11/25/2036
(1 Month LIBOR USD + 0.145%)(3)		16,616,227		16,199,201
Banc of America Alternative Loan Trust:
Series 2007-1, Class 1A1,
4.415%, 04/25/2022(4)(6)		93,364		91,588
Series 2005-11, Class 1CB4,
5.500%, 12/25/2035(6)		47,072		46,631
Series 2006-5, Class CB7,
6.000%, 06/25/2046(6)		214,831		210,629
Bayview Financial Trust,
Series 2007-B, Class 1A2,
6.831%, 08/28/2037(7)		1,093,788		1,076,619
Bear Stearns ALT-A Trust:
Series 2004-4, Class A1,
0.692%, 06/25/2034
(1 Month LIBOR USD + 0.600%)(3)		541,375		548,223
Series 2005-4, Class 1A1,
0.532%, 04/25/2035
(1 Month LIBOR USD + 0.440%)(3)		247,501		247,697
Bear Stearns Asset Backed
Securities I Trust,
Series 2004-AC2, Class 2A,
5.000%, 05/25/2034		111,176		108,045
Chase Mortgage Finance Trust,
Series 2006-A1, Class 2A3,
3.056%, 09/25/2036(4)		725,905		670,451
Citigroup Mortgage Loan Trust, Inc.,
Series 2005-9, Class 2A2,
5.500%, 11/25/2035		9,513		8,612
Countrywide Asset-Backed Certificates:
Series 2005-13, Class AF3,
5.430%, 02/25/2033(4)		14,743		14,032
Series 2004-S1, Class A3,
5.115%, 02/25/2035(7)		93,759		93,655
Series 2005-10, Class AF6,
4.915%, 12/25/2035(4)		27,390		28,202
Series 2006-10, Class 1AF3,
5.971%, 12/25/2035(4)		281,094		271,948
Credit Suisse First Boston
Mortgage Securities Corp.,
Series 2003-AR26, Class 8A1,
2.591%, 11/25/2033(4)		3,624,611		3,642,684

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

Page 53

Baird Aggregate Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
CWABS Asset-Backed Certificates Trust:
Series 2004-15, Class AF6,
4.613%, 04/25/2035(4)	$	136	$	136
Series 2005-1, Class AF6,
5.030%, 06/25/2035(4)		1,385		1,393
Series 2005-17, Class 1AF5,
5.564%, 03/25/2036(4)		97,131		99,517
Deutsche Mortgage Securities, Inc.
Mortgage Loan Trust,
Series 2004-4, Class 1A6,
6.000%, 04/25/2034(7)		397		403
First Horizon Alternative
Mortgage Securities Trust:
Series 2006-FA6, Class 3A1,
5.750%, 11/25/2021(6)		3,239		2,572
Series 2006-FA8, Class 2A1,
5.750%, 01/25/2022(6)		48,499		13,998
FirstKey Homes LLC,
1.538%, 08/17/2028(8)		124,775,000		124,775,000
Fremont Home Loan Trust,
Series 2006-A, Class 1A1,
0.382%, 05/25/2036
(1 Month LIBOR USD + 0.290%)(3)		14,201,801		13,883,063
GE Capital Mortgage
Services, Inc. Trust,
Series 1999-HE1, Class A7,
6.265%, 04/25/2029		52		53
GSAA Home Equity Trust,
Series 2004-6, Class A1,
0.892%, 06/25/2034
(1 Month LIBOR USD + 0.800%)(3)		359,868		363,721
HomeBanc Mortgage Trust,
Series 2005-3, Class A1,
0.572%, 07/25/2035
(1 Month LIBOR USD + 0.480%)(3)		225,385		225,625
IMC Home Equity Loan Trust,
Series 1997-5, Class A10,
6.880%, 11/20/2028		106		106
Impac CMB Trust:
Series 2004-4, Class 2A2,
5.749%, 09/25/2034(7)		60,574		63,018
Series 2004-5, Class 1A2,
0.792%, 10/25/2034
(1 Month LIBOR USD + 0.700%)(3)		1,713,129		1,714,388
Series 2004-6, Class 1A1,
0.892%, 10/25/2034
(1 Month LIBOR USD + 0.800%)(3)		1,338,720		1,358,053
J.P. Morgan Alternative Loan Trust,
Series 2006-A1, Class 2A1,
3.172%, 03/25/2036(4)(6)		172,239		165,215
J.P. Morgan Mortgage Trust:
Series 2007-A1, Class 5A2,
2.577%, 07/25/2035(4)		1,311,587		1,339,803
Series 2007-A1, Class 5A5,
2.577%, 07/25/2035(4)		1,985,954		2,031,079
Series 2005-A4, Class 1A1,
2.696%, 07/25/2035(4)		373,290		386,897
Series 2006-A7, Class 2A2,
3.092%, 01/25/2037(4)		75,483		70,564
Series 2006-A7, Class 2A4R,
3.092%, 01/25/2037(4)		322,498		301,482
Series 2007-A2, Class 2A3,
3.075%, 04/25/2037(4)(6)		841,014		754,619
Merrill Lynch Mortgage Investors Trust,
Series 2004-F, Class A1A,
1.839%, 12/25/2029(4)		3,129,135		3,228,158
MetLife, Inc.,
Series 2019-1A, Class A1A,
3.750%, 04/25/2058(2)(4)		11,747,578		12,108,883
Mill City Mortgage Loan Trust,
Series 2021-NMR1, Class A1,
1.125%, 11/25/2060(2)(4)		27,518,602		27,625,925
Morgan Stanley Mortgage Loan Trust,
Series 2004-7AR, Class 2A1,
2.529%, 09/25/2034(4)		1,377,950		1,415,717
MortgageIT Trust,
Series 2005-2, Class 1A1,
0.612%, 05/25/2035
(1 Month LIBOR USD + 0.520%)(3)		579,144		582,441
New Residential Mortgage Loan Trust:
Series 2017-2A, Class A3,
4.000%, 03/25/2057(2)(4)		7,846,390		8,376,472
Series 2017-3A, Class A1,
4.000%, 04/25/2057(2)(4)		11,163,428		11,947,853
Series 2017-4A, Class A1,
4.000%, 05/25/2057(2)(4)		13,733,972		14,619,335
Series 2018-1A, Class A1A,
4.000%, 12/25/2057(2)(4)		8,644,691		9,258,145
Series 2020-1A, Class A1B,
3.500%, 10/25/2059(2)(4)		16,723,734		17,638,940
RALI Series Trust,
Series 2004-QS6, Class A1,
5.000%, 12/15/2021(6)		6,165		5,802
RAMP Series Trust,
Series 2005-RS1, Class AI6,
4.713%, 11/25/2034		230		232
Renaissance Home Equity Loan Trust,
Series 2007-1, Class AF3,
5.612%, 04/25/2037(7)		2,482,525		1,013,458
Structured Adjustable Rate
Mortgage Loan Trust,
Series 2004-12, Class 3A1,
2.485%, 09/25/2034(4)		1,298,856		1,325,070
Structured Asset Securities Corp.,
Series 2005-7XS, Class 1A4B,
5.940%, 04/25/2035(74)		2,687		2,834
Structured Asset Securities Corp.
Mortgage Loan Trust,
Series 2006-OPT1, Class A6,
0.242%, 04/25/2036
(1 Month LIBOR USD + 0.150%)(3)		7,634,200		7,333,213
Thornburg Mortgage Securities Trust,
Series 2003-5, Class 3A,
2.231%, 10/25/2043(4)		6,462,981		6,512,093
Towd Point Mortgage Trust:
Series 2015-5, Class A1,
3.500%, 05/25/2055(2)(4)		187,199		187,191
Series 2016-3, Class A1,
2.250%, 08/25/2055(2)(4)		317,493		318,650
Series 2016-2, Class A1,
3.000%, 08/25/2055(2)(4)		2,393,020		2,416,438
Series 2016-5, Class A1,
2.500%, 10/25/2056(2)(4)		3,438,338		3,493,543
Series 2017-1, Class A1,
2.750%, 10/25/2056(2)(4)		15,173,800		15,406,006
Series 2017-6, Class A1,
2.750%, 10/25/2057(2)(4)		30,145,252		30,874,031

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

Page 54

Baird Aggregate Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Towd Point Mortgage Trust: (cont.)
Series 2018-1, Class A1,
3.000%, 01/28/2058(2)(4)	$	3,207,757	$	3,292,544
Series 2019-1, Class A1,
3.722%, 03/25/2058(2)(4)		18,222,669		19,191,705
Series 2018-6, Class A1A,
3.750%, 03/25/2058(2)(4)		24,693,041		25,504,775
Series 2018-4, Class A1,
3.000%, 06/25/2058(2)(4)		19,667,595		20,445,236
Series 2019-4, Class A1,
2.900%, 10/25/2059(2)(4)		53,551,944		55,380,362
Series 2020-2, Class A1A,
1.636%, 04/25/2060(2)(4)		14,533,962		14,668,862
Series 2020-4, Class A1,
1.750%, 10/25/2060(2)		107,772,479		108,970,823
WaMu Mortgage Pass-Through
Certificates Trust:
Series 2004-CB2, Class 3A,
6.000%, 08/25/2034		4,187,923		4,536,816
Series 2004-CB3, Class 2A,
6.500%, 10/25/2034		1,912,478		1,991,332
Series 2004-AR14, Class A1,
2.793%, 01/25/2035(4)		4,484,876		4,544,306
Total Non-U.S. Government
Agency Issues
(Cost $665,615,833)				671,268,302		1.9	%
Total Residential
Mortgage-Backed Securities
(Cost $6,551,273,375)				6,736,311,497		18.9	%
Commercial Mortgage-Backed Securities
U.S. Government Agency Issues
Fannie Mae REMIC Trust,
Series 2014-M2, Class A2,
3.513%, 12/25/2023(4)		7,447,922		7,914,847
Freddie Mac Multifamily Structured
Pass Through Certificates:
Series K721, Class A2,
3.090%, 08/25/2022(4)		25,273,625		25,839,464
Series K028, Class A2,
3.111%, 02/25/2023		29,160,000		30,330,345
Series K029, Class A2,
3.320%, 02/25/2023(4)		16,448,000		17,161,068
Series K723, Class A2,
2.454%, 08/25/2023		28,425,000		29,393,892
Series K037, Class A2,
3.490%, 01/25/2024		69,525,000		74,229,743
Series K048, Class A2,
3.284%, 06/25/2025(4)		60,430,000		65,806,524
Series K050, Class A2,
3.334%, 08/25/2025(4)		82,739,000		90,318,927
Series K734, Class A2,
3.208%, 02/25/2026		21,500,000		23,482,689
Series K057, Class A2,
2.570%, 07/25/2026		21,420,000		22,902,907
Series K058, Class A2,
2.653%, 08/25/2026		24,865,000		26,724,201
Series K063, Class A2,
3.430%, 01/25/2027(4)		78,001,857		87,021,087
Series K064, Class A2,
3.224%, 03/25/2027		60,635,903		67,132,440
Series K065, Class A2,
3.243%, 04/25/2027		34,635,000		38,422,562
Series K066, Class A2,
3.117%, 06/25/2027		13,214,000		14,582,238
Series K067, Class A2,
3.194%, 07/25/2027		68,324,045		75,805,371
Series K068, Class A2,
3.244%, 08/25/2027		27,963,000		31,126,862
Series K069, Class A2,
3.187%, 09/25/2027(4)		25,488,779		28,321,462
Series K071, Class A2,
3.286%, 11/25/2027		25,529,000		28,526,028
Series K072, Class A2,
3.444%, 12/25/2027		6,050,000		6,817,753
Series K073, Class A2,
3.350%, 01/25/2028		1,350,000		1,516,339
Series K074, Class A2,
3.600%, 01/25/2028		21,722,000		24,751,578
Series K076, Class A2,
3.900%, 04/25/2028		92,070,000		106,689,970
Series K077, Class A2,
3.850%, 05/25/2028(4)		68,650,000		79,424,267
Series K078, Class A2,
3.854%, 06/25/2028		59,788,633		69,259,087
Series K080, Class A2,
3.926%, 07/25/2028(4)		42,725,000		49,792,057
Series K082, Class A2,
3.920%, 09/25/2028(4)		56,545,000		65,974,863
Series K083, Class A2,
4.050%, 09/25/2028(4)		1,000,000		1,175,724
Series K156, Class A3,
3.700%, 06/25/2033(4)		11,088,000		13,214,716
Series K-1510, Class A3,
3.794%, 01/25/2034		13,525,000		16,317,624
Total U.S. Government Agency Issues
(Cost $1,155,891,090)				1,219,976,635		3.4	%
Non-U.S. Government Agency Issues
BANK:
Series 2017-BNK4, Class A4,
3.625%, 05/17/2050		44,535,000		49,438,642
Series 2017-BNK8, Class A4,
3.488%, 11/17/2050		66,833,000		74,019,205
Series 2019-BN21, Class A5,
2.851%, 10/18/2052		26,645,000		28,465,258
Series 2020-BN29, Class A4,
1.997%, 11/18/2053		66,985,000		66,840,178
Series 2017-BNK9, Class A4,
3.538%, 11/17/2054		98,103,000		108,962,031
Series 2017-BNK5, Class A5,
3.390%, 06/17/2060		22,501,000		24,737,044
Series 2017-BNK7, Class A5,
3.435%, 09/17/2060		350,000		386,475
Series 2018-BN10, Class A5,
3.688%, 02/17/2061		11,050,000		12,365,514
Series 2018-BN12, Class A4,
4.255%, 05/17/2061(4)		10,010,000		11,552,860
Benchmark Mortgage Trust:
Series 2018-B6, Class A4,
4.261%, 10/10/2051		12,920,000		14,956,838
Series 2020-B19, Class A5,
1.850%, 09/17/2053		56,766,000		56,071,309
Series 2020-B20, Class A5,
2.034%, 10/20/2053		24,946,000		24,957,904
Series 2020-B21, Class A5,
1.978%, 12/17/2053		9,000,000		8,953,588
Series 2021-B24, Class A5,
2.584%, 03/17/2054		40,000,000		41,826,504

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

Page 55

Baird Aggregate Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
CD Mortgage Trust:
Series 2016-CD1, Class A4,
2.724%, 08/12/2049	$	46,415,000	$	49,240,690
Series 2017-CD3, Class A4,
3.631%, 02/11/2050		7,200,000		7,957,543
CFCRE Commercial Mortgage Trust,
Series 2016-C4, Class A4,
3.283%, 05/10/2058		29,732,980		32,032,362
Citigroup Commercial Mortgage Trust:
Series 2013-GC11, Class A4,
3.093%, 04/10/2046		34,503,388		35,740,869
Series 2014-GC19, Class A3,
3.753%, 03/12/2047		6,361,490		6,758,680
Series 2014-GC25, Class A4,
3.635%, 10/10/2047		16,838,590		18,240,746
Series 2015-GC27, Class A5,
3.137%, 02/10/2048		59,202,541		63,137,639
Series 2015-GC35, Class A4,
3.818%, 11/13/2048		68,175,000		75,192,116
Series 2017-P8, Class A4,
3.465%, 09/16/2050		22,000,000		24,298,127
COMM Mortgage Trust:
Series 2012-CR1, Class A3,
3.391%, 05/17/2045		6,500,943		6,593,364
Series 2013-CR9, Class A3,
4.022%, 07/12/2045		5,546,808		5,744,394
Series 2012-CR2, Class A4,
3.147%, 08/17/2045		20,250,536		20,635,831
Series 2013-CR10, Class A3,
3.923%, 08/10/2046		10,969,762		11,593,293
Series 2014-CR15, Class ASB,
3.595%, 02/12/2047		7,071,479		7,354,681
Series 2014-CR19, Class A5,
3.796%, 08/12/2047		15,789,828		17,090,608
Series 2013-CR11, Class A3,
3.983%, 08/12/2050		10,259,146		10,931,025
DBGS Mortgage Trust,
Series 2018-C1, Class A4,
4.466%, 10/17/2051		19,875,000		23,152,113
DBJPM Mortgage Trust:
Series 2016-C3, Class ASB,
2.756%, 08/12/2049		10,755,000		11,244,415
Series 2017-C6, Class A5,
3.328%, 06/10/2050		20,800,000		22,765,094
Series 2020-C9, Class A5,
1.926%, 08/15/2053		22,555,000		22,436,406
GS Mortgage Securities Trust:
Series 2012-GCJ9, Class A3,
2.773%, 11/10/2045		37,386,256		38,193,575
Series 2013-GC14, Class A5,
4.243%, 08/10/2046		25,500,000		27,185,127
J.P. Morgan Chase Commercial
Mortgage Securities Trust:
Series 2013-LC11, Class A5,
2.960%, 04/15/2046		18,102,913		18,767,324
Series 2013-C10, Class ASB,
2.702%, 12/17/2047		3,471,925		3,528,498
Series 2012-LC9, Class A5,
2.840%, 12/17/2047		11,424,991		11,675,592
JPMBB Commercial Mortgage
Securities Trust:
Series 2013-C12, Class ASB,
3.157%, 07/17/2045		1,226,174		1,241,128
Series 2013-C12, Class A5,
3.664%, 07/17/2045		6,835,000		7,172,829
Series 2013-C15, Class A4,
4.096%, 11/17/2045		1,297,772		1,373,323
Series 2013-C14, Class A4,
4.133%, 08/17/2046(4)		22,428,926		23,496,810
Series 2013-C17, Class A3,
3.928%, 01/17/2047		3,160,205		3,277,363
Series 2013-C17, Class A4,
4.199%, 01/17/2047		17,276,000		18,586,442
Series 2014-C24, Class ASB,
3.368%, 11/18/2047		6,525,578		6,812,388
Series 2014-C25, Class ASB,
3.407%, 11/18/2047		6,150,221		6,436,546
Series 2015-C30, Class A5,
3.822%, 07/15/2048		22,658,000		24,885,938
Series 2015-C28, Class A4,
3.227%, 10/19/2048		16,688,500		17,817,981
JPMCC Commercial Mortgage
Securities Trust:
Series 2017-JP7, Class A5,
3.454%, 09/16/2050		9,000,000		9,934,450
Series 2017-C7, Class A5,
3.409%, 10/17/2050		6,035,000		6,654,058
JPMDB Commercial Mortgage
Securities Trust,
Series 2017-C5, Class A5,
3.694%, 03/17/2050		19,365,000		21,379,930
Morgan Stanley Bank of America
Merrill Lynch Trust:
Series 2012-C5, Class A4,
3.176%, 08/17/2045		37,925,000		38,565,413
Series 2012-C6, Class A4,
2.858%, 11/15/2045		20,211,555		20,623,404
Series 2013-C10, Class A3,
4.102%, 07/17/2046(4)		6,148,843		6,477,653
Series 2013-C12, Class A3,
3.973%, 10/17/2046		16,211,562		17,057,457
Series 2014-C16, Class A5,
3.892%, 06/17/2047		25,000,000		26,878,350
Series 2016-C29, Class ASB,
3.140%, 05/17/2049		12,130,372		12,788,729
Series 2016-C30, Class A5,
2.860%, 09/17/2049		18,082,000		19,199,535
Series 2017-C34, Class A4,
3.536%, 11/18/2052		41,287,079		45,775,240
Wells Fargo Commercial Mortgage Trust:
Series 2015-C27, Class ASB,
3.278%, 02/18/2048		13,721,644		14,323,257
Series 2015-SG1, Class ASB,
3.556%, 09/17/2048		17,496,342		18,380,543
Series 2015-SG1, Class A4,
3.789%, 09/17/2048		19,895,789		21,503,961
Series 2015-P2, Class A3,
3.541%, 12/15/2048		46,750,000		50,066,992
Series 2017-C42, Class A4,
3.589%, 12/16/2050		7,315,000		8,121,523
Series 2019-C50, Class ASB,
3.635%, 05/17/2052		20,000,000		22,177,122
Series 2017-RC1, Class A4,
3.631%, 01/15/2060		14,225,000		15,731,819

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

Page 56

Baird Aggregate Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal					% of
	Amount		Value			Net Assets
WFRBS Commercial Mortgage Trust:
Series 2012-C6, Class A4,
3.440%, 04/15/2045	$	11,554,612	$	11,583,332
Series 2013-C13, Class ASB,
2.654%, 05/17/2045		2,723,711		2,771,521
Series 2013-C18, Class A4,
3.896%, 12/17/2046		11,680,780		12,426,157
Series 2014-C21, Class A5,
3.678%, 08/16/2047		34,719,000		37,434,838
Series 2014-C24, Class A4,
3.343%, 11/18/2047		36,730,000		38,929,914
Series 2014-C23, Class ASB,
3.636%, 10/17/2057		4,596,427		4,815,449
Total Non-U.S. Government
Agency Issues
(Cost $1,660,360,152)				1,689,724,857			4.7	%
Total Commercial
Mortgage-Backed Securities
(Cost $2,816,251,242)				2,909,701,492			8.1	%
Asset Backed Securities
Capital One Multi-Asset Execution Trust,
Series 2019-A3, Class A3,
2.060%, 08/15/2028		3,227,000		3,383,958
Citibank Credit Card Issuance Trust,
Series 2007-A3, Class A3,
6.150%, 06/15/2039		8,691,000		12,225,372
Conseco Financial Corp.:
Series 1998-7, Class A1,
6.320%, 05/01/2029		578,497		579,425
Series 1998-3, Class A5,
6.220%, 03/01/2030		11,015		11,034
Series 1998-4, Class A5,
6.180%, 04/01/2030		235,069		237,423
Donlen Fleet Lease Funding 2 LLC,
Series 2021-2, Class A2,
0.560%, 12/11/2034(2)		37,975,000		38,020,183
Ford Credit Auto Owner Trust:
Series 2019-1, Class A,
3.520%, 07/15/2030(2)		25,192,000		27,061,674
Series 2018-1, Class A,
3.190%, 07/15/2031(2)		40,550,000		43,745,839
Nelnet Student Loan Trust,
Series 2021-A, Class APT1,
1.360%, 04/20/2062(2)		50,900,000		50,908,129
Oakwood Mortgage Investors, Inc.,
Series 1999-B, Class A3,
6.450%, 12/15/2023		6,205		6,366
PFS Financing Corp.,
Series 2020-F, Class A,
0.930%, 08/15/2024(2)		16,750,000		16,830,577
Towd Point Mortgage Trust:
Series 2020-MH1, Class A1A,
2.184%, 02/25/2060(2)(4)		44,803,290		45,281,032
Series 2020-MH1, Class A1,
2.250%, 02/25/2060(2)(4)		28,559,866		28,901,873
Toyota Auto Loan Extended Note Trust:
Series 2019-1A, Class A,
2.560%, 11/25/2031(2)		68,654,950		72,393,555
Series 2020-1A, Class A,
1.350%, 05/25/2033(2)		104,383,000		106,117,188
Total Asset Backed Securities
(Cost $434,877,341)				445,703,628			1.2	%
	Shares
Common Stock
Industrials
Valaris Ltd.		13,917		401,923
Total Common Stock
(Cost $3,984,823)				401,923			0.0	%
Total Long-Term Investments
(Cost $33,827,272,266)				34,934,887,880			97.7	%
Short-Term Investment
Money Market Mutual Fund
First American Government
Obligations Fund, Class U, 0.03%(5)		981,062,858		981,062,858
Total Short-Term Investment
(Cost $981,062,858)				981,062,858			2.8	%
Total Investments
(Cost $34,808,335,124)				35,915,950,738			100.5	%
Liabilities in Excess of Other Assets				(167,710,507	)		(0.5	)%
TOTAL NET ASSETS			$	35,748,240,231			100.0	%

Notes to Schedule of Investments

CMT – Constant Maturity Treasury

LIBOR – London Inter-bank Offered Rate

SOFR – Secured Overnight Financing Rate

(1)	Foreign security.
(2)	Security as defined in Rule 144A under the Securities Act of 1933 and classified as liquid under the Fund’s liquidity risk management program. Purchased in a private placement transaction; resale to the public may require registration or may extend only to qualified institutional buyers. At June 30, 2021, the value of these securities totaled $5,319,966,969, which represented 14.88% of total net assets.
(3)	Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of June 30, 2021.
(4)	Variable rate security. The coupon is based on an underlying pool of loans. The rate reported is the rate in effect as of June 30, 2021.
(5)	Seven-day yield.
(6)	Security that, on the last payment date, missed a partial principal or interest payment.
(7)	Step-up bond; the interest rate shown is the rate in effect as of June 30, 2021.
(8)	Security or a portion of the security purchased on a when-issued or delayed delivery basis.
(9)	Security in default.

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

Page 57

Baird Aggregate Bond Fund

Summary of Fair Value Exposure at June 30, 2021 (Unaudited)

The Fund has adopted authoritative fair valuation accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion on changes in valuation techniques and related inputs during the period. These standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The fair value hierarchy is organized into three levels based upon the assumptions (referred to as “inputs”) used in pricing the asset or liability. These standards state that “observable inputs” reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from independent sources and “unobservable inputs” reflect an entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. These inputs are summarized into three broad levels and described below:

Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3 – Unobservable inputs for the asset or liability.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2021:

	Level 1		Level 2		Level 3		Total
Long-Term Investments
U.S. Treasury Securities	$	—	$	10,035,175,673	$	—	$	10,035,175,673
Other Government Related Securities		—		58,688,660		—		58,688,660
Corporate Bonds		—		14,387,969,848		—		14,387,969,848
Municipal Bonds		—		360,935,159		—		360,935,159
Residential Mortgage-Backed Securities – U.S. Government Agency Issues		—		6,065,043,195		—		6,065,043,195
Residential Mortgage-Backed Securities – Non-U.S. Government Agency Issues		—		671,268,302		—		671,268,302
Commercial Mortgage-Backed Securities – U.S. Government Agency Issues		—		1,219,976,635		—		1,219,976,635
Commercial Mortgage-Backed Securities – Non-U.S. Government Agency Issues		—		1,689,724,857		—		1,689,724,857
Asset Backed Securities		—		445,703,628		—		445,703,628
Common Stock		401,923		—		—		401,923
Total Long-Term Investments		401,923		34,934,485,957		—		34,934,887,880
Short-Term Investment
Money Market Mutual Fund		981,062,858		—		—		981,062,858
Total Short-Term Investment		981,062,858		—		—		981,062,858
Total Investments	$	981,464,781	$	34,934,485,957	$	—	$	35,915,950,738

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

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

Page 58

Baird Core Plus Bond Fund

June 30, 2021 (Unaudited)

Portfolio Characteristics

Quality Distribution⁽¹⁾⁽²⁾

	Net Assets	$31,563,487,825
	SEC 30-Day Yield(3)
	Institutional Class	1.54%
	Investor Class	1.30%
	Average Effective Duration	6.36 years
	Average Effective Maturity	8.00 years
	Annualized Expense Ratio(4)
	Institutional Class	0.30%
	Investor Class	0.55%	(5)
	Portfolio Turnover Rate	15%	(6)
	Number of Holdings	1,627
Sector Weightings(1)

(1)	Percentages shown are based on the Fund’s total investments.
(2)	The quality profile is calculated on a market value-weighted basis using the highest credit quality rating for each security held by the Fund given by S&P, Moody’s or Fitch, each of which is a Nationally Recognized Statistical Rating Organization (NRSRO). NRSROs rate the credit quality of securities using a scale that generally ranges from AAA (highest) to D (lowest).
(3)	SEC yields are based on SEC guidelines and are calculated for the 30 days ended June 30, 2021.
(4)	Reflects expense ratios as stated in the Fund’s current prospectus dated May 1, 2021.
(5)	Includes 0.25% 12b-1 fee.
(6)	Not annualized.

Page 59

Baird Core Plus Bond Fund

June 30, 2021 (Unaudited)

Total Returns

			Average Annual
	Six	One	Five	Ten	Since
For the Periods Ended June 30, 2021	Months	Year	Years	Years	Inception(1)
Institutional Class Shares	-1.03%	1.78%	4.03%	4.34%	5.75%
Investor Class Shares	-1.19%	1.52%	3.76%	4.08%	5.49%
Bloomberg Barclays U.S. Universal Bond Index(2)	-1.15%	1.12%	3.48%	3.74%	5.05%

(1)

For the period from September 29, 2000 (inception date) through June 30, 2021.

(2)

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

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

The Fund’s gross expense ratio for each Class, as reflected in the Fund’s current prospectus, is set forth under “Portfolio Characteristics”.

The Fund may invest up to 20% of its net assets in non-investment grade debt securities (commonly referred to as “high yield” bonds). While these types of debt securities typically offer higher yields than investment grade securities, they also include greater risks including increased credit risk and the increased risk of default or bankruptcy. The Fund maintains securities with longer maturities in order to provide a greater potential for return. Generally, the longer a bond’s maturity, the greater the interest rate risk. The Fund may also invest in U.S. dollar denominated foreign securities which involve additional risks such as political and economic instability, and different and sometimes less strict financial reporting standards and regulation. The Fund may also invest in mortgage- and asset-backed securities, which include interest rate and prepayment risks more pronounced than those of other fixed income securities.  U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including the impact of the coronavirus (COVID-19) as a global pandemic and related public health issues, business interruptions, growth concerns in the U.S. and overseas, and changed travel and social behaviors. These and other geopolitical events may cause market disruptions and could have an adverse effect on the value of the Fund’s investments.

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

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

Page 60

Baird Core Plus Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments

	Principal				% of
	Amount		Value		Net Assets
U.S. Treasury Securities
U.S. Treasury Bonds:
2.125%, 12/31/2022	$	222,815,000	$	229,290,561
2.500%, 05/15/2024		422,925,000		447,986,609
2.250%, 11/15/2025		211,300,000		224,803,391
2.000%, 11/15/2026		927,575,000		978,881,492
2.250%, 11/15/2027		1,112,075,000		1,189,572,727
0.625%, 08/15/2030		669,350,000		623,593,649
1.375%, 11/15/2040		326,575,000		293,356,199
2.875%, 05/15/2043		1,054,150,000		1,212,354,850
2.500%, 02/15/2045		973,450,000		1,053,227,265
2.875%, 05/15/2049		191,175,000		223,861,444
Total U.S. Treasury Securities
(Cost $6,466,162,238)				6,476,928,187		20.5	%
Other Government Related Securities
Comision Federal de Electricidad,
5.750%, 02/14/2042(1)(2)		5,200,000		5,764,252
Corp Andina de Fomento,
4.375%, 06/15/2022(1)		4,265,000		4,418,199
Electricite de France SA,
4.750%, 10/13/2035(1)(2)		10,000,000		12,197,108
Korea Development Bank,
3.000%, 09/14/2022(1)		4,400,000		4,529,668
Petrobras Global Finance BV,
7.375%, 01/17/2027(1)		9,300,000		11,462,250
Petroleos Mexicanos:
4.500%, 01/23/2026(1)		3,516,000		3,559,598
6.490%, 01/23/2027(1)		11,743,000		12,403,544
6.840%, 01/23/2030(1)		14,606,000		15,051,483
5.950%, 01/28/2031(1)		1,005,000		976,358
Sinopec Group Overseas
Development [2014] Ltd.,
4.375%, 04/10/2024(1)(2)		1,500,000		1,637,838
Sinopec Group Overseas
Development [2015] Ltd.,
3.250%, 04/28/2025(1)(2)		7,500,000		8,016,600
Sinopec Group Overseas
Development [2017] Ltd.,
3.000%, 04/12/2022(1)(2)		6,950,000		7,073,154
Total Other Government
Related Securities
(Cost $80,476,314)				87,090,052		0.3	%
Corporate Bonds
Industrials
A.P. Meoller – Maersk A/S,
3.750%, 09/22/2024(1)(2)		4,475,000		4,823,826
Abbott Laboratories,
4.750%, 11/30/2036		7,506,000		9,665,269
AbbVie, Inc.:
5.000%, 12/15/2021		41,397,000		41,795,503
3.250%, 10/01/2022		7,500,000		7,711,171
3.200%, 11/06/2022		3,000,000		3,099,089
3.850%, 06/15/2024		10,125,000		10,981,124
3.800%, 03/15/2025		29,200,000		31,940,310
3.600%, 05/14/2025		2,500,000		2,727,992
4.550%, 03/15/2035		14,098,000		17,110,884
4.300%, 05/14/2036		3,825,000		4,538,063
4.050%, 11/21/2039		11,250,000		13,066,038
4.250%, 11/21/2049		20,000,000		23,970,287
ADT Corp.,
3.500%, 07/15/2022		6,900,000		7,029,375
Adventist Health System:
2.952%, 03/01/2029		7,250,000		7,642,519
3.630%, 03/01/2049		8,900,000		9,772,781
Agilent Technologies, Inc.,
3.875%, 07/15/2023		5,325,000		5,652,165
Air Liquide Finance,
2.500%, 09/27/2026(1)(2)		4,833,000		5,129,520
Air Products and Chemicals, Inc.,
2.800%, 05/15/2050		5,000,000		4,997,566
Aker BP ASA,
2.875%, 01/15/2026(1)(2)		25,000,000		26,332,025
Albertsons Companies, Inc.:
3.250%, 03/15/2026(2)		5,000,000		5,071,250
3.500%, 03/15/2029(2)		1,500,000		1,483,125
Alcon Finance Corp.:
3.000%, 09/23/2029(1)(2)		6,110,000		6,430,555
2.600%, 05/27/2030(1)(2)		6,475,000		6,612,410
Alibaba Group Holding Ltd.,
3.125%, 11/28/2021(1)		10,000,000		10,066,028
Alimentation Couche-Tard, Inc.,
2.950%, 01/25/2030(1)(2)		6,500,000		6,744,374
Allegion PLC,
3.500%, 10/01/2029		8,000,000		8,694,617
Allegion US Holding Co., Inc.,
3.200%, 10/01/2024		22,750,000		24,184,718
Alpek SAB de CV:
4.250%, 09/18/2029(1)(2)		6,000,000		6,510,060
3.250%, 02/25/2031(1)(2)		10,000,000		10,120,100
America Movil SAB de CV,
2.875%, 05/07/2030(1)		28,000,000		29,511,903
Amgen, Inc.:
2.200%, 02/21/2027		11,750,000		12,200,164
3.150%, 02/21/2040		5,000,000		5,210,009
4.400%, 05/01/2045		8,000,000		9,713,172
Anglo American Capital PLC:
4.125%, 09/27/2022(1)(2)		5,385,000		5,606,260
3.625%, 09/11/2024(1)(2)		4,325,000		4,660,023
2.625%, 09/10/2030(1)(2)		16,025,000		16,085,612
3.950%, 09/10/2050(1)(2)		10,000,000		10,829,298
Anheuser-Busch InBev Worldwide, Inc.:
4.750%, 01/23/2029(1)		5,000,000		5,956,323
5.450%, 01/23/2039(1)		9,975,000		13,155,732
4.900%, 02/01/2046(1)		70,275,000		88,950,583
ANR Pipeline Co.,
9.625%, 11/01/2021(1)		9,150,000		9,426,133
Antofagasta PLC,
2.375%, 10/14/2030(1)(2)		6,000,000		5,781,000
AP Moller – Maersk A/S:
3.875%, 09/28/2025(1)(2)		18,140,000		19,917,912
4.500%, 06/20/2029(1)(2)		20,575,000		23,781,430
Apple, Inc.,
2.650%, 05/11/2050		15,000,000		14,727,543
Aramark Services, Inc.,
5.000%, 02/01/2028(2)		1,000,000		1,047,200
ArcelorMittal:
6.125%, 06/01/2025(1)		6,078,000		7,147,103
4.550%, 03/11/2026(1)		30,930,000		34,981,587
4.250%, 07/16/2029(1)		15,000,000		16,591,624
Arcosa, Inc.,
4.375%, 04/15/2029(2)		3,000,000		3,052,500
Ardagh Metal Packaging S.A.,
3.250%, 09/01/2028(1)(2)		500,000		498,552
Arrow Electronics, Inc.,
3.250%, 09/08/2024		15,000,000		15,964,566

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

Page 61

Baird Core Plus Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Ashtead Capital, Inc.,
4.000%, 05/01/2028(1)(2)	$	9,000,000	$	9,461,250
AT&T, Inc.:
4.300%, 02/15/2030		10,980,000		12,690,962
2.550%, 12/01/2033(2)		14,329,000		14,194,906
5.250%, 03/01/2037		7,125,000		8,975,931
4.900%, 08/15/2037		10,000,000		12,321,852
4.650%, 06/01/2044		9,700,000		11,425,999
3.550%, 09/15/2055(2)		45,029,000		45,179,975
3.800%, 12/01/2057(2)		25,315,000		26,375,254
3.650%, 09/15/2059(2)		31,734,000		32,181,405
Avery Dennison Corp.,
2.650%, 04/30/2030		10,175,000		10,451,221
Ball Corp.:
5.250%, 07/01/2025		21,675,000		24,465,656
4.875%, 03/15/2026		23,125,000		25,755,691
2.875%, 08/15/2030		5,000,000		4,908,100
Bayer US Finance II LLC:
4.250%, 12/15/2025(1)(2)		25,000,000		27,858,662
4.625%, 06/25/2038(1)(2)		12,000,000		14,234,701
4.400%, 07/15/2044(1)(2)		5,125,000		5,846,804
Beam Suntory, Inc.:
3.250%, 05/15/2022(1)		10,650,000		10,841,351
3.250%, 06/15/2023(1)		10,960,000		11,433,795
Becton Dickinson and Co.:
3.363%, 06/06/2024		10,000,000		10,713,897
3.734%, 12/15/2024		9,250,000		10,072,774
1.957%, 02/11/2031		32,000,000		31,222,191
4.875%, 05/15/2044		5,455,000		6,461,621
Bemis Co., Inc.,
4.500%, 10/15/2021		1,000,000		1,000,460
Berry Global, Inc.,
4.875%, 07/15/2026(2)		28,000,000		29,628,480
Boardwalk Pipelines LP:
4.950%, 12/15/2024		17,475,000		19,532,717
5.950%, 06/01/2026		26,406,000		31,305,604
4.800%, 05/03/2029		26,341,000		30,312,486
Boeing Co.:
2.196%, 02/04/2026		25,550,000		25,794,213
5.150%, 05/01/2030		24,000,000		28,419,719
Bon Secours Mercy Health, Inc.,
3.464%, 06/01/2030		16,330,000		17,910,704
Booz Allen Hamilton, Inc.:
3.875%, 09/01/2028(2)		1,000,000		1,020,000
4.000%, 07/01/2029(2)		500,000		511,250
Boral Finance Pty Ltd.,
3.750%, 05/01/2028(1)(2)		5,550,000		5,985,570
BorgWarner, Inc.:
5.000%, 10/01/2025(2)		10,000,000		11,475,254
2.650%, 07/01/2027		9,000,000		9,545,024
Boston Scientific Corp.,
1.900%, 06/01/2025		15,000,000		15,470,117
Bristol-Myers Squibb Co.,
3.250%, 02/20/2023		9,622,000		10,051,703
Broadcom, Inc.:
3.625%, 10/15/2024		26,800,000		29,025,606
3.125%, 01/15/2025		13,250,000		14,143,496
4.700%, 04/15/2025		18,300,000		20,616,145
3.150%, 11/15/2025		7,150,000		7,663,230
4.250%, 04/15/2026		30,400,000		34,079,486
4.750%, 04/15/2029		14,900,000		17,332,528
5.000%, 04/15/2030		11,000,000		12,977,488
4.150%, 11/15/2030		10,000,000		11,214,150
2.450%, 02/15/2031(2)		7,250,000		7,124,536
3.500%, 02/15/2041(2)		11,000,000		11,253,317
Broadridge Financial Solutions, Inc.,
3.400%, 06/27/2026		18,286,000		20,039,378
Bunge Limited Finance Corp.:
3.250%, 08/15/2026		13,188,000		14,244,687
3.750%, 09/25/2027		23,800,000		26,212,979
Burlington Northern Santa Fe LLC,
4.150%, 04/01/2045		3,100,000		3,759,173
Cameron LNG LLC,
3.701%, 01/15/2039(2)		15,000,000		16,687,115
Campbell Soup Co.,
3.950%, 03/15/2025		11,000,000		12,132,743
Cargill, Inc.,
2.125%, 04/23/2030(2)		7,000,000		7,088,711
Carlisle Companies, Inc.:
3.750%, 12/01/2027		4,600,000		5,117,759
2.750%, 03/01/2030		21,832,000		22,711,565
Carrier Global Corp.:
2.493%, 02/15/2027		12,845,000		13,444,108
2.700%, 02/15/2031		14,700,000		15,135,349
3.377%, 04/05/2040		10,000,000		10,489,242
3.577%, 04/05/2050		3,050,000		3,234,422
CCL Industries, Inc.,
3.050%, 06/01/2030(1)(2)		19,725,000		20,696,866
Cellnex Finance Co.,
3.875%, 07/07/2041(1)(8)		7,000,000		6,978,720
CF Industries, Inc.:
3.450%, 06/01/2023		24,874,000		25,962,238
5.375%, 03/15/2044		10,922,000		13,534,542
Charles River Laboratories
International, Inc.,
4.000%, 03/15/2031(2)		3,000,000		3,120,990
Charter Communications Operating LLC:
4.464%, 07/23/2022		33,748,000		34,938,925
4.908%, 07/23/2025		63,550,000		71,996,491
3.750%, 02/15/2028		5,000,000		5,514,283
5.050%, 03/30/2029		3,437,000		4,059,754
2.300%, 02/01/2032		5,000,000		4,807,109
6.384%, 10/23/2035		32,905,000		43,983,029
5.375%, 04/01/2038		6,000,000		7,372,665
3.500%, 06/01/2041		10,000,000		10,067,698
3.700%, 04/01/2051		6,700,000		6,626,746
3.850%, 04/01/2061		12,075,000		11,851,572
4.400%, 12/01/2061		10,000,000		10,744,854
Cheniere Corpus Christi Holdings LLC:
7.000%, 06/30/2024		4,269,000		4,890,276
5.875%, 03/31/2025		5,005,000		5,736,076
5.125%, 06/30/2027		11,397,000		13,252,279
Chevron Phillips Chemical Co. LLC /
Chevron Phillips Chemical Co. LP,
5.125%, 04/01/2025(2)		15,000,000		17,171,103
Chevron USA, Inc.,
5.050%, 11/15/2044		3,000,000		4,022,872
Cigna Corp.:
3.050%, 11/30/2022		15,000,000		15,525,431
3.000%, 07/15/2023		7,525,000		7,880,775
3.500%, 06/15/2024		7,800,000		8,361,859
4.500%, 02/25/2026		5,725,000		6,515,638
2.400%, 03/15/2030		9,850,000		10,048,701
4.800%, 08/15/2038		7,600,000		9,465,258
CK Hutchison International Ltd.:
2.875%, 04/05/2022(1)(2)		7,475,000		7,604,392
3.250%, 04/11/2024(1)(2)		7,000,000		7,449,381
2.500%, 04/15/2031(1)(2)		10,000,000		10,183,800

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

Page 62

Baird Core Plus Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Clean Harbors, Inc.,
5.125%, 07/15/2029(2)	$	100,000	$	108,750
CNH Industrial Capital LLC:
4.200%, 01/15/2024(1)		15,000,000		16,231,243
1.875%, 01/15/2026(1)		14,250,000		14,491,599
CNH Industrial NV:
4.500%, 08/15/2023(1)		16,168,000		17,430,500
3.850%, 11/15/2027(1)		26,114,000		28,913,249
Columbia Pipeline Group, Inc.:
4.500%, 06/01/2025(1)		14,135,000		15,866,449
5.800%, 06/01/2045(1)		4,733,000		6,388,594
Comcast Cable Communications
Holdings, Inc.,
9.455%, 11/15/2022		2,030,000		2,283,824
Comcast Corp.:
4.250%, 01/15/2033		6,500,000		7,746,461
4.400%, 08/15/2035		13,575,000		16,359,090
3.200%, 07/15/2036		15,000,000		16,093,209
4.600%, 10/15/2038		12,350,000		15,306,615
4.650%, 07/15/2042		2,000,000		2,510,376
4.950%, 10/15/2058		7,500,000		10,371,100
CommonSpirit Health:
2.760%, 10/01/2024		7,500,000		7,896,225
2.782%, 10/01/2030		20,400,000		21,169,133
Conagra Brands, Inc.,
5.300%, 11/01/2038		6,625,000		8,419,687
ConocoPhillips,
2.400%, 02/15/2031(2)		12,000,000		12,282,471
ConocoPhillips Canada Funding Co. I,
5.950%, 10/15/2036		845,000		1,164,391
Constellation Brands, Inc.,
4.750%, 12/01/2025		1,000,000		1,150,782
Corning, Inc.,
4.375%, 11/15/2057		10,000,000		11,915,024
Cox Communications, Inc.:
3.850%, 02/01/2025(2)		2,875,000		3,128,749
3.350%, 09/15/2026(2)		20,850,000		22,641,159
4.800%, 02/01/2035(2)		4,450,000		5,393,103
4.700%, 12/15/2042(2)		1,670,000		2,063,245
3.600%, 06/15/2051(2)		22,900,000		24,114,338
CSX Corp.:
6.220%, 04/30/2040		475,000		694,411
4.650%, 03/01/2068		9,000,000		11,780,354
CVS Health Corp.:
3.875%, 07/20/2025		2,302,000		2,541,624
3.250%, 08/15/2029		11,800,000		12,803,485
4.780%, 03/25/2038		35,075,000		43,150,887
5.125%, 07/20/2045		15,000,000		19,509,750
5.050%, 03/25/2048		32,600,000		42,343,348
CVS Pass-Through Trust,
7.507%, 01/10/2032(2)		3,545,456		4,491,487
Daimler Finance North America LLC:
2.550%, 08/15/2022(1)(2)		19,750,000		20,212,702
1.750%, 03/10/2023(1)(2)		29,550,000		30,158,497
Danone SA:
3.000%, 06/15/2022(1)(2)		3,500,000		3,588,643
2.589%, 11/02/2023(1)(2)		10,000,000		10,424,729
DCP Midstream LLC:
5.375%, 07/15/2025		3,000,000		3,341,100
5.625%, 07/15/2027		17,000,000		19,337,500
5.125%, 05/15/2029		8,000,000		8,840,000
Dell International LLC / EMC Corp.:
5.450%, 06/15/2023		42,180,000		45,759,539
5.850%, 07/15/2025		5,000,000		5,866,073
6.020%, 06/15/2026		37,004,000		44,424,278
4.900%, 10/01/2026		8,395,000		9,688,534
Dentsply Sirona,
3.250%, 06/01/2030		46,120,000		49,327,603
Deutsche Telekom AG,
3.625%, 01/21/2050(1)(2)		5,925,000		6,254,864
Deutsche Telekom International
Finance BV,
8.750%, 06/15/2030(1)		28,015,000		41,978,734
Dignity Health,
5.267%, 11/01/2064		7,625,000		10,539,676
DISH DBS Corp.,
5.000%, 03/15/2023		2,500,000		2,616,575
Dominion Gas Holdings LLC,
3.600%, 12/15/2024		4,067,000		4,403,504
DuPont de Nemours, Inc.:
4.493%, 11/15/2025		9,275,000		10,547,115
5.319%, 11/15/2038		17,350,000		22,945,517
DXC Technology Co.:
4.250%, 04/15/2024		52,810,000		57,280,747
4.125%, 04/15/2025		30,000,000		32,971,345
4.750%, 04/15/2027		28,650,000		32,986,876
Eagle Materials, Inc.,
2.500%, 07/01/2031(8)		15,000,000		14,860,369
Eastern Gas Transmission
and Storage, Inc.,
3.600%, 12/15/2024		2,033,000		2,027,389
Eaton Corp.:
2.750%, 11/02/2022		2,625,000		2,709,985
4.000%, 11/02/2032		3,660,000		4,262,585
Ecolab, Inc.,
3.250%, 01/14/2023		6,325,000		6,586,299
Edward-Elmhurst Healthcare,
3.500%, 05/04/2023		4,000,000		4,152,829
Element Fleet Management Corp.,
3.850%, 06/15/2025(1)(2)		23,000,000		24,741,773
Enable Midstream Partners LP:
4.400%, 03/15/2027		15,000,000		16,537,136
4.150%, 09/15/2029		16,585,000		18,159,271
Enbridge Energy Partners LP:
7.500%, 04/15/2038(1)		4,500,000		6,674,397
7.375%, 10/15/2045(1)		23,298,000		36,555,169
Energy Transfer LP:
3.450%, 01/15/2023		2,000,000		2,068,446
6.100%, 02/15/2042		1,000,000		1,243,233
Energy Transfer Operating LP:
4.250%, 03/15/2023		10,000,000		10,491,812
5.875%, 01/15/2024		15,000,000		16,621,562
5.500%, 06/01/2027		6,204,000		7,275,956
4.950%, 06/15/2028		4,693,000		5,422,192
5.250%, 04/15/2029		18,925,000		22,353,637
3.750%, 05/15/2030		6,350,000		6,897,929
5.950%, 10/01/2043		2,702,000		3,370,937
6.000%, 06/15/2048		5,000,000		6,320,038
Energy Transfer Partners LP:
4.200%, 04/15/2027		8,650,000		9,553,179
6.500%, 02/01/2042		18,727,000		24,313,743
5.150%, 03/15/2045		5,000,000		5,782,832
Eni SpA,
4.250%, 05/09/2029(1)(2)		18,250,000		20,760,962
EnLink Midstream Partners LP,
4.400%, 04/01/2024		23,605,000		24,785,250
Enterprise Products Operating LLC:
3.350%, 03/15/2023		10,000,000		10,407,050
3.950%, 01/31/2060		14,475,000		16,135,061

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

Page 63

Baird Core Plus Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
EQT Corp.:
7.625%, 02/01/2025	$	10,000,000	$	11,664,900
5.000%, 01/15/2029		1,000,000		1,114,970
3.625%, 05/15/2031(2)		100,000		104,250
EQT Midstream Partners LP:
4.750%, 07/15/2023		7,409,000		7,733,144
4.125%, 12/01/2026		14,750,000		15,100,312
Equinix, Inc.:
2.625%, 11/18/2024		8,000,000		8,417,448
3.200%, 11/18/2029		15,000,000		16,089,067
ERAC USA Finance LLC,
2.600%, 12/01/2021(2)		10,400,000		10,479,021
Exxon Mobil Corp.,
2.992%, 03/19/2025		35,000,000		37,540,570
FedEx Corp.:
3.900%, 02/01/2035		7,000,000		8,023,131
4.950%, 10/17/2048		13,500,000		17,412,118
Ferguson Finance PLC,
4.500%, 10/24/2028(2)		37,052,000		43,119,256
Fidelity National Information
Services, Inc.:
1.650%, 03/01/2028		10,075,000		10,017,896
4.500%, 08/15/2046		6,700,000		8,203,239
Fiserv, Inc.:
3.500%, 10/01/2022		11,625,000		11,986,982
3.850%, 06/01/2025		11,720,000		12,893,816
3.200%, 07/01/2026		6,400,000		6,925,938
2.250%, 06/01/2027		7,850,000		8,143,055
3.500%, 07/01/2029		8,810,000		9,694,013
4.400%, 07/01/2049		20,000,000		24,123,250
Flex Intermediate Holdco LLC,
3.363%, 06/30/2031(2)		30,000,000		30,368,231
Flex Ltd.,
3.750%, 02/01/2026		28,300,000		30,949,794
Florida Gas Transmission Co. LLC,
3.875%, 07/15/2022(2)		3,000,000		3,073,260
Flowserve Corp.,
3.500%, 10/01/2030		7,075,000		7,462,456
FMC Corp.,
3.200%, 10/01/2026		8,100,000		8,746,629
FMG Resources Pty Ltd.:
5.125%, 05/15/2024(1)(2)		2,045,000		2,226,494
4.375%, 04/01/2031(1)(2)		1,000,000		1,069,830
Fomento Economico
Mexicano SAB de CV:
2.875%, 05/10/2023(1)		11,700,000		12,078,612
4.375%, 05/10/2043(1)		2,000,000		2,377,120
3.500%, 01/16/2050(1)		11,625,000		12,226,710
Ford Motor Credit Co. LLC:
5.875%, 08/02/2021		8,975,000		9,020,773
2.979%, 08/03/2022		20,000,000		20,275,000
4.250%, 09/20/2022		4,459,000		4,604,230
4.140%, 02/15/2023		10,000,000		10,362,500
5.584%, 03/18/2024		29,367,000		32,162,738
3.664%, 09/08/2024		34,000,000		35,636,760
4.063%, 11/01/2024		7,000,000		7,445,550
3.375%, 11/13/2025		30,000,000		31,108,500
Fortune Brands Home & Security, Inc.,
3.250%, 09/15/2029		14,000,000		15,057,259
Fox Corp.,
3.050%, 04/07/2025		5,000,000		5,353,800
Freeport-McMoRan, Inc.:
3.875%, 03/15/2023		38,916,000		40,576,157
5.000%, 09/01/2027		12,000,000		12,675,000
4.125%, 03/01/2028		11,550,000		12,055,312
4.375%, 08/01/2028		6,545,000		6,913,156
5.250%, 09/01/2029		14,415,000		15,910,556
4.250%, 03/01/2030		29,799,000		31,922,179
4.625%, 08/01/2030		3,000,000		3,285,000
Fresenius Medical Care
US Finance II, Inc.,
4.750%, 10/15/2024(1)(2)		8,075,000		8,972,274
Fresenius Medical Care
US Finance III, Inc.:
3.750%, 06/15/2029(1)(2)		34,130,000		37,127,787
2.375%, 02/16/2031(1)(2)		32,300,000		31,512,365
3.000%, 12/01/2031(1)(2)		16,500,000		16,831,572
Fresenius US Finance II, Inc.,
4.500%, 01/15/2023(1)(2)		33,385,000		34,892,357
General Electric Co.:
3.450%, 05/01/2027		3,925,000		4,314,631
3.625%, 05/01/2030		5,000,000		5,575,396
General Mills, Inc.:
3.700%, 10/17/2023		20,000,000		21,401,024
4.000%, 04/17/2025		3,175,000		3,517,986
General Motors Co.,
6.125%, 10/01/2025		4,000,000		4,735,209
General Motors Financial Co., Inc.:
4.375%, 09/25/2021		4,875,000		4,920,296
3.450%, 01/14/2022		5,200,000		5,272,495
3.150%, 06/30/2022		13,050,000		13,362,667
4.150%, 06/19/2023		3,375,000		3,584,467
1.700%, 08/18/2023		15,500,000		15,819,917
5.100%, 01/17/2024		18,750,000		20,641,935
2.900%, 02/26/2025		17,725,000		18,762,591
1.250%, 01/08/2026		18,125,000		18,004,212
Genpact Luxembourg Sarl:
3.700%, 04/01/2022		43,005,000		43,826,759
3.375%, 12/01/2024		46,370,000		49,537,343
Genpact Luxembourg SARL,
1.750%, 04/10/2026		29,775,000		29,835,762
Georgia-Pacific LLC,
3.163%, 11/15/2021(2)		20,000,000		20,117,457
Glencore Finance (Canada) Ltd.:
4.950%, 11/15/2021(1)(2)		2,000,000		2,032,728
4.250%, 10/25/2022(1)(2)		7,000,000		7,321,790
6.000%, 11/15/2041(1)(2)		9,400,000		12,445,882
5.550%, 10/25/2042(1)(2)		3,543,000		4,575,395
Glencore Funding LLC:
4.125%, 05/30/2023(1)(2)		16,940,000		18,018,007
4.625%, 04/29/2024(1)(2)		29,230,000		32,038,999
4.000%, 03/27/2027(1)(2)		17,000,000		18,842,002
4.875%, 03/12/2029(1)(2)		18,000,000		20,932,782
2.500%, 09/01/2030(1)(2)		19,800,000		19,751,621
3.875%, 04/27/2051(1)(2)		7,500,000		7,854,017
Global Payments, Inc.:
4.000%, 06/01/2023		10,775,000		11,444,072
4.800%, 04/01/2026		10,035,000		11,473,117
2.900%, 05/15/2030		5,000,000		5,209,326
Graphic Packaging International LLC:
3.500%, 03/15/2028(2)		5,000,000		5,037,500
3.500%, 03/01/2029(2)		5,000,000		4,953,500
Gray Oak Pipeline LLC,
2.600%, 10/15/2025(2)		15,000,000		15,408,735
Grupo Bimbo SAB de CV:
4.500%, 01/25/2022(1)(2)		971,000		992,259
3.875%, 06/27/2024(1)(2)		31,501,000		33,954,534

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

Page 64

Baird Core Plus Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Grupo Bimbo SAB de CV: (cont.)
4.875%, 06/27/2044(1)(2)	$	9,575,000	$	11,435,614
4.700%, 11/10/2047(1)(2)		22,671,000		26,647,147
4.000%, 09/06/2049(1)(2)		19,500,000		20,763,765
Gulf South Pipeline Co. LP,
4.000%, 06/15/2022		3,000,000		3,072,070
Gulfstream Natural Gas System LLC,
4.600%, 09/15/2025(2)		10,000,000		11,158,086
GYP Holdings III Corp.,
4.625%, 05/01/2029(2)		2,500,000		2,509,375
HB Fuller Co.,
4.000%, 02/15/2027		6,725,000		6,960,375
HCA, Inc.:
5.000%, 03/15/2024		10,366,000		11,453,652
5.375%, 02/01/2025		25,300,000		28,538,400
5.250%, 04/15/2025		19,200,000		21,966,115
5.375%, 09/01/2026		1,000,000		1,150,750
4.500%, 02/15/2027		16,500,000		18,646,238
5.875%, 02/01/2029		3,500,000		4,226,250
4.125%, 06/15/2029		15,000,000		16,891,144
3.500%, 09/01/2030		5,000,000		5,326,850
3.500%, 07/15/2051		12,475,000		12,469,316
Hewlett Packard Enterprise Co.,
4.450%, 10/02/2023		12,575,000		13,599,195
Hexcel Corp.:
4.700%, 08/15/2025		8,303,000		9,142,640
3.950%, 02/15/2027		19,000,000		20,436,272
Hologic, Inc.,
3.250%, 02/15/2029(2)		21,238,000		21,052,167
HP, Inc.:
2.200%, 06/17/2025		10,000,000		10,379,310
3.000%, 06/17/2027		25,000,000		26,772,322
Huntington Ingalls Industries, Inc.,
3.844%, 05/01/2025		10,000,000		10,897,212
Huntsman International LLC,
2.950%, 06/15/2031		4,900,000		4,969,968
Husky Energy, Inc.:
4.000%, 04/15/2024(1)		7,380,000		7,898,555
4.400%, 04/15/2029(1)		15,000,000		16,962,775
Hutchison Whampoa International Ltd.:
3.250%, 11/08/2022(1)(2)		4,625,000		4,796,963
3.625%, 10/31/2024(1)(2)		15,000,000		16,337,109
Hyundai Capital America:
3.750%, 07/08/2021(1)(2)		10,150,000		10,155,717
3.100%, 04/05/2022(1)(2)		2,000,000		2,038,073
2.850%, 11/01/2022(1)(2)		5,225,000		5,372,445
2.375%, 02/10/2023(1)(2)		20,000,000		20,529,001
1.250%, 09/18/2023(1)(2)		14,125,000		14,253,956
3.400%, 06/20/2024(1)(2)		16,850,000		17,962,785
1.300%, 01/08/2026(1)(2)		10,000,000		9,882,478
IHS Markit Ltd.,
3.625%, 05/01/2024		10,000,000		10,737,100
Infor, Inc.,
1.750%, 07/15/2025(2)		8,375,000		8,544,596
Ingersoll-Rand Global Holding Co. Ltd.,
5.750%, 06/15/2043		4,126,000		5,916,794
Ingersoll-Rand Luxembourg Finance SA,
4.650%, 11/01/2044		1,300,000		1,632,945
Ingredion, Inc.,
2.900%, 06/01/2030		28,000,000		29,287,542
International Business Machines Corp.,
4.150%, 05/15/2039		13,000,000		15,448,649
International Flavors & Fragrances, Inc.:
1.832%, 10/15/2027		5,000,000		4,985,795
5.000%, 09/26/2048		10,000,000		12,932,338
3.468%, 12/01/2050		8,000,000		8,315,681
Iron Mountain, Inc.:
5.250%, 03/15/2028(2)		20,303,000		21,248,105
5.000%, 07/15/2028(2)		4,000,000		4,151,800
4.500%, 02/15/2031(2)		10,000,000		10,125,000
JAB Holdings BV,
3.750%, 05/28/2051(1)(2)		8,600,000		9,186,367
JBS Finance Luxembourg Sarl,
3.625%, 01/15/2032(2)		7,000,000		6,997,830
JBS USA Lux S.A./JBS USA Food Co./
JBS USA Finance, Inc.,
3.750%, 12/01/2031(2)		3,000,000		3,069,750
JM Smucker Co.:
2.375%, 03/15/2030		5,000,000		5,093,434
3.550%, 03/15/2050		3,350,000		3,617,384
Johnson Controls International PLC,
3.900%, 02/14/2026		3,645,000		4,032,214
Kansas City Southern:
4.700%, 05/01/2048		12,000,000		14,945,910
3.500%, 05/01/2050		13,000,000		13,701,638
Kennametal, Inc.,
4.625%, 06/15/2028		7,900,000		8,926,167
Kerry Group Financial
Services Unlimited Co.,
3.200%, 04/09/2023(1)(2)		18,500,000		19,165,032
Keurig Dr Pepper, Inc.,
4.417%, 05/25/2025		7,000,000		7,852,933
Keysight Technologies, Inc.:
4.550%, 10/30/2024		7,283,000		8,088,432
4.600%, 04/06/2027		50,189,000		58,316,399
Kimberly-Clark de Mexico SAB de CV,
2.431%, 07/01/2031(1)(2)		10,000,000		9,900,900
Kinder Morgan Energy Partners LP:
7.300%, 08/15/2033		1,675,000		2,364,865
6.500%, 02/01/2037		400,000		548,545
6.950%, 01/15/2038		14,755,000		21,088,695
7.500%, 11/15/2040		27,248,000		40,213,373
Kinder Morgan, Inc.:
8.050%, 10/15/2030		15,384,000		21,345,508
7.800%, 08/01/2031		16,174,000		23,144,944
7.750%, 01/15/2032		7,466,000		10,710,528
Kinross Gold Corp.,
6.875%, 09/01/2041(1)		5,500,000		7,684,314
Kraft Heinz Foods Co.:
6.750%, 03/15/2032		10,000,000		13,542,800
5.000%, 07/15/2035		7,375,000		9,046,323
5.000%, 06/04/2042		5,000,000		6,105,492
Lafarge SA,
7.125%, 07/15/2036(1)		1,500,000		2,221,609
LafargeHolcim Finance US LLC,
3.500%, 09/22/2026(1)(2)		12,565,000		13,700,177
Lear Corp.:
3.800%, 09/15/2027		7,725,000		8,514,495
3.500%, 05/30/2030		15,000,000		16,115,054
Leidos, Inc.:
4.375%, 05/15/2030		39,222,000		44,537,758
2.300%, 02/15/2031		7,500,000		7,317,150
Lennar Corp.,
4.125%, 01/15/2022		1,385,000		1,398,850
Lennox International, Inc.,
3.000%, 11/15/2023		10,000,000		10,480,516

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

Page 65

Baird Core Plus Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Louisiana-Pacific Corp.,
3.625%, 03/15/2029(2)	$	25,000,000	$	25,156,250
Lundin Energy Finance BV,
3.100%, 07/15/2031(1)(2)		20,000,000		20,202,719
Magellan Midstream Partners LP:
5.000%, 03/01/2026		10,000,000		11,487,651
4.200%, 03/15/2045		8,770,000		9,338,735
4.250%, 09/15/2046		1,230,000		1,388,458
3.950%, 03/01/2050		19,000,000		20,615,126
Magna International, Inc.,
2.450%, 06/15/2030(1)		10,000,000		10,218,616
Marathon Petroleum Corp.:
3.625%, 09/15/2024		2,500,000		2,689,854
4.700%, 05/01/2025		15,000,000		16,916,703
5.125%, 12/15/2026		3,000,000		3,527,487
4.750%, 09/15/2044		3,985,000		4,708,423
Martin Marietta Materials, Inc.:
2.500%, 03/15/2030		5,000,000		5,084,957
6.250%, 05/01/2037		450,000		591,501
Masco Corp.,
6.500%, 08/15/2032		14,934,000		19,865,294
MasTec, Inc.,
4.500%, 08/15/2028(2)		5,000,000		5,264,150
McDonald’s Corp.:
3.700%, 01/30/2026		7,250,000		8,056,513
3.500%, 07/01/2027		6,000,000		6,648,793
Microchip Technology, Inc.:
4.333%, 06/01/2023		32,298,000		34,442,656
2.670%, 09/01/2023		25,000,000		26,037,990
4.250%, 09/01/2025		4,000,000		4,199,463
Micron Technology, Inc.,
4.640%, 02/06/2024		8,725,000		9,564,083
Microsoft Corp.,
4.200%, 11/03/2035		5,650,000		6,961,362
Midwest Connector Capital Co. LLC:
3.900%, 04/01/2024(2)		13,695,000		14,320,168
4.625%, 04/01/2029(2)		12,000,000		12,754,610
Minera Mexico SA de CV,
4.500%, 01/26/2050(1)(2)		8,000,000		8,950,000
Molex Electronic Technologies LLC,
3.900%, 04/15/2025(2)		8,250,000		8,465,644
Molson Coors Beverage Co.,
3.000%, 07/15/2026		33,888,000		36,290,374
Mosaic Co.,
5.450%, 11/15/2033		16,101,000		20,159,384
MPLX LP:
3.500%, 12/01/2022		8,600,000		8,932,477
4.000%, 02/15/2025		13,125,000		14,327,872
4.875%, 06/01/2025		19,150,000		21,617,115
1.750%, 03/01/2026		20,000,000		20,215,621
4.250%, 12/01/2027		6,519,000		7,387,201
5.500%, 02/15/2049		8,825,000		11,422,536
4.900%, 04/15/2058		5,000,000		5,982,228
MSCI, Inc.:
4.000%, 11/15/2029(2)		7,562,000		7,977,910
3.625%, 11/01/2031(2)		10,000,000		10,257,000
Mueller Water Products, Inc.,
4.000%, 06/15/2029(2)		500,000		513,810
Mylan NV,
3.950%, 06/15/2026		5,000,000		5,507,681
Mylan, Inc.:
3.125%, 01/15/2023(2)		16,800,000		17,405,502
4.200%, 11/29/2023		4,525,000		4,853,180
4.550%, 04/15/2028		5,000,000		5,742,044
NCL Corp. Ltd.,
3.625%, 12/15/2024(2)		20,000,000		19,300,000
Newell Brands, Inc.:
3.850%, 04/01/2023		40,709,000		42,642,677
4.875%, 06/01/2025		1,500,000		1,659,375
4.700%, 04/01/2026		15,000,000		16,726,800
NGPL PipeCo LLC,
4.875%, 08/15/2027(2)		20,000,000		22,906,780
Norfolk Southern Corp.,
3.050%, 05/15/2050		20,000,000		19,991,415
Nutrien Ltd.:
4.000%, 12/15/2026(1)		10,000,000		11,268,404
4.125%, 03/15/2035(1)		6,550,000		7,478,440
nVent Finance Sarl:
3.950%, 04/15/2023		11,055,000		11,553,632
4.550%, 04/15/2028		32,435,000		35,625,097
NXP BV / NXP Funding LLC /
NXP USA, Inc.,
4.300%, 06/18/2029(1)(2)		9,625,000		11,035,258
NXP Semiconductors NV,
3.875%, 09/01/2022(1)(2)		9,300,000		9,643,028
Occidental Petroleum Corp.:
2.900%, 08/15/2024		10,000,000		10,225,000
8.500%, 07/15/2027		15,000,000		18,888,000
7.150%, 05/15/2028		7,000,000		7,980,000
7.875%, 09/15/2031		12,790,000		16,435,150
6.450%, 09/15/2036		7,125,000		8,518,650
ONEOK Partners LP,
3.375%, 10/01/2022		4,007,000		4,116,620
ONEOK, Inc.:
4.250%, 02/01/2022		6,450,000		6,532,163
7.500%, 09/01/2023		22,959,000		25,858,644
2.750%, 09/01/2024		8,300,000		8,737,794
Oracle Corp.:
2.800%, 04/01/2027		46,000,000		48,779,987
3.900%, 05/15/2035		7,425,000		8,268,466
3.850%, 07/15/2036		7,500,000		8,245,071
3.950%, 03/25/2051		5,000,000		5,457,444
Orange SA,
9.000%, 03/01/2031(1)		33,426,000		52,571,439
Oshkosh Corp.,
3.100%, 03/01/2030		5,000,000		5,301,409
Owens Corning:
4.200%, 12/01/2024		10,000,000		10,955,578
3.400%, 08/15/2026		5,000,000		5,421,334
Packaging Corp. of America,
4.500%, 11/01/2023		4,700,000		5,077,797
Pactiv LLC,
7.950%, 12/15/2025		1,338,000		1,505,250
Penske Truck Leasing Co.:
4.000%, 07/15/2025(2)		20,000,000		22,025,946
1.200%, 11/15/2025(2)		22,800,000		22,582,653
PerkinElmer, Inc.:
3.300%, 09/15/2029		25,000,000		27,038,139
3.625%, 03/15/2051		11,775,000		12,826,343
Pernod Ricard SA,
4.250%, 07/15/2022(1)(2)		26,700,000		27,717,567
Perrigo Finance Unlimited Co.:
3.900%, 12/15/2024		42,000,000		45,234,217
3.150%, 06/15/2030		18,250,000		18,647,865
Phillips 66:
3.850%, 04/09/2025		8,000,000		8,803,551
2.150%, 12/15/2030		6,000,000		5,898,391
4.650%, 11/15/2034		13,000,000		15,603,820

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

Page 66

Baird Core Plus Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Phillips 66: (cont.)
5.875%, 05/01/2042	$	5,000,000	$	6,827,186
4.875%, 11/15/2044		15,000,000		18,649,090
Phillips 66 Partners LP:
3.605%, 02/15/2025		2,000,000		2,154,211
3.150%, 12/15/2029		12,550,000		13,181,413
4.680%, 02/15/2045		2,000,000		2,285,108
Plains All American Pipeline LP /
PAA Finance Corp.,
3.550%, 12/15/2029		20,000,000		21,060,462
POSCO:
2.375%, 01/17/2023(1)(2)		5,550,000		5,681,479
4.000%, 08/01/2023(1)(2)		13,000,000		13,843,830
Premier Health Partners,
2.911%, 11/15/2026		10,000,000		10,436,526
Quanta Services, Inc.,
2.900%, 10/01/2030		10,000,000		10,368,237
Qwest Capital Funding, Inc.,
7.625%, 08/03/2021		200,000		200,753
Raytheon Technologies Corp.:
7.500%, 09/15/2029		8,188,000		11,435,246
2.250%, 07/01/2030		12,000,000		12,194,522
4.800%, 12/15/2043		7,925,000		9,962,175
3.125%, 07/01/2050		6,000,000		6,160,083
Regency Energy Partners LP /
Regency Energy Finance Corp.,
4.500%, 11/01/2023		11,850,000		12,717,874
Reliance Industries Ltd.,
5.400%, 02/14/2022(1)(2)		3,500,000		3,596,320
Reliance Steel & Aluminum Co.,
1.300%, 08/15/2025		6,100,000		6,114,861
Republic Services, Inc.:
4.750%, 05/15/2023		7,341,000		7,853,646
2.900%, 07/01/2026		5,000,000		5,354,649
Rogers Communications, Inc.,
4.350%, 05/01/2049(1)		10,000,000		11,770,003
Sabine Pass Liquefaction LLC:
5.625%, 03/01/2025		14,500,000		16,572,591
5.875%, 06/30/2026		55,015,000		65,124,374
5.000%, 03/15/2027		20,300,000		23,441,261
Samarco Mineracao SA:
5.750%, 10/24/2023(1)(2)(9)		5,475,000		4,243,125
5.375%, 09/26/2024(1)(2)(9)		5,125,000		3,984,739
Santos Finance Ltd.,
3.649%, 04/29/2031(1)(2)		15,000,000		15,353,158
Schlumberger Holdings Corp.,
3.900%, 05/17/2028(2)		11,096,000		12,390,185
Schneider Electric SE,
2.950%, 09/27/2022(2)		5,000,000		5,154,128
Seagate HDD Cayman,
4.875%, 03/01/2024(1)		24,400,000		26,290,024
Shell International Finance BV:
2.375%, 04/06/2025(1)		9,000,000		9,461,595
2.750%, 04/06/2030(1)		8,725,000		9,300,296
Sherwin-Williams Co.,
4.500%, 06/01/2047		10,550,000		13,196,027
Shire Acquisitions Investments
Ireland DAC,
2.875%, 09/23/2023(1)		54,946,000		57,499,832
Silgan Holdings, Inc.:
4.750%, 03/15/2025		1,000,000		1,016,250
4.125%, 02/01/2028		4,000,000		4,150,000
SK Hynix, Inc.,
1.500%, 01/19/2026(1)(2)		13,000,000		12,823,460
SK Telecom Co. Ltd.,
6.625%, 07/20/2027(1)(2)		960,000		1,227,149
Smith & Nephew PLC,
2.032%, 10/14/2030(1)		10,000,000		9,780,842
Smithfield Foods, Inc.:
2.650%, 10/03/2021(1)(2)		10,200,000		10,249,656
3.350%, 02/01/2022(1)(2)		31,389,000		31,830,220
5.200%, 04/01/2029(1)(2)		16,566,000		19,284,326
3.000%, 10/15/2030(1)(2)		10,000,000		10,082,263
Sociedad Quimica y Minera de Chile SA,
3.625%, 04/03/2023(1)(2)		8,093,000		8,447,069
Sodexo, Inc.,
1.634%, 04/16/2026(1)(2)		6,725,000		6,773,694
Solvay Finance America LLC,
4.450%, 12/03/2025(1)(2)		40,018,000		44,888,529
Sonoco Products Co.,
4.375%, 11/01/2021		1,000,000		1,003,102
Southern Copper Corp.,
7.500%, 07/27/2035(1)		19,786,000		28,590,770
Spectra Energy Partners LP:
3.500%, 03/15/2025(1)		15,150,000		16,305,325
4.500%, 03/15/2045(1)		5,000,000		5,856,928
Standard Industries, Inc.:
4.750%, 01/15/2028(2)		24,408,000		25,547,854
4.375%, 07/15/2030(2)		5,000,000		5,156,250
3.375%, 01/15/2031(2)		5,000,000		4,786,050
Stanley Black & Decker, Inc.,
4.850%, 11/15/2048		4,175,000		5,611,529
Steel Dynamics, Inc.,
2.800%, 12/15/2024		7,000,000		7,388,198
Stericycle, Inc.,
3.875%, 01/15/2029(2)		1,000,000		998,030
STERIS Irish FinCo Unlimited Co.,
3.750%, 03/15/2051		7,500,000		7,961,941
Suntory Holdings Ltd.,
2.550%, 06/28/2022(1)(2)		2,000,000		2,038,608
Sysco Corp.:
5.650%, 04/01/2025		7,000,000		8,109,213
5.950%, 04/01/2030		18,220,000		23,368,231
Takeda Pharmaceutical Co. Ltd.,
3.175%, 07/09/2050(1)		21,825,000		22,057,268
Targa Resources Partners LP:
6.500%, 07/15/2027		1,000,000		1,083,720
5.000%, 01/15/2028		28,000,000		29,540,000
4.875%, 02/01/2031(2)		500,000		541,250
4.000%, 01/15/2032(2)		14,000,000		14,401,100
TC PipeLines LP:
4.375%, 03/13/2025(1)		26,205,000		28,849,844
3.900%, 05/25/2027(1)		25,885,000		28,528,884
Teck Resources Ltd.,
3.900%, 07/15/2030(1)		10,000,000		10,774,859
Telecom Italia Capital SA:
5.303%, 05/30/2024(1)(2)		21,500,000		23,536,050
7.200%, 07/18/2036(1)		3,175,000		4,095,750
Telefonica Emisiones SA:
4.570%, 04/27/2023(1)		1,000,000		1,071,131
4.103%, 03/08/2027(1)		8,125,000		9,145,123
7.045%, 06/20/2036(1)		4,925,000		7,090,842
5.213%, 03/08/2047(1)		24,108,000		30,093,405
4.895%, 03/06/2048(1)		9,475,000		11,345,667
5.520%, 03/01/2049(1)		12,000,000		15,614,550
TELUS Corp.,
2.800%, 02/16/2027(2)		13,100,000		14,004,646

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

Page 67

Baird Core Plus Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Tenet Healthcare Corp.,
6.750%, 06/15/2023	$	1,000,000	$	1,091,250
Teva Pharmaceutical Finance
Netherlands III BV:
2.800%, 07/21/2023(1)		24,275,000		24,189,795
3.150%, 10/01/2026(1)		51,000,000		48,513,750
Textron, Inc.,
3.000%, 06/01/2030		15,000,000		15,777,586
Thermo Fisher Scientific, Inc.,
4.133%, 03/25/2025		15,000,000		16,630,741
Timken Co.:
3.875%, 09/01/2024		18,500,000		19,804,141
4.500%, 12/15/2028		6,025,000		6,730,889
T-Mobile USA, Inc.:
4.750%, 02/01/2028		17,250,000		18,479,063
3.375%, 04/15/2029(2)		5,000,000		5,159,968
3.875%, 04/15/2030		38,159,000		42,654,893
3.500%, 04/15/2031		60,000,000		62,073,000
4.375%, 04/15/2040		10,000,000		11,723,000
Toll Road Investors Partnership II LP:
0.000%, 02/15/2022(1)(2)		21,200,000		20,844,996
0.000%, 02/15/2025(1)(2)		10,000,000		8,842,332
0.000%, 02/15/2027(1)(2)		17,855,000		14,186,760
0.000%, 02/15/2030(1)(2)		2,000,000		1,312,152
0.000%, 02/15/2030(1)(2)		2,938,000		2,097,510
0.000%, 02/15/2031(1)(2)		5,396,000		3,684,546
0.000%, 02/15/2036(1)(2)		12,500,000		6,856,187
TopBuild Corp.,
3.625%, 03/15/2029(2)		2,500,000		2,475,000
TransCanada PipeLines Ltd.,
4.750%, 05/15/2038(1)		10,000,000		12,023,702
Transcontinental Gas Pipe Line Co. LLC,
4.450%, 08/01/2042		2,600,000		3,116,842
TreeHouse Foods, Inc.,
4.000%, 09/01/2028		1,500,000		1,488,750
Triton Container International Ltd.:
2.050%, 04/15/2026(1)(2)		7,425,000		7,451,789
3.150%, 06/15/2031(1)(2)		30,475,000		30,653,947
TTX Co.:
4.650%, 06/15/2044(2)		7,710,000		9,239,736
3.900%, 02/01/2045(2)		25,325,000		28,413,030
Tyco Electronics Group SA,
7.125%, 10/01/2037		500,000		763,931
Tyson Foods, Inc.,
5.100%, 09/23/2048		4,650,000		6,120,373
United Rentals North America, Inc.:
5.875%, 09/15/2026		13,000,000		13,452,270
3.875%, 11/15/2027		5,000,000		5,253,650
4.875%, 01/15/2028		5,000,000		5,302,500
5.250%, 01/15/2030		5,000,000		5,476,950
4.000%, 07/15/2030		10,000,000		10,300,000
3.875%, 02/15/2031		3,000,000		3,052,500
Universal Health Services, Inc.,
2.650%, 10/15/2030(2)		20,325,000		20,437,397
Upjohn, Inc.:
3.850%, 06/22/2040(2)		10,000,000		10,634,815
4.000%, 06/22/2050(2)		22,000,000		23,265,640
UPMC,
3.600%, 04/03/2025		47,575,000		51,709,949
Utah Acquisition Sub, Inc.,
5.250%, 06/15/2046		4,000,000		4,871,550
Vale Canada Ltd.,
7.200%, 09/15/2032(1)		1,600,000		2,096,000
Vale Overseas Ltd.:
6.250%, 08/10/2026(1)		22,000,000		26,466,000
3.750%, 07/08/2030(1)		12,545,000		13,356,661
8.250%, 01/17/2034(1)		425,000		620,500
6.875%, 11/21/2036(1)		23,025,000		31,560,598
6.875%, 11/10/2039(1)		18,121,000		25,347,111
Valero Energy Corp.:
1.200%, 03/15/2024		13,450,000		13,566,365
3.400%, 09/15/2026		17,500,000		18,951,002
6.625%, 06/15/2037		5,000,000		6,854,418
Valero Energy Partners LP,
4.500%, 03/15/2028		20,000,000		22,751,291
Verisk Analytics, Inc.,
4.000%, 06/15/2025		10,000,000		11,063,077
Verizon Communications, Inc.:
3.000%, 03/22/2027		5,000,000		5,380,650
4.500%, 08/10/2033		15,710,000		18,772,948
4.400%, 11/01/2034		790,000		941,053
4.272%, 01/15/2036		19,793,000		23,550,208
5.250%, 03/16/2037		18,225,000		23,907,144
4.812%, 03/15/2039		38,575,000		48,862,096
4.862%, 08/21/2046		2,500,000		3,234,472
5.500%, 03/16/2047		4,000,000		5,595,737
3.700%, 03/22/2061		11,200,000		11,995,856
VF Corp.,
2.800%, 04/23/2027		7,000,000		7,474,246
Viterra Finance BV:
2.000%, 04/21/2026(1)(2)		15,000,000		15,020,351
3.200%, 04/21/2031(1)(2)		45,069,000		45,420,778
Vodafone Group PLC:
7.875%, 02/15/2030(1)		16,293,000		23,267,681
6.150%, 02/27/2037(1)		13,920,000		19,261,906
4.375%, 02/19/2043(1)		5,054,000		5,893,520
Volkswagen Group of
America Finance LLC:
4.000%, 11/12/2021(1)(2)		9,000,000		9,125,342
4.250%, 11/13/2023(1)(2)		18,000,000		19,453,662
2.850%, 09/26/2024(1)(2)		5,000,000		5,279,800
3.350%, 05/13/2025(1)(2)		15,000,000		16,186,611
1.250%, 11/24/2025(1)(2)		11,075,000		11,009,638
Vontier Corp.,
2.400%, 04/01/2028(2)		15,725,000		15,619,642
Vulcan Materials Co.:
4.500%, 04/01/2025		3,000,000		3,338,655
3.500%, 06/01/2030		11,050,000		12,180,425
4.700%, 03/01/2048		500,000		630,121
Wabtec Corp.:
4.375%, 08/15/2023		9,750,000		10,327,202
4.400%, 03/15/2024		13,109,000		14,203,440
3.450%, 11/15/2026		36,775,000		39,469,734
4.950%, 09/15/2028		10,205,000		11,837,663
Walgreens Boots Alliance, Inc.:
3.300%, 11/18/2021		8,060,000		8,109,732
3.450%, 06/01/2026		5,957,000		6,482,837
Walmart, Inc.,
4.050%, 06/29/2048		11,975,000		15,040,620
Walt Disney Co.:
3.700%, 09/15/2024		4,025,000		4,377,262
7.430%, 10/01/2026		3,300,000		4,321,036
5.400%, 10/01/2043		5,000,000		6,969,889
4.750%, 09/15/2044		1,950,000		2,534,207
Weir Group PLC,
2.200%, 05/13/2026(1)(2)		20,625,000		20,709,270

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

Page 68

Baird Core Plus Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Western Digital Corp.,
4.750%, 02/15/2026	$	57,075,000	$	63,424,594
Western Gas Partners LP,
4.000%, 07/01/2022		17,845,000		18,134,981
Western Midstream Operating LP,
6.500%, 02/01/2050		10,000,000		11,578,350
Westinghouse Air Brake
Technologies Corp.,
3.200%, 06/15/2025		14,736,000		15,671,732
WestRock MWV LLC,
8.200%, 01/15/2030		5,012,000		7,090,625
Williams Companies, Inc.:
7.875%, 09/01/2021		5,065,000		5,126,319
3.700%, 01/15/2023		44,375,000		46,209,356
4.550%, 06/24/2024		7,629,000		8,404,951
7.500%, 01/15/2031		120,000		166,244
7.750%, 06/15/2031		3,500,000		4,861,820
8.750%, 03/15/2032		11,275,000		17,325,175
6.300%, 04/15/2040		1,590,000		2,179,414
5.750%, 06/24/2044		2,500,000		3,279,080
Wipro IT Services LLC,
1.500%, 06/23/2026(1)(2)		17,800,000		17,753,647
Woodside Finance Ltd.,
3.650%, 03/05/2025(1)(2)		15,575,000		16,628,772
WRKCo, Inc.,
3.000%, 09/15/2024		6,000,000		6,352,154
Wynn Las Vegas LLC /
Wynn Las Vegas Capital Corp.,
4.250%, 05/30/2023(2)		4,000,000		4,150,000
Xerox Corp.,
4.375%, 03/15/2023		35,175,000		36,734,659
Xerox Holdings Corp.,
5.000%, 08/15/2025(2)		1,000,000		1,055,620
Yara International ASA,
3.800%, 06/06/2026(1)(2)		20,250,000		22,310,578
Zimmer Biomet Holdings, Inc.:
3.550%, 04/01/2025		20,000,000		21,698,086
5.750%, 11/30/2039		11,375,000		15,193,062
Zoetis, Inc.:
3.250%, 02/01/2023		24,701,000		25,653,149
4.500%, 11/13/2025		16,275,000		18,442,983
Total Industrials
(Cost $8,740,797,047)				9,418,729,871		29.8	%
Utilities
American Water Capital Corp.,
2.800%, 05/01/2030		8,500,000		8,996,574
Appalachian Power Co.,
6.700%, 08/15/2037		1,400,000		1,983,100
Avangrid, Inc.,
3.200%, 04/15/2025(1)		14,000,000		15,035,501
Berkshire Hathaway Energy Co.:
3.500%, 02/01/2025		7,000,000		7,561,572
2.850%, 05/15/2051		10,000,000		9,674,798
Consolidated Edison
Co. of New York, Inc.,
4.625%, 12/01/2054		7,600,000		9,568,233
Consumers Energy Co.,
3.500%, 08/01/2051		9,425,000		10,677,734
Dominion Energy, Inc.,
2.450%, 01/15/2023(2)		15,000,000		15,444,028
Dominion Resources, Inc.,
5.950%, 06/15/2035		1,880,000		2,532,085
DTE Electric Company,
2.625%, 03/01/2031		15,200,000		16,004,406
Duquesne Light Holdings, Inc.,
2.532%, 10/01/2030(2)		8,775,000		8,620,550
Edison International,
2.950%, 03/15/2023		5,000,000		5,161,507
EDP Finance BV,
3.625%, 07/15/2024(1)(2)		51,299,000		55,149,832
Enel Finance International NV:
2.875%, 05/25/2022(1)(2)		7,500,000		7,664,127
3.625%, 05/25/2027(1)(2)		27,500,000		30,207,540
3.500%, 04/06/2028(1)(2)		7,000,000		7,664,320
4.875%, 06/14/2029(1)(2)		11,775,000		14,052,458
6.800%, 09/15/2037(1)(2)		3,875,000		5,653,063
6.000%, 10/07/2039(1)(2)		4,286,000		5,994,238
4.750%, 05/25/2047(1)(2)		49,084,000		60,262,976
Engie Energia Chile SA,
3.400%, 01/28/2030(1)(2)		3,000,000		3,075,000
Exelon Corp.:
3.950%, 06/15/2025		15,775,000		17,358,234
7.600%, 04/01/2032		1,650,000		2,385,431
5.100%, 06/15/2045		5,875,000		7,675,395
Exelon Generation Co. LLC,
5.600%, 06/15/2042		6,100,000		7,145,835
FirstEnergy Corp.:
2.650%, 03/01/2030		4,300,000		4,282,671
3.400%, 03/01/2050		11,325,000		11,070,187
FirstEnergy Transmission LLC,
2.866%, 09/15/2028(2)		15,000,000		15,526,760
Fortis Inc.,
3.055%, 10/04/2026(1)		8,762,000		9,395,694
Infraestructura Energetica
Nova SAB de CV,
3.750%, 01/14/2028(2)		5,000,000		5,375,000
KeySpan Corp.,
8.000%, 11/15/2030(1)		1,875,000		2,593,247
Liberty Utilities Finance GP 1,
2.050%, 09/15/2030(1)(2)		10,600,000		10,220,191
NiSource, Inc.:
3.600%, 05/01/2030		20,800,000		23,029,902
3.950%, 03/30/2048		11,775,000		13,420,677
Oncor Electric Delivery Co. LLC,
2.750%, 05/15/2030		9,500,000		10,095,421
RGS I&M Funding Corp.,
9.820%, 12/07/2022		52,488		53,249
Southern Co.,
2.950%, 07/01/2023		17,400,000		18,153,152
Talent Yield Investments Ltd.,
4.500%, 04/25/2022(1)(2)		6,000,000		6,157,259
Total Utilities
(Cost $428,610,500)				464,921,947		1.5	%
Financials
ABN AMRO Bank NV:
7.750%, 05/15/2023(1)(2)		8,000,000		8,900,394
4.750%, 07/28/2025(1)(2)		37,818,000		42,391,558
4.800%, 04/18/2026(1)(2)		47,025,000		53,315,064
1.542%, 06/16/2027
(1 Year CMT Rate + 0.800%)(1)(2)(3)		12,250,000		12,167,404
AerCap Holdings NV:
4.875%, 01/16/2024(1)		6,708,000		7,302,596
2.875%, 08/14/2024(1)		39,395,000		41,197,694
6.500%, 07/15/2025(1)		15,000,000		17,593,695
AIA Group Ltd.,
3.200%, 03/11/2025(1)(2)		9,000,000		9,565,470

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

Page 69

Baird Core Plus Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
AIG SunAmerica Global Financing X,
6.900%, 03/15/2032(2)	$	2,000,000	$	2,853,137
Air Lease Corp.:
4.250%, 02/01/2024		8,175,000		8,864,246
2.300%, 02/01/2025		14,150,000		14,628,013
Allstate Corp.,
3.850%, 08/10/2049		10,968,000		13,037,044
Ally Financial, Inc.:
1.450%, 10/02/2023		15,000,000		15,223,278
5.125%, 09/30/2024		13,000,000		14,645,456
5.800%, 05/01/2025		10,000,000		11,620,817
American International Group, Inc.:
4.875%, 06/01/2022		25,951,000		27,013,003
3.750%, 07/10/2025		11,400,000		12,562,250
3.875%, 01/15/2035		15,000,000		16,963,590
6.820%, 11/15/2037		4,173,000		5,781,192
AmSouth Bancorporation,
6.750%, 11/01/2025		1,110,000		1,342,688
Anthem, Inc.:
3.350%, 12/01/2024		7,050,000		7,605,428
2.375%, 01/15/2025		4,075,000		4,267,422
ANZ New Zealand (Int’l) Ltd.,
2.125%, 07/28/2021(1)(2)		17,175,000		17,199,376
Aon PLC,
3.875%, 12/15/2025		14,490,000		16,089,351
Assurant, Inc.:
4.900%, 03/27/2028		4,250,000		4,947,095
3.700%, 02/22/2030		7,000,000		7,568,990
Australia & New Zealand Banking Group Ltd.:
4.500%, 03/19/2024(1)(2)		32,000,000		35,011,399
2.950%, 07/22/2030
(5 Year CMT Rate + 1.288%)(1)(2)(3)		14,803,000		15,400,301
2.570%, 11/25/2035
(5 Year CMT Rate + 1.700%)(1)(2)(3)		13,000,000		12,627,940
Avolon Holdings Funding Ltd.:
5.250%, 05/15/2024(1)(2)		5,000,000		5,499,142
2.875%, 02/15/2025(1)(2)		10,000,000		10,296,015
Banco Bilbao Vizcaya Argentaria SA,
1.125%, 09/18/2025(1)		15,000,000		14,868,549
Banco Santander Chile,
2.700%, 01/10/2025(1)(2)		8,000,000		8,351,280
Banco Santander SA:
3.500%, 04/11/2022(1)		12,000,000		12,291,266
3.848%, 04/12/2023(1)		16,700,000		17,672,141
5.179%, 11/19/2025(1)		11,150,000		12,742,694
2.749%, 12/03/2030(1)		5,000,000		4,953,090
Bank of America Corp.:
3.300%, 01/11/2023		22,650,000		23,640,937
3.004%, 12/20/2023
(3 Month LIBOR USD + 0.790%)(3)		8,352,000		8,655,580
3.864%, 07/23/2024
(3 Month LIBOR USD + 0.940%)(3)		12,575,000		13,408,198
3.458%, 03/15/2025
(3 Month LIBOR USD + 0.970%)(3)		9,650,000		10,313,768
3.093%, 10/01/2025
(3 Month LIBOR USD + 1.090%)(3)		22,000,000		23,435,886
2.456%, 10/22/2025
(3 Month LIBOR USD + 0.870%)(3)		8,000,000		8,368,759
3.366%, 01/23/2026
(3 Month LIBOR USD + 0.810%)(3)		22,700,000		24,475,027
1.734%, 07/22/2027
(SOFR + 0.960%)(3)		10,000,000		10,076,912
3.248%, 10/21/2027		6,000,000		6,508,437
3.419%, 12/20/2028
(3 Month LIBOR USD + 1.040%)(3)		19,539,000		21,280,109
2.087%, 06/14/2029
(SOFR + 1.060%)(3)		12,000,000		12,097,101
2.496%, 02/13/2031
(3 Month LIBOR USD + 0.990%)(3)		7,000,000		7,146,956
2.592%, 04/29/2031
(SOFR + 2.150%)(3)		35,000,000		36,082,802
7.750%, 05/14/2038		725,000		1,144,284
Bank of Montreal:
1.900%, 08/27/2021(1)		26,450,000		26,520,886
3.803%, 12/15/2032
(5 Year Swap Rate
USD + 1.432%)(1)(3)		5,000,000		5,512,447
Bank of New Zealand,
2.000%, 02/21/2025(1)(2)		15,475,000		16,001,511
Bank of Nova Scotia:
1.625%, 05/01/2023(1)		11,425,000		11,675,834
4.500%, 12/16/2025(1)		8,048,000		9,116,193
Banque Federative du Credit Mutuel SA,
3.750%, 07/20/2023(1)(2)		12,475,000		13,293,017
Barclays PLC:
3.684%, 01/10/2023(1)		22,500,000		22,884,875
4.610%, 02/15/2023
(3 Month LIBOR
USD + 1.400%)(1)(3)		10,000,000		10,256,024
4.338%, 05/16/2024
(3 Month LIBOR
USD + 1.356%)(1)(3)		5,000,000		5,330,929
3.650%, 03/16/2025(1)		17,350,000		18,786,233
3.932%, 05/07/2025
(3 Month LIBOR
USD + 1.610%)(1)(3)		23,400,000		25,260,380
2.852%, 05/07/2026
(3 Month LIBOR
USD + 2.714%)(1)(3)		10,000,000		10,564,728
4.337%, 01/10/2028(1)		10,000,000		11,181,289
BBVA USA:
2.875%, 06/29/2022		15,700,000		16,071,534
3.875%, 04/10/2025		45,470,000		50,097,903
Berkshire Hathaway Finance Corp.,
4.400%, 05/15/2042		3,500,000		4,394,074
BGC Partners, Inc.,
4.375%, 12/15/2025		13,000,000		14,067,008
BNP Paribas SA:
3.375%, 01/09/2025(1)(2)		8,000,000		8,580,499
4.375%, 09/28/2025(1)(2)		14,700,000		16,266,006
2.819%, 11/19/2025
(3 Month LIBOR
USD + 1.111%)(1)(2)(3)		42,500,000		44,716,010
4.375%, 05/12/2026(1)(2)		16,910,000		18,817,684
2.219%, 06/09/2026
(SOFR + 2.074%)(1)(2)(3)		10,000,000		10,306,068
1.323%, 01/13/2027
(SOFR + 1.004%)(1)(2)(3)		14,000,000		13,830,392
1.904%, 09/30/2028
(SOFR + 1.609%)(1)(2)(3)		16,000,000		15,891,026
3.052%, 01/13/2031
(SOFR + 1.507%)(1)(2)(3)		10,500,000		11,070,259
2.871%, 04/19/2032
(SOFR + 1.387%)(1)(2)(3)		25,000,000		25,674,263
2.588%, 08/12/2035
(5 Year CMT Rate + 2.050%)(1)(2)(3)		5,000,000		4,884,565

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

Page 70

Baird Core Plus Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
BNZ International Funding Ltd.,
3.375%, 03/01/2023(1)(2)	$	24,750,000	$	25,971,523
BPCE SA:
5.700%, 10/22/2023(1)(2)		33,770,000		37,385,615
4.625%, 07/11/2024(1)(2)		3,185,000		3,500,534
5.150%, 07/21/2024(1)(2)		30,902,000		34,430,734
2.375%, 01/14/2025(1)(2)		5,000,000		5,206,186
4.500%, 03/15/2025(1)(2)		40,275,000		44,374,919
1.652%, 10/06/2026
(SOFR + 1.520%)(1)(2)(3)		25,000,000		25,110,335
Brown & Brown, Inc.,
4.500%, 03/15/2029		11,840,000		13,618,992
Canadian Imperial Bank of Commerce,
2.250%, 01/28/2025(1)		8,000,000		8,354,651
Cantor Fitzgerald LP,
4.875%, 05/01/2024(2)		7,525,000		8,245,034
Capital One Financial Corp.:
3.200%, 01/30/2023		5,000,000		5,206,121
3.750%, 07/28/2026		5,000,000		5,515,635
3.650%, 05/11/2027		16,750,000		18,592,089
3.800%, 01/31/2028		6,960,000		7,840,266
Capital One NA,
3.375%, 02/15/2023		54,066,000		56,571,131
Centene Corp.:
3.000%, 10/15/2030		10,000,000		10,272,800
2.500%, 03/01/2031		64,850,000		63,958,312
CIT Bank NA,
2.969%, 09/27/2025
(SOFR + 1.715%)(3)		21,219,000		22,200,379
CIT Group, Inc.:
5.000%, 08/01/2023		5,000,000		5,406,250
4.750%, 02/16/2024		13,000,000		14,088,750
5.250%, 03/07/2025		2,100,000		2,362,500
Citigroup, Inc.:
2.350%, 08/02/2021		8,125,000		8,139,251
3.142%, 01/24/2023
(3 Month LIBOR USD + 0.722%)(3)		10,000,000		10,151,312
2.876%, 07/24/2023
(3 Month LIBOR USD + 0.950%)(3)		12,450,000		12,769,650
1.565%, 09/01/2023
(3 Month LIBOR USD + 1.430%)(3)		8,000,000		8,112,932
3.352%, 04/24/2025
(3 Month LIBOR USD + 0.897%)(3)		11,000,000		11,721,080
3.700%, 01/12/2026		4,700,000		5,197,558
3.106%, 04/08/2026
(SOFR + 2.842%)(3)		15,000,000		16,052,894
3.200%, 10/21/2026		10,931,000		11,841,121
3.887%, 01/10/2028
(3 Month LIBOR USD + 1.563%)(3)		30,000,000		33,388,376
2.572%, 06/03/2031
(SOFR + 2.107%)(3)		50,000,000		51,401,112
2.561%, 05/01/2032
(SOFR + 1.167%)(3)		5,000,000		5,089,759
Citizens Bank NA,
2.250%, 04/28/2025		9,000,000		9,403,282
Citizens Financial Group, Inc.:
2.850%, 07/27/2026		23,400,000		24,938,887
3.250%, 04/30/2030		40,000,000		43,338,268
CNA Financial Corp.:
7.250%, 11/15/2023		12,400,000		14,249,292
4.500%, 03/01/2026		21,125,000		23,957,483
3.450%, 08/15/2027		9,000,000		9,863,379
CNO Financial Group, Inc.,
5.250%, 05/30/2025		18,640,000		21,138,517
Comerica Bank,
4.000%, 07/27/2025		21,425,000		23,650,743
Commonwealth Bank of Australia:
2.688%, 03/11/2031(1)(2)		15,000,000		14,996,236
3.610%, 09/12/2034
(5 Year CMT Rate + 2.050%)(1)(2)(3)		35,000,000		37,045,400
Compeer Financial,
3.375%, 06/01/2036
(SOFR + 1.965%)(2)(3)		5,500,000		5,588,587
Cooperatieve Rabobank UA:
3.875%, 02/08/2022(1)		4,150,000		4,242,071
4.625%, 12/01/2023(1)		7,059,000		7,718,878
4.375%, 08/04/2025(1)		11,975,000		13,371,152
3.750%, 07/21/2026(1)		36,000,000		39,643,475
Credit Agricole SA:
3.375%, 01/10/2022(1)(2)		23,225,000		23,597,602
3.750%, 04/24/2023(1)(2)		8,375,000		8,856,531
3.250%, 10/04/2024(1)(2)		8,575,000		9,187,614
4.375%, 03/17/2025(1)(2)		37,093,000		40,789,383
1.907%, 06/16/2026
(SOFRINDX + 1.676%)(1)(2)(3)		7,000,000		7,136,786
1.248%, 01/26/2027
(SOFR + 0.892%)(1)(2)(3)		24,000,000		23,628,806
3.250%, 01/14/2030(1)(2)		5,000,000		5,263,776
Credit Suisse Group AG:
3.574%, 01/09/2023(1)(2)		9,000,000		9,142,519
4.207%, 06/12/2024
(3 Month LIBOR USD + 1.240%)(1)(2)(3)		6,000,000		6,390,346
2.593%, 09/11/2025
(SOFR + 1.560%)(1)(2)(3)		13,700,000		14,253,133
2.193%, 06/05/2026
(SOFR + 2.044%)(1)(2)(3)		10,000,000		10,239,104
1.305%, 02/02/2027
(SOFR + 0.980%)(1)(2)(3)		19,400,000		19,001,342
4.282%, 01/09/2028(1)(2)		24,750,000		27,531,575
3.869%, 01/12/2029
(3 Month LIBOR USD + 1.410%)(1)(2)(3)		10,850,000		11,947,735
4.194%, 04/01/2031
(SOFR + 3.730%)(1)(2)(3)		20,000,000		22,476,572
Credit Suisse Group Funding Guernsey Ltd.:
3.800%, 06/09/2023(1)		21,400,000		22,679,212
3.750%, 03/26/2025(1)		15,000,000		16,270,596
4.550%, 04/17/2026(1)		5,000,000		5,663,060
CyrusOne LP / CyrusOne Finance Corp.:
2.900%, 11/15/2024		10,000,000		10,560,300
3.450%, 11/15/2029		1,485,000		1,577,241
2.150%, 11/01/2030		11,000,000		10,435,867
Daiwa Securities Group, Inc.,
3.129%, 04/19/2022(1)(2)		14,175,000		14,489,640
Danske Bank A/S,
1.621%, 09/11/2026
(1 Year CMT Rate + 1.350%)(1)(2)(3)		20,450,000		20,469,144
Deutsche Bank AG:
4.250%, 10/14/2021(1)		29,900,000		30,224,216
5.000%, 02/14/2022(1)		10,000,000		10,273,547
3.300%, 11/16/2022(1)		17,625,000		18,258,971
3.950%, 02/27/2023(1)		14,875,000		15,619,606
5.882%, 07/08/2031
(SOFR + 5.438%)(1)(3)		36,170,000		42,305,029
3.547%, 09/18/2031
(SOFR + 3.043%)(1)(3)		10,000,000		10,644,675
3.729%, 01/14/2032
(SOFR + 2.757%)(1)(3)		10,000,000		10,176,318

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

Page 71

Baird Core Plus Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Digital Realty Trust LP:
4.450%, 07/15/2028	$	7,000,000	$	8,105,779
3.600%, 07/01/2029		41,950,000		46,602,459
Discover Bank:
3.350%, 02/06/2023		7,000,000		7,292,290
4.682%, 08/09/2028
(5 Year Swap Rate USD + 1.730%)(3)		6,500,000		6,903,975
4.650%, 09/13/2028		23,225,000		27,255,648
Discover Financial Services:
3.950%, 11/06/2024		25,000,000		27,246,588
4.100%, 02/09/2027		22,869,000		25,589,513
DNB Bank ASA:
1.127%, 09/16/2026
(5 Year CMT Rate + 0.850%)(1)(2)(3)		10,000,000		9,922,578
1.535%, 05/25/2027
(1 Year CMT Rate + 0.720%)(1)(2)(3)		5,800,000		5,810,548
Extra Space Storage LP,
2.550%, 06/01/2031		11,000,000		11,076,322
First Horizon National Corp.,
4.000%, 05/26/2025		30,000,000		33,050,386
First Republic Bank,
4.625%, 02/13/2047		1,850,000		2,346,451
Five Corners Funding Trust II,
2.850%, 05/15/2030(2)		10,000,000		10,531,764
FMR LLC:
4.950%, 02/01/2033(2)		4,235,000		5,317,310
6.500%, 12/14/2040(2)		1,820,000		2,729,834
GE Capital Funding LLC:
4.050%, 05/15/2027		10,000,000		11,317,866
4.550%, 05/15/2032		10,000,000		11,937,180
GE Capital International Funding
Co. Unlimited Co.:
3.373%, 11/15/2025		5,000,000		5,455,641
4.418%, 11/15/2035		80,915,000		96,975,129
Globe Life, Inc.:
3.800%, 09/15/2022		1,275,000		1,324,617
4.550%, 09/15/2028		9,350,000		10,947,253
Goldman Sachs Group, Inc.:
5.250%, 07/27/2021		1,100,000		1,103,827
5.750%, 01/24/2022		15,100,000		15,567,026
1.735%, 11/29/2023
(3 Month LIBOR USD + 1.600%)(3)		10,000,000		10,318,700
3.500%, 01/23/2025		9,400,000		10,163,240
3.500%, 04/01/2025		10,000,000		10,848,973
3.272%, 09/29/2025
(3 Month LIBOR USD + 1.201%)(3)		24,000,000		25,674,806
3.814%, 04/23/2029
(3 Month LIBOR USD + 1.158%)(3)		17,875,000		19,991,127
4.223%, 05/01/2029
(3 Month LIBOR USD + 1.301%)(3)		15,050,000		17,164,459
1.992%, 01/27/2032
(SOFR + 1.090%)(3)		30,000,000		29,135,833
2.615%, 04/22/2032
(SOFR + 1.281%)(3)		10,000,000		10,215,672
6.345%, 02/15/2034		125,000		175,190
6.750%, 10/01/2037		300,000		436,852
Guardian Life Insurance Co. of America:
4.875%, 06/19/2064(2)		11,215,000		14,323,096
3.700%, 01/22/2070(2)		14,000,000		14,475,364
4.850%, 01/24/2077(2)		15,693,000		20,095,307
Hartford Financial Services Group, Inc.:
6.100%, 10/01/2041		2,925,000		4,177,187
3.600%, 08/19/2049		15,725,000		17,241,464
High Street Funding Trust I,
4.111%, 02/15/2028(2)		9,000,000		10,149,811
High Street Funding Trust II,
4.682%, 02/15/2048(2)		7,000,000		8,453,962
HSBC Holdings PLC:
3.262%, 03/13/2023
(3 Month LIBOR USD + 1.055%)(1)(3)		30,996,000		31,622,154
3.600%, 05/25/2023(1)		6,000,000		6,353,016
3.950%, 05/18/2024
(3 Month LIBOR USD + 0.987%)(1)(3)		9,000,000		9,560,551
3.803%, 03/11/2025
(3 Month LIBOR USD + 1.211%)(1)(3)		5,200,000		5,591,478
1.645%, 04/18/2026
(SOFR + 1.538%)(1)(3)		8,125,000		8,233,937
1.589%, 05/24/2027
(SOFR + 1.290%)(1)(3)		10,000,000		10,019,274
2.013%, 09/22/2028
(SOFR + 1.732%)(1)(3)		25,000,000		25,085,167
4.583%, 06/19/2029
(3 Month LIBOR USD + 1.535%)(1)(3)		17,125,000		19,792,379
3.973%, 05/22/2030
(3 Month LIBOR USD + 1.610%)(1)(3)		4,775,000		5,344,545
2.804%, 05/24/2032
(SOFR + 1.187%)(1)(3)		14,550,000		14,931,925
Humana, Inc.,
8.150%, 06/15/2038		8,983,000		14,386,820
Huntington Bancshares, Inc.,
2.625%, 08/06/2024		1,500,000		1,582,994
ING Groep NV,
3.150%, 03/29/2022(1)		4,000,000		4,085,926
Invesco Finance PLC,
3.125%, 11/30/2022		5,500,000		5,703,304
Jackson National Life Global Funding,
3.250%, 01/30/2024(1)(2)		10,000,000		10,647,767
Jefferies Group LLC:
4.850%, 01/15/2027		15,750,000		18,320,032
6.450%, 06/08/2027		1,300,000		1,618,914
4.150%, 01/23/2030		30,200,000		33,819,763
John Hancock Life Insurance Co.,
7.375%, 02/15/2024(1)(2)		17,615,000		20,495,301
JPMorgan Chase & Co.:
3.200%, 01/25/2023		5,350,000		5,588,389
1.406%, 10/24/2023
(3 Month LIBOR USD + 1.230%)(3)		10,000,000		10,143,500
3.559%, 04/23/2024
(3 Month LIBOR USD + 0.730%)(3)		15,575,000		16,423,195
3.125%, 01/23/2025		21,850,000		23,447,448
2.301%, 10/15/2025
(SOFR + 1.160%)(3)		19,859,000		20,683,546
2.005%, 03/13/2026
(SOFR + 1.585%)(3)		17,000,000		17,550,798
2.083%, 04/22/2026
(SOFR + 1.850%)(3)		71,000,000		73,417,134
1.045%, 11/19/2026
(SOFR + 0.800%)(3)		18,500,000		18,265,840
1.578%, 04/22/2027
(SOFR + 0.885%)(3)		25,000,000		25,129,526
2.522%, 04/22/2031
(SOFR + 2.040%)(3)		30,500,000		31,384,287
1.953%, 02/04/2032
(SOFR + 1.065%)(3)		5,000,000		4,855,993
2.580%, 04/22/2032
(SOFR + 1.250%)(3)		15,000,000		15,395,096

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

Page 72

Baird Core Plus Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
KeyBank NA,
3.400%, 05/20/2026	$	21,575,000	$	23,507,709
LeasePlan Corp. NV,
2.875%, 10/24/2024(1)(2)		77,403,000		81,289,948
Liberty Mutual Group, Inc.:
6.500%, 03/15/2035(2)		750,000		1,046,884
3.951%, 10/15/2050(2)		900,000		1,002,513
Liberty Mutual Insurance Co.,
7.697%, 10/15/2097(2)		375,000		582,970
Life Storage LP:
3.875%, 12/15/2027		2,575,000		2,871,838
2.200%, 10/15/2030		6,950,000		6,863,793
Lincoln National Corp.:
3.400%, 01/15/2031		15,000,000		16,380,022
6.300%, 10/09/2037		2,190,000		3,072,474
Lloyds Bank PLC:
4.050%, 08/16/2023(1)		6,575,000		7,049,004
2.907%, 11/07/2023
(3 Month LIBOR USD + 0.810%)(1)(3)		21,520,000		22,189,518
3.870%, 07/09/2025
(1 Year CMT Rate + 3.500%)(1)(3)		15,000,000		16,250,572
3.750%, 01/11/2027(1)		7,800,000		8,614,973
1.627%, 05/11/2027
(1 Year CMT Rate + 0.850%)(1)(3)		5,000,000		5,002,583
4.375%, 03/22/2028(1)		15,000,000		17,226,652
3.574%, 11/07/2028
(3 Month LIBOR USD + 1.205%)(1)(3)		21,550,000		23,570,837
LPL Holdings, Inc.,
4.000%, 03/15/2029(2)		20,076,000		20,165,740
Macquarie Bank Ltd.:
4.875%, 06/10/2025(1)(2)		7,800,000		8,723,438
3.624%, 06/03/2030(1)(2)		28,805,000		30,447,433
Macquarie Group Ltd.:
3.189%, 11/28/2023
(3 Month LIBOR
USD + 1.023%)(1)(2)(3)		35,850,000		37,130,186
4.150%, 03/27/2024
(3 Month LIBOR
USD + 1.330%)(1)(2)(3)		21,000,000		22,227,166
1.340%, 01/12/2027
(SOFR + 1.069%)(1)(2)(3)		10,000,000		9,916,029
2.691%, 06/23/2032
(SOFR + 1.440%)(1)(2)(3)		10,000,000		10,026,150
Manulife Financial Corp.:
4.150%, 03/04/2026(1)		15,000,000		16,908,244
2.484%, 05/19/2027(1)		15,225,000		16,028,391
Marsh & McLennan Companies, Inc.:
3.750%, 03/14/2026		9,225,000		10,257,227
5.875%, 08/01/2033		3,729,000		5,040,491
Massachusetts Mutual Life Insurance Co.:
7.625%, 11/15/2023(2)		3,184,000		3,521,635
5.077%, 02/15/2069		10,000,000		12,344,820
3.729%, 10/15/2070(2)		19,253,000		20,420,853
4.900%, 04/01/2077(2)		13,000,000		16,870,956
MBIA Insurance Corp.,
11.444%, 01/15/2033
(3 Month LIBOR
USD + 11.260%)(2)(3)(9)		700,000		205,625
MetLife, Inc.:
4.875%, 11/13/2043		3,375,000		4,447,255
4.050%, 03/01/2045		9,025,000		10,751,406
Metropolitan Life Insurance Co.,
7.800%, 11/01/2025(2)		3,725,000		4,707,064
Mitsubishi UFJ Financial Group, Inc.:
2.190%, 09/13/2021(1)		11,039,000		11,082,598
3.455%, 03/02/2023(1)		15,000,000		15,754,731
2.801%, 07/18/2024(1)		10,000,000		10,588,941
2.193%, 02/25/2025(1)		11,500,000		11,968,434
Mizuho Financial Group, Inc.:
2.953%, 02/28/2022(1)		9,750,000		9,924,401
2.601%, 09/11/2022(1)		5,000,000		5,134,768
3.922%, 09/11/2024
(3 Month LIBOR USD + 1.000%)(1)(3)		9,000,000		9,641,608
2.555%, 09/13/2025
(3 Month LIBOR USD + 1.362%)(1)(3)		20,000,000		20,938,800
1.234%, 05/22/2027
(1 Year CMT Rate + 0.670%)(1)(3)		10,000,000		9,853,190
3.170%, 09/11/2027(1)		24,650,000		26,859,874
1.979%, 09/08/2031
(3 Month LIBOR USD + 1.532%)(1)(3)		13,250,000		12,961,346
Morgan Stanley:
3.125%, 01/23/2023		15,000,000		15,639,210
3.750%, 02/25/2023		1,000,000		1,053,813
1.576%, 10/24/2023
(3 Month LIBOR USD + 1.400%)(3)		10,000,000		10,162,550
3.737%, 04/24/2024
(3 Month LIBOR USD + 0.847%)(3)		25,000,000		26,440,144
3.700%, 10/23/2024		5,000,000		5,454,998
2.720%, 07/22/2025
(SOFR + 1.152%)(3)		15,000,000		15,776,649
4.000%, 07/23/2025		2,500,000		2,780,639
3.875%, 01/27/2026		7,000,000		7,825,969
2.188%, 04/28/2026
(SOFR + 1.990%)(3)		40,000,000		41,532,067
3.125%, 07/27/2026		13,175,000		14,274,817
3.591%, 07/22/2028
(3 Month LIBOR USD + 1.340%)(3)		15,350,000		17,003,985
National Australia Bank Ltd.:
2.332%, 08/21/2030(1)(2)		71,100,000		69,006,877
2.990%, 05/21/2031(1)(2)		24,495,000		24,869,628
3.933%, 08/02/2034
(5 Year CMT Rate + 1.880%)(1)(2)(3)		5,000,000		5,416,850
National Securities Clearing Corp.,
1.500%, 04/23/2025(2)		13,000,000		13,257,783
Nationwide Building Society:
3.766%, 03/08/2024
(3 Month LIBOR
USD + 1.064%)(1)(2)(3)		14,500,000		15,227,020
3.900%, 07/21/2025(1)(2)		8,100,000		8,974,181
4.000%, 09/14/2026(1)(2)		78,394,000		86,413,697
4.302%, 03/08/2029
(3 Month LIBOR
USD + 1.452%)(1)(2)(3)		1,425,000		1,608,499
3.960%, 07/18/2030
(3 Month LIBOR
USD + 1.855%)(1)(2)(3)		10,125,000		11,367,411
4.125%, 10/18/2032
(5 Year Mid Swap Rate
USD + 1.849%)(1)(2)(3)		8,000,000		8,729,204
Nationwide Financial Services, Inc.,
3.900%, 11/30/2049(2)		17,500,000		19,308,184
Nationwide Mutual Insurance Co.:
7.875%, 04/01/2033(2)		5,600,000		8,058,985
9.375%, 08/15/2039(2)		27,409,000		47,742,015
NatWest Group PLC,
1.642%, 06/14/2027
(1 Year CMT Rate + 0.900%)(1)(3)		26,725,000		26,721,656

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

Page 73

Baird Core Plus Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
New England Mutual Life Insurance Co.,
7.875%, 02/15/2024(2)	$	3,200,000	$	3,762,426
New York Life Insurance Co.:
6.750%, 11/15/2039(2)		25,105,000		38,074,149
4.450%, 05/15/2069(2)		10,000,000		12,505,637
Nomura Holdings, Inc.:
2.648%, 01/16/2025(1)		10,000,000		10,505,649
1.851%, 07/16/2025(1)		15,000,000		15,332,942
Old Republic International Corp.,
3.850%, 06/11/2051		12,550,000		13,327,468
Peachtree Corners Funding Trust,
3.976%, 02/15/2025(2)		16,000,000		17,514,145
People’s United Bank NA,
4.000%, 07/15/2024		4,400,000		4,737,837
Pine Street Trust I,
4.572%, 02/15/2029(2)		5,000,000		5,725,907
Principal Financial Group, Inc.:
3.300%, 09/15/2022		1,215,000		1,256,467
3.125%, 05/15/2023		3,675,000		3,850,487
Protective Life Corp.,
4.300%, 09/30/2028(1)(2)		4,105,000		4,599,944
Prudential Financial, Inc.,
3.878%, 03/27/2028		11,025,000		12,603,092
Prudential Insurance Co. of America,
8.300%, 07/01/2025(2)		21,011,000		26,398,258
Raymond James Financial, Inc.,
4.950%, 07/15/2046		15,000,000		19,386,097
Realty Income Corp.,
3.875%, 04/15/2025		10,000,000		11,032,764
Regions Bank,
6.450%, 06/26/2037		3,864,000		5,457,769
Regions Financial Corp.,
2.250%, 05/18/2025		16,650,000		17,337,660
Reliance Standard Life Global Funding II:
2.625%, 07/22/2022(1)(2)		9,700,000		9,933,029
2.500%, 10/30/2024(1)(2)		20,000,000		20,856,852
Rexford Industrial Realty LP,
2.125%, 12/01/2030		13,000,000		12,494,400
Royal Bank of Canada,
4.650%, 01/27/2026(1)		29,930,000		34,290,719
Royal Bank of Scotland Group PLC:
3.498%, 05/15/2023
(3 Month LIBOR USD + 1.480%)(1)(3)		62,335,000		63,958,176
4.519%, 06/25/2024
(3 Month LIBOR USD + 1.550%)(1)(3)		17,475,000		18,760,828
4.269%, 03/22/2025
(3 Month LIBOR USD + 1.762%)(1)(3)		8,300,000		9,002,875
4.892%, 05/18/2029
(3 Month LIBOR USD + 1.754%)(1)(3)		5,150,000		6,031,212
4.445%, 05/08/2030
(3 Month LIBOR USD + 1.871%)(1)(3)		11,000,000		12,591,867
Sammons Financial Group, Inc.,
3.350%, 04/16/2031(2)		25,000,000		25,730,589
Santander Holdings USA, Inc.:
3.400%, 01/18/2023(1)		5,750,000		5,986,505
3.450%, 06/02/2025(1)		10,000,000		10,746,242
Santander UK Group Holdings PLC:
2.875%, 08/05/2021(1)		9,375,000		9,396,646
1.673%, 06/14/2027
(SOFR + 0.989%)(1)(3)		20,000,000		19,969,406
3.823%, 11/03/2028
(3 Month LIBOR USD + 1.400%)(1)(3)		6,000,000		6,597,850
Santander UK PLC:
5.000%, 11/07/2023(1)(2)		36,375,000		39,655,298
4.000%, 03/13/2024(1)		7,700,000		8,386,032
SMBC Aviation Capital Finance DAC,
3.550%, 04/15/2024(1)(2)		15,000,000		15,930,239
Societe Generale SA:
5.000%, 01/17/2024(1)(2)		18,000,000		19,590,303
3.875%, 03/28/2024(1)(2)		10,000,000		10,748,162
2.625%, 10/16/2024(1)(2)		14,575,000		15,218,168
2.625%, 01/22/2025(1)(2)		34,600,000		36,095,271
4.250%, 04/14/2025(1)(2)		30,420,000		33,032,940
4.250%, 08/19/2026(1)(2)		18,572,000		20,319,048
1.488%, 12/14/2026
(1 Year CMT Rate + 1.100%)(1)(2)(3)		6,800,000		6,738,222
2.889%, 06/09/2032
(1 Year CMT Rate + 1.300%)(1)(2)(3)		7,000,000		7,083,440
3.625%, 03/01/2041(1)(2)		9,200,000		9,340,185
Standard Chartered PLC:
3.885%, 03/15/2024
(3 Month LIBOR
USD + 1.080%)(1)(2)(3)		17,600,000		18,505,050
3.785%, 05/21/2025
(3 Month LIBOR
USD + 1.560%)(1)(2)(3)		40,500,000		43,536,728
2.819%, 01/30/2026
(3 Month LIBOR
USD + 1.209%)(1)(2)(3)		8,800,000		9,235,921
1.456%, 01/14/2027
(1 Year CMT Rate + 1.000%)(1)(2)(3)		10,000,000		9,904,339
4.644%, 04/01/2031
(5 Year CMT Rate + 3.850%)(1)(2)(3)		7,000,000		8,186,185
5.700%, 03/26/2044(1)(2)		14,000,000		17,962,826
State Street Corp.,
2.901%, 03/30/2026
(SOFR + 2.600%)(3)		12,975,000		13,853,389
Stifel Financial Corp.:
4.250%, 07/18/2024		19,615,000		21,490,522
4.000%, 05/15/2030		6,325,000		7,005,694
Sumitomo Mitsui Banking Corp.,
3.000%, 01/18/2023(1)		2,500,000		2,599,609
Sumitomo Mitsui Financial Group, Inc.:
2.784%, 07/12/2022(1)		13,325,000		13,665,498
3.102%, 01/17/2023(1)		16,125,000		16,806,331
2.696%, 07/16/2024(1)		10,400,000		10,994,123
2.448%, 09/27/2024(1)		20,000,000		20,978,614
SunTrust Banks, Inc.:
3.689%, 08/02/2024
(3 Month LIBOR USD + 0.735%)(3)		6,345,000		6,764,932
3.300%, 05/15/2026		28,734,000		31,478,422
Synchrony Financial:
4.250%, 08/15/2024		33,325,000		36,415,193
4.500%, 07/23/2025		12,795,000		14,308,789
3.700%, 08/04/2026		5,388,000		5,883,036
3.950%, 12/01/2027		43,000,000		47,932,496
Synovus Financial Corp.,
3.125%, 11/01/2022		19,588,000		20,143,278
Trinity Acquisition PLC:
4.400%, 03/15/2026		15,776,000		17,828,818
6.125%, 08/15/2043		23,630,000		33,202,438
UBS Group AG,
2.095%, 02/11/2032
(1 Year CMT Rate + 1.000%)(1)(2)(3)		12,550,000		12,294,379
UBS Group Funding Switzerland AG:
2.650%, 02/01/2022(1)(2)		10,000,000		10,141,250
3.491%, 05/23/2023(1)(2)		34,075,000		34,996,671
2.859%, 08/15/2023
(3 Month LIBOR
USD + 0.954%)(1)(2)(3)		31,700,000		32,530,371
4.125%, 09/24/2025(1)(2)		6,500,000		7,251,594

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

Page 74

Baird Core Plus Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
UnitedHealth Group, Inc.,
4.625%, 07/15/2035	$	12,175,000	$	15,379,039
Wells Fargo & Co.:
1.416%, 10/31/2023
(3 Month LIBOR USD + 1.230%)(3)		10,000,000		10,141,000
1.654%, 06/02/2024
(SOFR + 1.600%)(3)		12,375,000		12,639,673
3.000%, 02/19/2025		5,225,000		5,591,561
2.406%, 10/30/2025
(3 Month LIBOR USD + 1.087%)(3)		10,000,000		10,462,710
2.164%, 02/11/2026
(3 Month LIBOR USD + 0.750%)(3)		15,000,000		15,568,721
3.000%, 04/22/2026		4,000,000		4,301,030
2.393%, 06/02/2028
(SOFR + 2.100%)(3)		9,236,000		9,578,613
3.068%, 04/30/2041
(SOFR + 2.530%)(3)		35,000,000		35,898,912
5.013%, 04/04/2051
(3 Month LIBOR USD + 4.502%)(3)		8,000,000		10,958,723
Westpac Banking Corp.:
2.894%, 02/04/2030
(5 Year CMT Rate + 1.350%)(1)(3)		18,059,000		18,730,253
4.322%, 11/23/2031
(5 Year Mid Swap Rate
USD + 2.236%)(1)(3)		10,000,000		11,097,144
4.110%, 07/24/2034
(5 Year CMT Rate + 2.000%)(1)(3)		10,000,000		10,988,900
2.668%, 11/15/2035
(5 Year CMT Rate + 1.750%)(1)(3)		10,000,000		9,836,200
Willis North America, Inc.:
2.950%, 09/15/2029		10,600,000		11,130,161
5.050%, 09/15/2048		15,000,000		19,656,528
Total Financials
(Cost $5,898,257,854)				6,269,057,971		19.9	%
Total Corporate Bonds
(Cost $15,067,665,401)				16,152,709,789		51.2	%
Municipal Bonds
Bellevue Union School District,
5.000%, 08/01/2028		625,000		744,664
Brazos Higher Education Authority, Inc.:
1.931%, 04/01/2024		1,000,000		1,018,268
1.981%, 04/01/2025		1,000,000		1,016,733
2.076%, 04/01/2026		1,000,000		1,013,604
2.176%, 04/01/2027		1,300,000		1,311,072
2.310%, 04/01/2028		1,000,000		1,004,793
2.410%, 04/01/2029		2,360,000		2,361,419
2.510%, 04/01/2030		1,175,000		1,173,082
2.760%, 04/01/2040
(Callable 04/01/2030)		1,680,000		1,645,273
California Housing Finance Agency,
2.794%, 08/01/2036
(Callable 08/01/2025)		7,490,000		7,680,407
California Qualified School Bond
Joint Powers Authority:
6.739%, 09/01/2026		2,415,000		2,818,475
7.155%, 03/01/2027		1,700,000		1,999,294
Central Valley Support
Joint Powers Agency,
5.676%, 09/01/2024		1,500,000		1,712,093
City of Vernon CA,
4.500%, 08/01/2022		7,500,000		7,703,740
Colton Joint Unified School District,
6.008%, 08/01/2026		1,250,000		1,543,134
County of Hamilton OH,
3.756%, 06/01/2042		25,725,000		27,270,869
County of Riverside CA,
2.667%, 02/15/2025		15,000,000		15,878,875
Great Lakes Water Authority,
2.615%, 07/01/2036		20,000,000		20,585,896
Hillsborough City School District:
0.000%, 09/01/2036
(Callable 09/01/2021)		10,000,000		5,203,895
0.000%, 09/01/2042
(Callable 09/01/2021)		10,000,000		3,886,305
Illinois International Port District,
5.000%, 01/01/2035
(Callable 01/01/2026)(2)		3,660,000		3,590,747
Iowa Student Loan Liquidity Corp.,
2.989%, 12/01/2039
(Callable 12/01/2029)		5,600,000		5,625,465
Maryland Economic Development Corp.,
3.997%, 04/01/2034
(Callable 01/01/2034)(2)		38,000,000		41,122,696
Massachusetts Educational
Financing Authority:
2.455%, 07/01/2030(8)		8,375,000		8,407,304
2.555%, 07/01/2031(8)		5,000,000		5,021,732
3.775%, 07/01/2035
(Callable 07/01/2029)		10,000,000		10,661,839
Michigan Finance Authority,
4.600%, 10/01/2022		8,990,000		9,135,428
Minnesota Housing Finance Agency:
2.680%, 10/01/2046
(Callable 01/01/2026)		15,433,062		15,780,045
2.650%, 11/01/2046
(Callable 01/01/2026)		15,500,317		15,839,587
New Hampshire Business
Finance Authority,
2.872%, 07/01/2035
(Callable 01/01/2035)		18,165,000		17,772,970
New Hampshire Housing
Finance Authority:
3.100%, 07/01/2021		1,300,000		1,300,000
3.750%, 07/01/2034
(Callable 07/01/2023)		1,190,000		1,223,894
New Jersey Turnpike Authority,
3.223%, 01/01/2036
(Callable 07/01/2025)(2)		40,000,000		41,638,360
North Carolina Housing Finance Agency:
2.870%, 07/01/2032
(Callable 01/01/2024)		1,780,000		1,842,487
2.812%, 07/01/2035
(Callable 01/01/2024)		2,140,000		2,199,765
North East Independent School District,
5.240%, 08/01/2027		3,000,000		3,699,304
Public Finance Authority,
0.000%, 12/15/2027
(Callable 08/02/2021)		13,665,000		10,626,162
Rhode Island Housing &
Mortgage Finance Corp.,
2.913%, 10/01/2039
(Callable 10/01/2023)		965,000		985,284
Rhode Island Student Loan Authority:
2.100%, 12/01/2022		1,125,000		1,150,489
2.200%, 12/01/2023		1,400,000		1,449,227
2.400%, 12/01/2024		1,165,000		1,220,852
2.530%, 12/01/2025		2,310,000		2,434,673

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

Page 75

Baird Core Plus Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Rhode Island Student
Loan Authority: (cont.)
2.730%, 12/01/2026	$	1,490,000	$	1,580,446
2.875%, 12/01/2027		1,800,000		1,910,825
5.000%, 12/01/2028		1,265,000		1,586,547
5.000%, 12/01/2029		1,295,000		1,649,289
3.625%, 12/01/2037
(Callable 12/01/2030)		6,000,000		6,280,561
State of Illinois,
6.200%, 07/01/2021		3,977,500		3,977,500
Suburban Hospital
Healthcare System, Inc.,
7.865%, 02/15/2027		8,755,000		10,376,409
Three Rivers Local School District,
5.209%, 09/15/2027
(Callable 08/02/2021)		1,350,000		1,353,617
West Contra Costa Unified
School District,
6.250%, 08/01/2030		4,320,000		5,845,270
Western Michigan University Homer
Stryker MD School of Medicine,
4.750%, 11/15/2028		12,900,000		15,259,382
Westlake City School District,
5.227%, 12/01/2026
(Callable 08/02/2021)		1,160,000		1,163,442
Total Municipal Bonds
(Cost $348,641,852)				361,283,489		1.1	%
Residential Mortgage-Backed Securities
U.S. Government Agency Issues
Fannie Mae REMIC Trust:
Series 1992-129, Class L,
6.000%, 07/25/2022		2,985		3,027
Series 1993-32, Class H,
6.000%, 03/25/2023		2,255		2,336
Series 1993-58, Class H,
5.500%, 04/25/2023		9,455		9,742
Federal Gold Loan Mortgage
Corp. (FGLMC):
6.500%, 12/01/2028		7,840		8,870
6.500%, 06/01/2029		3,405		3,872
3.000%, 10/01/2030		20,198,333		21,391,248
3.000%, 02/01/2032		31,388,392		33,338,685
3.500%, 05/01/2032		14,061,991		14,999,293
3.000%, 07/01/2032		6,495,254		6,894,478
3.000%, 10/01/2032		4,820,564		5,116,898
3.000%, 11/01/2032		7,618,873		8,087,251
3.000%, 12/01/2032		7,629,287		8,091,329
3.000%, 01/01/2033		3,602,762		3,824,261
3.000%, 04/01/2033		3,944,305		4,186,904
3.500%, 01/01/2034		13,692,094		14,598,917
3.000%, 05/01/2035		10,033,996		10,611,453
3.000%, 10/01/2035		8,802,227		9,264,653
5.000%, 03/01/2036		2,924,507		3,349,192
5.500%, 04/01/2037		64,586		75,106
5.500%, 04/01/2038		39,048		45,443
5.500%, 05/01/2038		62,264		72,485
5.500%, 01/01/2039		10,541,524		12,164,903
4.500%, 11/01/2039		1,083,167		1,196,176
4.500%, 11/01/2039		326,960		363,644
4.500%, 08/01/2040		1,475,150		1,631,036
4.500%, 08/01/2040		1,123,235		1,249,120
4.000%, 10/01/2040		11,803,817		12,895,386
4.000%, 01/01/2041		7,753,831		8,475,776
3.500%, 06/01/2042		3,015,051		3,250,380
3.500%, 06/01/2042		1,920,728		2,070,645
3.500%, 07/01/2042		11,417,877		12,309,122
3.500%, 07/01/2042		17,007,619		18,335,154
3.000%, 08/01/2042		10,387,960		11,011,082
3.500%, 09/01/2042		6,812,570		7,344,358
3.000%, 11/01/2042		32,777,560		34,946,764
3.500%, 12/01/2042		11,017,244		11,875,520
3.000%, 01/01/2043		18,766,493		19,890,942
3.000%, 02/01/2043		3,598,216		3,813,380
3.500%, 02/01/2043		10,717,732		11,616,673
3.000%, 03/01/2043		10,930,711		11,635,441
3.000%, 04/01/2043		7,585,970		8,038,985
3.000%, 04/01/2043		8,392,519		8,948,110
3.000%, 06/01/2043		6,190,291		6,584,817
3.000%, 08/01/2043		14,431,192		15,349,471
4.500%, 12/01/2043		6,298,059		6,999,088
3.500%, 05/01/2044		25,421,078		27,602,289
3.500%, 08/01/2044		16,871,068		18,231,169
3.500%, 08/01/2044		9,936,001		10,747,222
4.000%, 09/01/2044		5,841,905		6,361,528
4.000%, 10/01/2044		9,964,832		10,890,136
3.500%, 01/01/2045		14,227,529		15,418,550
4.000%, 02/01/2045		6,540,157		7,122,554
3.500%, 06/01/2045		15,161,192		16,462,957
3.500%, 07/01/2045		12,650,012		13,661,335
3.000%, 10/01/2045		19,008,235		20,213,749
4.000%, 10/01/2045		9,517,538		10,339,329
3.500%, 12/01/2045		10,682,418		11,426,310
4.000%, 12/01/2045		3,800,001		4,115,912
3.000%, 01/01/2046		62,555,302		67,231,032
3.500%, 01/01/2046		27,527,910		29,706,334
4.000%, 02/01/2046		12,928,275		14,112,155
4.000%, 02/01/2046		5,070,429		5,486,784
3.500%, 03/01/2046		3,965,151		4,305,580
4.000%, 05/01/2046		441,754		477,249
3.500%, 08/01/2046		48,430,892		52,589,666
4.000%, 08/01/2046		7,171,512		7,801,596
3.000%, 10/01/2046		60,406,055		64,653,258
3.000%, 10/01/2046		43,745,894		46,458,020
4.500%, 11/01/2046		41,821,470		46,450,582
4.000%, 01/01/2047		27,195,792		29,833,803
3.000%, 02/01/2047		25,061,723		26,601,104
3.000%, 05/01/2047		48,220,586		51,252,627
3.500%, 08/01/2047		13,325,714		14,374,471
3.500%, 03/01/2048		4,547,051		4,905,949
4.000%, 06/01/2048		43,233,591		47,971,669
4.000%, 08/01/2048		15,516,287		16,768,951
3.000%, 12/01/2049		126,046,920		133,752,331
4.000%, 05/01/2050		84,361,998		92,299,034
2.500%, 02/01/2051		73,260,630		76,788,570
Federal Home Loan
Mortgage Corp. (FHLMC):
Series 1122, Class G,
7.000%, 08/15/2021		21		21
Series 1186, Class I,
7.000%, 12/15/2021		318		320
Federal National Mortgage
Association (FNMA):
5.000%, 11/01/2021		9		9
2.500%, 12/01/2027		6,832,475		7,158,739
5.000%, 05/01/2028		20,096		22,010

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

Page 76

Baird Core Plus Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Federal Gold Loan Mortgage
Corp. (FGLMC): (cont.)
6.500%, 09/01/2028	$	5,988	$	6,732
6.500%, 02/01/2029		13,363		15,089
3.000%, 07/01/2029		9,977,712		10,555,377
4.500%, 07/01/2030		2,222,001		2,412,401
3.000%, 08/01/2030		14,692,904		15,546,501
3.000%, 01/01/2031		42,571,802		45,066,037
4.000%, 11/01/2031		10,479,989		11,418,402
3.500%, 01/01/2032		23,881,767		25,464,835
5.500%, 01/01/2032		5,365		6,145
2.500%, 07/01/2032		17,312,370		18,220,568
3.000%, 11/01/2032		4,765,524		5,021,533
2.500%, 12/01/2032		57,355,733		60,042,902
3.000%, 04/01/2033		8,335,560		8,845,011
3.000%, 05/01/2033		8,251,209		8,731,094
3.500%, 09/01/2033		40,547,094		44,178,600
5.000%, 09/01/2033		6,386,302		7,283,782
4.500%, 10/01/2033		13,491,425		14,844,237
3.000%, 11/01/2033		68,255,005		72,859,016
4.000%, 01/01/2034		7,300,308		7,954,229
5.500%, 04/01/2034		430,015		491,952
4.000%, 09/01/2034		10,210,000		11,121,994
5.500%, 09/01/2034		19,384		22,436
5.000%, 02/01/2035		10,486,617		11,979,716
5.000%, 02/01/2035		6,906,802		7,870,759
5.500%, 02/01/2035		16,886		19,559
5.000%, 04/01/2035		749,697		857,074
5.000%, 07/01/2035		2,166,571		2,476,809
5.000%, 02/01/2036		1,318,654		1,510,125
5.000%, 03/01/2036		606,154		693,884
5.500%, 04/01/2036		1,966,298		2,277,929
4.000%, 10/01/2036		7,386,473		8,070,103
4.000%, 05/01/2037		31,767,293		34,403,560
3.500%, 08/01/2037		18,831,497		20,087,508
2.500%, 04/01/2038		35,774,344		37,279,254
6.000%, 05/01/2038		3,292,666		3,904,201
4.500%, 04/01/2039		10,636,594		11,810,128
4.000%, 06/01/2039		6,653,102		7,295,409
5.000%, 06/01/2039		9,505,030		10,791,764
4.500%, 01/01/2040		4,468,618		4,967,470
4.500%, 01/01/2040		2,138,624		2,351,333
5.000%, 06/01/2040		6,940,624		7,884,579
4.000%, 08/01/2040		528,282		578,154
4.500%, 08/01/2040		6,352,037		7,050,068
4.500%, 08/01/2040		2,338,954		2,596,154
4.000%, 10/01/2040		907,304		991,411
4.000%, 11/01/2040		9,565,165		10,452,480
4.000%, 12/01/2040		2,607,047		2,901,693
3.500%, 01/01/2041		1,017,464		1,096,031
4.000%, 01/01/2041		2,063,287		2,254,632
3.500%, 02/01/2041		1,148,311		1,236,469
4.000%, 02/01/2041		199,824		218,228
4.500%, 02/01/2041		33,026,444		36,688,563
3.500%, 03/01/2041		7,574,079		8,155,165
4.000%, 03/01/2041		3,702,874		4,046,685
4.500%, 07/01/2041		2,940,624		3,269,041
3.500%, 09/01/2041		15,956,861		17,167,871
4.000%, 09/01/2041		1,486,388		1,623,966
3.500%, 11/01/2041		8,265,494		8,932,501
3.500%, 12/01/2041		1,488,443		1,603,977
4.000%, 12/01/2041		7,108,033		7,766,088
4.000%, 01/01/2042		13,917,628		15,229,852
4.500%, 01/01/2042		6,003,459		6,680,715
4.000%, 02/01/2042		12,824,193		14,033,455
3.000%, 04/01/2042		40,380,303		43,127,789
3.000%, 05/01/2042		1,825,912		1,934,750
3.500%, 05/01/2042		9,403,215		10,130,897
3.500%, 06/01/2042		3,426,044		3,692,022
3.500%, 07/01/2042		72,377,497		78,501,958
3.500%, 08/01/2042		6,179,451		6,658,003
3.500%, 09/01/2042		9,502,361		10,269,313
3.000%, 10/01/2042		13,321,560		14,312,496
3.000%, 03/01/2043		3,844,325		4,071,466
3.000%, 04/01/2043		1,370,942		1,457,946
3.000%, 05/01/2043		5,312,558		5,662,064
3.000%, 05/01/2043		14,253,922		15,097,736
3.500%, 05/01/2043		11,892,681		12,888,422
3.000%, 06/01/2043		15,966,160		16,910,660
3.500%, 06/01/2043		6,390,885		7,022,900
3.000%, 07/01/2043		12,717,985		13,561,694
4.000%, 07/01/2043		16,968,556		18,511,487
3.000%, 08/01/2043		4,714,408		4,990,988
3.500%, 08/01/2043		6,686,015		7,215,172
3.500%, 09/01/2043		20,243,447		21,805,355
4.500%, 09/01/2043		9,004,427		9,995,454
4.000%, 01/01/2045		7,041,206		7,691,546
3.500%, 02/01/2045		27,525,907		29,645,350
4.000%, 02/01/2045		1,954,028		2,124,769
4.000%, 02/01/2045		13,021,120		14,316,008
4.000%, 02/01/2045		3,798,691		4,144,815
4.000%, 02/01/2045		8,212,726		8,973,741
4.000%, 03/01/2045		5,843,338		6,383,797
4.000%, 11/01/2045		22,992,285		24,953,333
3.500%, 12/01/2045		16,475,991		17,610,875
4.000%, 12/01/2045		13,838,094		15,325,588
4.000%, 12/01/2045		28,629,290		31,000,074
4.500%, 02/01/2046		16,987,996		18,855,990
4.500%, 08/01/2046		16,786,878		18,594,022
3.000%, 10/01/2046		18,943,443		20,132,486
3.500%, 11/01/2046		15,944,350		17,064,897
4.000%, 02/01/2047		10,174,786		11,047,139
4.000%, 03/01/2047		18,307,659		20,075,454
4.000%, 03/01/2047		20,092,624		21,705,325
4.000%, 11/01/2047		6,696,495		7,178,539
3.500%, 12/01/2047		57,695,331		61,023,562
4.000%, 12/01/2047		33,643,264		36,043,924
3.000%, 01/01/2048		19,900,190		21,112,551
3.500%, 01/01/2048		9,512,953		10,057,615
3.500%, 03/01/2048		9,532,540		10,078,798
3.500%, 05/01/2048		52,230,141		55,807,351
5.000%, 11/01/2048		22,543,751		25,198,608
3.500%, 06/01/2049		40,923,076		43,076,273
4.000%, 09/01/2049		5,157,879		5,495,838
3.500%, 01/01/2050		36,184,899		38,974,253
3.000%, 05/01/2050		122,693,572		130,748,123
2.500%, 06/01/2050(8)		15,538,776		16,183,049
2.500%, 12/01/2050		87,751,448		91,455,020
2.500%, 12/01/2050(8)		27,633,268		28,638,897
2.500%, 01/01/2051(8)		55,030,738		57,296,383
Government National Mortgage
Association (GNMA):
6.000%, 12/20/2028		10,194		11,537
6.500%, 01/20/2029		5,626		6,387
6.000%, 11/20/2033		7,725		9,044
5.000%, 07/20/2040		334,923		378,030

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

Page 77

Baird Core Plus Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Government National Mortgage
Association (GNMA): (cont.)
4.000%, 01/20/2041	$	5,171,493	$	5,645,429
4.000%, 08/20/2041		3,051,946		3,345,572
3.500%, 10/20/2041		5,796,485		6,224,173
4.000%, 12/20/2041		4,067,998		4,459,378
4.000%, 02/20/2042		7,831,093		8,634,846
4.000%, 06/20/2042		6,641,996		7,321,500
3.500%, 09/20/2042		4,426,976		4,747,881
4.000%, 09/20/2044		22,220,068		24,281,812
3.000%, 04/20/2045		7,009,879		7,439,535
3.500%, 04/20/2045		9,896,077		10,551,171
4.000%, 05/20/2045		9,096,093		9,862,375
3.500%, 06/20/2045		9,911,228		10,560,891
3.500%, 10/20/2045		32,753,551		34,899,175
4.500%, 01/20/2046		8,819,987		9,750,801
4.000%, 04/20/2046		11,765,749		12,735,766
3.500%, 05/20/2046		44,618,011		47,554,814
4.000%, 05/20/2046		4,339,387		4,668,986
4.500%, 06/20/2047		12,746,253		13,781,114
4.500%, 07/20/2047		8,779,643		9,502,305
4.500%, 09/20/2047		43,233,619		46,563,424
3.500%, 02/20/2048		27,722,810		29,478,919
5.000%, 02/20/2049		63,023,820		68,015,634
2.500%, 12/20/2050		90,337,127		93,593,326
Seasoned Credit Risk Transfer Trust:
Series 2019-4, Class MA,
3.000%, 02/25/2059		47,172,191		49,539,410
Series 2020-3, Class MT,
2.000%, 05/25/2060		36,289,391		36,711,092
Total U.S. Government Agency Issues
(Cost $3,721,438,143)				3,886,886,448		12.3	%
Non-U.S. Government Agency Issues
ABFC Trust,
Series 2006-OPT1, Class A3C2,
0.392%, 09/25/2036
(1 Month LIBOR USD + 0.300%)(3)		4,080,576		4,039,450
Alternative Loan Trust:
Series 2005-3CB, Class 2A1
5.000%, 12/15/2021(6)		87,085		85,069
Series 2006-43CB, Class 2A1
6.000%, 02/25/2022(6)		19,295		19,330
Series 2005-11CB, Class 2A6
5.500%, 06/25/2025		4,198,257		4,052,577
Series 2004-18CB, Class 1A1
6.000%, 09/25/2034		2,372,994		2,437,531
Series 2005-6CB, Class 1A4
5.500%, 04/25/2035(6)		9,924,653		9,632,267
Series 2005-29CB, Class A1
5.500%, 07/25/2035(6)		1,527,903		1,236,431
Series 2005-49CB, Class A5
5.500%, 11/25/2035(6)		1,720,735		1,519,497
Series 2005-73CB, Class 1A7
5.500%, 01/25/2036(6)		259,192		258,913
Series 2005-85CB, Class 2A2
5.500%, 02/25/2036		2,314,452		2,227,093
Series 2006-28CB, Class A17
6.000%, 10/25/2036		398,379		289,044
AMRESCO Residential Securities
Corp. Mortgage Loan Trust,
Series 1998-2, Class A6
6.405%, 12/25/2027		7		7
Arroyo Mortgage Trust:
Series 2018-1, Class A1,
3.763%, 04/25/2048(2)(4)		2,437,773		2,436,770
Series 2019-3, Class A1,
2.962%, 10/25/2048(2)(4)		23,740,056		24,072,544
Asset Backed Securities Corp.
Home Equity Loan Trust:
Series 2006-HE2, Class A1,
0.472%, 03/25/2036
(1 Month LIBOR USD + 0.380%)(3)		8,281,352		8,230,498
Series 2006-HE6, Class A4,
0.252%, 11/25/2036
(1 Month LIBOR USD + 0.160%)(3)		169,473		168,405
Banc of America Alternative Loan Trust:
Series 2004-6, Class 4A1
5.000%, 12/15/2021		234,235		240,331
Series 2007-1, Class 1A1
4.415%, 04/25/2022(4)(6)		97,281		95,430
Series 2003-8, Class 1CB1
5.500%, 10/25/2033		1,342,026		1,380,366
Series 2006-5, Class CB7
6.000%, 06/25/2046(6)		148,426		145,523
Banc of America Funding Trust:
Series 2005-C, Class A1,
0.333%, 05/20/2035
(1 Month LIBOR USD + 0.240%)(3)		2,568,533		2,600,185
Series 2007-C, Class 1A3,
3.053%, 05/20/2036(4)(6)		1,398,705		1,407,493
Series 2006-G, Class 1A1,
0.473%, 07/20/2036
(1 Month LIBOR USD + 0.380%)(3)		21,600,655		21,630,356
Bayview Financial Trust,
Series 2007-B, Class 1A2
6.831%, 08/28/2037(7)		73,527		72,373
Bear Stearns ARM Trust,
Series 2005-9, Class A1,
2.410%, 10/25/2035
(1 Year CMT Rate + 2.300%)(3)		363,124		370,072
Bear Stearns Asset Backed Securities I Trust:
Series 2005-HE4, Class M2,
1.052%, 04/25/2035
(1 Month LIBOR USD + 0.960%)(3)		1,254,155		1,254,599
Series 2006-HE8, Class 21A2,
0.262%, 07/25/2036
(1 Month LIBOR USD + 0.170%)(3)		844,544		842,427
BRAVO Residential Funding Trust,
Series 2020-RPL2, Class A1,
2.000%, 05/25/2059(2)(4)		40,897,731		41,613,310
Chase Mortgage Finance Trust:
Series 2005-A2, Class 1A5,
3.101%, 01/25/2036(4)		523,141		502,330
Series 2006-A1, Class 2A3,
3.056%, 09/25/2036(4)		420,225		388,123
Series 2007-A1, Class 2A3,
2.479%, 02/25/2037(4)		729,144		729,159
Series 2007-A1, Class 3A1,
2.822%, 02/25/2037(4)		1,842,050		1,914,913
CHL Mortgage Pass-Through Trust,
Series 2005-6, Class 2A1
5.500%, 04/25/2035(6)		290,190		277,863
Citicorp Mortgage Securities Trust:
Series 2006-3, Class 1A4
6.000%, 06/25/2036		3,227,538		3,244,197
Series 2007-2, Class 1A3
6.000%, 02/25/2037(6)		943,197		940,242

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

Page 78

Baird Core Plus Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Citicorp Residential Mortgage Trust,
Series 2007-1, Class A6
6.202%, 03/25/2037(7)	$	4,091	$	4,199
Citigroup Mortgage Loan Trust,
Series 2018-RP2, Class A1,
2.987%, 02/25/2058(2)(4)		22,309,080		23,119,165
Citigroup Mortgage Loan Trust, Inc.:
Series 2006-AR1, Class 1A1,
2.480%, 10/25/2035
(1 Year CMT Rate + 2.400%)(3)		5,326,584		5,548,747
Series 2005-9, Class 22A2
6.000%, 10/25/2035		2,053,314		2,081,643
Series 2005-9, Class 2A2
5.500%, 11/25/2035		30,145		27,289
Countrywide Asset-Backed Certificates:
Series 2005-13, Class AF3
5.430%, 02/25/2033(4)		9,623		9,159
Series 2007-11, Class 2A3,
0.282%, 04/25/2034
(1 Month LIBOR USD + 0.190%)(3)		2,110,854		2,101,245
Series 2005-10, Class AF6
4.915%, 12/25/2035(4)		44,807		46,134
Series 2006-10, Class 1AF3
5.971%, 12/25/2035(4)		272,939		264,060
Series 2007-9, Class 2A3,
0.272%, 06/25/2047
(1 Month LIBOR USD + 0.180%)(3)		5,175,633		5,164,317
Credit Suisse First Boston
Mortgage Securities Corp.,
Series 2005-7, Class 3A1
5.000%, 12/15/2021		11,890		10,760
Credit-Based Asset Servicing
& Securitization LLC,
Series 2007-CB4, Class A1A,
0.182%, 04/25/2037
(1 Month LIBOR USD + 0.090%)(3)		2,180,920		2,145,008
CWABS Asset-Backed Certificates Trust:
Series 2004-15, Class AF6
4.613%, 04/25/2035(4)		40		39
Series 2005-7, Class AF6
4.693%, 08/25/2035(4)		1,801		1,821
Series 2006-9, Class 1AF3
5.859%, 08/25/2036(4)		117,134		117,745
Series 2006-18, Class 2A2,
0.252%, 03/25/2037
(1 Month LIBOR USD + 0.160%)(3)		1,245,314		1,240,869
Deutsche Alt-A Securities, Inc.
Mortgage Loan Trust:
Series 2005-1, Class 1A1,
0.592%, 02/25/2035
(1 Month LIBOR USD + 0.500%)(3)		4,135,550		4,049,259
Series 2005-2, Class 1A7
5.283%, 04/25/2035(4)		6,344,050		6,319,506
First Franklin Mortgage Loan Trust,
Series 2006-FF6, Class A4,
0.592%, 04/25/2036
(1 Month LIBOR USD + 0.500%)(3)		15,793,619		15,627,829
First Horizon Alternative
Mortgage Securities Trust:
Series 2006-FA6, Class 3A1
5.750%, 11/25/2021(6)		2,797		2,221
Series 2006-FA8, Class 2A1
5.750%, 01/25/2022(6)		34,272		9,892
Series 2004-AA1, Class A1,
2.179%, 06/25/2034(4)		2,887,361		2,945,993
Series 2005-AA2, Class 2A1,
2.591%, 04/25/2035(4)		1,325,162		1,406,029
FirstKey Homes LLC,
1.538%, 08/17/2028(8)		98,875,000		98,875,000
Fremont Home Loan Trust,
Series 2005-B, Class M4,
0.797%, 04/25/2035
(1 Month LIBOR USD + 0.705%)(3)		155,498		155,460
GE Capital Mortgage Services, Inc. Trust,
Series 1999-HE1, Class A7
6.265%, 04/25/2029		32		32
GS Mortgage Securities Trust,
Series 2018-RPL1, Class A1A,
3.750%, 10/25/2057(2)		41,756,958		44,066,669
GSAA Home Equity Trust:
Series 2004-6, Class A1,
0.892%, 06/25/2034
(1 Month LIBOR USD + 0.800%)(3)		528,220		533,876
Series 2005-14, Class 1A1,
0.592%, 12/25/2035
(1 Month LIBOR USD + 0.500%)(3)		9,067,726		9,201,822
GSAMP Trust,
Series 2006-HE7, Class A2D,
0.322%, 10/25/2036
(1 Month LIBOR USD + 0.230%)(3)		557,339		554,236
GSR Mortgage Loan Trust:
Series 2004-15F, Class 5A1
5.500%, 12/01/2021		21,143		20,912
Series 2005-3F, Class 2A4
6.000%, 03/25/2035		1,703,350		1,744,265
Series 2005-AR2, Class 2A1,
2.635%, 04/25/2035(4)		1,805,772		1,794,650
Home Equity Asset Trust,
Series 2004-7, Class A1,
0.812%, 01/25/2035
(1 Month LIBOR USD + 0.720%)(3)		10,084,238		9,871,545
J.P. Morgan Alternative Loan Trust:
Series 2006-A1, Class 2A1,
3.172%, 03/25/2036(4)(6)		53,067		50,903
Series 2007-S1, Class A1,
0.372%, 06/25/2037
(1 Month LIBOR USD + 0.280%)(3)		3,678,504		3,635,799
J.P. Morgan Mortgage Trust:
Series 2005-A8, Class 2A3,
2.913%, 11/25/2035(4)		3,509,316		3,376,388
Series 2006-A2, Class 3A3,
2.641%, 04/25/2036(4)		939,369		864,220
Series 2006-A2, Class 2A1,
2.790%, 04/25/2036(4)		821,591		809,678
Series 2006-A7, Class 2A2,
3.092%, 01/25/2037(4)		1,288,837		1,204,848
Series 2006-A7, Class 2A4R,
3.092%, 01/25/2037(4)		1,318,229		1,232,326
Series 2007-A2, Class 2A3,
3.075%, 04/25/2037(4)(6)		2,632,893		2,362,426
Series 2007-A4, Class 2A3,
2.981%, 06/25/2037(4)(6)		3,087,259		2,729,878
MASTR Alternative Loan Trust:
Series 2004-2, Class 2A1
6.000%, 02/25/2034		1,515,634		1,567,587

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

Page 79

Baird Core Plus Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
MASTR Alternative Loan Trust: (cont.)
Series 2004-8, Class 2A1
6.000%, 09/25/2034	$	1,102,343	$	1,131,866
Series 2005-6, Class 1A5
5.500%, 12/25/2035(6)		1,634,243		1,474,543
Merrill Lynch Mortgage Investors Trust:
Series 2004-F, Class A1B,
0.712%, 12/25/2029
(1 Month LIBOR USD + 0.620%)(3)		4,036,537		4,032,792
Series 2005-A5, Class A3,
2.974%, 06/25/2035(4)		1,049,198		1,068,345
Mill City Mortgage Loan Trust:
Series 2018-2, Class A1,
3.500%, 05/25/2058(2)(4)		17,070,395		17,444,322
Series 2018-3, Class A1,
3.472%, 08/25/2058(2)(4)		11,679,138		12,149,253
Series 2019-1, Class A1,
3.250%, 10/25/2069(2)(4)		26,459,243		27,905,030
Morgan Stanley Capital I, Inc. Trust,
Series 2006-HE2, Class A1,
0.432%, 03/25/2036
(1 Month LIBOR USD + 0.340%)(3)		1,958,699		1,951,727
MortgageIT Trust:
Series 2005-4, Class A1,
0.652%, 10/25/2035
(1 Month LIBOR USD + 0.560%)(3)		1,926,779		1,928,095
Series 2005-5, Class A1,
0.612%, 12/25/2035
(1 Month LIBOR USD + 0.520%)(3)		2,211,315		2,221,307
New Residential Mortgage Loan Trust:
Series 2016-1A, Class A1,
3.750%, 03/25/2056(2)(4)		8,894,361		9,389,802
Series 2017-1A, Class A1
4.000%, 02/25/2057(2)(4)		17,607,337		18,726,526
Series 2017-3A, Class A1
4.000%, 04/25/2057(2)(4)		14,838,369		15,881,022
Series 2017-6A, Class A1
4.000%, 08/25/2057(2)(4)		18,391,639		19,673,391
Series 2018-1A, Class A1A
4.000%, 12/25/2057(2)(4)		9,647,314		10,331,916
Series 2019-RPL2, Class A1,
3.250%, 02/25/2059(2)(4)		23,039,093		24,248,420
RALI Series Trust:
Series 2004-QS13, Class CB
5.000%, 12/15/2021		3,495		3,610
Series 2005-QS5, Class A1,
0.492%, 04/25/2035
(1 Month LIBOR USD + 0.400%)(3)(6)		1,531,024		1,219,027
Series 2005-QS11, Class A2,
0.592%, 07/25/2035
(1 Month LIBOR USD + 0.500%)(3)(6)		2,950,864		2,229,138
Series 2005-QA7, Class A22,
3.021%, 07/25/2035(4)(6)		1,295,731		1,265,922
RAMP Series Trust,
Series 2002-RS3, Class AI5
5.572%, 06/25/2032(4)		1,141,677		1,148,194
RASC Series Trust,
Series 2007-KS1, Class A3,
0.242%, 11/25/2036
(1 Month LIBOR USD + 0.150%)(3)		613,690		609,150
Renaissance Home Equity Loan Trust:
Series 2005-1, Class AF6
4.970%, 05/25/2035(7)		6,960		7,299
Series 2005-2, Class AF6
4.781%, 08/25/2035(7)		495,526		519,345
Series 2006-2, Class AF3
5.797%, 08/25/2036(7)		15,143,621		8,439,411
Series 2006-3, Class AF2
5.580%, 11/25/2036(7)		10,050,918		5,210,049
Series 2007-1, Class AF3
5.612%, 04/25/2037(7)		278,136		113,545
Series 2007-2, Class AF2
5.675%, 06/25/2037(7)		1,435,659		543,231
Soundview Home Loan Trust,
Series 2006-EQ1, Class A3,
0.252%, 10/25/2036
(1 Month LIBOR USD + 0.160%)(3)		3,208,876		3,194,943
Starwood Mortgage Residential Trust,
Series 2020-3, Class A1,
1.486%, 04/25/2065(2)(4)		11,408,911		11,508,555
Structured Asset Securities Corp.:
Series 2003-31A, Class 2A7,
2.378%, 10/25/2033 (4)		846,399		867,308
Series 2005-7XS, Class 1A4B
5.940%, 04/25/2035(7)		4,719		4,977
Towd Point Mortgage Trust:
Series 2016-3, Class A1,
2.250%, 08/25/2055(2)(4)		19,126		19,196
Series 2016-2, Class A1,
3.000%, 08/25/2055(2)(4)		3,114,838		3,145,318
Series 2016-4, Class A1,
2.250%, 07/25/2056(2)(4)		4,735,456		4,770,959
Series 2017-1, Class A1,
2.750%, 10/25/2056(2)(4)		1,623,860		1,648,710
Series 2017-6, Class A1,
2.750%, 10/25/2057(2)(4)		19,546,361		20,018,906
Series 2019-1, Class A1,
3.722%, 03/25/2058(2)(4)		9,429,028		9,930,440
Series 2018-6, Class A1A,
3.750%, 03/25/2058(2)(4)		15,295,638		15,798,451
Series 2018-4, Class A1,
3.000%, 06/25/2058(2)(4)		32,982,245		34,286,337
Series 2019-4, Class A1,
2.900%, 10/25/2059(2)(4)		67,126,980		69,418,890
Series 2020-2, Class A1A,
1.636%, 04/25/2060(2)(4)		41,073,750		41,454,984
Series 2020-4, Class A1,
1.750%, 10/25/2060(2)		103,912,553		105,067,978
WaMu Mortgage Pass-Through
Certificates Trust:
Series 2004-CB3, Class 1A
6.000%, 10/25/2034		861,000		881,663
Series 2004-CB3, Class 2A
6.500%, 10/25/2034		2,204,756		2,295,662
Series 2005-3, Class 1CB3,
0.542%, 05/25/2035
(1 Month LIBOR USD + 0.450%)(3)(6)		4,015,209		3,373,255
Series 2005-6, Class 2A4
5.500%, 08/25/2035(6)		3,882,724		3,844,498
Series 2007-HY3, Class 4A1,
2.827%, 08/25/2036(4)		8,281,459		8,111,787
Series 2006-AR10, Class 1A1,
3.029%, 09/25/2036(4)		684,885		676,088

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

Page 80

Baird Core Plus Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Wells Fargo Mortgage Backed
Securities Trust:
Series 2006-AR14, Class 2A3,
2.781%, 10/25/2036(4)(6)	$	1,177,145	$	1,155,899
Series 2007-7, Class A49
6.000%, 06/25/2037(6)		1,793,587		1,714,173
Total Non-U.S. Government
Agency Issues
(Cost $926,142,813)				931,305,422		3.0	%
Total Residential
Mortgage-Backed Securities
(Cost $4,647,580,956)				4,818,191,870		15.3	%
Commercial Mortgage-Backed Securities
U.S. Government Agency Issues
Fannie Mae REMIC Trust,
Series 2017-M4, Class A2,
2.563%, 12/25/2026(4)		28,407,208		30,455,566
Freddie Mac Multifamily Structured
Pass Through Certificates:
Series K029, Class A2,
3.320%, 02/25/2023(4)		38,632,000		40,306,809
Series K725, Class A2,
3.002%, 01/25/2024		15,000,000		15,861,571
Series K037, Class A2,
3.490%, 01/25/2024		66,950,000		71,480,493
Series K038, Class A2,
3.389%, 03/25/2024		48,968,000		52,386,152
Series K048, Class A2,
3.284%, 06/25/2025(4)		59,391,000		64,675,083
Series K050, Class A2,
3.334%, 08/25/2025(4)		84,717,000		92,478,136
Series K734, Class A2,
3.208%, 02/25/2026		45,125,000		49,286,342
Series K061, Class A2,
3.347%, 11/25/2026(4)		57,540,000		63,908,907
Series K062, Class A2,
3.413%, 12/25/2026		26,633,000		29,695,015
Series K063, Class A2,
3.430%, 01/25/2027(4)		5,315,000		5,929,565
Series K064, Class A2,
3.224%, 03/25/2027		4,910,250		5,436,335
Series K065, Class A2,
3.243%, 04/25/2027		29,870,000		33,136,479
Series K066, Class A2,
3.117%, 06/25/2027		10,706,171		11,814,737
Series K067, Class A2,
3.194%, 07/25/2027		9,015,000		10,002,122
Series K068, Class A2,
3.244%, 08/25/2027		3,705,000		4,124,201
Series K072, Class A2,
3.444%, 12/25/2027		12,000,000		13,522,816
Series K074, Class A2,
3.600%, 01/25/2028		36,495,000		41,584,976
Series K077, Class A2,
3.850%, 05/25/2028(4)		46,199,000		53,449,697
Series K079, Class A2,
3.926%, 06/25/2028		63,251,000		73,583,582
Series K080, Class A2,
3.926%, 07/25/2028(4)		56,820,000		66,218,482
Series K158, Class A3,
3.900%, 10/25/2033(4)		18,777,000		22,796,728
Total U.S. Government Agency Issues
(Cost $796,223,517)				852,133,794		2.7	%
Non-U.S. Government Agency Issues
BANK:
Series 2017-BNK4, Class A4,
3.625%, 05/17/2050		30,037,000		33,344,302
Series 2017-BNK8, Class A4,
3.488%, 11/17/2050		69,721,751		77,218,568
Series 2017-BNK9, Class A4,
3.538%, 11/17/2054		32,737,000		36,360,662
Series 2017-BNK5, Class A5,
3.390%, 06/17/2060		2,070,000		2,275,707
Series 2018-BN10, Class A5,
3.688%, 02/17/2061		6,400,000		7,161,926
Series 2021-BN33, Class A5,
2.556%, 05/16/2064		52,350,000		54,648,359
BBCMS Mortgage Trust,
Series 2018-C2, Class A5
4.314%, 12/15/2051		13,595,000		15,795,159
Benchmark Mortgage Trust:
Series 2020-B19, Class A5,
1.850%, 09/17/2053		40,850,000		40,350,086
Series 2020-B21, Class A5,
1.978%, 12/17/2053		46,400,000		46,160,720
Series 2021-B24, Class A5,
2.584%, 03/17/2054		29,000,000		30,324,215
Citigroup Commercial Mortgage Trust:
Series 2014-GC19, Class A3,
3.753%, 03/12/2047		2,689,848		2,857,793
Series 2015-GC27, Class A5,
3.137%, 02/10/2048		50,189,111		53,525,101
Series 2015-GC29, Class A4,
3.192%, 04/10/2048		25,065,000		26,869,224
Series 2016-C2, Class A4,
2.832%, 08/12/2049		33,387,000		35,476,979
Series 2017-P8, Class A4,
3.465%, 09/16/2050		29,775,000		32,885,305
COMM Mortgage Trust:
Series 2012-CR1, Class A3,
3.391%, 05/17/2045		21,030,002		21,328,977
Series 2013-CR9, Class A3
4.022%, 07/12/2045		7,604,895		7,875,792
Series 2012-CR2, Class A4,
3.147%, 08/17/2045		35,388,000		36,061,306
Series 2013-CR6, Class A4,
3.101%, 03/10/2046		14,680,000		15,062,052
Series 2013-CR10, Class A4
4.210%, 08/10/2046(4)		11,500,000		12,273,844
Series 2014-CR18, Class A4,
3.550%, 07/17/2047		4,840,243		5,100,513
Series 2014-CR19, Class A5,
3.796%, 08/12/2047		33,800,000		36,584,475
Series 2014-CR20, Class ASB,
3.305%, 11/13/2047		19,781,438		20,607,414
Series 2015-LC19, Class A4,
3.183%, 02/10/2048		27,105,399		29,016,801
Series 2015-DC1, Class A5,
3.350%, 02/12/2048		23,390,000		25,070,532
DBJPM Mortgage Trust,
Series 2020-C9, Class A5,
1.926%, 08/15/2053		31,100,000		30,936,476
GS Mortgage Securities Trust:
Series 2012-GCJ9, Class A3,
2.773%, 11/10/2045		40,256,858		41,126,165
Series 2013-GC13, Class A4,
3.871%, 07/12/2046(4)		14,700,000		15,349,474
Series 2014-GC20, Class AAB,
3.655%, 04/12/2047		12,330,778		12,850,893

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

Page 81

Baird Core Plus Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
GS Mortgage Securities Trust: (cont.)
Series 2014-GC20, Class A5,
3.998%, 04/12/2047	$	9,959,000	$	10,700,932
J.P. Morgan Chase Commercial
Mortgage Securities Trust:
Series 2013-LC11, Class A5,
2.960%, 04/15/2046		31,025,000		32,163,676
Series 2013-LC11, Class A4,
2.694%, 04/17/2046		4,598,963		4,717,624
Series 2012-LC9, Class ASB,
2.437%, 12/17/2047		978,382		990,898
Series 2013-C10, Class ASB,
2.702%, 12/17/2047		6,843,699		6,955,212
JPMBB Commercial Mortgage
Securities Trust:
Series 2013-C15, Class A4
4.096%, 11/17/2045		6,092,828		6,447,524
Series 2013-C17, Class A3,
3.928%, 01/17/2047		8,140,962		8,442,772
Series 2014-C24, Class ASB,
3.368%, 11/18/2047		8,108,031		8,464,392
Series 2014-C25, Class A5,
3.672%, 11/18/2047		45,697,000		49,396,716
Series 2015-C30, Class A5,
3.822%, 07/15/2048		42,110,000		46,250,634
Series 2016-C4, Class A3,
3.141%, 12/17/2049		29,133,000		31,539,765
JPMCC Commercial Mortgage
Securities Trust:
Series 2017-JP5, Class A5,
3.723%, 03/17/2050		17,310,000		19,218,762
Series 2017-JP7, Class A5,
3.454%, 09/16/2050		27,356,184		30,196,516
Morgan Stanley Bank of America
Merrill Lynch Trust:
Series 2012-C5, Class A4,
3.176%, 08/17/2045		41,590,000		42,292,301
Series 2012-C6, Class A4,
2.858%, 11/15/2045		25,991,816		26,521,449
Series 2013-C10, Class A3
4.102%, 07/17/2046(4)		39,931,311		42,066,638
Series 2013-C12, Class A3,
3.973%, 10/17/2046		13,728,391		14,444,717
Series 2014-C16, Class A5,
3.892%, 06/17/2047		35,020,000		37,651,193
Series 2015-C25, Class ASB,
3.383%, 10/19/2048		25,387,491		26,643,997
Series 2016-C30, Class A5,
2.860%, 09/17/2049		9,062,000		9,622,065
Series 2016-C32, Class A4,
3.720%, 12/17/2049		14,175,000		15,766,485
Wells Fargo Commercial Mortgage Trust:
Series 2015-C26, Class ASB,
2.991%, 02/15/2048		11,107,413		11,543,274
Series 2016-C35, Class ASB,
2.788%, 07/17/2048		11,424,989		11,938,255
Series 2016-BNK1, Class A3,
2.652%, 08/17/2049		7,952,000		8,415,257
Series 2017-C40, Class A4,
3.581%, 10/17/2050		48,894,000		54,085,370
Series 2017-C42, Class A4,
3.589%, 12/16/2050		52,370,521		58,144,685
Series 2017-RC1, Class A4,
3.631%, 01/15/2060		11,875,000		13,132,889
Series 2018-C47, Class A4
4.442%, 09/16/2061		10,850,000		12,685,459
WFRBS Commercial Mortgage Trust:
Series 2013-C11, Class A5,
3.071%, 03/17/2045		14,173,111		14,581,645
Series 2012-C6, Class A4,
3.440%, 04/15/2045		8,337,317		8,358,041
Series 2013-C14, Class A4,
3.073%, 06/15/2046		32,085,062		32,766,760
Series 2013-C18, Class A4,
3.896%, 12/17/2046		19,965,984		21,240,059
Series 2014-C21, Class ASB,
3.393%, 08/16/2047		7,513,899		7,779,021
Series 2014-C24, Class A5,
3.607%, 11/18/2047		54,091,000		58,240,277
Series 2014-C23, Class ASB,
3.636%, 10/17/2057		6,974,347		7,306,678
Total Non-U.S. Government
Agency Issues
(Cost $1,556,066,026)				1,595,210,758		5.1	%
Total Commercial
Mortgage-Backed Securities
(Cost $2,352,289,543)				2,447,344,552		7.8	%
Asset Backed Securities
Citibank Credit Card Issuance Trust,
Series 2007-A3, Class A3
6.150%, 06/15/2039		6,100,000		8,580,689
Conseco Financial Corp.:
Series 1998-3, Class A5
6.220%, 03/01/2030		6,346		6,356
Series 1998-4, Class A5
6.180%, 04/01/2030		10,845		10,954
Ford Credit Auto Owner Trust:
Series 2019-1, Class A,
3.520%, 07/15/2030(2)		18,675,000		20,061,003
Series 2018-1, Class A,
3.190%, 07/15/2031(2)		28,641,000		30,898,263
Nelnet Student Loan Trust,
Series 2021-A, Class APT1,
1.360%, 04/20/2062(2)		45,000,000		45,007,187
Oakwood Mortgage Investors, Inc.,
Series 1999-B, Class A3
6.450%, 12/15/2023		3,973		4,075
PFS Financing Corp.:
Series 2020-E, Class A,
1.000%, 10/15/2025(2)		25,251,000		25,497,056
Series 2021-A, Class A,
0.710%, 04/15/2026(2)		29,800,000		29,776,237
Series 2021-B, Class A,
0.770%, 08/17/2026(2)		44,400,000		44,160,009
SoFi Consumer Loan Program LLC,
Series 2017-5, Class A2,
2.780%, 09/25/2026(2)		1,361,964		1,364,477
Towd Point Mortgage Trust:
Series 2020-MH1, Class A1A,
2.184%, 02/25/2060(2)(4)		45,713,636		46,201,085
Series 2020-MH1, Class A1,
2.250%, 02/25/2060(2)(4)		33,200,844		33,598,428
Toyota Auto Loan Extended Note Trust:
Series 2019-1A, Class A,
2.560%, 11/25/2031(2)		62,085,050		65,465,891
Series 2020-1A, Class A,
1.350%, 05/25/2033(2)		65,158,000		66,240,516
Total Asset Backed Securities
(Cost $407,118,997)				416,872,226		1.3	%

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

Page 82

Baird Core Plus Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

						% of
	Shares		Value			Net Assets
Common Stocks
Industrials
Valaris Ltd.		20,876	$	602,899
Weatherford International PLC		46,003		837,254
Total Common Stocks
(Cost $9,767,910)				1,440,153			0.0	%
Total Long-Term Investments
(Cost $29,379,703,211)				30,761,860,318			97.5	%
Short-Term Investment
Money Market Mutual Fund
First American Government
Obligations Fund, Class U, 0.03%(5)		886,862,014		886,862,014
Total Short-Term Investment
(Cost $886,862,014)				886,862,014			2.8	%
Total Investments
(Cost $30,266,565,225)				31,648,722,332			100.3	%
Liabilities in Excess of Other Assets				(85,234,507	)		(0.3	)%
TOTAL NET ASSETS			$	31,563,487,825			100.0	%

Notes to Schedule of Investments

CMT – Constant Maturity Treasury

LIBOR – London Inter-bank Offered Rate

SOFR – Secured Overnight Financing Rate

(1)	Foreign security.
(2)	Security as defined in Rule 144A under the Securities Act of 1933 and classified as liquid under the Fund’s liquidity risk management program. Purchased in a private placement transaction; resale to the public may require registration or may extend only to qualified institutional buyers. At June 30, 2021, the value of these securities totaled $6,049,158,098, which represented 19.17% of total net assets.
(3)	Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of June 30, 2021.
(4)	Variable rate security. The coupon is based on an underlying pool of loans. The rate reported is the rate in effect as of June 30, 2021.
(5)	Seven-day yield.
(6)	Security that, on the last payment date, missed a partial principal or interest payment.
(7)	Step-up bond; the interest rate shown is the rate in effect as of June 30, 2021.
(8)	Security or a portion of the security purchased on a when-issued or delayed delivery basis.
(9)	Security in default.

Summary of Fair Value Exposure at June 30, 2021 (Unaudited)

The Fund has adopted authoritative fair valuation accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion on changes in valuation techniques and related inputs during the period. These standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The fair value hierarchy is organized into three levels based upon the assumptions (referred to as “inputs”) used in pricing the asset or liability. These standards state that “observable inputs” reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from independent sources and “unobservable inputs” reflect an entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. These inputs are summarized into three broad levels and described below:

Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3 – Unobservable inputs for the asset or liability.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2021:

	Level 1		Level 2		Level 3		Total
Long-Term Investments
U.S. Treasury Securities	$	—	$	6,476,928,187	$	—	$	6,476,928,187
Other Government Related Securities		—		87,090,052		—		87,090,052
Corporate Bonds		—		16,152,709,789		—		16,152,709,789
Municipal Bonds		—		361,283,489		—		361,283,489
Residential Mortgage-Backed Securities – U.S. Government Agency Issues		—		3,886,886,448		—		3,886,886,448
Residential Mortgage-Backed Securities – Non-U.S. Government Agency Issues		—		931,305,422		—		931,305,422
Commercial Mortgage-Backed Securities – U.S. Government Agency Issues		—		852,133,794		—		852,133,794
Commercial Mortgage-Backed Securities – Non-U.S. Government Agency Issues		—		1,595,210,758		—		1,595,210,758
Asset Backed Securities		—		416,872,226		—		416,872,226
Common Stocks		1,440,153		—		—		1,440,153
Total Long-Term Investments		1,440,153		30,760,420,165		—		30,761,860,318
Short-Term Investment
Money Market Mutual Fund		886,862,014		—		—		886,862,014
Total Short-Term Investment		886,862,014		—		—		886,862,014
Total Investments	$	888,302,167	$	30,760,420,165	$	—	$	31,648,722,332

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

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

Page 83

Baird Short-Term Municipal Bond Fund

June 30, 2021 (Unaudited)

Portfolio Characteristics

Quality Distribution⁽¹⁾⁽²⁾

	Net Assets	$1,790,886,581
	SEC 30-Day Yield(4)
	Institutional Class	0.58%
	Investor Class	0.33%
	Average Effective Duration	2.24 years
	Average Effective Maturity	2.56 years
	Annualized Expense Ratio(5)
	Institutional Class	0.30%
	Investor Class	0.55%	(6)
	Portfolio Turnover Rate	27%	(7)
	Number of Holdings	1,972
Sector Weightings(1)

(1)	Percentages shown are based on the Fund’s total investments.
(2)	The quality profile is calculated on a market value-weighted basis using the highest credit quality rating for each security held by the Fund given by S&P, Moody’s or Fitch, each of which is a Nationally Recognized Statistical Rating Organization (NRSRO). NRSROs rate the credit quality of securities using a scale that generally ranges from AAA (highest) to D (lowest).
(3)	Includes pre-refunded and escrowed-to-maturity (ETM) bonds.
(4)	SEC yields are based on SEC guidelines and are calculated for the 30 days ended June 30, 2021.
(5)	Reflects expense ratios as stated in the Fund’s current prospectus dated May 1, 2021.
(6)	Includes 0.25% 12b-1 fee.
(7)	Not annualized.

Page 84

Baird Short-Term Municipal Bond Fund

June 30, 2021 (Unaudited)

Total Returns

			Average Annual
	Six	One	Three	Five	Since
For the Periods Ended June 30, 2021	Months	Year	Years	Years	Inception(1)
Institutional Class Shares	0.70%	2.33%	3.02%	2.28%	2.42%
Investor Class Shares	0.58%	1.98%	2.77%	2.01%	2.14%
Bloomberg Barclays Short (1-5 Year) Municipal Index(2)	0.33%	1.37%	2.60%	1.77%	1.82%

(1)

For the period from August 31, 2015 (inception date) through June 30, 2021.

(2)

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

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

The Fund’s gross expense ratio for each Class, as reflected in the Fund’s current prospectus, is set forth under “Portfolio Characteristics”.

The Fund may invest up to 10% of its net assets in non-investment grade debt securities (commonly referred to as “high yield” bonds). While these types of debt securities typically offer higher yields than investment grade securities, they also include greater risks including increased credit risk and the increased risk of default or bankruptcy.  The Fund may invest up to 25% of its total assets in municipal obligations issued by persons in the same state.  As a result, changes in economic, business or political conditions of a particular state may have a disproportionate impact on the Fund’s share price. Municipal securities investments are not appropriate for all investors, especially those taxed at lower rates.  U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including the impact of the coronavirus (COVID-19) as a global pandemic and related public health issues, business interruptions, growth concerns in the U.S. and overseas, and changed travel and social behaviors. These and other geopolitical events may cause market disruptions and could have an adverse effect on the value of the Fund’s investments.

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

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

Page 85

Baird Short-Term Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments

	Principal				% of
	Amount		Value		Net Assets
U.S. Treasury Securities
U.S. Treasury Bonds:
1.500%, 08/15/2026	$	35,000,000	$	36,039,062
2.875%, 08/15/2028		13,700,000		15,236,434
Total U.S. Treasury Securities
(Cost $50,981,575)				51,275,496		2.9	%
Municipal Bonds
Alabama
Alabama Community College System,
3.500%, 11/01/2023 (Insured by BAM)		1,050,000		1,121,831
Alabama Housing Finance Authority,
1.500%, 11/01/2022
(Mandatory Tender Date 05/01/2022)(1)		775,000		782,649
Alabama Incentives Financing Authority,
5.000%, 09/01/2023		650,000		716,208
Alabama Special Care Facilities
Financing Authority,
1.850%, 11/15/2046
(Mandatory Tender Date 11/01/2022)(1)		395,000		403,802
Birmingham Airport Authority:
5.000%, 07/01/2024 (Insured by BAM)		190,000		216,517
5.000%, 07/01/2025 (Insured by BAM)		500,000		590,120
5.000%, 07/01/2026 (Insured by BAM)		450,000		547,596
Birmingham-Jefferson Civic Center Authority:
5.000%, 05/01/2024		430,000		485,078
5.000%, 05/01/2026		500,000		602,723
Black Belt Energy Gas District,
0.967%, 12/01/2048 (1 Month LIBOR
USD + 0.900%) (Callable 09/01/2023)
(Mandatory Tender Date 12/01/2023)(2)		1,730,000		1,744,228
Chilton County Health Care Authority:
3.000%, 11/01/2021		560,000		564,430
5.000%, 11/01/2024		825,000		939,026
Choctaw County School,
2.000%, 03/01/2024 (Insured by BAM)		1,230,000		1,277,934
City of Hartselle AL:
2.000%, 06/01/2024 (Insured by BAM)		120,000		124,211
2.000%, 06/01/2025 (Insured by BAM)		225,000		234,357
2.000%, 06/01/2026 (Insured by BAM)		225,000		235,322
2.000%, 06/01/2027 (Insured by BAM)		1,110,000		1,162,795
City of Opelika AL,
3.000%, 10/01/2022		445,000		460,233
City of Phenix AL:
3.000%, 08/15/2021 (Insured by BAM)		385,000		386,096
3.000%, 08/15/2022 (Insured by BAM)		500,000		513,286
3.000%, 08/15/2023 (Insured by BAM)		100,000		104,892
2.000%, 04/01/2027		2,110,000		2,193,633
County of Jefferson AL,
0.000%, 10/01/2025 (Callable 10/01/2023)
(Insured by AGM)		750,000		688,353
County of Morgan AL:
3.000%, 04/01/2022		135,000		137,147
4.000%, 04/01/2023		210,000		223,191
4.000%, 04/01/2024		220,000		241,724
Douglas Water Authority,
3.000%, 07/01/2024 (Insured by AGM)		270,000		288,988
Eutaw Industrial Development Board,
0.020%, 06/01/2028 (Optional Put
Date 07/01/2021)(1)		800,000		800,000
Greenville Public Improvement
Cooperative District:
4.000%, 03/01/2022 (Insured by BAM)		25,000		25,622
4.000%, 03/01/2023 (Insured by BAM)		100,000		106,126
5.000%, 03/01/2024 (Insured by BAM)		140,000		157,147
Lauderdale County Agriculture
Center Authority:
2.000%, 07/01/2022		450,000		454,457
5.000%, 07/01/2024		495,000		559,161
5.000%, 07/01/2025 (Callable 07/01/2024)		490,000		551,987
5.000%, 07/01/2026 (Callable 07/01/2024)		545,000		611,804
5.000%, 07/01/2027 (Callable 07/01/2024)		570,000		637,069
5.000%, 07/01/2028 (Callable 07/01/2024)		600,000		667,438
Macon County Board of Education,
3.250%, 02/01/2026 (Callable 02/01/2023)		375,000		386,986
Mobile County Board of
School Commissioners,
5.000%, 03/01/2023		875,000		940,984
Morgan County Board of Education,
2.500%, 03/01/2025
(Pre-refunded to 03/01/2022)		1,165,000		1,182,923
Pickens County Water Authority:
3.000%, 01/01/2022 (Insured by BAM)		145,000		146,660
3.000%, 01/01/2023 (Insured by BAM)		155,000		160,091
3.000%, 01/01/2024 (Insured by BAM)		100,000		105,714
3.000%, 01/01/2025 (Insured by BAM)		160,000		171,790
Selma Industrial Development Board,
2.000%, 11/01/2033
(Mandatory Tender Date 10/01/2024)(1)		750,000		787,182
Southeast Alabama Gas Supply District:
0.670%, 04/01/2049 (SIFMA Municipal Swap
Index + 0.650%) (Callable 01/01/2024)
(Mandatory Tender Date 04/01/2024)(2)		2,000,000		2,010,947
0.967%, 04/01/2049 (1 Month LIBOR
USD + 0.900%) (Callable 01/01/2024)
(Mandatory Tender Date 04/01/2024)(2)		750,000		757,423
Tallassee Board of Education:
4.000%, 08/01/2027 (Insured by AGM)		360,000		424,378
4.000%, 08/01/2028 (Insured by AGM)		405,000		485,329
Town of Berry AL,
3.250%, 09/01/2028 (Callable 09/01/2026)
(Insured by AGM)		930,000		996,433
West Escambia Utilities, Inc.,
2.400%, 08/15/2025 (Callable 08/15/2022)
(Insured by BAM)		760,000		771,985
Wilsonville Industrial Development Board,
0.010%, 01/01/2024
(Optional Put Date 07/01/2021)(1)		7,000,000		7,000,000
Total Alabama
(Cost $37,431,137)				37,886,006		2.1	%
Alaska
Alaska Housing Finance Corp.:
3.750%, 12/01/2042 (Callable 06/01/2028)		7,910,000		8,862,266
4.000%, 12/01/2048 (Callable 06/01/2027)		1,075,000		1,193,081
Alaska Industrial Development
& Export Authority:
5.000%, 10/01/2022		550,000		581,305
5.000%, 10/01/2023		600,000		660,062
Borough of Matanuska-Susitna AK,
5.250%, 09/01/2027 (Callable 09/01/2025)		5,590,000		6,552,852
University of Alaska:
5.000%, 10/01/2024		800,000		903,701
4.000%, 10/01/2025		330,000		368,813
4.000%, 10/01/2026 (Callable 10/01/2023)		1,400,000		1,487,658
5.000%, 10/01/2026		865,000		1,028,348
Total Alaska
(Cost $20,854,646)				21,638,086		1.2	%

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

Page 86

Baird Short-Term Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Arizona
Arizona Health Facilities Authority:
5.000%, 12/01/2025
(Callable 12/01/2024)	$	1,450,000	$	1,670,221
1.870%, 02/01/2048
(SIFMA Municipal Swap Index + 1.850%)
(Callable 08/05/2022)
(Mandatory Tender Date 02/01/2023)(2)		200,000		202,446
Arizona Industrial Development Authority:
3.375%, 07/01/2021(3)		110,000		110,000
4.000%, 07/01/2021
(Insured by SD CRED PROG)		165,000		165,000
2.500%, 05/01/2022 (Insured by AGM)(3)		2,344,046		2,352,484
4.000%, 05/01/2022		300,000		303,150
3.000%, 07/01/2022(3)		50,000		50,462
5.000%, 02/01/2023		1,000,000		1,071,416
4.000%, 08/01/2023(3)		705,000		733,438
5.000%, 05/01/2025		405,000		435,976
4.625%, 08/01/2028(3)		375,000		427,194
Arizona State University,
5.000%, 07/01/2032
(Pre-refunded to 07/01/2022)		885,000		926,934
Arizona Transportation Board,
5.000%, 07/01/2021		4,320,000		4,320,000
Chandler Industrial Development Authority,
2.400%, 12/01/2035
(Mandatory Tender Date 08/14/2023)(1)		265,000		276,154
City of Tucson AZ,
5.000%, 07/01/2026 (Insured by AGM)		500,000		598,888
Glendale Industrial Development Authority:
5.250%, 05/15/2022		550,000		573,822
4.000%, 05/15/2025 (Callable 05/15/2024)		320,000		349,084
4.000%, 05/15/2026 (Callable 05/15/2024)		185,000		201,210
Industrial Development Authority
of the County of Pima:
4.000%, 07/01/2021		245,000		245,000
4.000%, 07/01/2022		105,000		107,494
4.000%, 07/01/2023		265,000		279,930
4.000%, 09/01/2029 (Callable 03/01/2023)		700,000		736,988
Maricopa County Industrial
Development Authority:
2.625%, 07/01/2021		20,000		20,000
4.000%, 07/01/2024
(Insured by SD CRED PROG)		135,000		148,200
5.000%, 01/01/2048
(Mandatory Tender Date 10/18/2024)(1)		1,050,000		1,209,674
Salt Verde Financial Corp.,
5.250%, 12/01/2026		2,500,000		3,045,652
Santa Cruz County Jail District,
5.000%, 07/01/2029 (Callable 07/01/2027)
(Insured by AGM)		150,000		181,549
Total Arizona
(Cost $20,411,421)				20,742,366		1.2	%
Arkansas
Arkansas Technical University:
3.000%, 05/01/2024		165,000		175,899
3.000%, 05/01/2025		220,000		238,170
4.000%, 06/01/2026 (Callable 06/01/2023)		200,000		212,407
Batesville Public Facilities Board:
5.000%, 06/01/2024		1,000,000		1,105,769
5.000%, 06/01/2025		1,385,000		1,572,210
5.000%, 06/01/2026		850,000		986,043
City of Bentonville AR,
1.050%, 11/01/2046
(Callable 11/01/2028)(6)		3,750,000		3,718,686
City of Conway AR,
4.000%, 12/01/2023 (Callable 06/01/2022)		35,000		36,194
City of Elkins AR:
1.500%, 09/01/2046 (Callable 09/01/2026)
(Insured by AGM)(6)		500,000		487,866
1.500%, 09/01/2046 (Callable 09/01/2026)
(Insured by AGM)(6)		550,000		536,652
City of Fayetteville AR:
1.750%, 11/01/2032 (Callable 11/01/2026)		2,500,000		2,524,891
3.050%, 01/01/2047 (Callable 01/01/2027)		555,000		571,295
City of Forrest City AR,
1.550%, 11/01/2044
(Callable 11/01/2029)(6)		1,000,000		981,324
City of Heber Springs AR:
3.000%, 11/01/2021 (Insured by BAM)		55,000		55,507
3.000%, 11/01/2022 (Insured by BAM)		50,000		51,851
3.000%, 11/01/2023 (Insured by BAM)		40,000		42,168
City of Hot Springs AR:
3.000%, 10/01/2023 (Insured by BAM)		510,000		537,823
3.000%, 10/01/2024 (Insured by BAM)		1,110,000		1,191,550
4.000%, 12/01/2027 (Callable 12/01/2023)
(Insured by BAM)		255,000		276,297
City of Little Rock AR:
3.000%, 10/01/2021		100,000		100,687
5.000%, 12/01/2022 (Insured by BAM)		150,000		160,125
City of Lonoke AR,
5.000%, 06/01/2023		160,000		174,000
City of Magnolia AR,
2.600%, 08/01/2036 (Callable 08/01/2024)
(Insured by BAM)		275,000		275,280
City of Marion AR,
2.900%, 09/01/2047 (Callable 09/01/2027)		165,000		167,045
City of Maumelle AR,
2.875%, 08/01/2038 (Callable 08/01/2025)		485,000		492,642
City of Mountain View AR,
1.375%, 11/01/2050 (Callable 11/01/2027)
(Insured by BAM)		885,000		888,597
City of North Little Rock AR:
5.000%, 11/01/2021		310,000		314,642
5.000%, 11/01/2024		305,000		348,673
5.000%, 11/01/2025		510,000		603,295
5.000%, 11/01/2026		535,000		653,655
City of Pine Bluff AR,
3.000%, 02/01/2047 (Callable 08/01/2027)
(Insured by BAM)		455,000		482,036
City of Rogers AR,
3.250%, 11/01/2043 (Callable 11/01/2026)		1,290,000		1,346,939
City of Sherwood AR,
3.050%, 12/01/2043 (Callable 12/01/2026)		170,000		175,965
City of Springdale AR:
5.000%, 11/01/2025
(Pre-refunded to 11/01/2022)		150,000		159,479
3.000%, 04/01/2043 (Callable 04/01/2024)
(Insured by BAM)		495,000		508,462
Conway Health Facilities Board:
5.000%, 08/01/2021		450,000		451,620
5.000%, 08/01/2023		500,000		545,339
5.000%, 08/01/2024		410,000		463,532
County of Cross AR,
2.250%, 10/01/2030 (Callable 10/01/2024)		1,525,000		1,581,776

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

Page 87

Baird Short-Term Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Dumas Arkansas School District No. 6:
1.400%, 02/01/2022 (Insured by ST AID)	$	235,000	$	236,568
1.450%, 02/01/2023 (Callable 08/01/2022)
(Insured by ST AID)		245,000		248,005
1.500%, 02/01/2024 (Callable 08/01/2022)
(Insured by ST AID)		245,000		247,566
Jackson County Special School District,
1.500%, 02/01/2022 (Insured by ST AID)		175,000		176,269
Lonoke White Public Water Authority,
3.000%, 12/01/2022 (Insured by BAM)		100,000		103,136
National Park College District:
3.000%, 05/01/2022		115,000		117,264
3.000%, 05/01/2023		65,000		67,869
Northwest Arkansas Conservation Authority,
4.000%, 03/01/2024 (Callable 09/01/2022)
(Insured by BAM)		375,000		390,324
Southern Arkansas University:
4.000%, 03/01/2023 (Insured by AGM)		465,000		491,727
4.000%, 03/01/2023 (Insured by AGM)		235,000		249,438
4.000%, 03/01/2024 (Insured by AGM)		245,000		268,176
4.000%, 03/01/2024 (Insured by AGM)		175,000		191,555
Van Buren School District No. 42:
2.000%, 04/01/2022 (Insured by ST AID)		250,000		253,435
2.000%, 04/01/2024 (Insured by ST AID)		130,000		135,703
Total Arkansas
(Cost $27,801,469)				28,373,426		1.6	%
California
Allan Hancock Joint
Community College District,
0.000%, 08/01/2036
(Pre-refunded to 08/01/2022)		225,000		103,901
American Valley Community Services District,
1.500%, 11/01/2023
(Callable 11/01/2022)(3)		13,068,000		13,204,114
Bay Area Toll Authority,
0.920%, 04/01/2045 (SIFMA Municipal Swap
Index + 0.900%) (Callable 11/01/2022)
(Mandatory Tender Date 05/01/2023)(2)		225,000		226,668
Beaumont Unified School District,
0.000%, 08/01/2041 (Pre-refunded to
08/01/2026) (Insured by AGM)(7)		160,000		211,082
California Health Facilities
Financing Authority,
3.000%, 03/01/2041 (Callable 09/01/2023)
(Mandatory Tender Date 03/01/2024)(1)		3,910,000		4,108,363
California Infrastructure &
Economic Development Bank:
0.720%, 12/01/2050 (SIFMA Municipal Swap
Index + 0.700%) (Callable 06/01/2025)
(Mandatory Tender Date 06/01/2026)(2)		5,550,000		5,624,490
1.750%, 08/01/2055 (Callable 02/01/2026)
(Mandatory Tender Date 08/01/2026)(1)		1,050,000		1,095,162
California Municipal Finance Authority:
5.000%, 08/01/2021		400,000		401,113
5.000%, 08/01/2021		610,000		611,853
1.150%, 12/15/2021 (Callable 11/01/2021)
(Insured by ST AID)(3)		1,000,000		1,000,062
5.000%, 08/01/2022		400,000		414,419
5.000%, 08/01/2022		640,000		665,320
5.000%, 08/01/2023		670,000		718,995
California Public Finance Authority:
4.000%, 10/15/2021		215,000		217,042
4.000%, 10/15/2022		245,000		255,361
2.125%, 11/15/2027
(Callable 05/15/2023)(3)		3,145,000		3,186,906
California School Finance Authority:
5.000%, 08/01/2021 (ETM)(3)		50,000		50,193
5.000%, 08/01/2021(3)		450,000		451,639
California State University,
4.000%, 11/01/2049 (Callable 08/02/2021)
(Mandatory Tender Date 11/01/2021)(1)		175,000		175,547
California Statewide Communities
Development Authority:
3.500%, 11/01/2021 (Insured by CA MTG)		5,000		5,025
3.000%, 07/01/2026 (Callable 08/02/2021)
(Insured by CA MTG)		625,000		626,220
Campbell Union School District,
0.000%, 08/01/2035
(Callable 08/01/2026)(7)		775,000		949,168
Centinela Valley Union High School District,
0.000%, 08/01/2037 (Callable 08/01/2022)
(Insured by AGM)		370,000		154,184
Central School District,
0.000%, 08/01/2051 (Callable 08/01/2022)		400,000		68,254
City & County of San Francisco CA,
1.300%, 07/01/2023
(Mandatory Tender Date 01/01/2023)(1)		810,000		818,693
City of Redding CA,
0.220%, 07/01/2022
(ETM) (Insured by NATL)(1)(5)		65,000		65,000
Commerce Community Development
Commission Successor Agency,
0.000%, 08/01/2021 (ETM)		50,000		49,988
Corona-Norco Unified School District,
0.000%, 08/01/2024(7)		30,000		34,207
Department of Veterans Affairs Veteran’s
Farm & Home Purchase Program,
4.000%, 12/01/2049 (Callable 06/01/2028)		2,205,000		2,437,915
Emery Unified School District,
0.000%, 08/01/2041
(Pre-refunded to 08/01/2023)		505,000		192,490
Fresno Unified School District:
0.000%, 08/01/2027 (Callable 08/02/2021)		200,000		136,552
0.000%, 08/01/2028 (Callable 08/02/2021)		225,000		143,187
0.000%, 08/01/2030 (Callable 08/02/2021)		65,000		35,759
0.000%, 08/01/2032 (Callable 08/01/2023)
(Insured by BAM)		100,000		56,442
0.000%, 08/01/2033 (Callable 08/02/2021)		310,000		136,701
0.000%, 08/01/2033 (Callable 08/01/2023)
(Insured by BAM)		645,000		339,647
0.000%, 08/01/2034 (Callable 08/02/2021)		100,000		41,034
0.000%, 08/01/2034 (Callable 08/01/2023)
(Insured by BAM)		400,000		196,666
0.000%, 08/01/2035 (Callable 08/01/2023)
(Insured by BAM)		150,000		68,792
0.000%, 08/01/2036 (Callable 08/01/2023)
(Insured by BAM)		1,065,000		455,728
0.000%, 08/01/2039 (Callable 08/01/2023)
(Insured by BAM)		650,000		225,241
0.000%, 08/01/2040 (Callable 08/01/2023)
(Insured by BAM)		805,000		259,926
0.000%, 08/01/2041 (Callable 08/02/2021)		1,485,000		375,034
0.000%, 08/01/2041 (Callable 08/02/2021)		1,075,000		271,489
0.000%, 08/01/2041 (Callable 08/01/2023)
(Insured by BAM)		1,000,000		300,169
0.000%, 08/01/2044 (Callable 08/01/2023)		1,140,000		271,988
Glendale Unified School District:
0.000%, 09/01/2030 (Callable 09/01/2021)		350,000		196,895
0.000%, 09/01/2041 (Callable 09/01/2021)		500,000		126,232

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

Page 88

Baird Short-Term Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Healdsburg Unified School District,
0.000%, 08/01/2032
(Callable 08/01/2022)	$	90,000	$	54,108
Indio Finance Authority,
3.550%, 09/02/2029
(Callable 03/02/2024)(3)		6,711,000		7,049,944
Kern Community College District,
0.000%, 08/01/2023		2,000,000		1,983,558
Lemoore Union High School District,
0.000%, 01/01/2022 (Insured by AMBAC)		30,000		29,902
Mendocino-Lake Community
College District,
0.000%, 08/01/2035 (Pre-refunded to
08/01/2021) (Insured by AGM)		65,000		23,751
Merced Union High School District,
0.000%, 08/01/2046
(Pre-refunded to 08/01/2021)		100,000		16,774
Mizuho Floater/Residual Trust:
0.270%, 03/01/2036 (Callable 08/02/2021)
(Optional Put Date 08/04/2021)(1)(3)		1,000,000		1,000,000
0.270%, 12/01/2036 (Callable 08/02/2021)
(Optional Put Date 08/04/2021)(1)(3)		9,000,000		9,000,000
0.270%, 05/01/2049
(Optional Put Date 08/04/2021)(1)(3)		12,100,000		12,100,000
Morongo Unified School District,
0.000%, 08/01/2039
(Pre-refunded to 08/01/2022)		170,000		60,814
Oakland California University School District,
5.000%, 08/01/2029 (Callable 08/01/2026)		265,000		321,076
Oro Grande Elementary School District:
4.000%, 09/15/2021		1,595,000		1,603,533
4.000%, 09/15/2022		1,975,000		2,035,100
Piedmont Unified School District:
0.000%, 08/01/2029 (Callable 08/01/2023)		200,000		141,423
0.000%, 08/01/2036 (Callable 08/01/2023)		975,000		440,056
0.000%, 08/01/2037 (Callable 08/01/2023)		400,000		168,991
0.000%, 08/01/2038 (Callable 08/01/2023)		250,000		98,931
0.000%, 08/01/2039 (Callable 08/01/2023)		420,000		155,588
Pittsburg Unified School District
Financing Authority,
0.000%, 09/01/2035 (Pre-refunded to
09/01/2021) (Insured by AGM)		200,000		70,087
Ripon Unified School District:
0.000%, 08/01/2025 (Callable 08/01/2023)
(Insured by BAM)		60,000		54,244
0.000%, 08/01/2026 (Callable 08/01/2023)
(Insured by BAM)		35,000		30,044
0.000%, 08/01/2035 (Callable 08/01/2023)
(Insured by BAM)		585,000		302,266
Rosemead School District:
0.000%, 08/01/2032 (Callable 08/01/2023)
(Insured by AGM)		495,000		285,778
0.000%, 08/01/2033 (Callable 08/01/2023)
(Insured by AGM)		700,000		376,085
0.000%, 08/01/2035 (Callable 08/01/2023)
(Insured by AGM)		735,000		340,402
Roseville Natural Gas Financing Authority,
5.000%, 02/15/2023		330,000		355,070
Sacramento City Unified School District:
5.000%, 07/01/2022		100,000		104,656
5.000%, 07/01/2025 (Callable 07/01/2022)		170,000		177,468
5.000%, 07/01/2025 (Callable 07/01/2024)		725,000		811,893
0.000%, 07/01/2026 (Insured by AGM)		300,000		283,865
San Joaquin Hills Transportation
Corridor Agency,
0.000%, 01/15/2025 (Insured by NATL)		240,000		231,915
San Mateo Union High School District:
0.000%, 09/01/2033 (Callable 09/01/2021)		100,000		44,908
5.000%, 12/15/2043 (Pre-refunded to
12/15/2024) (Insured by AMBAC)(7)		480,000		555,817
San Ysidro School District,
0.000%, 08/01/2042 (Pre-refunded to
08/01/2021) (Insured by AGM)		300,000		62,981
Sutter Union High School District,
0.000%, 06/01/2050
(Pre-refunded to 08/01/2025)		300,000		48,038
Tender Option Bond Trust:
0.220%, 07/01/2022
(Optional Put Date 07/07/2021)(1)(3)		1,558,000		1,558,000
0.220%, 12/15/2038(1)(3)		4,815,000		4,815,000
Twin Rivers Unified School District:
0.000%, 08/01/2035 (Pre-refunded to
02/01/2024) (Insured by BAM)		275,000		133,131
0.000%, 08/01/2036 (Pre-refunded to
02/01/2024) (Insured by BAM)		85,000		38,441
University of California,
5.000%, 05/15/2025		1,000,000		1,140,329
Vallejo City Unified School District,
5.900%, 08/01/2025 (Insured by NATL)		500,000		549,662
Victor Valley Union High School District,
0.000%, 08/01/2044
(Pre-refunded to 08/01/2023)		1,000,000		302,429
Western Placer Unified School District:
2.000%, 06/01/2025 (Callable 06/01/2023)		1,625,000		1,673,707
2.000%, 06/01/2025 (Callable 06/01/2023)		3,300,000		3,390,602
Westminster School District:
0.000%, 08/01/2036 (Callable 08/01/2023)
(Insured by BAM)		315,000		136,847
0.000%, 08/01/2038 (Callable 08/01/2023)
(Insured by BAM)		600,000		226,972
0.000%, 08/01/2048 (Callable 08/01/2023)
(Insured by BAM)		2,275,000		403,411
0.000%, 08/01/2053 (Callable 08/01/2023)
(Insured by BAM)		480,000		57,773
Total California
(Cost $95,796,753)				96,606,226		5.4	%
Colorado
Bromley Park Metropolitan District No. 2:
5.000%, 12/01/2024 (Insured by BAM)		300,000		342,818
5.000%, 12/01/2025 (Insured by BAM)		315,000		370,419
City & County of Denver CO,
5.000%, 11/15/2031
(Mandatory Tender Date 11/15/2022)(1)		3,275,000		3,484,998
Colorado Educational & Cultural
Facilities Authority:
4.000%, 11/01/2021		50,000		50,599
4.000%, 12/01/2021		100,000		101,500
5.000%, 12/01/2021		80,000		81,531
4.000%, 03/01/2022		45,000		46,082
5.000%, 12/01/2022		200,000		212,999
4.000%, 04/01/2023		65,000		67,935
5.000%, 10/01/2023		1,360,000		1,497,108
5.250%, 03/01/2025 (Insured by NATL)		1,950,000		2,219,553
4.000%, 12/15/2025		790,000		830,286
5.000%, 06/15/2027 (Callable 06/15/2026)		635,000		760,489

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

Page 89

Baird Short-Term Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Colorado Health Facilities Authority:
0.000%, 07/15/2022 (ETM)	$	3,000,000	$	2,991,625
5.000%, 10/01/2023		300,000		329,818
5.000%, 12/01/2023
(Pre-refunded to 12/01/2022)		1,000,000		1,067,883
5.000%, 05/15/2025
(Pre-refunded to 05/15/2023)		320,000		347,198
5.000%, 10/01/2025		350,000		411,196
5.000%, 12/01/2025
(Pre-refunded to 12/01/2022)		1,600,000		1,708,613
5.000%, 10/01/2026		400,000		482,991
4.000%, 12/01/2026
(Pre-refunded to 06/01/2022)		1,535,000		1,589,238
5.000%, 12/01/2027
(Pre-refunded to 12/01/2022)		300,000		320,365
5.000%, 12/01/2030 (Callable 06/01/2025)		1,000,000		1,134,604
5.000%, 11/15/2036
(Mandatory Tender Date 11/15/2023)(1)		195,000		217,035
2.800%, 05/15/2042 (Callable 11/15/2022)
(Mandatory Tender Date 05/15/2023)(1)		2,165,000		2,234,855
5.625%, 06/01/2043
(Pre-refunded to 06/01/2023)		1,080,000		1,190,984
5.000%, 11/15/2048
(Mandatory Tender Date 11/20/2025)(1)		190,000		226,751
5.000%, 08/01/2049 (Callable 02/01/2025)
(Mandatory Tender Date 08/01/2025)(1)		5,525,000		6,418,077
Colorado Housing & Finance Authority:
1.450%, 04/01/2022		60,000		60,483
4.000%, 05/01/2048 (Callable 11/01/2026)
(Insured by GNMA)		335,000		364,411
4.250%, 11/01/2049 (Callable 11/01/2028)
(Insured by GNMA)		875,000		979,327
1.650%, 10/01/2057
(Mandatory Tender Date 04/01/2023)(1)		2,415,000		2,463,719
County of Moffat CO,
2.000%, 03/01/2036
(Mandatory Tender Date 10/03/2022)(1)		555,000		565,947
Crystal Valley Metropolitan District No. 2,
5.000%, 12/01/2027 (Insured by AGM)		275,000		343,093
Denver City & County Housing Authority:
0.650%, 02/01/2025		245,000		243,908
0.700%, 08/01/2025		245,000		243,187
0.750%, 02/01/2026		245,000		242,569
Denver Health & Hospital Authority,
4.000%, 12/01/2027 (Callable 12/01/2023)		225,000		241,203
E-470 Public Highway Authority:
0.000%, 09/01/2022 (Insured by NATL)		30,000		29,872
0.383%, 09/01/2039 (SOFR + 0.350%)
(Callable 06/01/2024)
(Mandatory Tender Date 09/01/2024)(2)		1,525,000		1,526,245
High Plains Metropolitan District:
4.000%, 12/01/2022 (Insured by NATL)		420,000		440,587
4.000%, 12/01/2024 (Insured by NATL)		225,000		249,948
Lincoln Park Metropolitan District,
4.000%, 12/01/2023 (Insured by AGM)		150,000		162,732
Pueblo Urban Renewal Authority,
0.000%, 12/01/2025(3)		650,000		564,276
Regional Transportation District,
5.000%, 06/01/2033 (Callable 06/01/2023)		215,000		231,964
Southlands Metropolitan District No. 1:
3.000%, 12/01/2022		78,000		79,389
3.000%, 12/01/2022		95,000		96,686
Tallyns Reach Metropolitan District No. 3,
5.000%, 12/01/2023 (Insured by BAM)		30,000		33,189
Vauxmont Metropolitan District:
5.000%, 12/15/2025 (Callable 12/15/2024)
(Insured by AGM)		125,000		146,796
5.000%, 12/15/2026 (Callable 12/15/2024)
(Insured by AGM)		135,000		158,465
5.000%, 12/15/2027 (Callable 12/15/2024)
(Insured by AGM)		160,000		187,404
Vista Ridge Metropolitan District,
4.500%, 12/01/2024 (Insured by BAM)		200,000		226,268
Total Colorado
(Cost $39,449,667)				40,619,218		2.3	%
Connecticut
City of Bridgeport CT:
5.000%, 02/01/2022 (Insured by BAM)		250,000		256,737
5.000%, 02/01/2024 (Insured by BAM)		475,000		530,171
City of Hartford CT,
5.000%, 04/01/2022 (Insured by AGM)		1,000,000		1,036,134
City of New Haven CT,
5.000%, 08/15/2022 (ETM)
(Insured by AGM)		520,000		547,955
Connecticut Housing Finance Authority:
4.000%, 11/15/2044 (Callable 11/15/2023)		75,000		78,254
4.000%, 11/15/2045 (Callable 11/15/2027)		165,000		181,894
4.000%, 05/15/2049 (Callable 11/15/2028)		1,440,000		1,629,550
2.600%, 11/15/2058 (Callable 08/02/2021)
(Mandatory Tender Date 11/15/2021)(1)		105,000		105,197
1.625%, 11/15/2059 (Callable 08/02/2021)
(Mandatory Tender Date 11/15/2022)(1)		2,330,000		2,332,418
Connecticut Municipal Electric
Energy Cooperative,
5.000%, 01/01/2030 (Callable 01/01/2022)		530,000		542,047
Connecticut State Health & Educational
Facilities Authority:
4.000%, 11/01/2021		100,000		101,235
5.000%, 07/01/2022		1,300,000		1,358,529
5.000%, 07/01/2023		805,000		876,918
5.000%, 07/01/2024		950,000		1,074,048
2.750%, 01/01/2026
(Callable 07/01/2022)(3)		450,000		455,592
5.000%, 11/01/2026
(Pre-refunded to 11/01/2022)		445,000		473,429
5.000%, 07/01/2028 (Callable 07/01/2024)		630,000		706,856
Connecticut State Higher Education
Supplement Loan Authority:
5.000%, 11/15/2022		500,000		531,847
5.000%, 11/15/2023		400,000		442,384
5.000%, 11/15/2023		850,000		940,065
5.000%, 11/15/2024		450,000		514,289
5.000%, 11/15/2024		225,000		257,145
Southeastern Connecticut Water Authority,
4.000%, 09/01/2022 (Callable 08/02/2021)
(Insured by ST AID)		175,000		175,547
State of Connecticut:
0.970%, 03/01/2024 (SIFMA Municipal
Swap Index + 0.950%)(2)		200,000		202,746
5.000%, 10/01/2026		1,040,000		1,277,933
5.000%, 10/01/2027 (Callable 10/01/2023)		1,005,000		1,107,273
Town of Hamden CT:
4.000%, 08/15/2021
(ETM) (Insured by BAM)		415,000		416,907
5.000%, 08/01/2022 (Insured by BAM)		285,000		299,399
5.000%, 08/01/2023 (Insured by BAM)		150,000		164,225
Town of Plainfield CT,
3.375%, 07/15/2026 (Callable 07/15/2024)		275,000		297,544

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

Page 90

Baird Short-Term Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Town of Plymouth CT,
3.000%, 10/15/2027 (Callable 10/15/2024)
(Insured by BAM)	$	300,000	$	320,361
University of Connecticut,
5.000%, 11/15/2026 (Callable 11/15/2022)		760,000		805,920
Total Connecticut
(Cost $19,477,184)				20,040,549		1.1	%
Delaware
Delaware Municipal Electric Corp.:
5.000%, 10/01/2024 (Insured by BAM)		230,000		264,362
5.000%, 10/01/2025 (Insured by BAM)		140,000		166,416
Delaware State Economic
Development Authority:
5.000%, 10/01/2028 (Callable 10/01/2024)
(Insured by AGM)		1,000,000		1,115,505
5.000%, 10/01/2029 (Callable 10/01/2022)		1,000,000		1,041,094
Delaware State Housing Authority,
2.600%, 07/01/2043 (Callable 06/01/2023)
(Insured by GNMA)		128,013		133,592
Total Delaware
(Cost $2,696,170)				2,720,969		0.1	%
District of Columbia
District of Columbia:
5.000%, 07/01/2025		500,000		577,208
5.000%, 12/01/2026 (Callable 12/01/2022)		310,000		330,788
4.000%, 12/01/2028 (Callable 12/01/2022)		330,000		345,911
3.000%, 06/01/2030		1,205,000		1,246,277
District of Columbia Housing Finance Agency:
1.250%, 03/01/2023 (Mandatory Tender
Date 03/01/2022) (Insured by FNMA)(1)		1,700,000		1,710,486
3.500%, 06/15/2023		195,000		201,226
2.550%, 09/01/2023 (Mandatory Tender
Date 03/01/2022) (Insured by FHA)(1)		1,200,000		1,217,738
1.750%, 09/01/2025 (Mandatory Tender
Date 09/01/2023) (Insured by FHA)(1)		2,260,000		2,318,479
1.450%, 02/01/2039 (Mandatory Tender
Date 08/01/2022)(1)		180,000		182,207
Total District of Columbia
(Cost $8,004,386)				8,130,320		0.5	%
Florida
Capital Trust Agency, Inc.:
4.000%, 12/15/2024		250,000		265,010
4.000%, 11/01/2025
(Pre-refunded to 11/01/2022)		245,000		254,984
4.250%, 12/01/2042
(Pre-refunded to 12/01/2022)		65,000		71,766
City of Auburndale FL,
5.250%, 12/01/2023		1,010,000		1,128,851
City of Boynton Beach FL,
4.500%, 11/01/2022 (Callable 11/01/2021)
(Insured by AGM)		130,000		131,810
City of Jacksonville FL:
5.000%, 11/01/2022		100,000		106,260
5.000%, 10/01/2029 (Callable 10/01/2026)		1,175,000		1,435,644
City of Lakeland FL,
5.000%, 11/15/2028 (Callable 11/15/2026)		100,000		120,591
City of Melbourne FL,
0.000%, 10/01/2023 (Insured by NATL)		100,000		98,832
City of Orlando FL,
5.000%, 11/01/2025 (Insured by AGM)		1,000,000		1,193,793
City of Port St. Lucie FL:
5.000%, 09/01/2021		55,000		55,426
5.250%, 09/01/2022 (Insured by NATL)		100,000		105,776
City of Tallahassee FL:
5.000%, 12/01/2022		475,000		506,083
5.000%, 12/01/2024		200,000		230,228
5.000%, 12/01/2025		500,000		594,653
County of Brevard FL,
5.000%, 07/01/2031 (Callable 07/01/2027)		540,000		665,664
County of Broward FL:
5.000%, 09/01/2025 (Callable 09/01/2023)		1,540,000		1,695,127
5.000%, 09/01/2026 (Callable 09/01/2023)		1,045,000		1,148,493
5.000%, 09/01/2027 (Callable 09/01/2023)		1,525,000		1,676,173
County of Escambia FL,
0.030%, 07/01/2022
(Optional Put Date 07/01/2021)(1)		1,000,000		1,000,000
County of Miami-Dade FL:
0.000%, 10/01/2023
(ETM) (Insured by NATL)		200,000		198,212
5.000%, 10/01/2027 (Callable 10/01/2025)		500,000		592,719
0.000%, 10/01/2028
(ETM) (Insured by NATL)		40,000		36,943
County of Okeechobee FL,
1.550%, 07/01/2039
(Mandatory Tender Date 07/01/2021)(1)		475,000		475,000
County of St. Lucie FL,
0.030%, 09/01/2028
(Optional Put Date 07/01/2021)(1)		8,000,000		8,000,000
Florida Department of
Environmental Protection,
5.000%, 07/01/2025		525,000		619,626
Florida Development Finance Corp.:
5.000%, 04/01/2022		155,000		160,362
5.000%, 04/01/2023		275,000		297,058
4.000%, 06/15/2024(3)		860,000		930,337
2.625%, 12/15/2024(3)		310,000		317,424
5.000%, 04/01/2025		200,000		230,977
5.250%, 02/01/2026 (Callable 08/01/2023)		100,000		106,395
5.000%, 06/15/2026(3)		370,000		432,849
5.000%, 06/15/2027(3)		390,000		465,733
Florida Gulf Coast University Financing Corp.:
5.000%, 02/01/2023		240,000		257,407
5.000%, 02/01/2024		250,000		278,353
5.000%, 02/01/2027		270,000		330,005
Florida Higher Educational Facilities
Financial Authority,
5.000%, 04/01/2028 (Callable 04/01/2026)		485,000		572,413
Florida Housing Finance Corp.:
3.700%, 07/01/2021 (Insured by GNMA)		455,000		455,000
1.450%, 03/01/2023
(Mandatory Tender Date 03/01/2022)(1)		100,000		100,756
4.350%, 01/01/2046 (Callable 01/01/2024)		85,000		87,356
4.000%, 07/01/2047 (Callable 07/01/2025)
(Insured by GNMA)		80,000		85,224
4.000%, 07/01/2049 (Callable 07/01/2027)
(Insured by GNMA)		185,000		201,822
Florida Municipal Loan Council:
0.000%, 04/01/2022 (Insured by NATL)		295,000		292,550
4.000%, 12/01/2022 (Insured by AGM)		155,000		162,891
0.000%, 04/01/2023 (Insured by NATL)		265,000		259,388
5.000%, 12/01/2023 (Insured by AGM)		160,000		177,253
5.000%, 12/01/2024 (Insured by AGM)		85,000		97,629
Florida Municipal Power Agency,
5.000%, 10/01/2025 (Callable 10/01/2021)		585,000		591,959
Herons Glen Recreation District,
2.500%, 05/01/2027 (Insured by BAM)		250,000		265,550

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

Page 91

Baird Short-Term Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Highlands County Health
Facilities Authority,
0.020%, 11/15/2035 (Callable 07/01/2021)
(Optional Put Date 07/07/2021)(1)	$	9,800,000	$	9,800,000
Hillsborough County Industrial
Development Authority,
3.500%, 10/01/2028 (Callable 10/01/2023)		355,000		373,113
Hollywood Beach Community
Development District I,
5.000%, 10/01/2027		545,000		676,159
Hollywood Community
Redevelopment Agency:
5.000%, 03/01/2023		665,000		714,223
5.000%, 03/01/2024		800,000		892,771
Jacksonville Electric Authority:
5.000%, 10/01/2023		150,000		165,836
5.000%, 10/01/2023		210,000		232,170
5.000%, 10/01/2026 (Callable 08/02/2021)		245,000		245,950
0.040%, 10/01/2036 (Callable 07/01/2021)
(Optional Put Date 07/07/2021)(1)		2,000,000		2,000,000
Lee County School Board,
5.000%, 08/01/2023		190,000		208,394
Miami Beach Health Facilities Authority,
4.000%, 11/15/2025
(Pre-refunded to 11/15/2022)		735,000		773,280
Miami Health Facilities Authority,
5.000%, 07/01/2021		310,000		310,000
Miami-Dade County Educational
Facilities Authority:
5.000%, 04/01/2022		150,000		155,028
5.000%, 04/01/2023		150,000		161,620
Miami-Dade County Industrial
Development Authority:
5.000%, 01/15/2022		385,000		391,647
0.030%, 05/01/2046(1)		14,000,000		14,000,000
Orange County Convention Center,
5.000%, 10/01/2028 (Callable 10/01/2025)		50,000		58,702
Orange County Health Facilities Authority:
3.500%, 08/01/2021		575,000		576,372
6.250%, 10/01/2021
(ETM) (Insured by NATL)		40,000		40,601
4.000%, 08/01/2024		25,000		27,495
5.000%, 08/01/2028 (Callable 08/01/2024)		2,000,000		2,227,071
Orange County Housing Finance Authority:
4.000%, 09/01/2040 (Callable 09/01/2024)
(Insured by GNMA)		250,000		260,611
4.250%, 09/01/2049 (Callable 09/01/2027)
(Insured by GNMA)		180,000		200,369
Osceola County Expressway Authority,
0.000%, 10/01/2024 (ETM)		265,000		258,971
Palm Beach County Health Facilities Authority:
5.000%, 08/15/2021		400,000		402,282
5.000%, 11/15/2022		220,000		233,399
5.000%, 12/01/2031
(Pre-refunded to 12/01/2024)		1,250,000		1,445,228
Pasco County School Board,
0.770%, 08/01/2032 (SIFMA Municipal Swap
Index + 0.750%) (Callable 08/04/2021)
(Mandatory Tender Date 08/02/2023)(2)		3,675,000		3,676,776
Pinellas County Housing Authority,
1.000%, 11/01/2027		3,325,000		3,340,079
Pinellas County Housing Finance Authority,
1.250%, 08/01/2022
(Mandatory Tender Date 08/01/2021)(1)		1,015,000		1,015,809
Reedy Creek Improvement District,
5.000%, 10/01/2024
(Callable 10/01/2023)		145,000		160,066
Sarasota County Public Hospital District,
5.250%, 07/01/2024 (Insured by NATL)		130,000		145,020
School Board of Miami-Dade County,
5.000%, 05/01/2031
(Mandatory Tender Date 05/01/2024)(1)		805,000		906,896
St. Johns River Power Park,
5.000%, 10/01/2024 (Callable 08/02/2021)		105,000		105,406
St. Lucie County School Board,
5.000%, 07/01/2027 (Callable 07/01/2023)		1,150,000		1,252,017
UCF Convocation Corp.:
5.000%, 10/01/2028 (Callable 10/01/2025)		630,000		745,660
5.000%, 10/01/2030 (Callable 10/01/2025)		935,000		1,106,654
University of North Florida Financing Corp.,
5.000%, 11/01/2023 (Insured by AGM)		485,000		531,440
Volusia County Educational
Facility Authority:
5.000%, 10/15/2029 (Callable 04/15/2025)		1,035,000		1,197,640
5.000%, 10/15/2033 (Callable 04/15/2025)		450,000		519,948
Volusia County School Board,
5.000%, 08/01/2031 (Callable 08/01/2024)		1,675,000		1,900,293
Total Florida
(Cost $82,193,764)				82,999,351		4.6	%
Georgia
Athens Housing Authority:
5.000%, 06/15/2022		280,000		291,935
5.000%, 06/15/2027		1,570,000		1,948,434
5.000%, 06/15/2028 (Callable 06/15/2027)		1,755,000		2,163,376
Atlanta Development Authority,
5.000%, 07/01/2024		140,000		158,684
Barnesville-Lamar County Industrial
Development Authority,
5.000%, 06/01/2028		250,000		317,349
Bartow County Development Authority,
2.750%, 12/01/2032
(Mandatory Tender Date 03/15/2023)(1)		2,100,000		2,184,124
Burke County Development Authority:
2.250%, 10/01/2032
(Mandatory Tender Date 05/25/2023)(1)		170,000		175,791
1.500%, 01/01/2040
(Mandatory Tender Date 02/03/2025)(1)		6,500,000		6,654,118
1.700%, 12/01/2049
(Mandatory Tender Date 08/22/2024)(1)		1,680,000		1,737,664
0.020%, 11/01/2052
(Optional Put Date 07/01/2021)(1)		7,100,000		7,100,000
City of Atlanta GA:
5.000%, 01/01/2023 (Callable 08/02/2021)		450,000		451,754
5.000%, 01/01/2024 (Callable 08/02/2021)		515,000		517,015
4.000%, 07/01/2026 (Callable 07/01/2023)		100,000		105,633
City of Thomson GA:
3.000%, 07/01/2022		535,000		547,426
3.000%, 07/01/2023 (Callable 07/01/2022)		550,000		563,333
Clayton County Development Authority:
5.000%, 07/01/2024		200,000		227,333
5.000%, 07/01/2025		210,000		246,845
5.000%, 07/01/2027		200,000		248,496
Cobb-Marietta Coliseum &
Exhibit Hall Authority,
5.500%, 10/01/2026 (Insured by NATL)		880,000		994,355
Colquitt County Development Authority,
0.000%, 12/01/2021 (ETM)		525,000		524,674

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

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Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Development Authority for Fulton County:
5.000%, 10/01/2025	$	975,000	$	1,134,375
5.000%, 10/01/2026		1,415,000		1,689,355
5.000%, 10/01/2027		1,015,000		1,240,003
Development Authority of Appling County:
0.030%, 09/01/2029
(Optional Put Date 07/01/2021)(1)		5,600,000		5,600,000
1.500%, 01/01/2038
(Mandatory Tender Date 02/03/2025)(1)		900,000		921,340
Development Authority of Bulloch County:
5.000%, 07/01/2023		260,000		284,595
5.000%, 07/01/2024		200,000		227,333
5.000%, 07/01/2025		315,000		370,268
5.000%, 07/01/2026		330,000		399,757
Development Authority of Cobb County:
5.000%, 07/15/2024 (ETM)		445,000		507,728
5.000%, 07/15/2024		1,455,000		1,653,813
Development Authority of Monroe County,
0.030%, 11/01/2048
(Optional Put Date 07/01/2021)(1)		6,450,000		6,450,000
Fayette County Hospital Authority,
5.000%, 07/01/2054 (Callable 01/01/2024)
(Mandatory Tender Date 07/01/2024)(1)		1,755,000		1,952,685
Forsyth County Hospital Authority,
6.375%, 10/01/2028 (ETM)		675,000		829,005
George L Smith II Congress Center Authority,
3.625%, 01/01/2031(3)		1,750,000		1,971,565
Georgia Higher Education Facilities Authority,
5.000%, 06/15/2027		1,815,000		2,252,489
Macon-Bibb County Housing Authority:
1.625%, 10/01/2024 (Callable 04/01/2022)
(Mandatory Tender Date 10/01/2022)(1)		2,500,000		2,497,392
1.400%, 11/01/2024 (Callable 07/01/2022)
(Mandatory Tender Date 11/01/2022)(1)		1,250,000		1,249,953
Main Street Natural Gas, Inc.:
5.000%, 03/15/2022		195,000		201,359
5.000%, 09/01/2026 (Callable 06/01/2026)		500,000		604,924
0.817%, 04/01/2048 (1 Month LIBOR
USD + 0.750%) (Callable 06/01/2023)
(Mandatory Tender Date 09/01/2023)(2)		5,465,000		5,492,227
0.897%, 08/01/2048 (1 Month LIBOR
USD + 0.830%) (Callable 09/01/2023)
(Mandatory Tender Date 12/01/2023)(2)		6,700,000		6,751,806
Monroe County Public Facilities Authority:
5.000%, 06/01/2024		180,000		203,405
5.000%, 06/01/2025		200,000		233,856
Municipal Electric Authority of Georgia,
5.000%, 01/01/2028 (Callable 07/01/2026)		1,500,000		1,801,176
Pelham School District:
5.000%, 09/01/2021 (Insured by ST AID)		100,000		100,757
5.000%, 09/01/2022 (Insured by ST AID)		125,000		131,706
5.000%, 09/01/2023 (Insured by ST AID)		290,000		318,279
5.000%, 09/01/2024 (Insured by ST AID)		210,000		239,003
Private Colleges & Universities Authority:
3.750%, 10/01/2021		80,000		80,695
5.000%, 10/01/2021		1,325,000		1,340,611
5.000%, 10/01/2021		75,000		75,884
5.000%, 06/01/2024		275,000		307,949
0.440%, 10/01/2039 (SIFMA Municipal Swap
Index + 0.420%) (Callable 02/16/2022)
(Mandatory Tender Date 08/16/2022)(2)		2,200,000		2,200,834
Richmond County Development Authority:
0.000%, 12/01/2021 (ETM)		425,000		424,736
0.000%, 12/01/2021 (ETM)		370,000		369,771
Valdosta & Lowndes County
Hospital Authority,
5.000%, 10/01/2033
(Pre-refunded to 10/01/2021)		300,000		303,632
Washington Wilkes Payroll
Development Authority,
0.000%, 12/01/2021 (ETM)		400,000		399,504
Total Georgia
(Cost $78,814,382)				79,972,109		4.5	%
Illinois
Adams & Hancock Counties Community
Unit School District No. 4,
4.000%, 12/01/2026 (Callable 12/01/2025)
(Insured by BAM)		275,000		311,202
Bureau County Township
High School District No. 502,
3.000%, 12/01/2021 (Insured by BAM)		30,000		30,321
Channahon Park District:
4.000%, 12/15/2025 (Insured by BAM)		365,000		412,442
4.000%, 12/15/2026 (Insured by BAM)		380,000		437,466
4.000%, 12/15/2027 (Insured by BAM)		395,000		461,904
Chicago Board of Education:
0.000%, 12/01/2022		125,000		124,356
5.000%, 12/01/2022 (Insured by AGM)		145,000		154,318
5.000%, 12/01/2023 (Insured by AGM)		500,000		552,895
5.250%, 12/01/2023		675,000		730,714
Chicago Park District,
5.000%, 01/01/2024		1,305,000		1,444,074
City of Burbank IL,
4.000%, 12/01/2021 (Insured by BAM)		500,000		507,606
City of Chicago IL:
5.125%, 01/01/2022		400,000		409,155
5.000%, 01/01/2024 (Callable 01/01/2022)		705,000		722,100
5.000%, 11/01/2026		2,900,000		3,522,862
0.000%, 01/01/2027 (Insured by NATL)		3,755,000		3,520,375
5.000%, 01/01/2027 (Callable 01/01/2025)		1,085,000		1,251,333
5.250%, 01/01/2038
(Pre-refunded to 01/01/2022)		400,000		410,217
City of Decatur IL,
4.000%, 03/01/2022		65,000		66,357
City of Oregon IL,
4.000%, 12/01/2024
(Pre-refunded to 12/01/2022)		105,000		110,569
City of Princeton IL:
4.000%, 11/01/2021 (Insured by AGM)		45,000		45,556
4.000%, 11/01/2022 (Insured by AGM)		100,000		104,577
4.000%, 01/01/2023 (Insured by AGM)		50,000		52,469
4.000%, 01/01/2025 (Insured by AGM)		120,000		133,496
City of Rock Island IL,
3.000%, 12/01/2022		435,000		446,650
City of Rockford IL,
5.000%, 12/15/2023 (Insured by BAM)		110,000		121,670
City of Springfield IL:
5.000%, 12/01/2023		155,000		171,319
5.000%, 03/01/2024		50,000		55,798
City of Waukegan IL,
3.000%, 12/30/2022		365,000		378,686
Cook County Community Consolidated
School District No. 34,
5.000%, 12/01/2026		1,675,000		2,057,221
Cook County Forest Preserve District,
5.000%, 11/15/2021		750,000		763,091

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

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Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Cook County High School District No. 209,
4.000%, 12/01/2030 (Callable 12/01/2024)
(Insured by AGM)	$	575,000	$	632,555
Cook County School District No. 123,
0.000%, 12/01/2021 (ETM)		200,000		199,793
Cook County School District No. 130,
5.000%, 12/01/2025 (Insured by AGM)		1,320,000		1,552,232
Cook County School District No. 154,
3.500%, 12/01/2024 (Insured by BAM)		114,000		122,171
Cook County School District No. 159:
0.000%, 12/01/2022
(ETM) (Insured by AGM)		1,225,000		1,218,614
0.000%, 12/01/2022 (Insured by AGM)		20,000		19,780
Cook County School District No. 163,
6.000%, 12/15/2024 (Insured by BAM)		795,000		933,671
Cook County School District No. 84:
0.000%, 12/01/2021
(ETM) (Insured by AGM)		180,000		179,888
0.000%, 12/01/2021
(ETM) (Insured by AGM)		105,000		104,935
Cook County Township
High School District No. 201,
0.000%, 12/01/2025 (Insured by AGM)		165,000		155,671
County of Cook IL:
5.000%, 11/15/2027		2,000,000		2,496,775
5.000%, 11/15/2028 (Callable 11/15/2026)		3,000,000		3,659,818
5.000%, 11/15/2032 (Callable 11/15/2027)		1,000,000		1,247,979
County of Washington IL,
4.000%, 12/15/2024 (Insured by AGM)		250,000		278,171
DeKalb & Kane Counties Community
Unit School District No. 427,
4.000%, 02/01/2029 (Callable 02/01/2022)
(Insured by BAM)		525,000		536,693
DeKalb County Community
Unit School District No. 424:
0.000%, 01/01/2022
(ETM) (Insured by AMBAC)		125,000		124,820
0.000%, 01/01/2022 (Insured by AMBAC)		125,000		124,623
Exceptional Children Have Opportunities:
5.000%, 12/01/2024		380,000		431,754
5.000%, 12/01/2025		505,000		589,552
5.000%, 12/01/2025		245,000		286,021
5.000%, 12/01/2026		530,000		636,567
5.000%, 12/01/2026		255,000		306,273
Fulton, Mason, Knox, Schuyler, Etc. Counties
Community College District No. 534,
4.000%, 12/01/2027 (Pre-refunded to
12/01/2022) (Insured by BAM)		90,000		94,839
Hampshire Special Service Area No. 13:
3.000%, 03/01/2022 (Insured by BAM)		100,000		101,320
3.000%, 03/01/2023 (Insured by BAM)		210,000		217,316
3.000%, 03/01/2026 (Insured by BAM)		90,000		96,768
Hoffman Estates Park District,
5.000%, 12/01/2025		2,585,000		2,846,577
Illinois Development Finance Authority,
0.000%, 07/15/2025 (ETM)		870,000		847,168
Illinois Finance Authority:
4.000%, 09/01/2021		75,000		75,433
5.000%, 11/01/2021		75,000		76,118
5.000%, 02/15/2022		235,000		241,996
5.000%, 05/15/2022		190,000		197,424
5.000%, 09/01/2022		200,000		210,937
5.000%, 05/15/2023		120,000		130,497
5.000%, 08/01/2023		1,455,000		1,567,099
5.000%, 09/01/2023		400,000		439,511
5.000%, 05/15/2024		350,000		395,723
5.000%, 11/01/2024		340,000		388,684
5.000%, 08/15/2027 (Callable 08/15/2025)		1,000,000		1,170,758
5.000%, 09/01/2029 (Callable 09/01/2026)		1,575,000		1,851,637
5.000%, 10/01/2030 (Callable 10/01/2026)		500,000		602,837
4.000%, 11/01/2030		2,995,000		3,381,343
0.720%, 05/01/2042
(SIFMA Municipal Swap Index + 0.700%)
(Callable 05/01/2025)
(Mandatory Tender Date 05/01/2026)(2)		2,540,000		2,540,004
0.020%, 08/01/2043
(Optional Put Date 07/01/2021)(1)		7,800,000		7,800,000
0.770%, 01/01/2046
(SIFMA Municipal Swap Index + 0.750%)
(Callable 07/01/2022)
(Mandatory Tender Date 07/01/2023)(2)		835,000		835,538
5.000%, 05/15/2050 (Callable 05/15/2026)
(Mandatory Tender Date 11/15/2026)(1)		4,000,000		4,797,554
Illinois Housing Development Authority:
2.600%, 10/01/2025 (Insured by GNMA)		780,000		834,656
2.750%, 04/01/2026 (Insured by GNMA)		1,000,000		1,083,306
2.450%, 06/01/2043 (Callable 01/01/2023)
(Insured by GNMA)		257,377		266,234
4.500%, 10/01/2048 (Callable 04/01/2028)		465,000		520,354
4.000%, 10/01/2049 (Callable 10/01/2028)
(Insured by GNMA)		6,465,000		7,180,055
4.250%, 10/01/2049 (Callable 04/01/2028)		1,705,000		1,898,514
3.000%, 04/01/2051 (Callable 04/01/2030)		2,000,000		2,188,225
Illinois Sports Facilities Authority,
5.000%, 06/15/2028 (Insured by BAM)		1,000,000		1,243,112
Iroquois & Kankakee Counties Community
Unit School District No. 4,
0.000%, 11/01/2021 (Insured by AMBAC)		500,000		498,338
Joliet Park District:
4.000%, 02/01/2023 (Insured by BAM)		150,000		158,371
4.000%, 02/01/2028 (Callable 02/01/2024)
(Insured by BAM)		715,000		766,214
Joliet Regional Port District,
4.000%, 06/30/2025 (Callable 06/30/2024)
(Insured by AGM)		40,000		43,911
Kane & DeKalb Counties Community
Unit School District No. 302,
5.000%, 02/01/2026		500,000		590,751
Kane County School District No. 131,
3.500%, 06/01/2024 (Callable 08/02/2021)
(Insured by AGM)		15,000		15,041
Kankakee, Iroquois, Ford, Etc. Counties
Community Unit School District No. 2,
4.000%, 12/01/2023 (Insured by AGM)		445,000		481,650
Kendall & Kane Counties Community
Unit School District No. 115,
0.000%, 01/01/2022 (Insured by NATL)		1,000,000		997,328
Kendall County Forest Preserve District,
4.000%, 01/01/2025 (Insured by BAM)		215,000		236,593
Lake County Community Unit
School District No. 116,
5.000%, 01/15/2025 (Callable 01/15/2023)		340,000		364,796
Lake County Elementary
School District No. 6:
0.000%, 12/01/2021 (Insured by AMBAC)		115,000		114,437
0.000%, 12/01/2022 (Insured by AMBAC)		115,000		112,903
0.000%, 12/01/2024 (Insured by AMBAC)		70,000		66,121

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

Page 94

Baird Short-Term Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Lake County School District No. 38:
0.000%, 02/01/2023 (Insured by AMBAC)	$	1,065,000	$	1,040,755
0.000%, 02/01/2025 (Insured by AMBAC)		210,000		197,253
Logan Sangamon Etc Counties Community
Unit School District No. 23:
5.000%, 12/01/2021 (Insured by AGM)		440,000		447,471
5.000%, 12/01/2022 (Insured by AGM)		520,000		552,195
Macon & De Witt Counties Community
Unit School District No. 1,
2.250%, 12/01/2022 (Callable 08/02/2021)		60,000		60,069
Macon County School District No. 61:
4.000%, 12/01/2025 (Insured by AGM)		345,000		388,894
4.000%, 12/01/2026 (Insured by AGM)		460,000		531,035
4.000%, 12/01/2027 (Insured by AGM)		850,000		995,692
Madison-Macoupin Etc. Counties
Community College District No. 536:
4.000%, 05/01/2025 (Insured by AGM)		400,000		445,207
4.000%, 05/01/2030 (Callable 05/01/2027)
(Insured by AGM)		1,000,000		1,154,906
McHenry County Community
Unit School District No. 200,
5.250%, 01/15/2027 (Callable 01/15/2024)		135,000		151,862
Menard Cass & Sangamon Counties
Community Unit School District No. 202,
4.000%, 12/01/2022 (Insured by AGM)		300,000		313,921
Metropolitan Pier & Exposition Authority:
0.000%, 06/15/2022
(ETM) (Insured by NATL)		30,000		29,883
5.650%, 06/15/2022 (Insured by NATL)(7)		160,000		167,997
5.500%, 12/15/2023 (Insured by NATL)		135,000		145,550
0.000%, 06/15/2024 (Insured by NATL)		35,000		33,951
0.000%, 12/15/2025 (Insured by NATL)		65,000		61,281
5.000%, 12/15/2026 (Callable 06/15/2022)
(Insured by ST AID)		290,000		302,872
Metropolitan Water Reclamation
District of Greater Chicago,
5.000%, 12/01/2027 (Callable 12/01/2026)		535,000		662,219
Newport Township Fire Protection District:
4.000%, 01/01/2022 (Insured by BAM)		125,000		126,912
4.000%, 01/01/2023 (Insured by BAM)		135,000		141,109
Northern Illinois University:
5.000%, 10/01/2029 (Insured by BAM)(6)		300,000		381,158
5.000%, 10/01/2030 (Insured by BAM)(6)		325,000		418,206
Ogle & Winnebago Counties Community
Unit School District No. 223,
5.000%, 12/01/2021 (Insured by BAM)		150,000		152,876
Pike & Adams Counties Community
Unit School District No. 4,
4.000%, 12/01/2024 (Insured by BAM)		345,000		378,834
Plano Special Service Areas No. 3 & 4,
4.000%, 03/01/2030 (Callable 03/01/2025)		260,000		291,987
Prospect Heights Park District,
4.000%, 12/01/2021 (Insured by BAM)		330,000		335,103
Regional Transportation Authority:
6.250%, 07/01/2021 (Insured by AGM)		675,000		675,000
5.750%, 06/01/2023 (Insured by AGM)		175,000		186,042
Sales Tax Securitization Corp.:
5.000%, 01/01/2022		2,035,000		2,081,877
5.000%, 01/01/2024		200,000		222,369
Shelby Christian Macon Counties
Community School District No. 21:
4.000%, 12/01/2025 (Callable 12/01/2023)
(Insured by AGM)		400,000		434,961
4.000%, 12/01/2026 (Callable 12/01/2023)
(Insured by AGM)		435,000		472,800
Southwestern Illinois Development Authority,
7.125%, 11/01/2030
(Pre-refunded to 11/01/2023)		195,000		225,884
St. Charles Public Library District,
4.000%, 11/01/2028 (Callable 11/01/2024)		455,000		509,185
St. Clair County Community
Consolidated School District:
0.000%, 12/01/2021		485,000		483,781
0.000%, 12/01/2022		190,000		188,117
St. Clair County School District No. 119:
5.000%, 04/01/2022 (Insured by AGM)		350,000		362,135
5.000%, 04/01/2023 (Insured by AGM)		300,000		323,679
St. Clair County Township
High School District No. 203,
4.000%, 12/01/2022		400,000		419,026
State of Illinois:
5.000%, 08/01/2021		190,000		190,740
4.000%, 03/01/2022		3,250,000		3,331,557
5.000%, 03/01/2022		55,000		56,745
5.000%, 03/01/2022		350,000		361,104
5.000%, 03/01/2022		500,000		515,862
5.125%, 05/01/2022		1,500,000		1,560,950
6.500%, 06/15/2022		95,000		100,304
5.000%, 06/15/2023		270,000		292,829
5.000%, 06/15/2023		670,000		726,650
3.750%, 06/15/2025 (Callable 08/02/2021)		310,000		310,854
4.000%, 06/15/2026 (Callable 08/02/2021)		365,000		366,943
6.000%, 06/15/2026		200,000		246,192
Tender Option Bond Trust:
0.140%, 12/01/2027
(Optional Put Date 07/07/2021)(1)(3)		1,000,000		1,000,000
0.140%, 12/01/2027
(Optional Put Date 07/07/2021)(1)(3)		3,450,000		3,450,000
United City of Yorkville IL,
4.050%, 12/01/2027 (Callable 12/01/2023)		120,000		129,683
University of Illinois:
5.000%, 10/01/2021		330,000		333,938
5.000%, 03/15/2022		50,000		51,696
5.000%, 04/01/2026		1,905,000		2,290,665
5.000%, 04/01/2027		2,000,000		2,468,861
Upper Illinois River Valley
Development Authority:
5.000%, 12/01/2022		680,000		722,200
5.000%, 12/01/2023		400,000		440,893
Village of Calumet Park IL,
5.250%, 12/01/2029 (Callable 12/01/2024)
(Insured by BAM)		500,000		561,399
Village of Crestwood IL:
4.000%, 12/15/2021 (Insured by BAM)		250,000		253,861
4.000%, 12/15/2021 (Insured by BAM)		500,000		507,723
4.000%, 12/15/2023 (Insured by BAM)		540,000		583,615
4.500%, 12/15/2025 (Callable 12/15/2022)
(Insured by BAM)		60,000		63,364
Village of Glendale Heights IL,
4.000%, 12/15/2030 (Callable 12/15/2027)		750,000		889,645
Village of Lansing IL:
5.000%, 03/01/2023 (Insured by AGM)		275,000		293,928
5.000%, 03/01/2024 (Insured by BAM)		230,000		254,412
Village of Lyons IL,
5.000%, 12/01/2025 (Callable 12/01/2022)
(Insured by BAM)		25,000		26,680
Village of Matteson IL,
8.000%, 12/01/2029
(Pre-refunded to 06/01/2022)(7)		295,000		314,555

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

Page 95

Baird Short-Term Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Village of Oak Park IL,
4.000%, 11/01/2021	$	245,000	$	247,943
Village of Orland Hills IL:
4.000%, 12/01/2022 (Insured by BAM)		145,000		151,456
4.000%, 12/01/2023 (Insured by BAM)		130,000		139,957
Village of Rantoul IL,
4.300%, 01/01/2025 (Callable 01/01/2023)		125,000		132,257
Village of Richton Park IL,
4.000%, 12/01/2022 (Insured by BAM)		80,000		83,296
Village of River Grove IL,
3.000%, 12/15/2021 (Insured by BAM)		120,000		121,251
Village of Romeoville IL,
5.000%, 10/01/2024		500,000		562,758
Village of Sauk Village IL,
4.000%, 12/01/2024 (Insured by BAM)		1,260,000		1,388,923
Village of Stone Park IL:
4.000%, 02/01/2022 (Insured by BAM)		125,000		127,681
4.000%, 02/01/2023 (Insured by BAM)		130,000		134,720
4.000%, 02/01/2024 (Insured by BAM)		135,000		144,517
4.000%, 02/01/2025 (Insured by BAM)		140,000		153,045
4.000%, 02/01/2026 (Insured by BAM)		220,000		244,856
4.750%, 02/01/2028 (Callable 02/01/2023)
(Insured by BAM)		50,000		52,954
Village of Sugar Grove IL,
3.000%, 12/15/2025 (Callable 12/15/2021)		225,000		227,389
Will County Community Consolidated
School District No. 70-C,
4.000%, 12/01/2022 (Insured by AGM)		270,000		283,825
Will County Community
High School District No. 210:
0.000%, 01/01/2022
(ETM) (Insured by AGM)		165,000		164,681
4.000%, 01/01/2022 (Insured by AGM)		650,000		661,320
0.000%, 01/01/2023
(ETM) (Insured by AGM)		365,000		362,443
0.000%, 01/01/2023 (Insured by AGM)		325,000		320,139
0.000%, 01/01/2024
(ETM) (Insured by AGM)		510,000		502,802
0.000%, 01/01/2024 (Insured by AGM)		275,000		267,182
5.000%, 01/01/2029 (Callable 01/01/2023)		35,000		37,064
Will County Community Unit
School District No. 201-U,
0.000%, 11/01/2021 (Insured by NATL)		215,000		214,455
Will County Community Unit
School District No. 365:
0.000%, 11/01/2021 (Insured by AGM)		200,000		199,875
0.000%, 11/01/2022
(ETM) (Insured by AGM)		45,000		44,869
Will County Elementary School District No. 122:
0.000%, 11/01/2021
(ETM) (Insured by AGM)		50,000		49,975
0.000%, 11/01/2023
(ETM) (Insured by AGM)		125,000		124,130
Will County School District No. 86,
3.000%, 03/01/2025 (Callable 03/01/2024)		600,000		636,579
Will County School District No. 88A:
5.250%, 01/01/2022
(ETM) (Insured by AGM)		180,000		184,552
5.250%, 01/01/2022 (Insured by AGM)		355,000		363,077
Will County Township
High School District No. 204,
5.000%, 01/01/2023		195,000		206,295
Winnebago & Boone Counties
School District No. 205:
0.000%, 02/01/2022		95,000		94,654
4.000%, 02/01/2028 (Callable 02/01/2023)		965,000		1,018,204
Woodford, Lasalle, Livingston, Etc. Counties
Community Unit School District No. 6:
4.000%, 12/01/2024 (Insured by BAM)		185,000		205,712
4.000%, 12/01/2025 (Insured by BAM)		200,000		226,556
4.000%, 12/01/2026 (Insured by BAM)		175,000		201,626
Total Illinois
(Cost $133,487,428)				135,392,066		7.6	%
Indiana
City of Hobart IN,
3.000%, 07/01/2025 (Insured by ST AID)		395,000		413,272
City of Lawrence IN,
4.000%, 01/01/2022 (Insured by BAM)		400,000		407,411
City of Mishawaka IN,
5.000%, 03/01/2025 (Insured by AGM)		100,000		116,173
City of Muncie IN:
4.000%, 07/15/2022 (Insured by AGM)		110,000		113,380
4.000%, 01/15/2024 (Insured by AGM)		170,000		182,242
City of Valparaiso IN,
4.000%, 08/01/2026 (Callable 08/01/2023)		375,000		402,869
Clarksville Redevelopment Authority:
4.000%, 08/01/2021		155,000		155,454
4.000%, 02/01/2022		230,000		234,865
County of Lake IN,
4.000%, 07/15/2021 (Insured by AGM)		100,000		100,141
County of St. Joseph IN,
5.000%, 04/01/2024		1,000,000		1,111,485
Evansville Vanderburgh Public Library,
4.000%, 07/01/2021 (Insured by ST AID)		70,000		70,000
Fishers Redevelopment Authority:
4.000%, 01/15/2023		270,000		285,296
4.000%, 07/15/2023		275,000		295,855
Hammond Multi-School Building Corp.:
4.000%, 07/15/2023 (Insured by ST AID)		120,000		127,959
4.000%, 01/15/2024 (Insured by ST AID)		370,000		399,740
4.000%, 07/15/2024 (Insured by ST AID)		380,000		415,891
4.000%, 01/15/2025 (Insured by ST AID)		100,000		110,650
5.000%, 01/15/2025 (Insured by ST AID)		525,000		600,906
4.000%, 07/15/2025 (Insured by ST AID)		125,000		139,849
Indiana Bond Bank,
1.093%, 10/15/2022
(3 Month LIBOR USD + 0.970%)(2)		1,140,000		1,140,459
Indiana Finance Authority:
5.000%, 09/15/2022		60,000		63,138
5.000%, 10/01/2022		175,000		184,486
5.250%, 10/01/2022 (Callable 10/01/2021)		800,000		810,079
5.000%, 02/01/2023		25,000		26,875
5.000%, 09/15/2023		75,000		82,003
5.000%, 09/15/2024		815,000		911,945
5.000%, 09/15/2024		155,000		174,900
5.000%, 09/15/2025		325,000		376,198
3.000%, 10/01/2025 (Callable 10/01/2023)		95,000		96,844
5.000%, 09/15/2026 (Callable 09/15/2024)		700,000		778,797
3.000%, 10/01/2026 (Callable 10/01/2023)		95,000		96,593
5.000%, 02/01/2033 (Callable 02/01/2028)		775,000		977,946
2.250%, 12/01/2058 (Callable 01/01/2025)
(Mandatory Tender Date 07/01/2025)(1)		2,985,000		3,167,238

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

Page 96

Baird Short-Term Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Indiana Health & Educational Facilities
Financing Authority:
1.750%, 11/15/2031
(Pre-refunded to 11/02/2021)(1)	$	5,000	$	5,021
1.750%, 11/15/2031
(Mandatory Tender Date 11/02/2021)(1)		370,000		371,961
Indiana Housing & Community
Development Authority:
4.000%, 12/01/2027 (Callable 07/01/2021)
(Insured by GNMA)		350,000		350,762
3.500%, 01/01/2049 (Callable 01/01/2029)
(Insured by GNMA)		1,230,000		1,346,246
Indianapolis Local Public
Improvement Bond Bank:
5.000%, 06/01/2026		1,350,000		1,609,734
5.000%, 02/01/2030 (Callable 12/29/2023)		1,000,000		1,113,908
Jasper Hospital Authority,
4.125%, 11/01/2025
(Pre-refunded to 11/01/2023)		2,025,000		2,207,721
Kankakee Valley Middle
School Building Corp.,
5.000%, 07/15/2022 (Insured by ST AID)		215,000		225,859
Lake Central Multi-District
School Building Corp.,
5.000%, 07/15/2026 (Pre-refunded to
01/15/2023) (Insured by ST AID)		585,000		628,422
Lake Station School Building Corp.,
3.000%, 07/15/2022 (Pre-refunded to
01/15/2022) (Insured by ST AID)		65,000		65,655
Logansport Renovation School Building Corp.,
5.000%, 01/15/2026 (Insured by ST AID)		750,000		890,895
Marion High School Building Corp.:
4.000%, 01/15/2022 (Insured by ST AID)		170,000		173,377
4.000%, 07/15/2022 (Insured by ST AID)		135,000		140,162
4.000%, 01/15/2023 (Insured by ST AID)		215,000		227,009
4.000%, 01/15/2025 (Insured by ST AID)		200,000		223,821
Michigan City School Building Corp.,
5.000%, 07/15/2023 (Insured by ST AID)		350,000		378,911
Munster School Building Corp.:
5.000%, 01/15/2022 (Insured by ST AID)		205,000		210,248
5.000%, 07/15/2022 (Insured by ST AID)		215,000		225,628
5.000%, 01/15/2023 (Insured by ST AID)		215,000		230,680
4.000%, 07/15/2023 (Insured by ST AID)		160,000		172,134
5.000%, 01/15/2024 (Insured by ST AID)		225,000		250,833
Plainfield Redevelopment Authority:
4.000%, 02/01/2026 (Insured by ST AID)		605,000		692,725
4.000%, 08/01/2026 (Insured by ST AID)		630,000		729,183
4.000%, 02/01/2027 (Insured by ST AID)		645,000		752,943
4.000%, 08/01/2027 (Insured by ST AID)		665,000		783,489
Salem Middle School Building Corp.,
4.000%, 01/15/2024 (Insured by ST AID)		195,000		211,805
Shelbyville Central Renovation
School Building Corp.,
5.000%, 07/15/2022 (Insured by ST AID)		260,000		272,741
Starke County Building Corp.,
4.000%, 08/01/2028 (Pre-refunded to
02/01/2022) (Insured by ST AID)		700,000		715,176
Town of Rossville IN,
3.500%, 07/01/2023		115,000		120,474
Vinton-Tecumseh School Building Corp.:
4.000%, 07/15/2021 (Insured by ST AID)		220,000		220,289
4.000%, 07/15/2022 (Insured by ST AID)		385,000		399,476
5.000%, 01/15/2023 (Insured by ST AID)		145,000		155,202
Wabash City Schools Building Corp.:
4.000%, 07/15/2024 (Insured by ST AID)		110,000		121,121
4.000%, 01/15/2025 (Insured by ST AID)		140,000		156,153
4.000%, 07/15/2025 (Insured by ST AID)		240,000		270,951
Washington Indiana Elementary
School Building Corp.,
3.000%, 01/15/2024 (Insured by ST AID)		550,000		569,394
West Washington School Corp.:
2.000%, 01/15/2022 (Insured by ST AID)		125,000		125,976
2.000%, 07/15/2022 (Insured by ST AID)		195,000		198,119
Westfield High School Building Corp.,
5.000%, 01/15/2024 (Insured by ST AID)		200,000		221,889
Total Indiana
(Cost $31,850,958)				32,337,032		1.8	%
Iowa
Bondurant-Farrar Community
School District,
3.000%, 06/01/2023 (Insured by AGM)		110,000		115,652
City of Coralville IA:
4.000%, 06/01/2024		300,000		317,427
4.000%, 06/01/2025 (Callable 06/01/2024)		455,000		479,757
City of New Hampton IA:
3.000%, 06/01/2022 (Insured by BAM)		130,000		132,948
3.000%, 06/01/2023 (Insured by BAM)		135,000		141,459
City of Waverly IA,
2.500%, 12/31/2022 (Callable 07/01/2022)		2,850,000		2,888,352
County of Adair IA:
2.000%, 06/01/2022		580,000		589,210
2.000%, 06/01/2023		730,000		752,452
Iowa Finance Authority:
3.500%, 07/01/2046 (Callable 01/01/2026)
(Insured by GNMA)		130,000		138,487
4.000%, 07/01/2047 (Callable 07/01/2027)
(Insured by GNMA)		725,000		792,947
4.000%, 07/01/2047 (Callable 07/01/2028)
(Insured by GNMA)		995,000		1,128,148
2.875%, 05/15/2049 (Callable 07/21/2021)		900,000		909,437
Iowa Higher Education Loan Authority:
3.000%, 04/01/2024		500,000		531,473
3.000%, 04/01/2025		775,000		837,929
3.000%, 04/01/2026		800,000		875,516
3.000%, 04/01/2027		820,000		907,687
3.000%, 04/01/2028		845,000		943,679
Iowa Tobacco Settlement Authority,
0.375%, 06/01/2030		285,000		285,233
Lake Panorama Improvement Zone:
3.000%, 06/01/2022		395,000		403,081
3.000%, 06/01/2023		405,000		422,713
3.000%, 06/01/2024		420,000		446,064
3.000%, 06/01/2025		430,000		462,141
Total Iowa
(Cost $14,175,971)				14,501,792		0.8	%
Kansas
City of Derby KS,
3.900%, 03/01/2037 (Callable 03/01/2025)		1,300,000		1,346,673
City of Lenexa KS,
1.625%, 09/01/2021 (Callable 08/02/2021)		275,000		275,220
Kansas Independent
College Finance Authority:
4.125%, 05/01/2022		2,250,000		2,292,480
4.375%, 05/01/2022		500,000		509,422
Kansas Municipal Energy Agency,
5.000%, 04/01/2022 (Insured by BAM)		515,000		533,173

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

Page 97

Baird Short-Term Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Public Building Commission
of Johnson County,
5.000%, 09/01/2023	$	50,000	$	55,196
Reno County Unified
School District No. 313,
4.000%, 09/01/2030
(Pre-refunded to 09/01/2022)		200,000		208,854
Wyandotte County-Kansas City
Unified Government,
5.000%, 09/01/2031 (Callable 09/01/2024)		1,100,000		1,250,734
Total Kansas
(Cost $6,337,762)				6,471,752		0.4	%
Kentucky
City of Somerset KY,
4.000%, 11/01/2026 (Callable 11/01/2021)		205,000		207,469
County of Carroll KY,
1.550%, 09/01/2042
(Mandatory Tender Date 09/01/2026)(1)		750,000		755,001
County of Kenton KY:
5.000%, 04/01/2024		375,000		420,949
5.000%, 04/01/2026		700,000		837,003
Danville Independent
School District Finance Corp.,
2.000%, 03/01/2023 (Insured by ST AID)		155,000		157,880
Frankfort Independent
School District Finance Corp.,
2.050%, 08/01/2024 (Insured by ST AID)		1,205,000		1,231,601
Harlan County School
District Finance Corp.,
3.000%, 08/01/2025 (Callable 02/01/2025)
(Insured by ST AID)		1,150,000		1,243,999
Kentucky Association of
Counties Finance Corp.,
4.000%, 02/01/2028		240,000		287,032
Kentucky Bond Corp.,
3.000%, 02/01/2025		765,000		830,607
Kentucky Bond Development Corp.:
2.000%, 03/01/2023		160,000		163,312
3.000%, 03/01/2024		160,000		168,499
4.000%, 03/01/2025		165,000		182,409
5.000%, 03/01/2026		150,000		175,989
5.000%, 03/01/2027		345,000		414,763
5.000%, 03/01/2028		190,000		233,324
Kentucky Economic Development
Finance Authority:
0.000%, 12/01/2022
(ETM) (Insured by AGC)		75,000		74,662
0.000%, 10/01/2024 (Insured by NATL)		945,000		906,435
0.000%, 12/01/2024
(ETM) (Insured by AGC)		60,000		58,966
0.000%, 10/01/2025 (Insured by NATL)		335,000		314,345
5.000%, 06/01/2026		240,000		280,516
0.080%, 05/01/2034 (Callable 07/01/2021)
(Optional Put Date 07/07/2021)(1)		5,165,000		5,165,000
Kentucky Public Energy Authority:
4.000%, 01/01/2049 (Callable 10/01/2024)
(Mandatory Tender Date 01/01/2025)(1)		4,740,000		5,264,791
1.187%, 12/01/2049 (1 Month LIBOR
USD + 1.120%) (Callable 03/01/2025)
(Mandatory Tender Date 06/01/2025)(2)		4,050,000		4,140,375
1.367%, 12/01/2049 (1 Month LIBOR
USD + 1.300%) (Callable 03/01/2025)
(Mandatory Tender Date 06/01/2025)(2)		2,100,000		2,160,447
4.000%, 12/01/2050 (Callable 03/01/2026)
(Mandatory Tender Date 06/01/2026)(1)		1,760,000		2,029,128
Kentucky State Property &
Building Commission:
5.000%, 11/01/2021 (Insured by ST AID)		250,000		253,997
5.000%, 05/01/2028		300,000		378,062
5.000%, 10/01/2032 (Callable 10/01/2027)		250,000		307,520
Kentucky Turnpike Authority,
4.000%, 07/01/2026		1,000,000		1,151,712
Louisville & Jefferson County
Metropolitan Government:
5.000%, 12/01/2022
(Pre-refunded to 06/01/2022)		1,020,000		1,064,390
5.000%, 10/01/2027 (Callable 10/01/2023)		500,000		549,105
Magoffin County Justice Center Corp.,
3.000%, 05/01/2023		345,000		360,100
Murray State University:
5.000%, 09/01/2021 (Insured by ST AID)		285,000		287,188
5.000%, 09/01/2022 (Insured by ST AID)		410,000		432,292
5.000%, 09/01/2023 (Insured by ST AID)		435,000		476,823
3.000%, 03/01/2028 (Callable 03/01/2025)
(Insured by ST AID)		400,000		425,974
University of Louisville,
5.000%, 03/01/2022 (Insured by ST AID)		525,000		541,462
Total Kentucky
(Cost $33,101,320)				33,933,127		1.9	%
Louisiana
Calcasieu Parish Fire Protection District No. 1:
3.500%, 03/01/2022 (Insured by BAM)		145,000		147,978
4.000%, 03/01/2024 (Insured by BAM)		155,000		169,014
Calcasieu Parish School Board,
5.000%, 02/01/2025
(Pre-refunded to 02/01/2022)		115,000		118,263
Calcasieu Parish School District No. 23:
5.000%, 09/01/2022 (Insured by BAM)		85,000		89,519
5.000%, 09/01/2023 (Insured by BAM)		175,000		192,145
5.000%, 09/01/2024 (Insured by BAM)		250,000		284,443
Calcasieu Parish School District No. 30:
2.500%, 02/15/2022		225,000		227,921
4.000%, 02/15/2023 (Insured by AGM)		125,000		131,893
Calcasieu Parish School District No. 34,
2.000%, 11/01/2022		425,000		434,687
City of Shreveport LA:
5.000%, 08/01/2023 (Insured by BAM)		175,000		191,519
5.000%, 03/01/2024 (Insured by BAM)		435,000		487,413
5.000%, 09/01/2024		1,000,000		1,131,034
East Ouachita Parish School District:
2.500%, 03/01/2022		435,000		441,491
2.500%, 03/01/2024		200,000		209,512
Ernest N Morial New Orleans
Exhibition Hall Authority,
5.000%, 07/15/2021		265,000		265,419
Greater Ouachita Water Co.,
5.000%, 09/01/2022 (Insured by BAM)		300,000		315,949
Jefferson Sales Tax District:
5.000%, 12/01/2023 (Insured by AGM)		550,000		610,714
5.000%, 12/01/2024 (Insured by AGM)		575,000		662,329
Louisiana Housing Corp.,
3.000%, 12/01/2051 (Callable 12/01/2029)
(Insured by GNMA)		2,800,000		3,070,340
Louisiana Local Government
Environmental Facilities &
Community Development Authority:
5.000%, 08/01/2024 (Callable 08/01/2023)		185,000		201,733
3.020%, 04/01/2031
(Callable 04/01/2025)(3)		5,941,000		6,354,283

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

Page 98

Baird Short-Term Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Louisiana Local Government
Environmental Facilities &
Community Development Authority: (cont.)
5.750%, 09/01/2035
(Pre-refunded to 09/01/2023)	$	75,000	$	83,827
Louisiana Public Facilities Authority:
5.000%, 10/01/2023		705,000		776,743
5.500%, 05/15/2027
(Pre-refunded to 05/15/2026)		2,015,000		2,411,002
Louisiana Stadium & Exposition District,
4.000%, 07/03/2023 (Callable 04/01/2023)		2,500,000		2,647,061
Louisiana State University & Agricultural
& Mechanical College,
5.000%, 07/01/2027 (Callable 07/01/2026)
(Insured by BAM)		340,000		408,800
Morehouse Parish Hospital
Service District No. 1,
4.000%, 10/01/2027		635,000		693,815
New Orleans Aviation Board,
5.000%, 10/01/2025 (Insured by AGM)		200,000		235,888
Parish of St. Charles LA,
4.000%, 12/01/2040
(Mandatory Tender Date 06/01/2022)(1)		3,040,000		3,138,896
Regional Transit Authority,
0.000%, 12/01/2021
(ETM) (Insured by NATL)		35,000		34,964
St. Landry Parish Road District No. 1,
3.250%, 03/01/2025
(Callable 03/01/2024) (Insured by BAM)		210,000		223,898
St. Tammany Parish Recreation
District No. 14,
2.250%, 04/01/2023		225,000		233,045
State of Louisiana:
5.000%, 05/01/2024
(Pre-refunded to 05/01/2022)		345,000		358,823
5.000%, 06/15/2034
(Pre-refunded to 06/15/2024)		60,000		68,246
Total Louisiana
(Cost $26,561,424)				27,052,607		1.5	%
Maine
Maine Health & Higher Educational
Facilities Authority,
5.000%, 07/01/2027		2,365,000		2,946,300
Maine State Housing Authority:
2.700%, 11/15/2029 (Callable 11/15/2025)		190,000		199,782
3.500%, 11/15/2045 (Callable 05/15/2025)		15,000		15,732
4.000%, 11/15/2045 (Callable 11/15/2025)		215,000		226,980
4.000%, 11/15/2046 (Callable 05/15/2026)		1,355,000		1,451,947
3.500%, 11/15/2047 (Callable 11/15/2026)		880,000		942,140
4.000%, 11/15/2049 (Callable 05/15/2028)		1,340,000		1,473,239
4.000%, 11/15/2050 (Callable 05/15/2029)		1,800,000		2,018,855
Total Maine
(Cost $8,991,134)				9,274,975		0.5	%
Maryland
City of Baltimore MD,
5.000%, 07/01/2024 (ETM)		100,000		108,068
County of Baltimore MD,
3.000%, 09/01/2025 (Callable 09/01/2022)		950,000		978,711
County of Washington MD,
5.000%, 01/01/2022		415,000		424,452
Maryland Community Development
Administration,
3.250%, 09/01/2050 (Callable 09/01/2029)		5,330,000		5,849,592
Maryland Health & Higher Educational
Facilities Authority:
4.000%, 01/01/2023		580,000		608,288
5.000%, 07/01/2023		850,000		928,974
5.000%, 07/01/2024		1,775,000		2,016,436
5.000%, 01/01/2026		495,000		559,220
5.000%, 01/01/2027		430,000		495,696
5.000%, 07/01/2027
(ETM) (Insured by AMBAC)		2,435,000		2,795,116
Montgomery County Housing
Opportunities Commission,
4.000%, 07/01/2048 (Callable 07/01/2026)		315,000		342,838
Total Maryland
(Cost $14,915,000)				15,107,391		0.8	%
Massachusetts
Massachusetts Development Finance Agency:
5.000%, 07/01/2022 (Callable 07/01/2021)		1,735,000		1,735,000
3.500%, 10/01/2022(3)		540,000		561,770
5.000%, 10/01/2022 (Insured by AGM)		200,000		211,643
5.000%, 12/01/2023		190,000		210,828
5.000%, 12/01/2024		500,000		574,836
5.000%, 07/01/2025		365,000		397,012
5.250%, 07/01/2033 (Pre-refunded to
07/01/2021) (Insured by AGM)		1,025,000		1,025,000
5.000%, 10/01/2033 (Callable 10/01/2023)
(Mandatory Tender Date 04/01/2024)(1)		100,000		110,343
Massachusetts Housing Finance Agency:
4.000%, 12/01/2044 (Callable 06/01/2025)		175,000		185,664
4.000%, 12/01/2048 (Callable 06/01/2027)
(Insured by GNMA)		765,000		835,754
4.000%, 12/01/2048 (Callable 06/01/2027)
(Insured by GNMA)		475,000		515,362
4.000%, 06/01/2049 (Callable 12/01/2028)		880,000		972,830
Massachusetts Transportation Trust,
5.000%, 01/01/2039
(Mandatory Tender Date 01/01/2023)(1)		3,865,000		4,140,454
Pioneer Valley Transit Authority,
2.000%, 07/16/2021		1,500,000		1,501,020
Town of Ashburnham MA,
4.250%, 07/01/2021 (Insured by AGC)		125,000		125,000
Total Massachusetts
(Cost $12,861,461)				13,102,516		0.7	%
Michigan
Bad Axe Public Schools,
4.000%, 05/01/2027 (Callable 05/01/2024)
(Insured by Q-SBLF)		630,000		687,685
Battle Creek Tax Increment Finance Authority,
4.300%, 12/01/2028 (Callable 08/02/2021)		500,000		501,671
City of Allen Park Brownfield
Redevelopment Authority:
4.000%, 05/01/2022 (Insured by BAM)		600,000		618,353
4.000%, 05/01/2023 (Insured by BAM)		620,000		660,522
4.000%, 05/01/2024 (Insured by BAM)		320,000		351,046
City of Allen Park MI:
2.000%, 05/01/2022 (Insured by BAM)		110,000		111,375
4.000%, 09/01/2022 (Insured by BAM)		250,000		259,974
4.000%, 05/01/2023 (Insured by BAM)		115,000		122,233
4.000%, 09/01/2023 (Insured by BAM)		300,000		322,262
City of Kalamazoo MI,
5.000%, 10/01/2023		50,000		54,887
Comstock Public Schools,
5.000%, 11/01/2023 (Insured by AGM)		240,000		265,039

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

Page 99

Baird Short-Term Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Davison Community Schools,
3.000%, 05/01/2022	$	190,000	$	194,334
Detroit Wayne County Stadium Authority,
5.000%, 10/01/2026 (Callable 10/01/2022)
(Insured by AGM)		25,000		26,459
Essexville-Hampton Public Schools,
4.000%, 05/01/2022 (Insured by Q-SBLF)		325,000		335,467
Ferris State University:
5.000%, 10/01/2024		950,000		1,087,944
5.000%, 10/01/2029		1,500,000		1,951,026
Fruitport Community Schools,
4.000%, 05/01/2023 (Insured by Q-SBLF)		135,000		144,106
Holly Area School District,
4.000%, 05/01/2025 (Insured by Q-SBLF)		450,000		507,377
Ingham County Brownfield
Redevelopment Authority,
4.125%, 08/01/2024 (Callable 08/02/2021)
(Insured by AGM)		215,000		215,693
Michigan Finance Authority:
5.000%, 11/01/2022		100,000		106,385
5.000%, 09/01/2023		185,000		201,946
5.000%, 09/01/2024		200,000		225,670
4.000%, 10/01/2024		1,350,000		1,408,565
5.000%, 07/01/2025 (Callable 07/01/2024)
(Insured by AGM)		1,595,000		1,820,687
5.000%, 09/01/2025		200,000		232,594
4.000%, 05/01/2026		60,000		68,710
5.000%, 09/01/2026		200,000		238,953
5.500%, 12/01/2026 (Callable 06/01/2025)		350,000		417,054
5.000%, 09/01/2027		280,000		342,572
5.000%, 07/01/2028 (Callable 07/01/2025)		500,000		586,428
3.500%, 11/15/2044
(Mandatory Tender Date 11/15/2022)(1)		2,010,000		2,090,098
4.000%, 11/15/2044
(Mandatory Tender Date 08/15/2024)(1)		2,405,000		2,677,708
5.000%, 12/01/2044
(Mandatory Tender Date 02/01/2025)(1)		1,525,000		1,767,839
Michigan State Building Authority,
0.070%, 10/15/2042 (Callable 07/01/2021)
(Optional Put Date 07/07/2021)(1)		1,000,000		1,000,000
Michigan State Hospital Finance Authority,
4.000%, 11/15/2047
(Mandatory Tender Date 07/01/2024)(1)		365,000		404,944
Michigan State Housing
Development Authority:
4.000%, 06/01/2046 (Callable 12/01/2024)		860,000		909,419
3.500%, 06/01/2047 (Callable 06/01/2026)		3,235,000		3,460,024
3.500%, 12/01/2050 (Callable 06/01/2029)		1,940,000		2,146,423
Michigan Strategic Fund,
0.010%, 12/01/2033
(Optional Put Date 07/01/2021)(1)		3,000,000		3,000,000
Pinckney Community Schools,
4.000%, 05/01/2028 (Callable 05/01/2026)
(Insured by Q-SBLF)		1,000,000		1,157,339
Redford Union School District No. 1:
5.000%, 11/01/2025 (Insured by Q-SBLF)		680,000		806,633
5.000%, 11/01/2026 (Insured by Q-SBLF)		800,000		975,556
Roseville Community Schools,
5.000%, 05/01/2028 (Callable 05/01/2025)
(Insured by Q-SBLF)		1,885,000		2,198,920
Saginaw City School District:
4.000%, 05/01/2024 (Insured by Q-SBLF)		845,000		933,022
4.000%, 05/01/2026 (Insured by Q-SBLF)		890,000		1,031,535
South Lake Schools:
4.000%, 11/01/2021 (Insured by Q-SBLF)		425,000		430,263
4.000%, 05/01/2022 (Insured by Q-SBLF)		290,000		299,019
4.000%, 11/01/2023 (Insured by Q-SBLF)		500,000		541,202
Tri-County Area School District:
4.000%, 05/01/2022 (Insured by AGM)		640,000		659,577
4.000%, 05/01/2023 (Insured by AGM)		705,000		751,881
Wayne State University,
5.000%, 11/15/2031 (Callable 11/15/2024)		1,860,000		2,135,802
Western Michigan University:
5.000%, 11/15/2023 (Insured by AGM)		120,000		133,016
5.000%, 11/15/2024 (Insured by AGM)		125,000		143,762
5.000%, 11/15/2025
(Pre-refunded to 11/15/2021)		25,000		25,448
5.000%, 11/15/2025 (Insured by AGM)		150,000		177,934
5.000%, 11/15/2025 (Insured by AGM)		675,000		797,154
5.000%, 11/15/2026 (Insured by AGM)		150,000		183,198
5.000%, 11/15/2026 (Insured by AGM)		425,000		516,914
5.000%, 11/15/2027 (Insured by AGM)		130,000		162,929
5.000%, 11/15/2027 (Insured by AGM)		300,000		373,508
5.000%, 11/15/2028 (Insured by AGM)		100,000		128,216
5.000%, 11/15/2028 (Insured by AGM)		250,000		318,385
5.000%, 11/15/2029 (Insured by AGM)		100,000		130,369
5.000%, 11/15/2029 (Insured by AGM)		280,000		363,823
Total Michigan
(Cost $46,088,814)				46,898,877		2.6	%
Minnesota
Brainerd Independent School
District No. 181,
4.000%, 02/01/2027
(Insured by SD CRED PROG)		685,000		808,222
City of Maple Grove MN,
4.000%, 05/01/2022		610,000		628,089
City of Minneapolis MN/St. Paul Housing
& Redevelopment Authority,
0.120%, 08/01/2028
(Insured by NATL)(1)(5)		100,000		99,500
City of Plato MN,
4.000%, 04/01/2022		265,000		271,566
City of St. Louis Park MN,
0.950%, 09/01/2023 (Callable 07/21/2021)
(Mandatory Tender Date 09/01/2021)(1)		1,675,000		1,675,566
County of Chippewa MN,
4.000%, 03/01/2024		1,340,000		1,428,779
Duluth Independent School District No. 709,
5.000%, 02/01/2023
(Insured by SD CRED PROG)		815,000		869,419
Fergus Falls Independent
School District No. 544:
2.500%, 02/01/2022		145,000		146,765
2.500%, 02/01/2024		105,000		109,779
Housing & Redevelopment Authority
of The City of St. Paul:
5.000%, 07/01/2021		80,000		80,000
0.950%, 11/01/2022 (Callable 07/21/2021)
(Mandatory Tender Date 11/01/2021)(1)		1,000,000		1,000,338
5.000%, 11/15/2025		465,000		549,830
5.000%, 12/01/2025		285,000		330,887
5.000%, 12/01/2027		1,065,000		1,284,157
Maple River Independent School
District No. 2135:
5.000%, 02/01/2022
(Insured by SD CRED PROG)		80,000		82,246

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

Page 100

Baird Short-Term Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Maple River Independent School
District No. 2135: (cont.)
5.000%, 02/01/2023
(Insured by SD CRED PROG)	$	515,000	$	553,543
5.000%, 02/01/2024
(Insured by SD CRED PROG)		915,000		1,024,543
5.000%, 02/01/2025
(Insured by SD CRED PROG)		395,000		458,817
5.000%, 02/01/2026
(Insured by SD CRED PROG)		1,000,000		1,200,411
Minneapolis-Saint Paul Metropolitan
Airports Commission,
5.000%, 01/01/2025		310,000		359,630
Minnesota Higher Education
Facilities Authority:
3.000%, 12/01/2021		275,000		277,128
5.000%, 04/01/2023		100,000		107,930
3.000%, 12/01/2023		150,000		155,603
5.000%, 03/01/2024		160,000		177,833
4.000%, 12/01/2024		100,000		107,987
5.000%, 03/01/2027 (Callable 03/01/2026)		250,000		293,626
5.000%, 10/01/2027		750,000		934,093
5.000%, 10/01/2028 (Callable 10/01/2027)		1,445,000		1,794,009
5.000%, 10/01/2029 (Callable 10/01/2027)		770,000		952,106
Minnesota Housing Finance Agency:
2.900%, 01/01/2025 (Insured by GNMA)		20,000		20,494
3.900%, 07/01/2030 (Callable 01/01/2022)
(Insured by GNMA)		145,000		146,554
4.000%, 01/01/2038 (Callable 01/01/2024)		535,000		571,797
0.570%, 07/01/2041 (SIFMA Municipal Swap
Index + 0.550%) (Callable 07/01/2023)
(Mandatory Tender Date 12/12/2023)
(Insured by GNMA)(2)		370,000		372,122
0.450%, 01/01/2045 (SIFMA Municipal Swap
Index + 0.430%) (Callable 01/01/2023)
(Mandatory Tender Date 07/03/2023)
(Insured by GNMA)(2)		6,595,000		6,611,668
3.500%, 07/01/2046 (Callable 07/01/2025)
(Insured by GNMA)		2,940,000		3,140,949
4.000%, 01/01/2047 (Callable 01/01/2026)
(Insured by GNMA)		195,000		209,002
4.000%, 07/01/2047 (Callable 01/01/2027)
(Insured by GNMA)		385,000		416,716
Moorhead Independent
School District No. 152:
4.000%, 02/01/2022		230,000		234,866
4.000%, 02/01/2023		235,000		247,426
4.000%, 02/01/2024		245,000		266,386
4.000%, 02/01/2025		255,000		284,641
Northern Municipal Power Agency,
5.000%, 01/01/2027 (Callable 01/01/2023)		220,000		234,683
Plymouth Intermediate District No. 287,
5.000%, 05/01/2022		105,000		109,127
Shakopee Independent
School District No. 720:
5.000%, 02/01/2023
(Insured by SD CRED PROG)		675,000		724,513
0.000%, 02/01/2027
(Insured by SD CRED PROG)		6,660,000		6,234,425
St. Cloud Metropolitan Transit Commission,
3.000%, 06/01/2024 (Callable 08/02/2021)		300,000		300,593
University of Minnesota,
5.500%, 07/01/2021 (ETM)		110,000		110,000
Zumbro Education District:
4.000%, 02/01/2023		340,000		357,591
4.000%, 02/01/2025		330,000		365,514
4.000%, 02/01/2027		395,000		453,218
Total Minnesota
(Cost $38,630,793)				39,174,687		2.2	%
Mississippi
Brookhaven School District,
3.000%, 08/01/2023 (Insured by AGM)		200,000		210,433
City of Oxford MS,
3.000%, 09/01/2024		250,000		254,349
City of Ridgeland MS:
3.000%, 10/01/2021		725,000		727,841
3.000%, 10/01/2022		1,420,000		1,446,571
3.000%, 10/01/2023		1,335,000		1,387,393
3.000%, 10/01/2024		1,505,000		1,578,359
City of Yazoo MS:
3.000%, 03/01/2025 (Insured by AGM)		125,000		135,635
3.000%, 03/01/2026 (Insured by AGM)		130,000		143,246
Copiah-Lincoln Community College District:
2.000%, 09/01/2022 (Insured by AGM)		165,000		168,322
2.000%, 09/01/2023 (Insured by AGM)		95,000		98,031
2.000%, 09/01/2025 (Insured by AGM)		205,000		215,101
2.000%, 09/01/2026 (Callable 09/01/2025)
(Insured by AGM)		110,000		114,802
County of Lowndes MS,
6.800%, 04/01/2022		50,000		52,269
Marshall County School District,
3.000%, 06/01/2022 (Insured by BAM)		275,000		280,499
Mississippi Business Finance Corp.:
2.500%, 04/01/2022 (Callable 08/02/2021)		1,335,000		1,343,024
3.200%, 09/01/2028 (Callable 03/13/2024)		2,460,000		2,586,005
Mississippi Development Bank:
3.000%, 07/01/2021 (Insured by ST AID)		730,000		730,000
4.000%, 07/01/2022		170,000		176,312
5.000%, 03/01/2024 (Insured by AGM)		50,000		55,996
5.000%, 11/01/2025 (Insured by BAM)		215,000		254,734
Mississippi Home Corp.:
4.000%, 12/01/2048 (Callable 06/01/2028)
(Insured by GNMA)		430,000		473,730
3.500%, 12/01/2049 (Callable 12/01/2028)
(Insured by GNMA)		935,000		1,022,497
Natchez-Adams School District,
5.000%, 02/01/2027		325,000		394,269
State of Mississippi:
5.000%, 10/15/2022		700,000		739,294
5.000%, 10/15/2023		585,000		644,795
5.000%, 10/15/2024		320,000		365,272
5.000%, 10/15/2025		205,000		241,597
5.000%, 10/15/2028 (Callable 10/15/2025)		1,255,000		1,470,483
Total Mississippi
(Cost $17,124,026)				17,310,859		1.0	%
Missouri
Arnold Retail Corridor Transportation
Development District,
3.000%, 11/01/2028 (Callable 11/01/2024)		980,000		998,063
City of Berkeley MO,
3.000%, 05/01/2024 (Insured by BAM)		205,000		218,541
City of St. Louis MO,
5.000%, 07/01/2023 (Insured by AGM)		415,000		454,520

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

Page 101

Baird Short-Term Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Hanley Road Corridor Transportation
Development District:
1.000%, 10/01/2027	$	780,000	$	766,721
1.625%, 10/01/2033 (Callable 10/01/2029)		700,000		684,313
2.000%, 10/01/2039 (Callable 10/01/2029)		750,000		731,148
Health & Educational Facilities Authority
of the State of Missouri:
3.000%, 08/01/2021		140,000		140,314
5.000%, 09/01/2021		235,000		236,410
0.000%, 09/01/2022
(ETM) (Insured by NATL)		55,000		54,669
3.000%, 08/01/2023		140,000		147,594
5.000%, 09/01/2023		285,000		307,071
5.000%, 06/01/2024		235,000		267,170
5.000%, 09/01/2024		295,000		327,194
4.000%, 08/01/2025		150,000		169,749
Metropolitan Park and Recreation District,
5.000%, 12/30/2025 (Callable 12/30/2023)		1,000,000		1,114,642
Missouri Housing Development Commission,
3.400%, 11/01/2030 (Callable 11/01/2024)
(Insured by GNMA)		160,000		166,224
Missouri Southern State University:
5.000%, 10/01/2026 (Insured by AGM)		105,000		123,950
5.000%, 10/01/2027 (Insured by AGM)		100,000		120,568
Move Rolla Transportation
Development District,
3.750%, 06/01/2029 (Callable 06/01/2026)		230,000		240,620
Neosho R-V School District:
4.000%, 03/01/2022 (Insured by ST AID)		155,000		159,001
4.000%, 03/01/2023 (Insured by ST AID)		170,000		180,914
4.000%, 03/01/2024 (Insured by ST AID)		275,000		300,861
4.000%, 03/01/2025 (Insured by ST AID)		220,000		247,182
4.000%, 03/01/2026 (Insured by ST AID)		510,000		585,788
Riverview Gardens School District,
4.000%, 04/01/2022 (Insured by ST AID)		380,000		391,040
St. Joseph Industrial Development Authority,
3.350%, 01/01/2024		175,000		179,263
St. Louis Land Clearance for
Redevelopment Authority,
4.250%, 06/01/2026		2,040,000		2,213,369
State of Missouri Health &
Educational Facilities Authority:
5.000%, 02/01/2022		265,000		271,966
5.000%, 06/01/2036 (Callable 12/01/2022)
(Mandatory Tender Date 06/01/2023)(1)		195,000		207,675
Trenton School District No. R-IX,
4.000%, 03/01/2022 (Insured by ST AID)		40,000		41,033
Total Missouri
(Cost $11,897,967)				12,047,573		0.7	%
Montana
City of Red Lodge MT:
2.000%, 07/01/2021 (Insured by BAM)		210,000		210,000
2.000%, 07/01/2022 (Insured by BAM)		195,000		198,477
2.000%, 07/01/2023 (Insured by BAM)		270,000		278,919
Mizuho Floater/Residual Trust,
0.270%, 06/01/2034
(Optional Put Date 08/04/2021)(1)(3)		4,510,000		4,510,000
Montana Board of Housing:
4.000%, 12/01/2043 (Callable 12/01/2027)		830,000		903,764
4.000%, 06/01/2049 (Callable 12/01/2027)
(Insured by FHA)		945,000		1,029,455
Montana Facility Finance Authority:
5.000%, 01/01/2023		100,000		107,189
4.000%, 07/01/2025		155,000		170,008
5.000%, 07/01/2025		110,000		129,014
4.000%, 07/01/2026		330,000		367,734
Total Montana
(Cost $7,793,015)				7,904,560		0.4	%
Nebraska
Central Plains Energy Project,
5.000%, 09/01/2032 (Callable 09/01/2022)		350,000		369,030
Public Power Generation Agency:
5.000%, 01/01/2029 (Callable 01/01/2025)		360,000		413,244
5.000%, 01/01/2031 (Callable 01/01/2025)		625,000		717,116
Scotts Bluff County School District No. 16,
5.000%, 12/01/2026
(Pre-refunded to 05/30/2022)		115,000		120,054
Total Nebraska
(Cost $1,606,576)				1,619,444		0.1	%
Nevada
City of Yerington NV,
1.625%, 11/01/2023 (Callable 11/01/2022)		7,000,000		7,066,772
Clark County School District,
5.000%, 06/15/2023		585,000		639,009
County of Clark NV,
5.000%, 07/01/2025		490,000		578,318
Las Vegas Redevelopment Agency,
5.000%, 06/15/2023		250,000		269,962
Nevada Housing Division,
4.000%, 10/01/2049 (Callable 10/01/2028)
(Insured by GNMA)		935,000		1,037,418
Total Nevada
(Cost $9,466,611)				9,591,479		0.5	%
New Hampshire
Hollis School District,
2.769%, 06/28/2027
(Callable 07/21/2021)(3)		1,770,801		1,829,768
New Hampshire Business Finance Authority:
4.000%, 01/01/2028 (Callable 01/01/2026)		285,000		331,650
4.000%, 01/01/2029 (Callable 01/01/2026)		300,000		346,928
New Hampshire Health and
Education Facilities Authority,
3.150%, 04/01/2022
(Callable 11/01/2021)(3)		8,900,000		8,923,310
Total New Hampshire
(Cost $11,415,135)				11,431,656		0.6	%
New Jersey
Atlantic City Board of Education:
3.400%, 08/15/2021(3)		2,026,000		2,032,608
3.400%, 08/15/2022(3)		2,087,000		2,150,563
3.400%, 08/15/2023(3)		2,171,000		2,288,383
3.400%, 08/15/2024(3)		793,000		852,005
City of Atlantic City NJ:
5.000%, 03/01/2022 (Insured by BAM)		100,000		102,985
5.000%, 03/01/2024 (Insured by BAM)		300,000		334,874
City of Bayonne NJ,
5.000%, 07/15/2022 (Insured by AGM)		475,000		497,971
City of Newark NJ,
5.000%, 10/01/2022 (Insured by ST AID)		700,000		735,334
City of Trenton NJ:
4.000%, 07/15/2022 (Insured by AGM)		500,000		519,278
4.000%, 07/15/2023 (Insured by AGM)		200,000		215,168

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

Page 102

Baird Short-Term Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
City of Union City NJ:
5.000%, 11/01/2021 (Insured by ST AID)	$	530,000	$	537,740
5.000%, 11/01/2022 (Insured by ST AID)		1,505,000		1,592,979
5.000%, 11/01/2023 (Insured by ST AID)		435,000		478,780
County of Hudson NJ,
7.000%, 12/01/2021 (Insured by NATL)		5,280,000		5,424,644
New Jersey Economic
Development Authority:
5.000%, 07/15/2021		100,000		100,150
5.250%, 12/15/2021 (Insured by NATL)		500,000		511,262
4.000%, 01/01/2022		660,000		671,291
0.000%, 07/01/2022
(ETM) (Insured by NATL)		25,000		24,896
5.000%, 07/15/2022		240,000		247,694
4.000%, 01/01/2023		50,000		52,453
5.000%, 06/15/2024		390,000		442,137
0.000%, 07/01/2024
(ETM) (Insured by NATL)		455,000		446,903
5.250%, 07/01/2025 (Insured by NATL)		380,000		451,005
5.000%, 03/01/2026 (Callable 03/01/2023)		1,310,000		1,410,686
5.000%, 06/15/2026 (Callable 06/15/2024)		400,000		453,062
5.000%, 06/15/2027 (Callable 06/15/2024)		1,090,000		1,232,509
5.000%, 03/01/2029 (Callable 03/01/2023)		500,000		536,949
3.125%, 07/01/2029 (Callable 07/01/2027)		935,000		943,567
5.000%, 03/01/2030 (Callable 03/01/2023)		760,000		814,979
4.000%, 07/01/2030 (Callable 08/02/2021)		500,000		501,472
5.000%, 03/01/2031
(Pre-refunded to 09/01/2022)		65,000		68,672
New Jersey Educational Facilities Authority:
5.000%, 07/01/2021		125,000		125,000
5.000%, 07/01/2022 (ETM)		150,000		157,262
New Jersey Health Care Facilities
Financing Authority,
0.080%, 07/01/2038 (Callable 07/01/2021)
(Optional Put Date 07/07/2021)(1)		7,190,000		7,190,000
New Jersey Higher Education
Student Assistance Authority,
2.375%, 12/01/2029 (Callable 06/01/2028)		1,950,000		2,037,614
New Jersey Housing &
Mortgage Finance Agency:
1.500%, 09/01/2022
(Mandatory Tender Date 09/01/2021)(1)		4,000,000		4,008,257
4.500%, 10/01/2048 (Callable 10/01/2027)		710,000		798,178
4.750%, 10/01/2050 (Callable 04/01/2028)		1,265,000		1,432,215
New Jersey Transportation
Trust Fund Authority:
5.500%, 12/15/2021 (Insured by AGM)		255,000		261,126
5.000%, 12/15/2023		275,000		306,363
5.250%, 12/15/2023		360,000		403,254
5.000%, 06/15/2024		800,000		905,547
0.000%, 12/15/2024		520,000		506,355
0.000%, 12/15/2026 (Insured by AMBAC)		110,000		102,595
5.000%, 12/15/2026		1,390,000		1,698,062
North Hudson Sewerage Authority:
0.000%, 08/01/2021
(ETM) (Insured by NATL)		60,000		59,988
0.000%, 08/01/2025
(ETM) (Insured by NATL)		25,000		24,032
South Jersey Transportation Authority,
5.000%, 11/01/2029
(Pre-refunded to 11/01/2022)		125,000		132,812
State of New Jersey:
5.000%, 06/01/2025		6,500,000		7,627,900
4.000%, 06/01/2030 (Callable 06/01/2023)		150,000		160,086
Tender Option Bond Trust,
0.100%, 07/01/2025
(Optional Put Date 07/07/2021)(1)(3)		600,000		600,000
Washington Township Municipal
Utilities Authority:
0.000%, 12/15/2021 (Insured by NATL)		100,000		99,712
0.000%, 12/15/2023 (Insured by NATL)		25,000		24,465
Total New Jersey
(Cost $54,278,508)				55,333,822		3.1	%
New Mexico
City of Farmington NM,
1.875%, 04/01/2033
(Mandatory Tender Date 10/01/2021)(1)		200,000		200,718
New Mexico Hospital Equipment
Loan Council,
4.750%, 07/01/2022		170,000		173,578
New Mexico Mortgage Finance Authority:
3.500%, 03/01/2045 (Callable 03/01/2026)		30,000		32,407
3.750%, 03/01/2048 (Callable 03/01/2027)
(Insured by GNMA)		240,000		262,321
4.250%, 07/01/2049 (Callable 01/01/2028)		60,000		66,915
3.750%, 01/01/2050 (Callable 01/01/2029)
(Insured by GNMA)		1,820,000		2,011,393
4.250%, 01/01/2050 (Callable 07/01/2028)
(Insured by GNMA)		2,565,000		2,863,805
Total New Mexico
(Cost $5,378,275)				5,611,137		0.3	%
New York
Albany Capital Resource Corp.,
5.000%, 05/01/2027 (Callable 05/01/2026)		1,000,000		1,206,525
Albany County Capital Resource Corp.,
2.600%, 07/01/2025		970,000		955,127
BluePath TE Trust,
2.750%, 09/01/2026 (Callable 08/27/2021)(3)		990,069		1,008,430
City of New York NY:
5.000%, 08/01/2022		185,000		194,720
5.000%, 10/01/2022
(Pre-refunded to 10/01/2021)		190,000		192,276
5.000%, 08/01/2038 (Callable 08/01/2023)
(Mandatory Tender Date 02/01/2024)(1)		5,500,000		6,009,622
0.140%, 04/01/2042 (Callable 07/01/2021)
(Optional Put Date 07/07/2021)(1)		12,500,000		12,500,000
City of Plattsburgh NY,
5.000%, 06/15/2026 (Insured by AGM)		495,000		591,377
City of Poughkeepsie NY:
4.000%, 04/15/2024		280,000		298,653
4.000%, 04/15/2026		450,000		489,677
County of Nassau NY,
5.000%, 04/01/2026
(Pre-refunded to 04/01/2024)		13,660,000		15,419,170
County of Rockland NY,
5.000%, 03/01/2023 (Insured by AGM)		415,000		447,741
County of Suffolk NY:
2.000%, 07/22/2021		9,000,000		9,009,312
5.000%, 05/01/2023		2,845,000		3,045,372
5.000%, 05/01/2027 (Callable 05/01/2024)		500,000		555,292
Geneva Development Corp.:
5.000%, 09/01/2023
(Pre-refunded to 09/01/2022)		450,000		475,206
5.000%, 09/01/2023 (ETM)		30,000		33,087
5.000%, 09/01/2024
(Pre-refunded to 09/01/2023)		50,000		55,145

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

Page 103

Baird Short-Term Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Hempstead Town Local Development Corp.,
5.000%, 07/01/2025
(Callable 07/01/2023)	$	815,000	$	890,779
Housing Development Corp.,
2.000%, 11/01/2057 (Callable 07/16/2021)
(Mandatory Tender Date 12/31/2021)(1)		1,545,000		1,552,870
Huntington Local Development Corp.,
4.000%, 07/01/2027		4,950,000		5,253,356
Long Island Power Authority:
0.820%, 05/01/2033 (1 Month LIBOR
USD + 0.750%) (Callable 10/01/2022)
(Mandatory Tender Date 10/01/2023)(2)		5,560,000		5,578,435
1.650%, 09/01/2049 (Callable 03/01/2024)
(Mandatory Tender Date 09/01/2024)(1)		1,805,000		1,862,542
Metropolitan Transportation Authority:
5.000%, 09/01/2021		4,515,000		4,550,219
5.000%, 11/15/2021		1,075,000		1,093,516
4.000%, 02/01/2022		1,565,000		1,598,792
5.000%, 03/01/2022		445,000		459,041
5.000%, 05/15/2022		525,000		546,719
5.000%, 09/01/2022		3,250,000		3,428,082
5.000%, 11/15/2023		150,000		166,142
0.617%, 11/01/2030
(1 Month LIBOR USD + 0.550%)
(Mandatory Tender Date 11/01/2022)(2)		2,850,000		2,863,392
5.000%, 11/15/2048
(Mandatory Tender Date 11/15/2022)(1)		1,050,000		1,112,148
New York City Housing Development Corp.:
2.950%, 11/01/2045 (Callable 05/01/2025)
(Mandatory Tender Date 02/01/2026)
(Insured by FNMA)(1)		225,000		242,663
2.750%, 05/01/2050 (Callable 12/01/2022)
(Mandatory Tender Date 12/29/2023)(1)		300,000		310,112
2.100%, 11/01/2058 (Callable 02/01/2022)
(Mandatory Tender Date 07/03/2023)(1)		330,000		333,424
0.700%, 11/01/2060 (Callable 05/01/2023)
(Mandatory Tender Date 05/01/2025)(1)		5,090,000		5,096,845
New York Liberty Development Corp.:
0.270%, 10/01/2035
(Optional Put Date 07/07/2021)(1)(3)		3,750,000		3,750,000
0.270%, 10/01/2035
(Optional Put Date 07/07/2021)(1)(3)		3,464,000		3,464,000
New York State Dormitory Authority:
5.000%, 12/15/2021		55,000		56,215
5.000%, 07/01/2028 (Callable 07/01/2025)		505,000		588,000
5.000%, 05/01/2048 (Callable 11/01/2025)
(Mandatory Tender Date 05/01/2026)(1)		2,375,000		2,809,460
New York State Housing Finance Agency:
1.600%, 11/01/2024 (Callable 12/01/2021)		5,815,000		5,848,490
0.750%, 11/01/2025 (Callable 01/01/2022)		5,000,000		5,008,100
New York Transportation Development Corp.,
5.000%, 12/01/2027		900,000		1,131,122
Oneida County Local Development Corp.,
5.000%, 12/01/2029 (Callable 12/01/2023)
(Insured by AGM)		715,000		784,241
St. Lawrence County Industrial
Development Agency:
5.000%, 07/01/2025 (Callable 01/01/2023)		235,000		249,931
5.000%, 07/01/2026		315,000		379,007
5.000%, 07/01/2027 (Callable 01/01/2023)		315,000		334,627
5.000%, 07/01/2027 (Callable 07/01/2026)		175,000		209,464
State of New York Mortgage Agency:
3.500%, 10/01/2043 (Callable 04/01/2023)		125,000		131,293
4.000%, 10/01/2046 (Callable 04/01/2025)		240,000		255,783
Suffolk County Economic
Development Corp.,
5.000%, 07/01/2028
(Callable 07/01/2021)		3,365,000		3,365,000
Town of Oyster Bay NY:
3.000%, 02/01/2022		3,285,000		3,331,790
4.000%, 02/15/2026 (Insured by BAM)		95,000		109,614
Triborough Bridge & Tunnel Authority:
0.567%, 11/15/2027 (1 Month LIBOR
USD + 0.500%) (Callable 08/02/2021)
(Mandatory Tender Date 11/15/2021)(2)		2,800,000		2,801,019
0.413%, 01/01/2032
(SOFR + 0.380%) (Callable 11/01/2023)
(Mandatory Tender Date 02/01/2024)(2)		2,575,000		2,573,769
Utility Debt Securitization Authority,
5.000%, 12/15/2025 (Callable 12/15/2023)		210,000		234,409
Total New York
(Cost $125,337,182)				126,841,143		7.1	%
North Carolina
Durham Housing Authority,
5.000%, 12/01/2035
(Pre-refunded to 12/01/2022)		260,000		276,361
North Carolina Capital Facilities
Finance Agency,
5.000%, 06/01/2022 (Insured by AGC)		100,000		104,089
North Carolina Eastern Municipal
Power Agency,
6.000%, 01/01/2022 (ETM)		155,000		159,521
North Carolina Housing Finance Agency:
4.000%, 07/01/2048 (Callable 07/01/2027)
(Insured by GNMA)		310,000		340,530
4.000%, 01/01/2050 (Callable 07/01/2028)		1,630,000		1,814,448
4.000%, 07/01/2050 (Callable 07/01/2029)		3,180,000		3,573,221
North Carolina Medical Care Commission:
4.000%, 10/01/2027		600,000		714,346
4.000%, 06/01/2030 (Callable 06/01/2026)		250,000		282,581
2.200%, 12/01/2048 (Callable 06/01/2022)
(Mandatory Tender Date 12/01/2022)(1)		1,845,000		1,876,469
State of North Carolina,
5.000%, 05/01/2024 (Callable 05/01/2023)		1,250,000		1,357,857
University of North Carolina at Chapel Hill,
0.467%, 12/01/2041 (1 Month LIBOR
USD + 0.400%) (Callable 03/09/2022)
(Mandatory Tender Date 11/09/2022)(2)		5,000,000		5,011,374
Total North Carolina
(Cost $15,192,168)				15,510,797		0.9	%
North Dakota
Cass County Joint Water Resource District,
0.480%, 05/01/2024 (Callable 11/01/2022)		5,200,000		5,189,604
City of Dickinson ND,
5.000%, 10/01/2025 (Callable 10/01/2021)		1,150,000		1,163,633
City of Horace ND:
1.900%, 08/01/2022 (Callable 08/02/2021)		1,325,000		1,326,390
0.650%, 08/01/2023
(Callable 08/01/2022)(6)		2,960,000		2,960,394
3.000%, 05/01/2025		250,000		267,807
3.000%, 05/01/2026		335,000		362,388
3.000%, 05/01/2027 (Callable 05/01/2026)		265,000		284,020
City of Mandan ND,
2.750%, 09/01/2041 (Callable 08/02/2021)		295,000		295,102
City of Watford City ND:
3.000%, 12/01/2021 (Insured by AGM)		1,980,000		1,998,706
3.000%, 12/01/2023 (Insured by AGM)		1,825,000		1,911,824

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

Page 104

Baird Short-Term Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
City of West Fargo ND:
5.000%, 05/01/2022	$	200,000	$	207,895
4.000%, 05/01/2024		900,000		989,992
City of Williston ND,
4.250%, 07/15/2025 (Callable 07/15/2022)		775,000		802,776
County of Burleigh ND:
4.000%, 11/01/2021		1,000,000		1,010,402
2.750%, 02/01/2022 (Callable 07/21/2021)		10,000,000		10,004,145
4.000%, 11/01/2029 (Pre-refunded to
11/01/2022) (Insured by AGM)		400,000		420,242
4.500%, 07/01/2032
(Pre-refunded to 07/01/2022)		360,000		374,527
County of McKenzie ND:
5.000%, 08/01/2022		1,000,000		1,043,289
5.000%, 08/01/2023		2,300,000		2,488,095
County of Ward ND,
4.000%, 04/01/2024 (Callable 04/01/2023)
(Insured by AGM)		400,000		424,806
Jamestown Park District,
2.900%, 07/01/2035 (Callable 07/16/2021)		785,000		785,388
North Dakota Housing Finance Agency:
4.000%, 07/01/2048 (Callable 01/01/2027)		545,000		595,139
4.000%, 01/01/2051 (Callable 07/01/2029)		2,490,000		2,797,158
Williston Parks & Recreation District:
4.500%, 03/01/2025 (Callable 07/16/2021)		300,000		300,044
4.625%, 03/01/2026 (Callable 07/16/2021)		2,620,000		2,620,456
Williston Public School District No. 1,
3.000%, 08/01/2026 (Callable 08/01/2024)
(Insured by SD CRED PROG)		1,015,000		1,076,458
Total North Dakota
(Cost $41,243,243)				41,700,680		2.3	%
Ohio
Akron Bath Copley Joint Township
Hospital District,
5.000%, 11/15/2028		460,000		579,373
Alliance City School District,
2.500%, 12/01/2022
(Insured by SD CRED PROG)		200,000		206,417
City of Huron OH,
3.125%, 12/01/2024		325,000		337,164
City of Lorain OH:
3.000%, 12/01/2021 (Insured by BAM)		110,000		111,219
3.000%, 12/01/2022 (Insured by BAM)		185,000		191,946
3.000%, 12/01/2023 (Insured by BAM)		185,000		196,312
3.000%, 12/01/2024 (Insured by BAM)		130,000		140,725
3.000%, 12/01/2025 (Insured by BAM)		135,000		146,003
3.000%, 12/01/2026 (Insured by BAM)		135,000		146,683
City of Middleburg Heights OH:
4.000%, 08/01/2025		165,000		186,474
5.000%, 08/01/2026		270,000		324,570
5.000%, 08/01/2027		280,000		344,152
5.250%, 08/01/2041 (Callable 08/01/2021)		1,900,000		1,907,879
City of St. Clairsville OH,
4.000%, 12/01/2023 (Insured by BAM)		340,000		369,115
City of Tiffin OH,
2.500%, 12/01/2024 (Callable 12/01/2023)		250,000		262,557
Cleveland-Cuyahoga County Port Authority,
5.000%, 08/01/2026 (Callable 08/01/2024)		525,000		591,121
County of Franklin OH:
5.000%, 05/15/2030 (Callable 05/15/2023)		270,000		293,035
0.450%, 05/15/2050 (SIFMA Municipal Swap
Index + 0.430%) (Callable 08/02/2021)
(Mandatory Tender Date 11/15/2021)(2)		500,000		500,032
County of Gallia OH,
8.000%, 07/01/2042
(Pre-refunded to 07/01/2022)		540,000		579,235
County of Holmes OH,
3.000%, 12/01/2022 (Callable 08/02/2021)
(Insured by AGM)		130,000		131,507
County of Montgomery OH:
5.000%, 11/15/2024		1,460,000		1,666,483
5.000%, 11/15/2025		2,500,000		2,943,094
5.000%, 11/15/2027		2,000,000		2,477,252
Cuyahoga Metropolitan Housing Authority:
3.000%, 12/01/2022		245,000		253,316
4.000%, 12/01/2023		310,000		334,442
4.000%, 12/01/2024		335,000		370,349
4.000%, 12/01/2025		335,000		377,931
Euclid City School District:
4.000%, 12/01/2023 (Insured by BAM)		130,000		141,067
4.000%, 12/01/2025 (Insured by BAM)		65,000		74,084
4.000%, 12/01/2026 (Insured by BAM)		100,000		116,129
Great Oaks Career Campuses
Board of Education,
4.000%, 12/01/2022		400,000		421,709
Greater Cleveland Regional Transit Authority,
5.000%, 12/01/2023		145,000		161,378
Groveport-Madison Local School District,
4.000%, 12/01/2024 (Callable 12/01/2022)
(Insured by BAM)		50,000		52,457
Miami University,
4.000%, 09/01/2027 (Callable 09/01/2022)		160,000		166,440
Northeast Ohio Medical University,
5.000%, 12/01/2025		125,000		145,870
Norton City School District,
4.000%, 11/01/2026 (Callable 11/01/2023)
(Insured by SD CRED PROG)		430,000		465,538
Ohio Higher Educational Facility Commission:
5.000%, 11/01/2023		580,000		639,798
5.000%, 05/01/2024		705,000		792,537
5.000%, 05/01/2024		415,000		466,529
5.000%, 03/01/2025		655,000		730,343
5.000%, 05/01/2025		595,000		691,875
5.000%, 05/01/2025		455,000		529,081
5.000%, 05/01/2026 (Callable 05/01/2025)		750,000		868,887
Ohio Housing Finance Agency:
4.000%, 03/01/2047 (Callable 09/01/2025)
(Insured by GNMA)		90,000		96,648
3.750%, 09/01/2050 (Callable 03/01/2029)
(Insured by GNMA)		1,945,000		2,176,825
Ohio Turnpike & Infrastructure Commission,
5.500%, 02/15/2024		1,185,000		1,286,251
Oregon City School District,
0.000%, 12/01/2021		245,000		244,687
Port of Greater Cincinnati
Development Authority:
3.000%, 05/01/2023 (Callable 05/01/2022)		5,705,000		5,711,738
3.125%, 11/15/2023		305,000		313,641
5.000%, 04/01/2026		175,000		209,975
5.000%, 04/01/2027		250,000		306,873
4.000%, 11/15/2028		770,000		861,507
State of Ohio,
5.000%, 04/01/2029 (Callable 04/01/2023)		25,000		27,010
Toledo OH,
5.000%, 12/01/2022		150,000		158,760
Troy City School District,
2.050%, 12/01/2023 (Callable 12/01/2022)		130,000		133,077

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

Page 105

Baird Short-Term Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Village of Cuyahoga Heights OH:
4.000%, 12/01/2023 (Insured by AGM)	$	95,000	$	102,490
4.000%, 12/01/2024 (Insured by AGM)		100,000		110,659
Wauseon Exempted Village School District,
0.000%, 12/01/2021
(Insured by SD CRED PROG)		400,000		399,324
Total Ohio
(Cost $33,795,587)				34,571,573		1.9	%
Oklahoma
Catoosa Industrial Authority,
4.000%, 10/01/2028 (Callable 10/01/2026)		215,000		222,534
City of Midwest City OK,
3.000%, 06/01/2023		485,000		509,919
Custer County Economic
Development Authority:
4.000%, 12/01/2021		415,000		421,243
4.000%, 12/01/2023		450,000		485,480
Elk City Industrial Authority,
3.000%, 05/01/2022		105,000		107,297
Grady County School Finance Authority:
5.000%, 12/01/2026		1,015,000		1,229,773
5.000%, 12/01/2027 (Callable 12/01/2026)		1,065,000		1,286,821
Kingfisher County Educational
Facilities Authority,
3.000%, 03/01/2023		385,000		401,480
Muskogee Industrial Trust,
5.000%, 09/01/2021		1,000,000		1,007,140
Oklahoma County Finance Authority,
5.000%, 09/01/2024		350,000		398,457
Oklahoma Development Finance Authority:
4.000%, 08/01/2021		425,000		426,084
4.000%, 08/01/2022		535,000		553,246
5.000%, 08/01/2023		485,000		523,618
2.600%, 03/01/2024		1,000,000		1,012,360
5.000%, 08/01/2024		585,000		651,132
0.100%, 08/15/2031 (Callable 07/01/2021)
(Optional Put Date 07/07/2021)(1)		12,500,000		12,500,000
Oklahoma Municipal Power Authority,
0.410%, 01/01/2023 (SIFMA Municipal
Swap Index + 0.390%)(2)		140,000		139,994
Oklahoma Water Resources Board,
5.000%, 04/01/2023		750,000		813,324
Purcell Public Works Authority:
5.000%, 03/01/2024		250,000		278,568
5.000%, 03/01/2025		200,000		230,454
5.000%, 03/01/2026		435,000		516,462
5.000%, 03/01/2027		880,000		1,072,999
5.000%, 03/01/2030 (Callable 03/01/2028)		500,000		623,871
Texas County Development Authority,
4.000%, 12/01/2023		675,000		726,870
Tulsa County Industrial Authority,
5.000%, 09/01/2024		400,000		456,736
Tulsa Industrial Authority,
5.000%, 10/01/2023		790,000		849,031
University of Oklahoma,
5.000%, 07/01/2029 (Callable 07/01/2026)		3,515,000		4,191,385
Total Oklahoma
(Cost $31,343,005)				31,636,278		1.8	%
Oregon
Columbia County School District No. 502:
0.000%, 06/15/2027
(Insured by SCH BD GTY)(7)		540,000		644,243
0.000%, 06/15/2028
(Insured by SCH BD GTY)(7)		740,000		905,158
0.000%, 06/15/2029
(Insured by SCH BD GTY)(7)		835,000		1,044,061
County of Yamhill OR:
4.000%, 10/01/2022		500,000		521,221
4.000%, 10/01/2023		425,000		456,672
4.000%, 10/01/2024		425,000		468,688
Oregon State Business
Development Commission,
2.400%, 12/01/2040
(Mandatory Tender Date 08/14/2023)(1)		100,000		104,145
State of Oregon,
4.000%, 12/01/2048 (Callable 12/01/2026)		695,000		754,283
State of Oregon Housing &
Community Services Department:
3.500%, 07/01/2032 (Callable 07/01/2026)		1,655,000		1,774,981
3.875%, 01/01/2033 (Callable 07/01/2024)		285,000		304,155
3.500%, 07/01/2036 (Callable 01/01/2025)		80,000		84,313
4.500%, 01/01/2049 (Callable 07/01/2027)		1,380,000		1,514,715
4.500%, 07/01/2049 (Callable 07/01/2027)		365,000		403,022
Yamhill County Hospital Authority,
1.750%, 11/15/2026 (Callable 05/15/2022)		1,000,000		1,001,283
Total Oregon
(Cost $9,773,165)				9,980,940		0.6	%
Pennsylvania
Abington Heights School District
Lackawanna County,
2.000%, 03/15/2023 (Callable 08/02/2021)
(Insured by ST AID)		195,000		195,235
Aliquippa Municipal Water Authority,
2.000%, 11/15/2023 (Callable 11/15/2022)
(Insured by BAM)		250,000		255,298
Allegheny County Higher Education
Building Authority,
5.000%, 03/01/2023 (Callable 08/02/2021)		250,000		250,934
Allegheny County Hospital
Development Authority:
5.000%, 07/15/2021		2,525,000		2,529,441
4.125%, 10/15/2026 (Callable 10/15/2021)		65,000		65,739
Blacklick Valley School District:
5.000%, 11/15/2021 (Insured by AGM)		170,000		172,935
5.000%, 11/15/2022 (Insured by AGM)		175,000		186,147
5.000%, 11/15/2023 (Insured by AGM)		190,000		211,087
5.000%, 11/15/2024 (Insured by AGM)		200,000		230,745
Borough of Economy PA:
2.000%, 12/15/2023(6)		205,000		212,304
2.000%, 12/15/2024(6)		215,000		224,712
Borough of Lewistown PA:
4.000%, 09/01/2022 (Insured by AGM)		265,000		276,618
4.000%, 09/01/2023 (Insured by AGM)		315,000		339,227
4.000%, 09/01/2024 (Insured by AGM)		100,000		110,881
Bucks County Industrial
Development Authority,
5.000%, 07/01/2025		350,000		398,881
Caernarvon Township Authority:
4.000%, 09/01/2023 (Insured by AGM)		100,000		107,804
4.000%, 09/01/2024 (Insured by AGM)		140,000		155,935
4.000%, 09/01/2025 (Callable 09/01/2024)
(Insured by AGM)		100,000		110,824
4.000%, 09/01/2026 (Callable 09/01/2024)
(Insured by AGM)		150,000		165,916
4.000%, 09/01/2027 (Callable 09/01/2024)
(Insured by AGM)		130,000		143,725

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

Page 106

Baird Short-Term Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Caernarvon Township Authority: (cont.)
4.000%, 09/01/2028 (Callable 09/01/2024)
(Insured by AGM)	$	165,000	$	182,489
4.000%, 09/01/2029 (Callable 09/01/2024)
(Insured by AGM)		170,000		188,051
4.000%, 09/01/2030 (Callable 09/01/2024)
(Insured by AGM)		175,000		193,589
4.000%, 09/01/2032 (Callable 09/01/2024)
(Insured by AGM)		375,000		413,946
Carmichaels Area School District:
4.000%, 09/01/2022 (Insured by BAM)		100,000		103,775
4.000%, 09/01/2023 (Insured by BAM)		155,000		166,921
4.000%, 09/01/2024 (Insured by BAM)		220,000		243,938
Centennial School District Bucks County,
5.000%, 12/15/2022 (Insured by ST AID)		50,000		53,497
Central Bradford Progress Authority,
5.000%, 12/01/2026
(Pre-refunded to 12/01/2021)		415,000		423,324
City of Altoona PA,
4.000%, 08/01/2027 (Insured by AGM)		110,000		129,315
City of Bradford PA:
2.500%, 11/01/2025 (Insured by AGM)		395,000		419,295
3.500%, 11/01/2028 (Callable 11/01/2025)
(Insured by AGM)		385,000		424,805
City of Erie Higher Education
Building Authority:
5.000%, 05/01/2025		160,000		183,953
5.000%, 05/01/2027		225,000		269,280
City of Pittston PA:
1.000%, 11/15/2022 (Insured by BAM)		100,000		101,033
4.000%, 11/15/2023 (Insured by BAM)		175,000		188,219
4.000%, 11/15/2024 (Insured by BAM)		265,000		291,256
4.000%, 11/15/2025 (Insured by BAM)		275,000		308,325
4.000%, 11/15/2026 (Callable 11/15/2025)
(Insured by BAM)		240,000		267,731
4.000%, 11/15/2027 (Callable 11/15/2025)
(Insured by BAM)		125,000		139,294
City of Wilkes-Barre PA:
4.000%, 11/15/2025 (Insured by BAM)		200,000		224,146
4.000%, 11/15/2026 (Insured by BAM)		595,000		678,624
4.000%, 11/15/2027 (Insured by BAM)		1,000,000		1,153,999
City of York PA,
5.000%, 11/15/2025		1,505,000		1,731,202
Coatesville School District,
5.000%, 08/01/2023 (Insured by AGM)		150,000		164,324
Commonwealth Financing Authority:
5.000%, 06/01/2022		265,000		276,460
5.000%, 06/01/2023		225,000		245,549
Commonwealth of Pennsylvania,
3.750%, 10/01/2021 (Callable 08/02/2021)		175,000		175,454
County of Allegheny PA,
0.668%, 11/01/2026 (3 Month LIBOR
USD + 0.550%) (Callable 08/02/2021)
(Insured by AGM)(2)		830,000		833,077
County of McKean PA:
4.000%, 11/01/2022 (Insured by BAM)		120,000		125,427
4.000%, 11/01/2023 (Insured by BAM)		395,000		427,549
Crawford Central School District:
4.000%, 02/15/2022 (Insured by BAM)		275,000		281,276
4.000%, 02/15/2024 (Insured by BAM)		1,505,000		1,649,316
4.000%, 02/15/2025 (Insured by BAM)		2,455,000		2,764,533
Cumberland County Municipal Authority:
5.000%, 01/01/2029
(Pre-refunded to 01/01/2025)		190,000		219,605
5.000%, 01/01/2029 (Callable 01/01/2025)		935,000		1,053,929
Delaware Valley Regional Finance Authority:
0.550%, 09/01/2048
(SIFMA Municipal Swap Index + 0.530%)
(Callable 09/01/2022)
(Mandatory Tender Date 09/01/2023)(2)		5,000,000		4,994,859
0.827%, 09/01/2048 (1 Month LIBOR
USD + 0.760%) (Callable 09/01/2023)
(Mandatory Tender Date 09/01/2024)(2)		2,000,000		1,998,701
0.947%, 09/01/2048 (1 Month LIBOR
USD + 0.880%) (Callable 09/01/2024)
(Mandatory Tender Date 09/01/2025)(2)		2,000,000		2,006,725
East Allegheny School District,
0.000%, 11/15/2021 (Insured by AGM)		480,000		479,099
East Hempfield Township Industrial
Development Authority,
5.000%, 07/01/2029 (Callable 07/01/2024)		1,730,000		1,967,972
Easton Area School District,
4.000%, 04/01/2030 (Callable 10/01/2024)
(Insured by ST AID)		1,150,000		1,283,933
Elizabeth Forward School District,
0.000%, 09/01/2022
(ETM) (Insured by NATL)		250,000		248,927
Erie City Water Authority,
4.000%, 12/01/2025 (Pre-refunded to
12/01/2022) (Insured by AGM)		385,000		405,139
Greater Hazleton Joint Sewer Authority:
4.000%, 05/15/2022 (Insured by BAM)		255,000		263,369
4.000%, 05/15/2023 (Insured by BAM)		460,000		489,885
4.000%, 05/15/2024 (Insured by BAM)		325,000		356,727
4.000%, 05/15/2025 (Insured by BAM)		255,000		286,644
Hamburg Area School District,
4.000%, 04/01/2024 (Insured by ST AID)		845,000		929,664
Hazleton Area School District,
4.000%, 03/01/2025 (Insured by BAM)		430,000		477,007
Lackawanna County Industrial
Development Authority,
5.000%, 11/01/2021		450,000		456,815
Lancaster City Parking Authority,
3.000%, 12/01/2027 (Insured by BAM)		645,000		712,094
Lancaster Higher Education Authority,
5.000%, 10/01/2022 (Insured by BAM)		35,000		37,101
Lancaster Industrial Development Authority,
5.000%, 05/01/2022 (ETM)		45,000		46,803
Latrobe Industrial Development Authority:
5.000%, 03/01/2027		295,000		346,887
5.000%, 03/01/2028		115,000		137,185
5.000%, 03/01/2029		150,000		180,760
5.000%, 03/01/2030		125,000		151,810
Lehigh County Industrial
Development Authority,
1.800%, 09/01/2029
(Mandatory Tender Date 09/01/2022)(1)		5,090,000		5,175,290
Lycoming County Authority:
2.000%, 11/01/2035
(Mandatory Tender Date 11/01/2022)(1)		1,000,000		1,000,000
4.000%, 11/01/2043
(Mandatory Tender Date 05/01/2024)(1)		1,260,000		1,325,070
Montgomery County Higher Education
& Health Authority,
1.125%, 05/01/2036
(Mandatory Tender Date 05/01/2023)(7)		1,300,000		1,299,122

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

Page 107

Baird Short-Term Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Montgomery County Industrial
Development Authority:
4.000%, 12/01/2021	$	100,000	$	101,433
4.000%, 12/01/2022		90,000		94,346
4.000%, 12/01/2023		125,000		135,075
4.000%, 12/01/2024		200,000		222,104
4.000%, 12/01/2025		200,000		227,393
North East School District,
2.000%, 09/01/2021 (Callable 08/02/2021)
(Insured by BAM)		445,000		445,573
North Penn Water Authority,
0.580%, 11/01/2024
(SIFMA Municipal Swap Index + 0.560%)
(Callable 11/01/2023)(2)		845,000		849,931
North Pocono School District,
4.000%, 03/15/2024 (Insured by BAM)		230,000		252,701
Northampton County General
Purpose Authority:
5.000%, 10/01/2021		100,000		101,029
1.110%, 08/15/2048 (1 Month LIBOR
USD + 1.040%) (Callable 02/15/2023)
(Mandatory Tender Date 08/15/2024)(2)		75,000		75,447
Octorara Area School District,
4.000%, 04/01/2025 (Insured by AGM)		355,000		398,305
Palmyra Area School District,
5.000%, 06/01/2030 (Callable 06/01/2025)
(Insured by ST AID)		400,000		468,560
Pennsylvania Economic Development
Financing Authority,
2.800%, 12/01/2033
(Mandatory Tender Date 12/01/2021)(1)		720,000		727,864
Pennsylvania Higher Educational
Facilities Authority:
5.000%, 08/15/2024
(Pre-refunded to 08/15/2021)		185,000		186,082
5.000%, 05/01/2025		575,000		670,758
5.000%, 05/01/2026		570,000		684,697
Pennsylvania Housing Finance Agency:
2.450%, 07/01/2022
(Mandatory Tender Date 07/01/2021)(1)		2,525,000		2,525,000
3.700%, 10/01/2042 (Callable 10/01/2021)		155,000		155,883
4.000%, 10/01/2046 (Callable 04/01/2026)		130,000		139,692
4.000%, 10/01/2049 (Callable 10/01/2028)		5,560,000		6,010,497
Pennsylvania Turnpike Commission:
1.000%, 12/01/2021
(SIFMA Municipal Swap Index + 0.980%)
(Callable 07/14/2021)(2)		1,010,000		1,010,296
5.000%, 12/01/2022		50,000		53,397
0.000%, 12/01/2023		85,000		83,518
0.720%, 12/01/2023
(SIFMA Municipal Swap Index + 0.700%)
(Callable 12/01/2022)(2)		2,150,000		2,162,247
5.000%, 12/01/2028(7)		360,000		436,273
Perkasie Regional Authority,
4.000%, 02/01/2023 (Insured by BAM)		460,000		485,221
Philadelphia Authority for
Industrial Development,
5.000%, 10/01/2026		475,000		569,777
Pittsburgh School District,
5.000%, 09/01/2027 (Insured by ST AID)		410,000		515,199
Pittsburgh Water & Sewer Authority,
0.670%, 09/01/2040 (1 Month LIBOR
USD + 0.650%) (Callable 06/01/2023)
(Mandatory Tender Date 12/01/2023)
(Insured by AGM)(2)		11,000,000		11,100,492
Pottsville Area School District:
1.000%, 05/15/2023 (Insured by BAM)		125,000		125,966
4.000%, 05/15/2024 (Insured by BAM)		200,000		219,104
4.000%, 05/15/2025 (Insured by BAM)		180,000		201,531
4.000%, 05/15/2026 (Insured by BAM)		185,000		210,887
Public Parking Authority Of Pittsburgh,
5.000%, 12/01/2026 (Callable 06/01/2025)		415,000		485,572
Reading School District:
4.000%, 04/01/2023 (Insured by BAM)		160,000		169,703
4.000%, 04/01/2023 (Insured by BAM)		565,000		599,264
5.000%, 04/01/2023 (Insured by BAM)		750,000		807,416
4.000%, 04/01/2024 (Insured by BAM)		615,000		671,302
5.000%, 04/01/2024 (Insured by BAM)		2,250,000		2,520,438
Riverside School District:
1.000%, 10/15/2021 (Insured by BAM)(6)		60,000		60,088
2.000%, 10/15/2022 (Insured by BAM)(6)		415,000		423,293
4.000%, 10/15/2024 (Insured by BAM)(6)		625,000		694,116
Sayre Area School District:
3.000%, 05/15/2022 (Insured by BAM)		25,000		25,533
3.000%, 05/15/2024 (Insured by BAM)		25,000		26,730
Sayre Health Care Facilities Authority,
0.870%, 12/01/2024 (3 Month LIBOR
USD + 0.780%) (Callable 08/02/2021)(2)		200,000		200,299
School District of Philadelphia:
5.000%, 06/01/2024		535,000		602,222
5.000%, 09/01/2025 (Insured by ST AID)		135,000		159,362
5.000%, 09/01/2025 (Insured by ST AID)		500,000		590,231
5.000%, 09/01/2026 (Insured by ST AID)		1,000,000		1,216,642
School District of Reading,
5.000%, 03/01/2024 (Insured by AGM)		100,000		111,681
School District of the City of Erie:
5.000%, 04/01/2023 (Insured by AGM)		265,000		285,287
5.000%, 04/01/2024 (Insured by AGM)		230,000		256,975
5.000%, 04/01/2024 (Insured by AGM)		250,000		279,321
Scranton School District,
0.918%, 04/01/2031 (1 Month LIBOR
USD + 0.850%) (Callable 12/01/2022)
(Mandatory Tender Date 06/01/2023)
(Insured by ST AID)(2)		4,700,000		4,723,444
Scranton-Lackawanna Health
and Welfare Authority:
5.000%, 11/01/2023		35,000		38,608
5.000%, 11/01/2025		40,000		47,205
State Public School Building Authority:
5.000%, 12/01/2027 (Callable 12/01/2026)
(Insured by AGM)		1,090,000		1,344,604
0.000%, 05/15/2028 (Insured by NATL)		2,075,000		1,857,575
Steel Valley School District:
3.000%, 11/01/2021 (Insured by BAM)		50,000		50,396
4.000%, 11/01/2022 (Insured by BAM)		190,000		198,359
4.000%, 11/01/2024 (Insured by BAM)		260,000		289,589
4.000%, 11/01/2024 (Insured by BAM)		50,000		55,690
4.000%, 11/01/2025 (Insured by BAM)		270,000		305,426
4.000%, 11/01/2025 (Insured by BAM)		50,000		56,560
4.000%, 11/01/2026 (Insured by BAM)		280,000		321,957
Township of Hampton PA,
5.900%, 02/01/2023		125,000		135,028
Township of North Fayette PA,
4.000%, 04/15/2025 (Callable 04/15/2024)		210,000		231,312
University of Pittsburgh-of the Commonwealth
System of Higher Education,
0.380%, 02/15/2024
(SIFMA Municipal Swap Index + 0.360%)
(Callable 08/15/2023)(2)		2,500,000		2,511,895

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

Page 108

Baird Short-Term Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Westmoreland County Industrial
Development Authority:
4.000%, 07/01/2023	$	375,000	$	401,370
4.000%, 07/01/2024		450,000		495,694
4.000%, 07/01/2025		550,000		621,059
4.000%, 07/01/2026		625,000		721,144
Westmoreland County Municipal Authority,
0.000%, 08/15/2023 (ETM)		220,000		217,454
Wilkes-Barre Finance Authority,
5.000%, 11/01/2024		40,000		45,728
York City School District,
4.000%, 05/01/2025 (Insured by BAM)		3,070,000		3,458,950
Total Pennsylvania
(Cost $108,098,119)				110,059,282		6.1	%
Puerto Rico
Puerto Rico Highway &
Transportation Authority,
4.600%, 07/01/2022
(ETM) (Insured by NATL)		25,000		26,072
Puerto Rico Public Finance Corp.:
5.125%, 06/01/2024 (Insured by AMBAC)		225,000		242,589
6.000%, 08/01/2026
(ETM) (Insured by AGC)		470,000		594,385
Total Puerto Rico
(Cost $816,124)				863,046		0.0	%
Rhode Island
Rhode Island Health and Educational
Building Corp.,
0.020%, 06/01/2035
(Optional Put Date 07/01/2021)(1)		2,840,000		2,840,000
Rhode Island Housing &
Mortgage Finance Corp.:
0.450%, 10/01/2040 (Callable 04/01/2022)
(Mandatory Tender Date 10/01/2023)(1)		3,250,000		3,251,364
3.500%, 10/01/2046 (Callable 04/01/2025)		20,000		20,577
3.750%, 10/01/2049 (Callable 04/01/2029)
(Insured by GNMA)		2,155,000		2,377,622
State of Rhode Island,
5.000%, 11/01/2031 (Callable 11/01/2028)		1,585,000		2,023,615
Total Rhode Island
(Cost $10,434,521)				10,513,178		0.6	%
South Carolina
Barnwell Facilities Corp.:
5.000%, 09/01/2023 (Insured by BAM)		285,000		313,051
5.000%, 09/01/2024 (Insured by BAM)		280,000		319,240
City of Myrtle Beach SC,
5.000%, 10/01/2027 (Callable 10/01/2026)		1,000,000		1,204,853
City of Walhalla SC,
5.000%, 06/01/2023 (Insured by BAM)		320,000		348,323
Greenville Health System,
5.000%, 05/01/2026 (Callable 05/01/2022)		1,120,000		1,164,405
Greenwood Fifty School Facilities, Inc.,
5.000%, 12/01/2027 (Callable 06/01/2026)
(Insured by BAM)		1,125,000		1,353,789
Patriots Energy Group Financing Agency,
0.927%, 10/01/2048 (1 Month LIBOR
USD + 0.860%) (Callable 11/01/2023)
(Mandatory Tender Date 02/01/2024)(2)		1,500,000		1,513,629
Piedmont Municipal Power Agency:
5.375%, 01/01/2025
(ETM) (Insured by NATL)		225,000		260,854
5.000%, 01/01/2029 (Callable 01/01/2025)		1,000,000		1,136,002
South Carolina Jobs-Economic
Development Authority:
5.250%, 08/01/2030
(Pre-refunded to 08/01/2023)		110,000		121,430
6.000%, 08/01/2031 (Pre-refunded to
08/01/2021) (Insured by AGM)		125,000		125,586
6.500%, 08/01/2039 (Pre-refunded to
08/01/2021) (Insured by AGM)		1,570,000		1,577,986
South Carolina State Housing Finance
& Development Authority:
4.000%, 07/01/2036 (Callable 07/01/2025)
(Insured by GNMA)		135,000		146,772
4.000%, 07/01/2047 (Callable 01/01/2027)		525,000		568,863
4.500%, 07/01/2048 (Callable 07/01/2027)		435,000		482,601
4.000%, 01/01/2050 (Callable 07/01/2028)		2,260,000		2,545,350
4.000%, 07/01/2050 (Callable 07/01/2029)		1,945,000		2,196,963
South Carolina Transportation
Infrastructure Bank,
0.517%, 10/01/2031 (1 Month LIBOR
USD + 0.450%) (Callable 10/01/2021)(2)		12,575,000		12,580,116
Spartanburg Regional Health Services District:
5.000%, 04/15/2023 (Insured by AGM)		350,000		378,948
5.000%, 04/15/2024 (Callable 04/15/2022)		845,000		875,410
University of South Carolina,
5.000%, 05/01/2027		785,000		968,128
Total South Carolina
(Cost $29,544,859)				30,182,299		1.7	%
South Dakota
Aberdeen School District No. 6-1,
2.200%, 01/01/2023 (Callable 08/02/2021)		255,000		255,371
City of Rapid City SD,
5.000%, 12/01/2025		310,000		362,195
South Dakota Health & Educational
Facilities Authority:
3.000%, 09/01/2025		100,000		107,354
3.000%, 09/01/2027		105,000		114,209
3.000%, 09/01/2028		200,000		217,436
South Dakota Housing
Development Authority,
3.000%, 11/01/2051 (Callable 05/01/2030)
(Insured by GNMA)		1,450,000		1,585,952
Total South Dakota
(Cost $2,646,983)				2,642,517		0.1	%
Tennessee
City of Cleveland TN,
5.000%, 12/01/2027		3,320,000		4,198,613
City of Jackson TN:
5.000%, 04/01/2024		250,000		279,466
5.000%, 04/01/2027 (Callable 04/01/2025)		665,000		760,044
Clarksville Natural Gas Acquisition Corp.,
5.000%, 12/15/2021		185,000		188,898
Hollow Rock-Bruceton Special School District,
3.000%, 04/01/2023		346,000		361,529
Knox County Health Educational &
Housing Facility Board:
5.000%, 04/01/2022		75,000		77,531
1.500%, 07/01/2022
(Mandatory Tender Date 07/01/2021)(1)		650,000		650,000
5.000%, 11/15/2022		400,000		426,049
5.000%, 04/01/2024		190,000		212,671
Tennessee Energy Acquisition Corp.,
5.625%, 09/01/2026		6,705,000		8,205,526

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

Page 109

Baird Short-Term Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Tennessee Housing Development Agency:
3.050%, 07/01/2029
(Callable 07/01/2024)	$	120,000	$	125,113
3.600%, 01/01/2031 (Callable 01/01/2023)		1,290,000		1,324,450
3.850%, 07/01/2032 (Callable 01/01/2025)		1,300,000		1,365,745
4.000%, 07/01/2039 (Callable 01/01/2024)		635,000		668,989
4.200%, 07/01/2042 (Callable 01/01/2022)		300,000		303,914
4.000%, 01/01/2043 (Callable 07/01/2027)		640,000		700,820
3.800%, 07/01/2043 (Callable 01/01/2022)		200,000		202,720
4.000%, 01/01/2046 (Callable 01/01/2025)		20,000		21,464
3.750%, 01/01/2050 (Callable 01/01/2029)		2,100,000		2,343,274
3.000%, 01/01/2051 (Callable 01/01/2030)		5,000,000		5,450,032
Wilson County Water &
Wastewater Authority,
0.000%, 03/01/2022		300,000		297,805
Total Tennessee
(Cost $27,474,829)				28,164,653		1.6	%
Texas
Alvin Independent School District,
1.250%, 02/15/2033 (Mandatory Tender
Date 08/15/2022) (PSF Guaranteed)(1)		300,000		303,337
Arlington Higher Education Finance Corp.:
5.000%, 08/15/2021 (PSF Guaranteed)		1,290,000		1,297,391
5.000%, 08/15/2021 (PSF Guaranteed)		375,000		377,148
5.000%, 08/15/2022 (PSF Guaranteed)		350,000		368,758
5.000%, 08/15/2023 (PSF Guaranteed)		325,000		356,656
5.000%, 08/15/2024
(ETM) (PSF Guaranteed)		535,000		611,394
5.000%, 08/15/2025 (PSF Guaranteed)		50,000		58,894
4.000%, 08/15/2026 (PSF Guaranteed)		200,000		228,540
Arlington Independent School District,
5.000%, 02/15/2028 (PSF Guaranteed)		1,110,000		1,411,722
Bandera Independent School District,
5.000%, 02/15/2024 (PSF Guaranteed)		460,000		516,228
Beaumont Independent School District,
5.000%, 02/15/2025 (PSF Guaranteed)		170,000		197,860
Boerne Public Facilities Corp.,
2.750%, 11/01/2022
(Mandatory Tender Date 11/01/2021)(1)		265,000		267,241
Boerne School District,
5.000%, 02/01/2028 (PSF Guaranteed)		1,520,000		1,932,491
Brazoria County Municipal
Utility District No. 17,
4.000%, 09/01/2024 (Callable 09/01/2023)
(Insured by AGM)		175,000		188,894
Brazosport Independent School District,
5.000%, 02/15/2028 (PSF Guaranteed)		2,500,000		3,183,255
Bryson Independent School District,
4.000%, 08/15/2030 (Callable 08/15/2027)
(PSF Guaranteed)		785,000		919,734
Caney Creek Municipal Utility District:
5.000%, 03/01/2022		345,000		355,042
5.000%, 03/01/2023		365,000		391,195
5.000%, 03/01/2025		405,000		462,562
Capital Area Housing Finance Corp.,
2.100%, 09/01/2037 (Callable 08/01/2021)
(Mandatory Tender Date 09/01/2022)(1)		1,640,000		1,642,166
Central Texas Regional Mobility Authority:
5.000%, 01/01/2022		460,000		470,807
5.000%, 01/01/2027 (Callable 01/01/2026)		7,495,000		8,847,434
Central Texas Turnpike System:
5.000%, 08/15/2023		205,000		225,197
0.000%, 08/15/2024
(ETM) (Insured by AMBAC)		700,000		691,113
5.000%, 08/15/2027 (Callable 08/15/2024)		330,000		374,480
Channelview Independent School District,
4.000%, 08/15/2029 (PSF Guaranteed)		4,175,000		5,163,417
Cibolo Canyons Special
Improvement District:
5.000%, 08/15/2021 (Insured by AGM)		65,000		65,356
5.000%, 08/15/2022 (Insured by AGM)		365,000		383,673
Cimarron Municipal Utility District,
4.000%, 03/01/2025 (Insured by AGM)		70,000		78,001
Cinco Municipal Utility District,
4.000%, 12/01/2023 (Insured by BAM)		690,000		746,134
City of Brownsville TX,
5.000%, 09/01/2031 (Callable 09/01/2025)		830,000		965,263
City of Dallas TX,
5.000%, 02/15/2027 (Callable 02/15/2024)		535,000		597,262
City of Del Rio TX,
5.000%, 06/01/2027		520,000		642,674
City of Denton TX:
5.000%, 12/01/2033 (Callable 12/01/2026)		900,000		1,081,027
5.000%, 12/01/2034 (Callable 12/01/2026)		195,000		233,884
City of Elgin TX:
4.000%, 07/15/2023 (Insured by AGM)		155,000		165,803
4.000%, 07/15/2023 (Insured by BAM)		50,000		53,495
City of Hearne TX:
3.000%, 08/01/2022 (Insured by BAM)		225,000		230,455
3.000%, 08/01/2023 (Insured by BAM)		230,000		242,293
3.000%, 08/01/2024 (Insured by BAM)		240,000		258,184
City of Houston TX:
0.000%, 12/01/2024
(ETM) (Insured by AGM)		90,000		88,599
5.500%, 12/01/2024
(ETM) (Insured by NATL)		925,000		1,041,503
0.000%, 12/01/2025
(ETM) (Insured by AGM)		375,000		364,571
0.431%, 05/15/2034 (1 Month LIBOR
USD + 0.360%) (Callable 07/21/2021)
(Mandatory Tender Date 08/01/2021)(2)		1,525,000		1,525,289
City of San Antonio TX:
2.000%, 02/01/2033 (Callable 08/02/2021)
(Mandatory Tender Date 12/01/2021)(1)		100,000		100,139
2.750%, 02/01/2048
(Mandatory Tender Date 12/01/2022)(1)		1,055,000		1,090,895
City of Temple TX,
5.000%, 08/01/2028 (Insured by BAM)		150,000		188,552
City of Waxahachie TX,
4.000%, 08/01/2028 (Callable 08/01/2026)		845,000		981,690
City of Wilmer TX:
5.000%, 09/01/2026 (Insured by BAM)		410,000		490,764
5.000%, 09/01/2027 (Insured by BAM)		380,000		465,679
Clear Creek Independent School District:
5.000%, 02/15/2024 (PSF Guaranteed)		115,000		129,186
1.350%, 02/15/2032 (Mandatory Tender
Date 08/15/2022) (PSF Guaranteed)(1)		2,450,000		2,477,782
2.150%, 02/15/2038 (Mandatory Tender
Date 08/16/2021) (PSF Guaranteed)(1)		250,000		250,586
Clyde Education Facilities Corp.,
4.000%, 08/15/2021 (PSF Guaranteed)		140,000		140,606
Collin County Water Control &
Improvement District No. 3:
2.000%, 09/15/2022 (Insured by BAM)		315,000		321,933
2.000%, 09/15/2023 (Insured by BAM)		335,000		344,803
2.000%, 09/15/2024 (Insured by BAM)		350,000		363,227
Corpus Christi Business & Job
Development Corp.,
5.000%, 09/01/2021		1,000,000		1,006,335

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

Page 110

Baird Short-Term Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Cotulla Independent School District,
5.000%, 02/15/2023 (PSF Guaranteed)	$	100,000	$	107,750
County of Archer TX,
4.000%, 02/15/2024		350,000		383,562
County of Bexar TX,
5.000%, 06/15/2029 (Callable 06/15/2026)		855,000		1,037,161
County of El Paso TX,
5.000%, 02/15/2032 (Callable 08/15/2027)		885,000		1,097,225
County of Fort Bend TX,
2.000%, 03/01/2027 (Insured by BAM)		745,000		785,228
County of Harris TX,
5.000%, 10/01/2028
(Pre-refunded to 10/01/2021)		135,000		136,600
County of McLennan TX,
5.000%, 06/01/2025 (Insured by AGM)		240,000		274,609
County of Montgomery TX,
2.000%, 09/01/2027 (Callable 09/01/2025)
(Insured by BAM)		435,000		445,437
County of Winkler TX,
2.000%, 02/15/2025		125,000		121,354
Cypress-Fairbanks Independent
School District:
1.250%, 02/15/2040 (Mandatory Tender
Date 08/15/2022) (PSF Guaranteed)(1)		575,000		581,655
2.125%, 02/15/2040 (Mandatory Tender
Date 08/16/2021) (PSF Guaranteed)(1)		100,000		100,232
Dallas Convention Center
Hotel Development Corp.,
0.000%, 01/01/2025		4,450,000		4,200,508
Dallas County Utility & Reclamation District,
5.000%, 02/15/2026		290,000		344,155
Dallas Independent School District:
4.000%, 02/15/2029 (PSF Guaranteed)		5,550,000		6,816,281
5.000%, 02/15/2036 (Pre-refunded to
02/15/2022) (PSF Guaranteed)(1)		45,000		46,348
5.000%, 02/15/2036 (Pre-refunded to
02/15/2022) (PSF Guaranteed)		305,000		314,136
5.000%, 02/15/2036 (Pre-refunded to
02/15/2022) (PSF Guaranteed)(1)		770,000		793,063
Decatur Hospital Authority,
5.750%, 09/01/2029 (ETM)		1,385,000		1,688,627
Decatur Independent School District,
0.000%, 08/15/2027 (PSF Guaranteed)		925,000		867,606
Denton County Fresh Water
Supply District No. 6,
4.000%, 02/15/2023 (Insured by BAM)		275,000		290,118
Denton Independent School District,
2.000%, 08/01/2044 (Mandatory Tender
Date 08/01/2024) (PSF Guaranteed)(1)		1,705,000		1,789,103
El Paso Downtown Development Corp.,
5.000%, 08/15/2027 (Callable 08/15/2026)		1,000,000		1,155,309
Everman Independent School District,
5.000%, 02/15/2025 (PSF Guaranteed)		125,000		145,289
Fort Bend County Levee Improvement
District No. 6,
3.500%, 09/01/2028 (Callable 09/01/2024)
(Insured by BAM)		340,000		370,048
Fort Bend County Municipal Utility
District No. 116,
4.000%, 09/01/2025 (Callable 09/01/2024)
(Insured by BAM)		325,000		359,421
Fort Bend County Municipal
Utility District No. 118:
2.000%, 09/01/2023 (Insured by AGM)		330,000		338,223
2.000%, 09/01/2024 (Insured by AGM)		350,000		361,455
Fort Bend County Municipal
Utility District No. 134B,
4.625%, 09/01/2024 (Insured by AGM)		320,000		362,058
Fort Bend County Municipal
Utility District No. 134E,
4.500%, 09/01/2022 (Insured by BAM)		330,000		344,406
Fort Bend County Municipal
Utility District No. 139:
4.000%, 09/01/2022 (Insured by BAM)		180,000		187,632
4.000%, 09/01/2023 (Insured by BAM)		190,000		204,613
4.000%, 09/01/2024 (Insured by BAM)		200,000		221,762
Fort Bend County Municipal
Utility District No. 23,
3.000%, 09/01/2021 (Callable 08/02/2021)
(Insured by BAM)		340,000		340,719
Fort Bend County Municipal
Utility District No. 30,
4.000%, 09/01/2024 (Insured by BAM)		500,000		552,741
Fort Bend County Municipal
Utility District No. 58:
2.000%, 04/01/2024 (Insured by BAM)		380,000		395,924
3.000%, 04/01/2024 (Insured by BAM)		605,000		646,849
3.500%, 04/01/2024 (Insured by AGM)		125,000		135,279
3.000%, 04/01/2026 (Insured by BAM)		860,000		945,805
3.000%, 04/01/2026 (Insured by BAM)		635,000		698,356
3.000%, 04/01/2027 (Insured by BAM)		410,000		456,751
Fort Bend County Municipal
Utility District No. 81,
3.000%, 09/01/2023 (Callable 08/02/2021)
(Insured by AGM)		440,000		440,964
Fort Bend Independent School District:
5.000%, 08/15/2027 (PSF Guaranteed)		300,000		376,945
5.000%, 08/15/2028 (PSF Guaranteed)		250,000		321,782
0.875%, 08/01/2050 (Mandatory Tender
Date 08/01/2025) (PSF Guaranteed)(1)		4,125,000		4,163,139
Fort Bend-Waller Counties Municipal
Utility District No. 2,
4.250%, 04/01/2029 (Callable 04/01/2026)
(Insured by AGM)(6)		675,000		776,467
Friendswood Independent School District,
5.000%, 02/15/2025 (PSF Guaranteed)		160,000		186,409
Frisco Independent School District,
5.000%, 02/15/2028 (PSF Guaranteed)		2,710,000		3,446,637
Garland Independent School District,
5.000%, 02/15/2028 (PSF Guaranteed)		1,640,000		2,088,215
Harris County Cultural Education
Facilities Finance Corp.:
5.000%, 07/01/2049 (Callable 09/01/2026)
(Mandatory Tender Date 12/01/2026)(1)		655,000		800,703
0.900%, 05/15/2050 (Callable 08/02/2021)
(Mandatory Tender Date 05/15/2025)(1)		4,500,000		4,501,739
Harris County Health Facilities
Development Corp.:
5.750%, 07/01/2027 (ETM)		975,000		1,177,274
5.750%, 07/01/2027 (ETM)		4,205,000		4,941,800
Harris County Municipal Utility
District No. 109,
4.000%, 10/01/2027 (Callable 10/01/2021)
(Insured by BAM)		460,000		464,353
Harris County Municipal Utility
District No. 120,
3.250%, 08/01/2025 (Callable 08/02/2021)
(Insured by AGM)		350,000		350,763

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

Page 111

Baird Short-Term Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Harris County Municipal
Utility District No. 153,
4.000%, 09/01/2023 (Callable 09/01/2022)
(Insured by BAM)	$	100,000	$	104,384
Harris County Municipal Utility
District No. 276,
3.000%, 09/01/2024 (Insured by BAM)		445,000		479,477
Harris County Municipal Utility
District No. 284:
4.000%, 09/01/2023 (Insured by AGM)		370,000		398,457
4.000%, 09/01/2024 (Insured by AGM)		235,000		260,570
Harris County Municipal Utility
District No. 371,
4.000%, 09/01/2025 (Insured by AGM)		330,000		373,963
Harris County Municipal Utility
District No. 374,
3.000%, 09/01/2024 (Insured by BAM)		225,000		240,087
Harris County Municipal Utility
District No. 500,
5.000%, 12/01/2021 (Insured by AGM)		85,000		86,630
Harris County Municipal Utility
District No. 63,
3.000%, 09/01/2025 (Callable 09/01/2024)
(Insured by AGM)		100,000		107,202
Hitchcock Independent School District,
5.000%, 02/15/2023 (PSF Guaranteed)		100,000		107,682
Hunt Memorial Hospital District:
5.000%, 02/15/2024		200,000		220,517
5.000%, 02/15/2027		1,500,000		1,791,541
5.000%, 02/15/2028		1,000,000		1,218,432
Ingleside Independent School District,
5.000%, 08/15/2024 (PSF Guaranteed)		120,000		137,327
Irving Hospital Authority,
5.000%, 10/15/2023		150,000		165,622
Katy Independent School District,
0.329%, 08/15/2036 (1 Month LIBOR
USD + 0.280%) (PSF Guaranteed)(2)		680,000		680,073
La Vernia Independent School District,
4.000%, 08/15/2025 (PSF Guaranteed)		260,000		297,175
Lake Travis Independent School District:
2.625%, 02/15/2048 (Pre-refunded to
02/15/2022) (PSF Guaranteed)(1)		95,000		96,443
2.625%, 02/15/2048 (Pre-refunded to
02/15/2022) (PSF Guaranteed)(1)		169,999		172,529
Leander Independent School District:
0.000%, 08/15/2033 (Pre-refunded to
08/15/2024) (PSF Guaranteed)		50,000		32,156
0.000%, 08/15/2034 (Pre-refunded to
08/15/2024) (PSF Guaranteed)		350,000		212,121
0.000%, 08/15/2036 (Pre-refunded to
08/15/2024) (PSF Guaranteed)		15,000		8,402
0.000%, 08/15/2036 (Pre-refunded to
08/15/2024) (PSF Guaranteed)		100,000		53,636
0.000%, 08/15/2039 (Pre-refunded to
08/15/2024) (PSF Guaranteed)		50,000		22,557
0.000%, 08/15/2040 (Pre-refunded to
08/15/2024) (PSF Guaranteed)		130,000		59,528
0.000%, 08/15/2041 (Pre-refunded to
08/15/2024) (PSF Guaranteed)		1,325,000		577,328
0.000%, 08/15/2041 (Pre-refunded to
08/15/2024) (PSF Guaranteed)		8,275,000		3,588,784
0.000%, 08/15/2041 (Pre-refunded to
08/15/2024) (PSF Guaranteed)		435,000		175,331
0.000%, 08/15/2042 (Pre-refunded to
08/15/2024) (PSF Guaranteed)		50,000		20,630
0.000%, 08/15/2042 (Pre-refunded to
08/15/2024) (PSF Guaranteed)		455,000		188,021
0.000%, 08/15/2043 (Pre-refunded to
08/15/2024) (PSF Guaranteed)		40,000		15,722
0.000%, 08/15/2045 (Pre-refunded to
08/15/2024) (PSF Guaranteed)		1,010,000		323,044
0.000%, 08/15/2046 (Pre-refunded to
08/15/2024) (PSF Guaranteed)		890,000		267,486
0.000%, 08/15/2047 (Pre-refunded to
08/15/2024) (PSF Guaranteed)		75,000		21,164
Lewisville Independent School District,
5.000%, 08/15/2024 (PSF Guaranteed)		20,000		22,935
Lower Colorado River Authority:
5.000%, 05/15/2024 (Callable 05/15/2022)		140,000		145,685
4.750%, 01/01/2028
(ETM) (Insured by AGM)		310,000		356,595
5.000%, 05/15/2028 (Callable 05/15/2022)		495,000		514,922
Manor Independent School District,
5.000%, 08/01/2026 (PSF Guaranteed)		100,000		121,710
Mansfield Independent School District,
2.500%, 08/01/2042 (Mandatory Tender
Date 08/01/2021) (PSF Guaranteed)(1)		3,790,000		3,796,741
Melissa Independent School District,
5.000%, 08/01/2027 (Callable 08/01/2026)
(PSF Guaranteed)		560,000		682,829
Midlothian Independent School District,
2.000%, 08/01/2051 (Mandatory Tender
Date 08/01/2024) (PSF Guaranteed)(1)		1,700,000		1,777,982
Montgomery County Health Facilities
Development Corp.,
0.000%, 07/15/2023 (ETM)		595,000		590,779
Montgomery County Municipal Utility
District No. 112:
3.000%, 10/01/2022 (Insured by BAM)		200,000		206,541
3.000%, 10/01/2024 (Insured by BAM)		215,000		232,021
Montgomery County Municipal Utility
District No. 95,
3.000%, 09/01/2023 (Insured by AGM)		115,000		120,987
Montgomery Independent School District,
5.000%, 02/15/2024 (PSF Guaranteed)		175,000		196,244
New Caney Independent School District:
5.000%, 02/15/2025 (PSF Guaranteed)		100,000		116,467
3.000%, 02/15/2050 (Mandatory Tender
Date 08/15/2021) (PSF Guaranteed)(1)		230,000		230,788
New Hope Cultural Education
Facilities Finance Corp.:
3.625%, 08/15/2022 (Callable 08/15/2021)(3)		65,000		65,204
4.000%, 06/15/2024		50,000		54,501
Newark Higher Education Finance Corp.:
5.000%, 08/15/2023 (PSF Guaranteed)		260,000		284,628
5.000%, 08/15/2028 (Callable 08/15/2024)
(PSF Guaranteed)		705,000		796,916
North Central Texas Health Facility
Development Corp.,
5.750%, 06/01/2026
ETM) (Insured by NATL)		415,000		478,414
North East Independent School District,
2.200%, 08/01/2049 (Mandatory Tender
Date 08/01/2024) (PSF Guaranteed)(1)		1,225,000		1,280,227
North Mission Glen Municipal Utility District,
3.000%, 09/01/2024 (Insured by AGM)		185,000		199,333

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

Page 112

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Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
North Texas Education Finance Corp.,
5.250%, 12/01/2047
(Pre-refunded to 06/01/2022)	$	1,600,000	$	1,673,281
North Texas Tollway Authority:
5.000%, 01/01/2022		25,000		25,599
5.250%, 09/01/2026
(Pre-refunded to 09/01/2021)		3,055,000		3,080,515
Northeast Travis County Utility District,
0.000%, 09/01/2024 (Insured by BAM)		470,000		454,433
Northgate Crossing Road Utility District,
0.000%, 12/01/2022 (Callable 08/02/2021)
(Insured by AGM)		100,000		95,173
Northside Independent School District:
5.000%, 08/15/2022 (PSF Guaranteed)		110,000		116,023
1.750%, 06/01/2032 (Callable 07/21/2021)
(Mandatory Tender Date 06/01/2022)
(PSF Guaranteed)(1)		1,065,000		1,066,892
1.600%, 08/01/2049 (Mandatory Tender
Date 08/01/2024) (PSF Guaranteed)(1)		3,085,000		3,188,837
Northwest Harris County Municipal
Utility District No. 16,
5.500%, 10/01/2021 (Insured by BAM)		25,000		25,314
Northwest Harris County Municipal
Utility District No. 19:
2.000%, 10/01/2021 (Insured by AGM)		95,000		95,385
2.000%, 10/01/2022 (Insured by AGM)		105,000		106,811
2.000%, 10/01/2023 (Insured by AGM)		105,000		108,674
3.000%, 10/01/2024 (Insured by AGM)		110,000		118,708
Odessa Junior College District,
4.000%, 07/01/2029 (Callable 07/01/2022)
(Insured by AGM)		215,000		222,829
Olmos Park Higher Education Facilities Corp.,
5.000%, 12/01/2021		210,000		213,893
Palestine Independent School District,
5.000%, 02/15/2024 (PSF Guaranteed)		135,000		151,124
Paloma Lake Municipal Utility District No. 1,
2.000%, 09/01/2022 (Insured by NATL)		150,000		152,756
Paseo del Este Municipal
Utility District No. 10:
4.000%, 08/15/2022 (Insured by AGM)		160,000		166,493
4.000%, 08/15/2023 (Insured by AGM)		130,000		139,806
4.000%, 08/15/2024 (Insured by AGM)		180,000		199,343
Port of Port Arthur Navigation District,
0.020%, 04/01/2040
(Optional Put Date 07/01/2021)(1)		15,000,000		15,000,000
Poteet Independent School District,
3.000%, 08/15/2021 (PSF Guaranteed)		235,000		235,797
Prosper Independent School District,
5.000%, 02/15/2024 (PSF Guaranteed)		110,000		123,600
Red River Education Finance Corp.:
3.000%, 06/01/2022		655,000		670,706
5.000%, 06/01/2022		880,000		917,142
Remington Municipal Utility District No. 1:
3.000%, 09/01/2021 (Insured by AGM)		415,000		416,834
3.000%, 09/01/2022 (Insured by AGM)		100,000		103,080
Rockwall Independent School District:
0.000%, 02/15/2023 (PSF Guaranteed)		1,000,000		993,644
0.000%, 02/15/2024 (PSF Guaranteed)		1,270,000		1,251,179
SA Energy Acquisition Public Facility Corp.,
5.500%, 08/01/2021		25,000		25,105
San Antonio Water System,
2.000%, 05/01/2043
(Mandatory Tender Date 11/01/2021)(1)		645,000		648,643
San Benito Consolidated Independent
School District,
5.000%, 02/15/2024 (PSF Guaranteed)		100,000		112,000
Sedona Lakes Municipal Utility District No. 1,
3.000%, 09/01/2024 (Insured by BAM)		105,000		113,135
Sherman Independent School District,
5.000%, 02/15/2026 (Callable 02/15/2024)
(PSF Guaranteed)		1,000,000		1,118,882
Sienna Plantation:
2.000%, 09/01/2027 (Callable 09/01/2025)
(Insured by AGM)		500,000		512,610
2.000%, 09/01/2028 (Callable 09/01/2025)
(Insured by AGM)		315,000		321,947
South Shore Harbor Municipal
Utility District No. 7,
4.000%, 09/01/2023 (Insured by BAM)		370,000		398,457
Southwest Houston Redevelopment Authority,
5.000%, 09/01/2025 (Insured by AGM)		250,000		289,965
Southwest Texas Junior College District,
4.000%, 10/01/2023 (Insured by BAM)		100,000		107,849
Spring Creek Utility District of
Montgomery County:
2.500%, 10/01/2023 (Insured by AGM)		150,000		156,924
3.000%, 10/01/2023 (Insured by AGM)		145,000		153,413
State of Texas:
5.000%, 10/01/2027 (Callable 10/01/2025)		1,210,000		1,442,245
1.850%, 08/01/2029 (Callable 08/02/2021)
(Optional Put Date 08/01/2022)(1)		315,000		315,301
Tarrant County Cultural Education
Facilities Finance Corp.:
5.000%, 11/15/2024		250,000		285,177
5.000%, 10/01/2025 (Callable 10/01/2023)		2,110,000		2,319,220
2.250%, 11/15/2025		225,000		238,201
Taylor Independent School District,
3.000%, 02/15/2023 (PSF Guaranteed)		815,000		849,384
Tender Option Bond Trust,
0.120%, 01/01/2029
(Optional Put Date 07/07/2021)(1)(3)		5,875,000		5,875,000
Texas Department of Housing
& Community Affairs,
4.750%, 03/01/2049 (Callable 09/01/2027)
(Insured by GNMA)		650,000		724,079
Texas Municipal Gas Acquisition
& Supply Corp. I:
5.250%, 12/15/2021		120,000		122,686
1.530%, 12/15/2026 (3 Month LIBOR
USD + 1.450%) (Callable 07/01/2021)(2)		7,800,000		7,801,022
6.250%, 12/15/2026		2,750,000		3,240,284
Texas Municipal Gas Acquisition
& Supply Corp. III:
5.000%, 12/15/2024		1,000,000		1,150,445
5.000%, 12/15/2025		2,000,000		2,375,645
Texas Public Finance Authority,
5.000%, 12/01/2027 (Callable 06/01/2025)		950,000		1,097,311
Texas State Affordable Housing Corp.,
4.250%, 03/01/2049 (Callable 03/01/2029)
(Insured by GNMA)		710,000		787,900
Texas State Public Finance Authority
Charter School Finance Corp.,
7.250%, 08/15/2041
(Pre-refunded to 08/15/2021)(7)		450,000		453,713
Texas Transportation Commission
State Highway Fund,
4.000%, 04/01/2026
(Mandatory Tender Date 10/01/2021)(1)		950,000		958,990

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

Page 113

Baird Short-Term Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Tioga Independent School District
Public Facility Corp.:
4.000%, 08/15/2021	$	185,000	$	185,394
4.000%, 08/15/2022		450,000		458,698
4.000%, 08/15/2023		470,000		486,229
4.000%, 08/15/2024		185,000		194,012
3.250%, 08/15/2026 (Callable 08/15/2024)		195,000		199,300
Town of Providence Village TX,
4.000%, 03/01/2024 (Insured by BAM)		275,000		300,630
Tyler Health Facilities Development Corp.,
5.500%, 07/01/2027
(Pre-refunded to 07/01/2021)		55,000		55,000
Upper Trinity Regional Water District,
5.000%, 08/01/2024 (Callable 08/01/2022)
(Insured by AGM)		195,000		204,721
Viridian Municipal Management District:
6.000%, 12/01/2023 (Insured by BAM)		50,000		56,655
4.000%, 12/01/2024 (Insured by BAM)		425,000		474,415
4.000%, 12/01/2025 (Callable 12/01/2024)
(Insured by BAM)		440,000		489,261
4.000%, 12/01/2026 (Callable 12/01/2023)
(Insured by AGM)		340,000		366,467
4.000%, 12/01/2026 (Callable 12/01/2024)
(Insured by BAM)		460,000		509,360
4.000%, 12/01/2027 (Callable 12/01/2024)
(Insured by BAM)		475,000		524,277
4.000%, 12/01/2028 (Callable 12/01/2024)
(Insured by BAM)		495,000		543,544
4.000%, 12/01/2028 (Callable 12/01/2024)
(Insured by BAM)		455,000		499,621
4.000%, 12/01/2029 (Callable 12/01/2024)
(Insured by BAM)		685,000		749,278
West Harris County Municipal
Utility District No. 17:
0.000%, 09/01/2021 (Insured by AGM)		60,000		59,960
3.000%, 09/01/2023 (Insured by AGM)		360,000		378,742
Willow Creek Farms Municipal Utility District:
2.400%, 09/01/2023 (Insured by AGM)		45,000		46,684
3.500%, 09/01/2023 (Insured by AGM)		125,000		132,933
Wink-Loving Independent School District:
5.000%, 02/15/2026
(Callable 02/15/2023) (PSF Guaranteed)		1,995,000		2,149,946
5.000%, 02/15/2027
(Callable 02/15/2023) (PSF Guaranteed)		530,000		571,073
3.000%, 02/15/2028(6)		450,000		466,659
3.000%, 02/15/2029(6)		600,000		621,960
3.000%, 02/15/2030(6)		715,000		740,711
3.000%, 02/15/2031(6)		560,000		579,998
Total Texas
(Cost $201,953,543)				204,370,589		11.4	%
Utah
County of Utah UT:
5.000%, 05/15/2057 (Callable 02/01/2024)
(Mandatory Tender Date 08/01/2024)(1)		410,000		459,085
5.000%, 05/15/2060 (Callable 02/01/2024)
(Mandatory Tender Date 08/01/2024)(1)		100,000		114,100
University of Utah:
5.000%, 08/01/2025		450,000		532,793
5.000%, 08/01/2025		285,000		337,435
5.000%, 08/01/2026		380,000		464,414
5.000%, 08/01/2026		300,000		366,643
5.000%, 08/01/2027		500,000		628,623
5.000%, 08/01/2027		315,000		396,033
5.000%, 08/01/2028		350,000		450,927
5.000%, 08/01/2028		335,000		431,601
5.000%, 08/01/2029		350,000		460,720
5.000%, 08/01/2029		350,000		460,720
Utah Charter School Finance Authority:
4.000%, 04/15/2022 (Insured by UT CSCE)		250,000		256,857
5.000%, 04/15/2022 (Insured by UT CSCE)		110,000		113,879
5.000%, 04/15/2023 (Insured by UT CSCE)		160,000		171,890
4.000%, 04/15/2024 (Insured by UT CSCE)		100,000		108,546
5.000%, 04/15/2024 (Insured by UT CSCE)		240,000		267,102
5.000%, 10/15/2024 (Insured by UT CSCE)		355,000		401,502
5.000%, 04/15/2025 (Insured by UT CSCE)		135,000		154,735
5.000%, 04/15/2026 (Insured by UT CSCE)		150,000		177,849
3.625%, 06/15/2029
(Callable 06/15/2027)(3)		480,000		506,522
Utah Housing Corp.,
4.000%, 01/01/2045 (Callable 01/01/2026)
(Insured by FHA)		55,000		59,228
Utah Infrastructure Agency:
4.000%, 10/15/2023		180,000		193,713
4.000%, 10/15/2024		190,000		210,058
4.000%, 10/15/2025		100,000		112,965
Total Utah
(Cost $7,793,635)				7,837,940		0.4	%
Vermont
City of Burlington VT,
5.000%, 07/01/2023
(Pre-refunded to 07/01/2021)		25,000		25,000
Vermont Educational & Health Buildings
Financing Agency:
5.000%, 12/01/2032 (Callable 06/01/2026)		1,120,000		1,338,053
5.000%, 12/01/2033 (Callable 06/01/2026)		2,445,000		2,918,465
Vermont Housing Finance Agency:
4.000%, 11/01/2044 (Callable 11/01/2023)		45,000		48,490
4.000%, 11/01/2048 (Callable 05/01/2027)		1,100,000		1,195,471
4.000%, 11/01/2049 (Callable 05/01/2028)
(Insured by GNMA)		2,380,000		2,692,953
3.750%, 11/01/2050 (Callable 05/01/2029)
(Insured by GNMA)		1,485,000		1,649,440
Vermont Public Power Supply Authority:
5.000%, 07/01/2022		380,000		397,343
5.000%, 07/01/2025		520,000		606,072
5.000%, 07/01/2026		500,000		598,618
Winooski School District,
1.250%, 10/15/2021		6,000,000		6,007,932
Total Vermont
(Cost $17,255,247)				17,477,837		1.0	%
Virginia
City of Petersburg VA,
4.000%, 11/01/2025 (Callable 11/01/2022)
(Insured by ST AID)		1,170,000		1,201,584
County of Fairfax VA,
4.000%, 10/01/2026 (Insured by ST AID)		4,055,000		4,784,886
Henry County Industrial
Development Authority,
2.000%, 11/01/2023 (Callable 11/01/2021)		3,250,000		3,267,348
Virginia Commonwealth University Health
System Authority,
4.750%, 07/01/2041
(Pre-refunded to 07/01/2021)		105,000		105,000
Virginia Housing Development Authority,
2.490%, 01/01/2022		1,000,000		1,010,778

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

Page 114

Baird Short-Term Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Virginia Public Building Authority,
5.000%, 08/01/2028	$	8,300,000	$	10,726,459
Wise County Industrial
Development Authority,
1.200%, 11/01/2040
(Mandatory Tender Date 05/31/2024)(1)		1,875,000		1,918,458
Total Virginia
(Cost $22,907,349)				23,014,513		1.3	%
Washington
Central Puget Sound Regional
Transit Authority,
0.470%, 11/01/2045 (SIFMA Municipal Swap
Index + 0.450%) (Callable 11/01/2022)
(Mandatory Tender Date 11/01/2023)(2)		100,000		100,431
Central Washington University:
4.000%, 05/01/2024 (Callable 05/01/2023)		260,000		276,849
4.000%, 05/01/2026 (Callable 05/01/2023)		410,000		434,406
5.000%, 05/01/2026 (Insured by BAM)		410,000		493,150
City of Seattle WA,
0.510%, 11/01/2046 (SIFMA Municipal Swap
Index + 0.490%) (Callable 11/01/2022)
(Mandatory Tender Date 11/01/2023)(2)		295,000		295,820
King County Housing Authority:
4.000%, 01/01/2022		100,000		101,807
3.500%, 05/01/2022		350,000		359,226
5.000%, 11/01/2026		810,000		978,803
Pend Oreille County Public
Utility District No. 1:
5.000%, 01/01/2022		635,000		647,666
5.000%, 01/01/2023		665,000		704,237
5.000%, 01/01/2024		1,020,000		1,116,442
5.000%, 01/01/2024		700,000		765,641
5.000%, 01/01/2025		735,000		827,235
San Juan County School District No. 137,
4.000%, 12/01/2028 (Callable 12/01/2022)
(Insured by SCH BD GTY)		675,000		710,054
Seattle Housing Authority,
1.000%, 06/01/2026 (Callable 06/01/2023)		2,000,000		1,998,096
Spokane Public Facilities District,
5.000%, 12/01/2028
(Pre-refunded to 06/01/2023)		550,000		599,405
State of Washington:
5.000%, 07/01/2024 (Callable 07/01/2022)
(Insured by ST AID)		620,000		649,701
5.000%, 07/01/2024 (Callable 07/01/2022)		260,000		272,509
Vancouver Housing Authority,
1.530%, 12/01/2022 (Callable 12/01/2021)		1,780,000		1,786,934
Washington Health Care Facilities Authority:
5.000%, 10/01/2030 (Callable 04/01/2025)		1,335,000		1,536,428
1.168%, 01/01/2042 (1 Month LIBOR
USD + 1.100%) (Callable 01/01/2022)
(Mandatory Tender Date 07/01/2022)(2)		500,000		501,359
5.000%, 10/01/2042
(Mandatory Tender Date 10/01/2021)(1)		120,000		121,432
Total Washington
(Cost $15,116,608)				15,277,631		0.9	%
West Virginia
City of Fairmont WV,
5.250%, 07/01/2022 (Insured by AMBAC)		70,000		71,635
Roane County Building Commission,
2.550%, 11/01/2021 (Callable 08/02/2021)		2,000,000		2,002,773
Total West Virginia
(Cost $2,070,981)				2,074,408		0.1	%
Wisconsin
Appleton Redevelopment Authority,
0.060%, 06/01/2036 (Callable 07/01/2021)
(Optional Put Date 07/07/2021)(1)		2,000,000		2,000,000
Baldwin-Woodville Area School District,
2.000%, 04/01/2023 (Callable 08/02/2021)		110,000		110,143
City of Antigo WI,
2.000%, 06/01/2022		75,000		76,226
City of Kaukauna WI,
2.625%, 09/01/2024 (Callable 09/01/2022)		300,000		307,256
City of Ladysmith WI,
4.000%, 06/01/2022 (Callable 08/02/2021)		150,000		150,459
City of Marinette WI,
4.000%, 05/01/2027 (Callable 05/01/2023)		150,000		159,804
City of Menomonie WI,
3.000%, 12/01/2024		415,000		446,750
City of Milwaukee WI,
3.000%, 06/01/2030 (Callable 06/01/2026)		450,000		484,368
City of Oshkosh WI,
4.000%, 05/01/2029 (Callable 05/01/2023)		125,000		132,963
City of Plymouth WI,
2.000%, 05/01/2023 (Callable 08/02/2021)		825,000		826,059
City of Waupun WI,
2.700%, 12/01/2024 (Callable 12/01/2021)		250,000		252,368
City of West Allis WI,
2.375%, 04/01/2023 (Callable 08/02/2021)		100,000		100,164
Coleman School District,
4.000%, 03/01/2025 (Callable 03/01/2024)		200,000		218,576
County of Manitowoc WI,
4.000%, 11/01/2021		90,000		91,096
Greendale School District,
2.700%, 03/01/2026 (Callable 03/01/2022)		500,000		506,940
Hilbert School District,
4.000%, 04/01/2027
(Pre-refunded to 04/01/2025)		250,000		283,639
Palmyra-Eagle Area School District:
3.000%, 03/01/2024 (Callable 03/01/2023)		700,000		693,702
3.000%, 03/01/2025 (Callable 03/01/2023)		175,000		172,210
Public Finance Authority:
4.000%, 10/01/2021		200,000		201,390
5.000%, 10/01/2022(3)		2,000,000		2,099,138
5.000%, 06/15/2023		395,000		424,382
5.000%, 10/01/2023(3)		2,000,000		2,174,966
5.000%, 10/01/2024(3)		1,605,000		1,804,108
3.000%, 03/01/2026
(Callable 08/02/2021)(3)		2,250,000		2,251,838
8.375%, 06/01/2037
(Pre-refunded to 06/01/2022)		990,000		1,062,135
8.625%, 06/01/2047
(Pre-refunded to 06/01/2022)		1,245,000		1,338,552
Pulaski Community School District,
2.500%, 03/01/2023 (Callable 08/02/2021)		40,000		40,073
Southeast Wisconsin Professional
Baseball Park District:
0.000%, 12/15/2021
(ETM) (Insured by NATL)		30,000		29,959
0.000%, 12/15/2024
(ETM) (Insured by NATL)		95,000		93,344
State of Wisconsin:
5.000%, 05/01/2026 (Callable 05/01/2023)		60,000		65,283
5.000%, 05/01/2029
(Pre-refunded to 05/01/2022)		145,000		150,872

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

Page 115

Baird Short-Term Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Tender Option Bond Trust:
0.270%, 11/01/2025
(Optional Put Date 07/07/2021)(1)(3)	$	1,300,000	$	1,300,000
0.270%, 11/01/2025
(Optional Put Date 07/07/2021)(1)(3)		2,226,000		2,226,000
0.270%, 04/01/2029
(Optional Put Date 07/07/2021)(1)(3)		2,184,000		2,184,000
0.220%, 07/01/2029
(Optional Put Date 07/07/2021)(1)(3)		795,000		795,000
Town of Delavan WI,
4.500%, 03/01/2024		130,000		144,384
Town of St. Joseph WI:
3.000%, 12/01/2023 (Insured by AGM)		450,000		477,516
3.000%, 12/01/2024 (Insured by AGM)		370,000		400,526
Village of DeForest WI,
3.375%, 05/01/2023 (Callable 08/02/2021)		100,000		100,252
Village of Hales Corners WI,
3.000%, 11/01/2022		345,000		357,066
Village of Waunakee WI,
3.200%, 10/01/2026 (Callable 08/02/2021)		225,000		225,479
West Bend Joint School District No. 1,
2.000%, 04/01/2024 (Callable 08/02/2021)		535,000		535,691
Wisconsin Center District:
5.000%, 12/15/2022		715,000		765,225
5.250%, 12/15/2023
(ETM) (Insured by AGM)		35,000		37,190
5.250%, 12/15/2023 (Insured by AGM)		25,000		27,306
0.000%, 12/15/2024 (Insured by NATL)		100,000		97,042
5.000%, 12/15/2025		120,000		143,179
5.250%, 12/15/2027
(ETM) (Insured by AGM)		50,000		60,914
5.250%, 12/15/2027 (Insured by AGM)		230,000		278,447
Wisconsin Health &
Educational Facilities Authority:
5.000%, 11/01/2021		110,000		110,916
5.875%, 02/15/2022 (Insured by BHAC)		45,000		46,560
5.000%, 03/01/2022		230,000		234,986
5.000%, 07/01/2022		185,000		193,710
4.000%, 09/15/2022		200,000		208,679
5.000%, 03/01/2023		300,000		316,037
5.000%, 06/01/2023 (Callable 06/01/2022)		415,000		432,726
4.000%, 09/15/2023 (Callable 09/15/2022)		150,000		156,417
5.000%, 12/01/2023		150,000		166,904
4.000%, 09/15/2024 (Callable 09/15/2023)		360,000		387,484
5.000%, 07/01/2025 (Callable 07/01/2024)		660,000		744,917
2.750%, 08/15/2025 (Callable 08/15/2024)		1,440,000		1,535,550
4.000%, 09/15/2025 (Callable 09/15/2022)		200,000		208,087
4.000%, 09/15/2025 (Callable 09/15/2023)		375,000		402,685
5.000%, 11/01/2025		245,000		267,771
5.000%, 02/15/2026 (Insured by AGM)		500,000		598,136
5.000%, 02/15/2026		1,000,000		1,191,245
2.250%, 11/01/2026 (Callable 11/01/2021)		1,250,000		1,251,531
5.000%, 10/01/2027 (Callable 10/01/2022)		135,000		142,815
5.000%, 11/15/2027 (Callable 11/15/2024)		640,000		737,221
5.000%, 08/15/2029 (Callable 08/15/2027)		720,000		896,256
5.000%, 09/15/2029 (Callable 09/15/2023)		1,365,000		1,481,456
5.000%, 11/01/2029 (Callable 11/01/2026)		500,000		558,794
5.000%, 12/15/2029 (Callable 12/15/2024)		130,000		148,549
5.000%, 09/15/2030 (Callable 09/15/2023)		500,000		541,630
3.000%, 02/15/2035
(Pre-refunded to 08/15/2025)		185,000		203,039
5.250%, 04/15/2035
(Pre-refunded to 04/15/2023)		560,000		609,128
Wisconsin Health &
Educational Facilities Authority: (cont.)
4.000%, 02/15/2038
(Pre-refunded to 08/15/2025)		575,000		655,183
5.000%, 02/15/2051 (Callable 08/15/2026)
(Mandatory Tender Date 02/15/2027)(1)		3,100,000		3,716,670
5.000%, 02/15/2052 (Callable 08/15/2024)
(Mandatory Tender Date 02/15/2025)(1)		5,300,000		6,006,829
0.570%, 08/15/2054 (SIFMA Municipal Swap
Index + 0.550%) (Callable 07/26/2022)
(Mandatory Tender Date 07/26/2023)(2)		395,000		396,159
Wisconsin Housing & Economic
Development Authority:
3.500%, 09/01/2046 (Callable 09/01/2025)
(Insured by FNMA)		240,000		256,079
4.000%, 03/01/2048 (Callable 03/01/2027)
(Insured by FNMA)		340,000		366,539
1.600%, 11/01/2048 (Callable 11/01/2021)
(Mandatory Tender Date 11/01/2022)(1)		430,000		431,884
4.250%, 03/01/2049 (Callable 09/01/2028)		840,000		937,855
3.000%, 03/01/2052 (Callable 09/01/2030)		2,665,000		2,928,981
Total Wisconsin
(Cost $57,172,197)				58,373,388		3.3	%
Wyoming
Carbon County Specific Purpose Tax
Joint Powers Board:
5.000%, 06/15/2023		675,000		728,312
5.000%, 06/15/2024		735,000		820,328
5.000%, 06/15/2025		950,000		1,092,127
5.000%, 06/15/2026		340,000		399,615
County of Laramie WY,
4.000%, 05/01/2028		440,000		524,277
Wyoming Community Development Authority:
4.000%, 12/01/2043 (Callable 06/01/2027)		960,000		1,017,972
3.750%, 12/01/2049 (Callable 12/01/2028)		1,785,000		1,925,030
Total Wyoming
(Cost $6,397,293)				6,507,661		0.4	%
Total Municipal Bonds
(Cost $1,685,259,795)				1,711,426,331		95.6	%
	Shares
Closed-End Investment Companies
Nuveen AMT-Free Municipal Credit
Income Fund, Series B Preferred Shares,
0.320%, 03/01/2029(1)		10,000		10,000,000
Nuveen AMT-Free Quality Municipal
Income Fund, Series D Preferred Shares,
0.320%, 03/01/2029(1)		12,000		12,000,000
Total Closed-End Investment Companies
(Cost $22,000,000)				22,000,000		1.2	%
Total Long-Term Investments
(Cost $1,758,241,370)				1,784,701,827		99.7	%

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

Page 116

Baird Short-Term Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Short-Term Investment

					% of
	Shares		Value		Net Assets
Money Market Mutual Fund
Federated Hermes Institutional Tax-Free
Cash Trust, Premier Shares, 0.01%(4)		3,746,010	$	3,746,010
Total Short-Term Investment
(Cost $3,746,010)				3,746,010		0.2	%
Total Investments
(Cost $1,761,987,380)				1,788,447,837		99.9	%
Other Assets in Excess of Liabilities				2,438,744		0.1	%
TOTAL NET ASSETS			$	1,790,886,581		100.0	%

Notes to Schedule of Investments

AGC – Assured Guaranty Corp.

AGM – Assured Guaranty Municipal

AMBAC – Ambac Assurance Corp.

BAM – Build America Mutual Assurance Co.

BHAC – Berkshire Hathaway Assurance Corp.

CA MTG – CA Mortgage Insurance

FHA – Federal Housing Administration

FNMA – Federal National Mortgage Association

GNMA – Government National Mortgage Association

NATL – National Public Finance Guarantee Corp.

Q-SBLF – Qualified School Building Loan Fund

SCH BD GTY – School Board Guaranty

SD CRED PROG – State Credit Enhancement Program

ST AID – State Aid Intercept/Withholding

UT CSCE – Utah Charter School Credit Enhancement Program

ETM – Escrowed to Maturity

LIBOR – London Inter-bank Offered Rate

PSF – Permanent School Fund

SIFMA – Securities Industry and Financial Markets Association

SOFR – Secured Overnight Financing Rate

(1)	Variable rate security. The rate reported is the rate in effect as of June 30, 2021.
(2)	Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of June 30, 2021.
(3)	Security issued under Rule 144A under the Securities Act of 1933 and classified as liquid under the Fund’s liquidity risk management program. Purchased in a private placement transaction; resale to the public may require registration or may extend only to qualified institutional buyers. At June 30, 2021, the value of these securities totaled $126,284,108, which represented 7.05% of total net assets.
(4)	Seven-day yield.
(5)	Auction Rate Security. An Auction Rate Security is a debt instrument with a long nominal maturity for which the interest rate is regularly reset through a Dutch auction. The rate presented is either the rate set through the auction or the maximum interest rate provided for in the security issuance provision.
(6)	Security or a portion of the security purchased on a when-issued or delayed delivery basis.
(7)	Step-up bond; the interest rate shown is the rate in effect as of June 30, 2021.

Summary of Fair Value Exposure at June 30, 2021 (Unaudited)

The Fund has adopted authoritative fair valuation accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion on changes in valuation techniques and related inputs during the period. These standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The fair value hierarchy is organized into three levels based upon the assumptions (referred to as “inputs”) used in pricing the asset or liability. These standards state that “observable inputs” reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from independent sources and “unobservable inputs” reflect an entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. These inputs are summarized into three broad levels and described below:

Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3 – Unobservable inputs for the asset or liability.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2021:

	Level 1		Level 2		Level 3		Total
Long-Term Investments
U.S. Treasury Securities	$	—	$	51,275,496	$	—	$	51,275,496
Municipal Bonds		—		1,711,426,331		—		1,711,426,331
Closed-End Investment Companies		—		22,000,000		—		22,000,000
Total Long-Term Investments		—		1,784,701,827		—		1,784,701,827
Short-Term Investment
Money Market Mutual Fund		3,746,010		—		—		3,746,010
Total Short-Term Investment		3,746,010		—		—		3,746,010
Total Investments	$	3,746,010	$	1,784,701,827	$	—	$	1,788,447,837

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

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

Page 117

Baird Strategic Municipal Bond Fund

June 30, 2021 (Unaudited)

Portfolio Characteristics

Quality Distribution⁽¹⁾⁽²⁾

	Net Assets	$266,337,029
	SEC 30-Day Yield(4)
	Institutional Class	0.61%
	Investor Class	0.36%
	Average Effective Duration	2.25 years
	Average Effective Maturity	2.34 years
	Net Derivatives Position
	(Current Notional Amount as
	a Percentage of Net Assets)	-6.20%
	Annualized Expense Ratio(5)
	Institutional Class	0.30%
Sector Weightings(1)	Investor Class	0.55%	(6)
	Portfolio Turnover Rate	47%	(7)
	Number of Holdings	535

(1)	Percentages shown are based on the Fund’s total investments.
(2)	The quality profile is calculated on a market value-weighted basis using the highest credit quality rating for each security held by the Fund given by S&P, Moody’s or Fitch, each of which is a Nationally Recognized Statistical Rating Organization (NRSRO). NRSROs rate the credit quality of securities using a scale that generally ranges from AAA (highest) to D (lowest).
(3)	Includes pre-refunded and escrowed-to-maturity (ETM) bonds.
(4)	SEC yields are based on SEC guidelines and are calculated for the 30 days ended June 30, 2021.
(5)	Reflects expense ratios as stated in the Fund’s current prospectus dated May 1, 2021.
(6)	Includes 0.25% 12b-1 fee.
(7)	Not annualized.

Page 118

Baird Strategic Municipal Bond Fund

June 30, 2021 (Unaudited)

Total Returns

			Average
			Annual
	Six	One	Since
For the Periods Ended June 30, 2021	Months	Year	Inception(1)
Institutional Class Shares	1.64%	5.12%	6.72%
Investor Class Shares	1.52%	4.93%	6.46%
Bloomberg Barclays 1-10 Year Municipal Blend Index(2)	0.36%	2.43%	3.22%

(1)

For the period from November 15, 2019 (inception date) through June 30, 2021.

(2)

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

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

The Fund’s gross expense ratio for each Class, as reflected in the Fund’s current prospectus, is set forth under “Portfolio Characteristics”.

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

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

The Fund may also invest in U.S. Treasury futures contracts. Futures contracts are subject to the risk of loss caused by unanticipated market movements, the risk that there may be an imperfect correlation between the prices of futures contracts and the value of their underlying instruments or indexes, and the risk there may not be a liquid secondary market for them.  U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including the impact of the coronavirus (COVID-19) as a global pandemic and related public health issues, business interruptions, growth concerns in the U.S. and overseas, and changed travel and social behaviors. These and other geopolitical events may cause market disruptions and could have an adverse effect on the value of the Fund’s investments.

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

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

Page 119

Baird Strategic Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments

	Principal				% of
	Amount		Value		Net Assets
Municipal Bonds
Alabama
City of Huntsville AL,
5.000%, 09/01/2030	$	535,000	$	719,434
County of Shelby AL,
4.000%, 08/15/2038 (Callable 12/01/2024)		1,000,000		1,097,021
Eutaw Industrial Development Board,
0.020%, 06/01/2028
(Optional Put Date 07/01/2021)(1)		800,000		800,000
Industrial Development Board
of the City of Mobile AL,
0.020%, 06/01/2034
(Optional Put Date 07/01/2021)(1)		1,000,000		1,000,000
Mizuho Floater/Residual Trust,
0.270%, 12/01/2048 (Callable 08/02/2021)
(Optional Put Date 08/04/2021)(1)(3)		2,000,000		2,000,000
Tallassee Board of Education,
4.000%, 08/01/2034 (Callable 08/01/2030)
(Insured by AGM)		310,000		372,069
Wilsonville Industrial Development Board,
0.010%, 01/01/2024
(Optional Put Date 07/01/2021)(1)		1,000,000		1,000,000
Total Alabama
(Cost $6,991,464)				6,988,524		2.6	%
Alaska
Alaska Housing Finance Corp.,
4.000%, 06/01/2036 (Callable 06/01/2025)		750,000		820,360
Alaska Industrial Development
& Export Authority:
4.000%, 04/01/2031 (Callable 04/01/2029)		1,800,000		2,115,146
4.250%, 04/01/2031 (Callable 04/01/2023)		185,000		195,224
Alaska Municipal Bond Bank Authority,
5.000%, 10/01/2026		175,000		213,718
CIVIC Ventures:
5.000%, 09/01/2022		260,000		268,569
5.000%, 09/01/2023		235,000		248,950
5.000%, 09/01/2025		170,000		187,449
5.000%, 09/01/2026 (Callable 09/01/2025)		430,000		481,198
University of Alaska,
5.000%, 10/01/2028 (Callable 10/01/2025)		110,000		126,263
Total Alaska
(Cost $4,559,204)				4,656,877		1.7	%
Arizona
Arizona Industrial Development Authority:
2.470%, 07/01/2025
(Insured by SD CRED PROG)		190,000		193,088
3.169%, 10/01/2025		150,000		148,986
4.750%, 10/01/2025(3)		165,000		169,648
5.000%, 10/01/2028		110,000		133,883
4.000%, 11/01/2028		1,000,000		1,197,360
5.000%, 10/01/2029		10,000		12,360
5.000%, 10/01/2030 (Callable 10/01/2026)(3)		105,000		112,379
5.000%, 10/01/2030 (Callable 10/01/2029)		140,000		172,022
4.000%, 10/01/2031 (Callable 10/01/2029)		65,000		73,192
4.000%, 10/01/2033 (Callable 10/01/2029)		100,000		111,904
4.000%, 10/01/2034 (Callable 10/01/2029)		85,000		94,963
Cochise County Community College District,
5.000%, 07/01/2026 (Callable 07/01/2025)
(Insured by BAM)		120,000		140,879
Maricopa County Industrial
Development Authority:
4.500%, 07/01/2025(3)		125,000		125,563
5.000%, 07/01/2026
(Insured by SD CRED PROG)		430,000		503,342
5.000%, 07/01/2027
(Insured by SD CRED PROG)		710,000		844,616
5.000%, 01/01/2033 (Callable 01/01/2027)		250,000		302,019
Tender Option Bond Trust,
0.210%, 07/01/2025
(Optional Put Date 07/07/2021)(1)(3)		1,500,000		1,500,000
Total Arizona
(Cost $5,811,304)				5,836,204		2.2	%
Arkansas
Batesville Public Facilities Board,
5.000%, 06/01/2027		500,000		590,439
City of Heber Springs AR,
1.625%, 06/01/2047 (Callable 06/01/2028)(6)		1,185,000		1,189,364
City of Maumelle AR,
4.000%, 08/01/2030 (Callable 08/01/2025)		75,000		81,431
City of Prairie Grove AR,
1.750%, 06/01/2051 (Callable 12/01/2026)
(Insured by BAM)		850,000		852,305
Henderson State University,
2.625%, 07/01/2022 (Callable 08/02/2021)		100,000		100,161
Little Rock Metrocentere
Improvement District No. 1,
0.020%, 12/01/2025
(Optional Put Date 07/01/2021)(1)		1,600,000		1,600,000
Lonoke School District No. 1,
2.250%, 02/01/2030 (Callable 08/02/2021)
(Insured by ST AID)		255,000		255,157
Southern Arkansas University,
4.000%, 03/01/2028 (Callable 03/01/2025)
(Insured by AGM)		205,000		227,982
Total Arkansas
(Cost $4,827,638)				4,896,839		1.8	%
California
ABAG Finance Authority,
5.000%, 07/01/2021		1,000,000		1,000,000
American Valley Community Services District,
1.500%, 11/01/2023 (Callable 11/01/2022)(3)		1,000,000		1,010,416
Bay Area Toll Authority:
1.270%, 04/01/2036 (SIFMA Municipal
Swap Index + 1.250%) (Callable 10/01/2026)
(Mandatory Tender Date 04/01/2027)(2)		1,175,000		1,219,274
0.300%, 04/01/2056 (SIFMA Municipal
Swap Index + 0.280%) (Callable 10/01/2023)
(Mandatory Tender Date 04/01/2024)(2)		2,000,000		1,995,062
California Health Facilities Financing Authority,
3.000%, 03/01/2041 (Callable 09/01/2023)
(Mandatory Tender Date 03/01/2024)(1)		950,000		998,196
California Infrastructure & Economic
Development Bank:
0.370%, 08/01/2047 (SIFMA Municipal
Swap Index + 0.350%) (Callable 08/01/2023)
(Mandatory Tender Date 08/01/2024)(2)		2,165,000		2,165,020
0.720%, 12/01/2050 (SIFMA Municipal
Swap Index + 0.700%) (Callable 06/01/2025)
(Mandatory Tender Date 06/01/2026)(2)		1,000,000		1,013,422
California Municipal Finance Authority:
1.150%, 12/15/2021 (Callable 11/01/2021)
(Insured by ST AID)(3)		575,000		575,036
5.000%, 10/01/2023		140,000		153,716
California Public Finance Authority:
2.375%, 11/15/2028 (Callable 05/15/2023)(3)		315,000		319,359
3.125%, 05/15/2029 (Callable 11/15/2023)(3)		250,000		253,396

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

Page 120

Baird Strategic Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Cathedral City Public Financing Authority,
0.000%, 08/01/2032 (Insured by NATL)	$	1,085,000	$	832,687
City & County of San Francisco CA,
1.300%, 07/01/2023
(Mandatory Tender Date 01/01/2023)(1)		200,000		202,146
Hanford Joint Union High School District,
4.000%, 06/01/2049 (Callable 06/01/2026)
(Insured by AGM)		1,250,000		1,387,189
Jamul-Dulzura Union School District,
0.000%, 11/01/2027		585,000		541,163
Los Angeles Industrial Development Authority,
0.120%, 06/01/2025 (Callable 07/01/2021)
(Optional Put Date 07/07/2021)(1)		1,325,000		1,325,000
Mayers Memorial Hospital District:
0.000%, 08/01/2026		230,000		202,939
0.000%, 08/01/2029		165,000		131,509
0.000%, 08/01/2032		210,000		150,603
0.000%, 08/01/2034		260,000		173,871
Metropolitan Water District
of Southern California,
0.160%, 07/01/2037 (SIFMA Municipal
Swap Index + 0.140%) (Callable 11/23/2023)
(Mandatory Tender Date 05/21/2024)(2)		150,000		150,000
Mizuho Floater/Residual Trust:
0.270%, 06/01/2026
(Optional Put Date 08/04/2021)(1)(3)		1,205,000		1,205,000
0.270%, 03/01/2036 (Callable 08/02/2021)
(Optional Put Date 08/04/2021)(1)(3)		2,300,000		2,300,000
0.270%, 10/01/2036 (Callable 08/02/2021)
(Optional Put Date 08/04/2021)(1)(3)		2,000,000		2,000,000
Modesto Irrigation District,
0.670%, 09/01/2027 (3 Month LIBOR
USD + 0.580%) (Callable 08/02/2021)
(Insured by NATL)(2)		300,000		300,600
Oxnard School District,
2.000%, 08/01/2045 (Callable 08/01/2026)
(Insured by BAM)(5)		325,000		362,648
Riverside County Redevelopment
Successor Agency:
0.000%, 10/01/2025 (Insured by BAM)(5)		200,000		230,413
0.000%, 10/01/2041 (Callable 10/01/2026)
(Insured by BAM)(5)		80,000		90,738
Saugus Union School District Financing Authority,
4.000%, 09/01/2027 (Insured by BAM)		650,000		762,686
Tender Option Bond Trust,
0.220%, 12/15/2038(1)(3)		1,000,000		1,000,000
University of California,
5.000%, 05/15/2026		1,500,000		1,764,436
Western Placer Unified School District,
2.000%, 06/01/2025 (Callable 06/01/2023)		225,000		231,177
Total California
(Cost $25,896,564)				26,047,702		9.8	%
Colorado
City & County of Denver CO,
0.010%, 12/01/2029
(Optional Put Date 07/01/2021)(1)		400,000		400,000
Colorado Educational &
Cultural Facilities Authority:
5.250%, 03/01/2025 (Insured by NATL)		200,000		227,647
2.000%, 09/01/2030 (Callable 09/01/2028)		550,000		553,106
Colorado Health Facilities Authority,
4.000%, 12/01/2026
(Pre-refunded to 12/01/2022)		170,000		179,141
Colorado Housing & Finance Authority,
1.350%, 02/01/2022 (Callable 08/01/2021)		345,000		345,272
Denver Health & Hospital Authority,
4.000%, 12/01/2028 (Callable 12/01/2023)		100,000		106,911
E-470 Public Highway Authority:
0.000%, 09/01/2029 (Insured by NATL)		50,000		44,127
0.383%, 09/01/2039 (SOFR + 0.350%)
(Callable 06/01/2024)
(Mandatory Tender Date 09/01/2024)(2)		1,000,000		1,000,816
Glen Metropolitan District No. 2,
2.000%, 12/01/2030 (Insured by BAM)		275,000		275,934
Poudre Tech Metropolitan District:
3.000%, 12/01/2026 (Insured by AGM)		115,000		125,581
3.000%, 12/01/2027 (Insured by AGM)		270,000		296,340
Prairie Center Metropolitan District No. 7,
4.125%, 12/15/2036 (Callable 12/15/2025)		235,000		255,305
Vauxmont Metropolitan District:
5.000%, 12/15/2032 (Callable 12/15/2024)
(Insured by AGM)		135,000		156,337
3.250%, 12/15/2050 (Callable 12/15/2024)
(Insured by AGM)		750,000		801,990
Total Colorado
(Cost $4,698,545)				4,768,507		1.8	%
Connecticut
Connecticut Housing Finance Authority,
3.300%, 11/15/2037 (Callable 11/15/2021)		2,000,000		2,020,656
Connecticut State Health & Educational
Facilities Authority:
4.500%, 07/01/2024 (Callable 07/01/2021)		300,000		300,000
2.750%, 01/01/2026 (Callable 07/01/2022)(3)		200,000		202,485
3.500%, 07/01/2026		700,000		775,709
5.000%, 07/01/2027 (Callable 07/01/2026)		60,000		70,422
Connecticut State Higher Education
Supplement Loan Authority,
5.000%, 11/15/2026		350,000		420,315
Town of Sprague CT:
4.000%, 09/01/2021 (Insured by BAM)		50,000		50,256
4.000%, 09/01/2024 (Insured by BAM)		40,000		43,757
4.000%, 09/01/2025 (Insured by BAM)		55,000		61,344
Town of Stratford CT,
5.000%, 08/01/2021		180,000		180,687
Total Connecticut
(Cost $4,038,792)				4,125,631		1.5	%
District of Columbia
Howard University,
2.638%, 10/01/2021		150,000		150,795
Total District of Columbia
(Cost $150,000)				150,795		0.1	%
Florida
City of Gainesville FL,
0.010%, 10/01/2042
(Optional Put Date 07/01/2021)(1)		1,000,000		1,000,000
City of Jacksonville FL:
4.000%, 10/01/2033 (Callable 10/01/2026)		100,000		115,131
0.020%, 08/01/2036 (Callable 07/01/2021)
(Optional Put Date 07/07/2021)(1)		200,000		200,000
0.020%, 08/01/2036 (Callable 07/01/2021)
(Optional Put Date 07/07/2021)(1)		1,000,000		1,000,000
City of Orlando FL,
5.000%, 11/01/2025 (Insured by AGM)		180,000		214,883
County of Escambia FL,
0.030%, 07/01/2022
(Optional Put Date 07/01/2021)(1)		900,000		900,000

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

Page 121

Baird Strategic Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Florida Development Finance Corp.:
3.000%, 06/01/2023	$	115,000	$	118,882
4.000%, 06/01/2024		105,000		112,892
4.000%, 06/15/2025(3)		445,000		490,590
Florida Higher Educational Facilities
Financial Authority,
5.000%, 10/01/2021		225,000		227,457
Florida Housing Finance Corp.:
4.200%, 01/01/2045 (Callable 01/01/2028)
(Insured by GNMA)		130,000		141,152
3.500%, 07/01/2046 (Callable 07/01/2024)
(Insured by GNMA)		20,000		20,674
Highlands County Health Facilities Authority,
0.020%, 11/15/2037 (Callable 07/01/2021)
(Optional Put Date 07/07/2021)(1)		1,100,000		1,100,000
Miami Health Facilities Authority,
5.000%, 07/01/2021		50,000		50,000
Miami-Dade County Industrial
Development Authority,
0.030%, 05/01/2046(1)		2,000,000		2,000,000
Orange County Convention Center,
4.000%, 10/01/2034 (Callable 10/01/2026)		300,000		346,008
Orange County Health Facilities Authority:
3.500%, 08/01/2022		150,000		154,723
5.000%, 08/01/2028 (Callable 08/01/2024)		300,000		334,061
Palm Beach County Health Facilities Authority:
5.000%, 05/15/2023		300,000		324,735
5.000%, 05/15/2031 (Callable 05/15/2027)		305,000		364,190
Pasco County School Board,
0.770%, 08/01/2032 (SIFMA Municipal
Swap Index + 0.750%) (Callable 08/04/2021)
(Mandatory Tender Date 08/02/2023)(2)		510,000		510,246
Sarasota County Health Facilities Authority,
3.000%, 05/15/2023		150,000		154,428
Sumter County Industrial
Development Authority,
5.000%, 07/01/2021		100,000		100,000
Tender Option Bond Trust:
0.220%, 01/01/2046 (Callable 01/01/2025)
(Optional Put Date 07/07/2021)(1)(3)		1,000,000		1,000,000
0.140%, 04/01/2053 (Callable 04/01/2028)
(Optional Put Date 07/07/2021)(1)(3)		2,000,000		2,000,000
UCF Stadium Corp.:
5.000%, 03/01/2024		300,000		330,421
5.000%, 03/01/2025		370,000		419,728
Volusia County School Board,
5.000%, 08/01/2031 (Callable 08/01/2024)		1,400,000		1,588,305
Total Florida
(Cost $15,181,205)				15,318,506		5.8	%
Georgia
Atlanta Development Authority,
5.000%, 07/01/2024		200,000		226,691
Burke County Development Authority,
0.020%, 07/01/2049
(Optional Put Date 07/01/2021)(1)		2,000,000		2,000,000
City of Atlanta GA,
5.000%, 12/01/2021		875,000		890,484
Clayton County Development Authority,
4.000%, 07/01/2034 (Callable 07/01/2027)		100,000		115,415
Development Authority of Appling County,
0.030%, 09/01/2029
(Optional Put Date 07/01/2021)(1)		1,600,000		1,600,000
Development Authority of Bulloch County,
5.000%, 07/01/2029		385,000		500,039
Macon-Bibb County Housing Authority,
1.625%, 10/01/2024 (Callable 04/01/2022)
(Mandatory Tender Date 10/01/2022)(1)		1,000,000		998,957
Main Street Natural Gas, Inc.:
5.000%, 05/15/2024		65,000		73,332
0.817%, 04/01/2048 (1 Month LIBOR
USD + 0.750%) (Callable 06/01/2023)
(Mandatory Tender Date 09/01/2023)(2)		460,000		462,292
0.897%, 08/01/2048 (1 Month LIBOR
USD + 0.830%) (Callable 09/01/2023)
(Mandatory Tender Date 12/01/2023)(2)		290,000		292,242
Private Colleges & Universities Authority:
5.000%, 06/01/2023		145,000		157,251
5.000%, 06/01/2027		200,000		242,684
5.250%, 10/01/2027 (Callable 10/01/2021)		525,000		531,548
5.000%, 06/01/2033 (Callable 06/01/2031)		500,000		645,874
0.440%, 10/01/2039 (SIFMA Municipal Swap
Index + 0.420%) (Callable 02/16/2022)
(Mandatory Tender Date 08/16/2022)(2)		300,000		300,113
Total Georgia
(Cost $8,944,900)				9,036,922		3.4	%
Illinois
Champaign & Piatt Counties Community
Unit School District No. 3,
3.500%, 09/01/2029 (Callable 09/01/2022)		180,000		183,137
Chicago Park District:
5.000%, 01/01/2022		140,000		143,204
5.000%, 01/01/2024		225,000		248,978
5.000%, 01/01/2030 (Callable 01/01/2024)		150,000		162,851
4.200%, 01/01/2031 (Callable 01/01/2022)		150,000		151,831
City of Chicago IL:
4.000%, 11/01/2021		80,000		80,991
5.000%, 11/01/2022		100,000		106,067
0.000%, 01/01/2023		325,000		317,766
5.000%, 11/01/2023		125,000		138,072
5.000%, 11/01/2027 (Callable 11/01/2026)
(Insured by BAM)		100,000		122,552
Cook County Community College
District No. 508,
5.250%, 12/01/2028 (Callable 12/01/2023)		325,000		358,928
Cook County School District No. 104,
0.000%, 12/01/2022 (ETM)		200,000		199,098
Crawford Hospital District,
4.000%, 01/01/2027 (Insured by AGM)		315,000		365,110
Eastern Illinois University,
6.350%, 04/01/2036 (Callable 08/02/2021)		1,390,000		1,390,435
Exceptional Children Have Opportunities,
4.000%, 12/01/2032 (Callable 12/01/2029)		500,000		584,390
Hoffman Estates Park District,
5.000%, 12/01/2025		500,000		550,595
Illinois Finance Authority:
4.000%, 02/15/2023		395,000		414,508
5.000%, 10/01/2023		100,000		109,750
5.000%, 11/01/2024		50,000		57,159
5.000%, 10/01/2025		150,000		175,953
5.000%, 09/01/2027 (Callable 09/01/2026)		500,000		594,174
4.000%, 11/01/2030		100,000		112,900
4.125%, 11/15/2037 (Callable 11/15/2025)		300,000		336,192
4.250%, 05/15/2041
(Pre-refunded to 05/15/2022)		80,000		82,834
6.000%, 10/01/2048 (Callable 10/01/2022)		610,000		630,317

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

Page 122

Baird Strategic Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Joliet Park District,
4.000%, 02/01/2033 (Callable 02/01/2023)
(Insured by AGM)	$	150,000	$	157,490
Metropolitan Pier & Exposition Authority,
0.000%, 12/15/2022 (Insured by NATL)		125,000		123,563
Northern Illinois University:
5.000%, 10/01/2031 (Callable 04/01/2031)
(Insured by BAM)(6)		450,000		583,979
4.000%, 10/01/2032 (Callable 04/01/2031)
(Insured by BAM)(6)		500,000		599,783
Sales Tax Securitization Corp.,
5.000%, 01/01/2043 (Callable 01/01/2029)		1,000,000		1,237,715
State of Illinois:
5.000%, 02/01/2022		1,000,000		1,027,775
5.000%, 03/01/2022		2,000,000		2,063,449
6.000%, 06/15/2024 (Insured by NATL)		100,000		115,621
5.000%, 01/01/2026		50,000		59,157
University of Illinois,
5.500%, 04/01/2031 (Callable 07/19/2021)		30,000		30,076
Upper Illinois River Valley
Development Authority,
4.000%, 01/01/2031 (Callable 01/01/2027)(3)		225,000		237,376
Village of Crestwood IL,
4.000%, 12/15/2027 (Callable 12/15/2025)
(Insured by BAM)		135,000		150,355
Will County Community
High School District No. 210:
0.000%, 01/01/2028 (Insured by BAM)		310,000		275,152
0.000%, 01/01/2032 (Insured by BAM)		125,000		97,495
3.375%, 01/01/2033 (Callable 01/01/2023)		25,000		25,586
4.000%, 01/01/2034 (Callable 01/01/2029)
(Insured by AGM)		150,000		172,260
Total Illinois
(Cost $14,326,908)				14,574,624		5.5	%
Indiana
City of Muncie IN,
4.000%, 01/15/2022 (Insured by AGM)		160,000		162,535
Hammond Local Public
Improvement Bond Bank,
2.000%, 12/31/2021		1,170,000		1,177,055
Indiana Finance Authority:
5.000%, 09/15/2023		795,000		862,289
5.000%, 10/01/2032 (Callable 10/01/2023)		250,000		263,510
3.750%, 10/01/2042 (Callable 10/01/2023)		40,000		40,333
5.000%, 10/01/2042 (Callable 10/01/2023)		50,000		52,311
Indiana Health & Educational Facilities
Financing Authority,
5.000%, 11/15/2046 (Callable 11/15/2026)		150,000		180,482
Indianapolis Local Public
Improvement Bond Bank,
5.000%, 02/01/2031 (Callable 12/29/2023)		675,000		751,740
St. Joseph County Airport Authority,
0.010%, 07/01/2027		410,000		376,319
Total Indiana
(Cost $3,779,964)				3,866,574		1.5	%
Iowa
City of Coralville IA:
4.000%, 06/01/2024		200,000		211,618
4.000%, 05/01/2026 (Callable 05/01/2022)		545,000		546,567
Iowa Finance Authority,
4.000%, 07/01/2047 (Callable 07/01/2028)
(Insured by GNMA)		230,000		260,778
Iowa Higher Education Loan Authority:
3.000%, 04/01/2023		280,000		291,916
3.000%, 04/01/2024		255,000		271,052
Total Iowa
(Cost $1,553,547)				1,581,931		0.6	%
Kansas
City of Derby KS,
3.900%, 03/01/2037 (Callable 03/01/2025)		75,000		77,693
City of Goddard KS,
3.000%, 12/01/2022 (Callable 12/01/2021)		150,000		151,683
Kansas Independent College Finance Authority,
4.375%, 05/01/2022		500,000		509,422
Total Kansas
(Cost $730,761)				738,798		0.3	%
Kentucky
Kentucky Economic Development
Finance Authority,
0.000%, 10/01/2025 (Insured by NATL)		35,000		32,842
Kentucky Higher Education Student Loan Corp.,
5.000%, 06/01/2024		130,000		145,296
Kentucky Public Energy Authority:
4.000%, 01/01/2049 (Callable 10/01/2024)
(Mandatory Tender Date 01/01/2025)(1)		275,000		305,447
1.187%, 12/01/2049 (1 Month LIBOR
USD + 1.120%) (Callable 03/01/2025)
(Mandatory Tender Date 06/01/2025)(2)		100,000		102,232
4.000%, 12/01/2049 (Callable 03/01/2025)
(Mandatory Tender Date 06/01/2025)(1)		240,000		270,247
Morehead State University,
5.000%, 04/01/2028 (Callable 04/01/2025)
(Insured by ST AID)		230,000		265,097
Total Kentucky
(Cost $1,079,894)				1,121,161		0.4	%
Louisiana
City of Shreveport LA,
5.000%, 09/01/2024		440,000		497,655
Lafayette Public Trust Financing Authority,
3.000%, 10/01/2021		150,000		150,959
Louisiana Local Government
Environmental Facilities & Community
Development Authority:
4.000%, 10/01/2023		100,000		106,180
4.000%, 10/01/2024		145,000		157,227
3.020%, 04/01/2031 (Callable 04/01/2025)(3)		1,360,000		1,454,608
5.250%, 06/15/2033 (Callable 06/15/2031)(3)		1,175,000		1,227,045
Louisiana Public Facilities Authority:
0.000%, 10/01/2024(5)		330,000		324,923
0.000%, 10/01/2029(5)		255,000		274,700
0.010%, 05/01/2042
(Optional Put Date 07/01/2021)(1)		1,000,000		1,000,000
Louisiana Stadium & Exposition District,
4.000%, 07/03/2023 (Callable 04/01/2023)		825,000		873,530
Louisiana State University & Agricultural
& Mechanical College,
5.000%, 07/01/2027 (Callable 07/01/2024)		235,000		263,021
Morehouse Parish Hospital
Service District No. 1,
3.000%, 10/01/2030 (Callable 10/01/2027)		100,000		101,022
Total Louisiana
(Cost $6,324,763)				6,430,870		2.4	%

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

Page 123

Baird Strategic Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Maine
Finance Authority of Maine:
5.000%, 12/01/2022 (Insured by AGM)	$	100,000	$	106,426
5.000%, 12/01/2023 (Insured by AGM)		125,000		138,224
5.000%, 12/01/2024 (Insured by AGM)		125,000		142,568
5.000%, 12/01/2025 (Insured by AGM)		200,000		234,429
5.000%, 12/01/2026 (Insured by AGM)		200,000		239,982
Maine Health & Higher Educational
Facilities Authority:
5.000%, 07/01/2024
(Pre-refunded to 07/01/2023)		630,000		689,049
5.000%, 07/01/2026		100,000		119,940
Total Maine
(Cost $1,646,912)				1,670,618		0.6	%
Maryland
Maryland Economic Development Corp.,
3.997%, 04/01/2034 (Callable 01/01/2034)(3)		2,000,000		2,164,352
Maryland Health & Higher Educational
Facilities Authority:
5.000%, 01/01/2024		540,000		580,996
5.000%, 01/01/2025		470,000		518,791
Total Maryland
(Cost $3,096,270)				3,264,139		1.2	%
Massachusetts
City of Lynn MA,
5.000%, 09/01/2026 (Insured by ST AID)		580,000		710,605
Massachusetts Development Finance Agency:
5.000%, 07/15/2021(3)		100,000		100,136
5.000%, 07/15/2022(3)		115,000		119,460
5.000%, 07/15/2023(3)		115,000		123,539
5.000%, 07/15/2024(3)		125,000		138,281
5.000%, 07/15/2025(3)		65,000		73,740
Massachusetts Educational Financing Authority,
2.000%, 07/01/2037 (Callable 07/01/2031)(6)		2,600,000		2,598,500
Massachusetts State College Building Authority,
0.000%, 05/01/2028
(ETM) (Insured by NATL)		2,000,000		1,848,069
Total Massachusetts
(Cost $5,727,848)				5,712,330		2.1	%
Michigan
Charter Township of Lansing MI,
2.750%, 05/01/2028 (Callable 08/02/2021)		265,000		265,318
City of Detroit MI:
5.000%, 04/01/2022		250,000		257,443
5.000%, 04/01/2023		275,000		293,907
Flint Hospital Building Authority,
5.000%, 07/01/2023		100,000		103,629
Michigan Finance Authority:
5.000%, 07/01/2024		260,000		289,916
5.000%, 07/01/2025 (Callable 07/01/2024)		25,000		27,745
5.000%, 07/01/2027 (Callable 07/01/2025)		160,000		188,420
5.000%, 07/01/2030 (Callable 07/01/2024)		165,000		179,656
5.000%, 07/01/2044 (Callable 07/01/2024)		130,000		139,030
Michigan State Housing Development Authority,
3.500%, 12/01/2050 (Callable 06/01/2029)		295,000		326,389
Michigan Strategic Fund:
1.450%, 09/01/2030
(Mandatory Tender Date 09/01/2021)(1)		500,000		500,983
0.010%, 12/01/2033
(Optional Put Date 07/01/2021)(1)		1,000,000		1,000,000
Redford Union School District No. 1,
5.000%, 11/01/2027 (Insured by Q-SBLF)		830,000		1,036,958
Tender Option Bond Trust,
0.120%, 05/01/2028 (Optional Put Date
07/07/2021) (Insured by Q-SBLF)(1)(3)		2,000,000		2,000,000
Western Michigan University,
5.000%, 11/15/2022		165,000		175,863
Total Michigan
(Cost $6,746,796)				6,785,257		2.5	%
Minnesota
County of Chippewa MN,
4.000%, 03/01/2023		1,060,000		1,105,590
Minneapolis-Saint Paul Metropolitan
Airports Commission,
5.000%, 01/01/2026 (Callable 01/01/2022)		50,000		51,180
Plymouth Intermediate District No. 287,
3.000%, 05/01/2032 (Callable 05/01/2025)		650,000		689,061
Zumbro Education District:
4.000%, 02/01/2031		370,000		441,720
4.000%, 02/01/2033 (Callable 02/01/2031)		300,000		355,418
Total Minnesota
(Cost $2,644,930)				2,642,969		1.0	%
Mississippi
City of Ridgeland MS,
3.000%, 10/01/2025		325,000		343,414
Mississippi Business Finance Corp.:
2.500%, 04/01/2022 (Callable 08/02/2021)		375,000		377,254
3.200%, 09/01/2028 (Callable 03/13/2024)		1,000,000		1,051,221
Mississippi Home Corp.,
4.000%, 12/01/2043 (Callable 12/01/2026)
(Insured by GNMA)		85,000		91,671
Mississippi Hospital Equipment
& Facilities Authority,
5.000%, 10/01/2040 (Callable 12/01/2026)
(Mandatory Tender Date 03/01/2027)(1)		100,000		118,892
State of Mississippi,
5.000%, 10/15/2032 (Callable 10/15/2028)		1,495,000		1,869,888
Vicksburg Warren School District,
5.000%, 03/01/2025		285,000		325,728
Total Mississippi
(Cost $4,125,126)				4,178,068		1.6	%
Missouri
County of Platte MO:
5.000%, 02/01/2025 (Callable 02/01/2023)		125,000		130,452
3.000%, 03/01/2027 (Callable 03/01/2023)		200,000		201,334
Health & Educational Facilities Authority
of the State of Missouri:
5.000%, 02/01/2022		255,000		261,704
5.000%, 02/01/2025 (Callable 02/01/2024)		180,000		199,661
5.000%, 09/01/2027		150,000		177,550
4.000%, 08/01/2030 (Callable 08/01/2024)		200,000		215,309
5.000%, 06/01/2031 (Callable 06/01/2024)		1,000,000		1,126,919
4.250%, 08/01/2035 (Callable 08/01/2024)		110,000		118,623
Missouri Development Finance Board,
0.080%, 08/01/2038 (Callable 07/01/2021)
(Optional Put Date 07/07/2021)(1)		835,000		835,000
St. Joseph Industrial Development Authority,
3.100%, 01/01/2023		100,000		101,185
St. Louis Land Clearance for
Redevelopment Authority:
4.250%, 06/01/2026		250,000		271,246
3.875%, 10/01/2035 (Callable 10/01/2029)		450,000		442,971
St. Louis Municipal Finance Corp.,
5.000%, 02/15/2025		300,000		346,819
Total Missouri
(Cost $4,331,187)				4,428,773		1.7	%

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

Page 124

Baird Strategic Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Montana
Mizuho Floater/Residual Trust,
0.270%, 12/01/2060
(Optional Put Date 08/04/2021)(1)(3)	$	1,110,000	$	1,110,000
Total Montana
(Cost $1,110,000)				1,110,000		0.4	%
Nebraska
Central Plains Energy Project,
5.000%, 09/01/2042 (Callable 09/01/2022)		45,000		47,447
Madison County Hospital Authority No. 1:
5.000%, 07/01/2021		295,000		295,000
5.000%, 07/01/2022		520,000		542,878
Total Nebraska
(Cost $881,160)				885,325		0.3	%
Nevada
City of Sparks NV,
2.500%, 06/15/2024(3)		125,000		127,264
Clark County School District,
5.000%, 06/15/2023		100,000		109,232
Henderson Public Improvement Trust:
3.000%, 01/01/2022		175,000		176,672
3.000%, 01/01/2026		270,000		283,443
State of Nevada,
4.000%, 12/15/2025(3)		1,100,000		1,163,595
Total Nevada
(Cost $1,822,955)				1,860,206		0.7	%
New Hampshire
New Hampshire Health and Education
Facilities Authority,
3.150%, 04/01/2022 (Callable 11/01/2021)(3)		1,500,000		1,503,929
Total New Hampshire
(Cost $1,503,827)				1,503,929		0.6	%
New Jersey
Atlantic City Board of Education,
3.400%, 08/15/2024(3)		140,000		150,417
City of Newark NJ:
5.000%, 10/01/2021 (Insured by ST AID)		95,000		95,987
2.000%, 10/05/2021		1,000,000		1,004,434
5.000%, 10/01/2022		500,000		525,238
5.000%, 10/01/2022 (Insured by ST AID)		130,000		136,562
Essex County Improvement Authority,
5.000%, 11/01/2027		350,000		438,249
Garden State Preservation Trust,
5.000%, 11/01/2021		325,000		329,637
New Jersey Economic Development Authority:
1.270%, 09/01/2025 (SIFMA Municipal
Swap Index + 1.250%) (Callable 03/01/2025)
(Insured by ST AID)(2)		380,000		385,755
5.000%, 03/01/2029 (Callable 03/01/2023)		200,000		214,779
5.625%, 01/01/2052 (Callable 01/01/2024)		1,000,000		1,124,631
New Jersey Educational Facilities Authority:
5.000%, 07/01/2026
(Pre-refunded to 07/01/2025)		55,000		64,759
5.000%, 07/01/2026 (Callable 07/01/2025)		70,000		81,816
5.000%, 07/01/2028 (Insured by AGM)		125,000		158,007
New Jersey Housing & Mortgage Finance Agency,
3.500%, 04/01/2051 (Callable 04/01/2029)		760,000		844,300
South Jersey Port Corp.,
3.500%, 01/01/2032 (Callable 01/01/2026)		100,000		107,003
Total New Jersey
(Cost $5,599,408)				5,661,574		2.1	%
New Mexico
City of Farmington NM,
1.875%, 04/01/2033
(Mandatory Tender Date 10/01/2021)(1)		50,000		50,180
Town of Clayton NM,
5.000%, 11/01/2026 (Callable 11/01/2025)
(Insured by NATL)		185,000		213,663
Village of Los Ranchos de Albuquerque NM,
5.000%, 09/01/2027		350,000		419,019
Total New Mexico
(Cost $667,492)				682,862		0.3	%
New York
Albany Capital Resource Corp.,
5.000%, 05/01/2023		140,000		152,489
Albany County Capital Resource Corp.,
3.100%, 07/01/2030		200,000		194,172
Amherst Development Corp.,
5.000%, 10/01/2022		355,000		371,285
Build NYC Resource Corp.,
4.000%, 12/01/2031 (Callable 12/01/2029)(3)		600,000		670,797
City of New York NY,
0.140%, 04/01/2042 (Callable 07/01/2021)
(Optional Put Date 07/07/2021)(1)		2,500,000		2,500,000
City of Poughkeepsie NY:
4.000%, 04/15/2028		230,000		253,394
4.000%, 04/15/2030		250,000		275,195
County of Nassau NY,
5.000%, 04/01/2026
(Pre-refunded to 04/01/2024)		2,000,000		2,257,565
County of Suffolk NY,
2.000%, 07/22/2021		1,000,000		1,001,035
Huntington Local Development Corp.,
4.000%, 07/01/2027		1,000,000		1,061,284
JPMorgan Chase Putters/Drivers Trust,
0.190%, 12/01/2024
(Optional Put Date 07/01/2021)(1)(3)		600,000		600,000
Long Island Power Authority,
0.820%, 05/01/2033 (1 Month LIBOR
USD + 0.750%) (Callable 10/01/2022)
(Mandatory Tender Date 10/01/2023)(2)		850,000		852,818
Metropolitan Transportation Authority:
5.000%, 11/15/2021		90,000		91,550
5.000%, 11/15/2021		100,000		101,722
5.000%, 05/15/2022		375,000		390,514
5.000%, 11/15/2022		225,000		239,259
0.617%, 11/01/2030
(1 Month LIBOR USD + 0.550%)
(Mandatory Tender Date 11/01/2022)(2)		1,700,000		1,707,988
New York City Housing Development Corp.,
0.700%, 11/01/2060 (Callable 07/01/2023)
(Mandatory Tender Date 07/01/2025)(1)		2,500,000		2,500,220
New York City Industrial Development Agency,
5.000%, 03/01/2028 (Insured by AGM)		250,000		312,234
New York City Transitional Finance Authority,
0.010%, 02/01/2044
(Optional Put Date 07/01/2021)(1)		1,000,000		1,000,000
New York City Water & Sewer System,
0.010%, 06/15/2048
(Optional Put Date 07/01/2021)(1)		500,000		500,000
Onondaga Civic Development Corp.:
5.000%, 10/01/2023		165,000		176,648
5.000%, 10/01/2024		35,000		38,377
5.000%, 10/01/2025		225,000		252,055
4.125%, 10/01/2035 (Callable 10/01/2025)		235,000		246,513

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

Page 125

Baird Strategic Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Onondaga County Trust for Cultural Resources:
5.000%, 05/01/2027	$	180,000	$	220,221
5.000%, 05/01/2029 (Callable 05/01/2027)		345,000		418,824
State of New York Mortgage Agency,
3.500%, 04/01/2049 (Callable 10/01/2028)		230,000		246,739
Tender Option Bond Trust,
0.240%, 11/15/2023
(Optional Put Date 07/07/2021)(3)(5)		1,000,000		1,000,000
Town of Alabama NY,
1.000%, 09/30/2021 (Callable 08/02/2021)		600,000		600,234
Town of Ramapo NY:
3.250%, 05/15/2023		200,000		199,802
3.375%, 05/15/2024 (Callable 05/15/2023)		25,000		24,999
3.000%, 11/01/2027 (Callable 11/01/2022)		100,000		96,991
4.125%, 05/15/2028 (Callable 05/15/2023)		115,000		116,103
Triborough Bridge & Tunnel Authority:
0.567%, 11/15/2027 (1 Month LIBOR
USD + 0.500%) (Callable 08/02/2021)
(Mandatory Tender Date 11/15/2021)(2)		200,000		200,073
0.413%, 01/01/2032
(SOFR + 0.380%) (Callable 11/01/2023)
(Mandatory Tender Date 02/01/2024)(2)		1,000,000		999,522
Total New York
(Cost $21,597,238)				21,870,622		8.2	%
North Carolina
Durham Housing Authority,
2.000%, 09/01/2024 (Callable 04/01/2022)
(Mandatory Tender Date 09/01/2022)(1)		1,000,000		1,001,053
Nash Health Care Systems,
4.250%, 11/01/2032 (Callable 05/01/2022)		130,000		132,228
North Carolina Central University,
5.000%, 04/01/2027		410,000		499,422
Winston-Salem State University,
4.250%, 06/01/2032 (Callable 06/01/2024)		50,000		53,462
Total North Carolina
(Cost $1,659,088)				1,686,165		0.6	%
North Dakota
Cass County Joint Water Resource District,
0.480%, 05/01/2024 (Callable 11/01/2022)		2,000,000		1,996,002
City of Dickinson ND,
5.000%, 10/01/2025 (Callable 10/01/2021)		165,000		166,956
City of Grand Forks ND,
5.000%, 12/01/2024		100,000		113,367
City of Horace ND:
3.000%, 05/01/2022		215,000		219,287
1.900%, 08/01/2022 (Callable 08/02/2021)		500,000		500,524
0.650%, 08/01/2023 (Callable 08/01/2022)(6)		500,000		500,067
City of Larimore ND,
0.850%, 05/01/2024 (Callable 05/01/2022)		1,100,000		1,100,532
City of Mandan ND:
4.000%, 09/01/2034 (Callable 09/01/2024)		1,010,000		1,087,025
3.000%, 09/01/2036 (Callable 09/01/2024)		255,000		264,593
County of Burleigh ND,
2.750%, 02/01/2022 (Callable 07/21/2021)		1,000,000		1,000,414
County of McKenzie ND:
5.000%, 08/01/2023		300,000		324,534
5.000%, 08/01/2024 (Callable 08/01/2023)		400,000		431,678
County of Mercer ND,
2.000%, 05/01/2022		125,000		126,615
Jamestown Park District:
4.000%, 07/01/2031 (Callable 07/01/2024)		200,000		216,110
2.900%, 07/01/2035 (Callable 07/16/2021)		155,000		155,076
North Dakota Housing Finance Agency,
3.350%, 07/01/2031 (Callable 01/01/2027)		45,000		48,493
Williston Parks & Recreation District:
4.500%, 03/01/2025 (Callable 07/16/2021)		425,000		425,062
4.000%, 03/01/2032 (Callable 07/16/2021)		25,000		24,543
Total North Dakota
(Cost $8,657,838)				8,700,878		3.3	%
Ohio
City of Middleburg Heights OH:
5.000%, 08/01/2034 (Callable 08/01/2031)		200,000		261,771
5.250%, 08/01/2041 (Callable 08/01/2021)		725,000		728,006
City of West Carrollton OH,
2.500%, 10/01/2021		800,000		804,213
Cleveland-Cuyahoga County Port Authority:
5.000%, 07/01/2030		350,000		452,898
5.000%, 07/01/2032 (Callable 07/01/2031)		495,000		650,473
County of Montgomery OH,
3.000%, 08/01/2034 (Callable 02/01/2031)		200,000		219,004
Northeast Ohio Medical University:
5.000%, 12/01/2024		75,000		85,215
5.000%, 12/01/2026		100,000		119,700
Ohio Higher Educational Facility Commission:
5.000%, 12/01/2021		200,000		202,807
2.491%, 12/01/2023 (CPI YOY + 1.120%)
(Insured by AMBAC)(2)		500,000		520,213
Ohio Housing Finance Agency,
3.750%, 09/01/2050 (Callable 03/01/2029)
(Insured by GNMA)		155,000		173,474
Port of Greater Cincinnati
Development Authority,
3.000%, 05/01/2023 (Callable 05/01/2022)		150,000		150,177
Township of Miami OH:
4.000%, 12/01/2030 (Callable 12/01/2029)		300,000		367,851
4.000%, 12/01/2031 (Callable 12/01/2029)		200,000		244,358
University of Akron,
5.000%, 01/01/2037 (Callable 07/01/2026)		1,000,000		1,195,194
Total Ohio
(Cost $6,110,902)				6,175,354		2.3	%
Oklahoma
Oklahoma Development Finance Authority,
0.110%, 08/15/2031 (Callable 07/01/2021)
(Optional Put Date 07/07/2021)(1)		1,000,000		1,000,000
Tulsa Industrial Authority:
5.000%, 10/01/2022		165,000		172,084
5.000%, 10/01/2023		185,000		198,824
Total Oklahoma
(Cost $1,365,443)				1,370,908		0.5	%
Oregon
Clackamas Community College District,
5.000%, 06/15/2038 (Callable 06/15/2027)(5)		125,000		151,917
County of Yamhill OR,
4.000%, 10/01/2021		325,000		327,748
Oregon State Facilities Authority:
5.000%, 10/01/2025		225,000		263,826
5.000%, 10/01/2028		150,000		189,191
State of Oregon Housing & Community
Services Department:
3.900%, 01/01/2033 (Callable 07/01/2023)		80,000		82,770
3.600%, 07/01/2034 (Callable 07/01/2024)		835,000		868,770
4.000%, 01/01/2047 (Callable 07/01/2025)		30,000		32,105
4.000%, 07/01/2047 (Callable 07/01/2026)		45,000		48,816

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

Page 126

Baird Strategic Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Yamhill County Hospital Authority,
2.125%, 11/15/2027 (Callable 11/15/2022)	$	1,000,000	$	1,002,074
Total Oregon
(Cost $2,925,048)				2,967,217		1.1	%
Pennsylvania
Allentown City School District,
1.000%, 03/31/2022 (Callable 12/31/2021)
(Insured by ST AID)(6)		1,800,000		1,800,005
Bucks County Industrial Development Authority:
5.000%, 07/01/2028		470,000		570,437
3.750%, 09/15/2043 (Callable 09/15/2023)		150,000		156,187
Chester County Industrial
Development Authority,
5.000%, 08/01/2035 (Callable 08/01/2023)		650,000		686,395
City of Bradford PA:
4.000%, 11/01/2026 (Callable 11/01/2025)
(Insured by AGM)		415,000		468,990
4.000%, 11/01/2027 (Callable 11/01/2025)
(Insured by AGM)		370,000		418,029
City of Erie Higher Education Building Authority,
5.000%, 05/01/2029		370,000		459,794
City of Philadelphia PA,
5.000%, 06/15/2027 (Callable 08/02/2021)		1,000,000		1,008,782
City of Scranton PA,
5.000%, 09/01/2021(3)		375,000		377,056
City of York PA,
5.000%, 11/15/2025		525,000		603,908
Cumberland County Municipal Authority:
5.000%, 01/01/2029
(Pre-refunded to 01/01/2025)		30,000		34,674
5.000%, 01/01/2029 (Callable 01/01/2025)		145,000		163,444
Delaware County Industrial
Development Authority,
0.030%, 09/01/2045
(Optional Put Date 07/01/2021)(1)		1,345,000		1,345,000
Delaware Valley Regional Finance Authority:
0.550%, 09/01/2048 (SIFMA Municipal
Swap Index + 0.530%) (Callable 09/01/2022)
(Mandatory Tender Date 09/01/2023)(2)		500,000		499,486
0.947%, 09/01/2048 (1 Month LIBOR
USD + 0.880%) (Callable 09/01/2024)
(Mandatory Tender Date 09/01/2025)(2)		1,000,000		1,003,362
East Hempfield Township Industrial
Development Authority:
5.000%, 07/01/2025 (ETM)		250,000		272,112
5.000%, 07/01/2030
(Pre-refunded to 07/01/2023)		300,000		328,119
Lancaster Industrial Development Authority:
0.440%, 01/15/2023 (Callable 07/01/2021)
(Optional Put Date 07/07/2021)(1)		105,000		105,000
0.440%, 02/15/2024 (Callable 07/01/2021)
(Optional Put Date 07/07/2021)(1)		225,000		225,000
Latrobe Industrial Development Authority:
5.000%, 03/01/2024		80,000		87,868
5.000%, 03/01/2025		110,000		124,066
5.000%, 03/01/2026		150,000		173,111
Montgomery County Higher Education
& Health Authority,
1.125%, 05/01/2036
(Mandatory Tender Date 05/01/2023)(5)		250,000		249,831
Montgomery County Industrial
Development Authority:
5.000%, 11/15/2027
(Pre-refunded to 05/15/2022)		130,000		135,511
4.000%, 10/01/2036 (Callable 10/01/2026)(6)		430,000		484,933
5.000%, 11/15/2036 (Callable 11/15/2026)		750,000		882,803
4.000%, 10/01/2041 (Callable 10/01/2026)(6)		425,000		475,870
Northeastern Pennsylvania Hospital
and Education Authority,
5.000%, 05/01/2033 (Callable 05/01/2029)		260,000		317,455
Pennsylvania Economic Development
Financing Authority,
3.000%, 01/01/2023		745,000		768,113
Pennsylvania Higher Education
Assistance Agency,
5.000%, 06/01/2028		1,685,000		2,036,115
Pennsylvania Higher Educational
Facilities Authority:
5.000%, 05/01/2025		200,000		233,307
5.000%, 07/01/2035 (Callable 07/01/2026)		600,000		675,761
5.000%, 03/01/2042 (Callable 09/01/2022)		700,000		734,106
Pennsylvania Housing Finance Agency,
3.200%, 04/01/2040 (Callable 10/01/2025)		190,000		196,870
Pennsylvania Turnpike Commission:
0.720%, 12/01/2023 (SIFMA Municipal Swap
Index + 0.700%) (Callable 12/01/2022)(2)		500,000		502,848
0.000%, 12/01/2039 (Callable 06/01/2029)(5)		20,000		22,041
0.000%, 12/01/2040 (Callable 06/01/2029)(5)		35,000		38,509
Philadelphia Authority for
Industrial Development:
5.000%, 10/01/2030		350,000		444,326
5.750%, 06/15/2042 (Callable 06/15/2022)		460,000		477,841
Pittsburgh Water & Sewer Authority,
0.670%, 09/01/2040 (1 Month LIBOR
USD + 0.650%) (Callable 06/01/2023)
(Mandatory Tender Date 12/01/2023)
(Insured by AGM)(2)		1,100,000		1,110,049
Redevelopment Authority
of the City of Philadelphia,
5.000%, 04/15/2027 (Callable 04/15/2025)		100,000		116,564
Scranton School District,
0.918%, 04/01/2031 (1 Month LIBOR
USD + 0.850%) (Callable 12/01/2022)
(Mandatory Tender Date 06/01/2023)
(Insured by ST AID)(2)		945,000		949,714
State Public School Building Authority:
5.000%, 12/01/2028 (Pre-refunded to
12/01/2026) (Insured by AGM)		15,000		18,457
5.000%, 12/01/2028 (Callable 12/01/2026)
(Insured by AGM)		85,000		104,193
Westmoreland County Industrial
Development Authority,
5.000%, 07/01/2028		575,000		724,625
York County Industrial Development Authority,
3.000%, 11/01/2036 (Callable 05/01/2026)		730,000		754,183
Total Pennsylvania
(Cost $22,861,392)				23,364,850		8.8	%
Rhode Island
Rhode Island Health and
Educational Building Corp.,
0.020%, 06/01/2035
(Optional Put Date 07/01/2021)(1)		745,000		745,000
Rhode Island Student Loan Authority,
2.195%, 12/01/2039 (Callable 12/01/2030)		1,010,000		1,028,396
Total Rhode Island
(Cost $1,755,000)				1,773,396		0.7	%

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

Page 127

Baird Strategic Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
South Carolina
Florence-Darlington Commission
for Technical Education,
5.000%, 03/01/2024 (Callable 09/01/2023)	$	460,000	$	500,582
Patriots Energy Group Financing Agency,
0.927%, 10/01/2048 (1 Month LIBOR
USD + 0.860%) (Callable 11/01/2023)
(Mandatory Tender Date 02/01/2024)(2)		850,000		857,723
South Carolina Jobs-Economic
Development Authority:
4.000%, 08/15/2030 (Callable 08/15/2026)		130,000		145,870
5.250%, 08/15/2033 (Callable 08/15/2026)		350,000		407,766
South Carolina State Housing Finance
& Development Authority,
3.800%, 07/01/2034 (Callable 07/01/2024)
(Insured by GNMA)		100,000		102,312
South Carolina Transportation
Infrastructure Bank,
0.517%, 10/01/2031 (1 Month LIBOR
USD + 0.450%) (Callable 10/01/2021)(2)		800,000		800,326
Total South Carolina
(Cost $2,755,683)				2,814,579		1.1	%
South Dakota
City of Rapid City SD,
4.000%, 12/01/2035 (Callable 12/01/2029)		250,000		284,769
South Dakota Health & Educational
Facilities Authority,
5.000%, 09/01/2032 (Callable 09/01/2027)		100,000		120,359
Total South Dakota
(Cost $380,342)				405,128		0.1	%
Tennessee
City of Memphis TN,
4.000%, 12/01/2035 (Callable 12/01/2026)		500,000		577,098
City of Sevierville TN Public Building authority,
0.030%, 06/01/2032 (Callable 07/01/2021)
(Optional Put Date 07/07/2021)(1)		2,200,000		2,200,000
Greeneville Health & Educational
Facilities Board,
1.450%, 12/01/2022
(Mandatory Tender Date 12/01/2021)(1)		180,000		180,931
Tennessee Energy Acquisition Corp.,
5.625%, 09/01/2026		1,100,000		1,346,171
Tennessee Housing Development Agency:
2.350%, 07/01/2022		25,000		25,480
4.000%, 07/01/2048 (Callable 01/01/2027)		195,000		212,363
4.500%, 07/01/2049 (Callable 01/01/2028)		45,000		50,467
Total Tennessee
(Cost $4,530,899)				4,592,510		1.7	%
Texas
Alvin Independent School District,
2.150%, 02/15/2039 (Mandatory Tender
Date 08/15/2021) (PSF Guaranteed)(1)		365,000		365,828
Austin-Bergstrom Landhost Enterprises, Inc.,
5.000%, 10/01/2035 (Callable 10/01/2027)		1,160,000		1,345,949
Brazos Higher Education Authority, Inc.,
2.350%, 04/01/2040 (Callable 04/01/2030)		75,000		73,468
Caney Creek Municipal Utility District,
5.000%, 03/01/2024		390,000		432,266
Central Texas Regional Mobility Authority:
5.000%, 01/01/2027 (Callable 01/01/2026)		750,000		885,334
5.000%, 01/01/2034 (Callable 01/01/2026)		25,000		29,028
City of Austin TX,
5.250%, 05/15/2025		125,000		137,373
City of Garland TX,
5.000%, 03/01/2034 (Callable 03/01/2026)		1,000,000		1,183,247
City of Magnolia TX,
5.700%, 09/01/2046(3)		500,000		585,007
Clifton Higher Education Finance Corp.:
3.100%, 12/01/2022		30,000		30,337
6.000%, 03/01/2029 (Callable 03/01/2024)(5)		1,255,000		1,407,515
4.000%, 08/15/2030 (Callable 08/15/2027)
(PSF Guaranteed)		900,000		1,062,653
3.950%, 12/01/2032 (Callable 12/01/2022)		265,000		272,928
County of Winkler TX,
2.000%, 02/15/2025		45,000		43,688
County of Wise TX:
5.000%, 08/15/2024		225,000		254,055
5.000%, 08/15/2025		250,000		290,806
5.000%, 08/15/2026		380,000		453,363
5.000%, 08/15/2027		505,000		614,231
El Paso Downtown Development Corp.,
5.000%, 08/15/2027 (Callable 08/15/2026)		230,000		265,721
Grand Mission Municipal Utility District No. 2,
2.250%, 09/01/2028 (Callable 09/01/2023)
(Insured by NATL)		95,000		95,616
Harris County Cultural Education
Facilities Finance Corp.:
4.000%, 11/15/2029 (Callable 05/15/2026)		285,000		318,637
0.590%, 12/01/2049 (SIFMA Municipal
Swap Index + 0.570%) (Callable 06/01/2024)
(Mandatory Tender Date 12/04/2024)(2)		35,000		34,855
Harris County Municipal Utility
District No. 406,
3.500%, 09/01/2022		100,000		103,410
Harris County Municipal
Utility District No. 450,
3.500%, 09/01/2039 (Callable 09/01/2024)
(Insured by AGM)		190,000		203,112
Harris County-Houston Sports Authority,
5.000%, 11/15/2026 (Callable 11/15/2024)
(Insured by AGM)		150,000		170,029
Hunt Memorial Hospital District,
5.000%, 02/15/2030		1,000,000		1,255,707
Matagorda County Navigation District No. 1,
5.125%, 11/01/2028 (Insured by AMBAC)(5)		850,000		1,070,429
Port of Port Arthur Navigation District:
0.020%, 04/01/2040
(Optional Put Date 07/01/2021)(1)		2,495,000		2,495,000
0.070%, 11/01/2040 (Callable 07/01/2021)
(Optional Put Date 07/07/2021)(1)		300,000		300,000
San Antonio Public Facilities Corp.,
4.000%, 09/15/2034 (Callable 09/15/2022)		465,000		482,672
State of Texas,
0.050%, 12/01/2051 (Callable 07/01/2021)
(Optional Put Date 07/07/2021)(1)		2,500,000		2,500,000
Tender Option Bond Trust,
0.120%, 01/01/2029
(Optional Put Date 07/07/2021)(1)(3)		2,000,000		2,000,000
Texas Municipal Gas Acquisition
& Supply Corp. I,
1.530%, 12/15/2026 (3 Month LIBOR
USD + 1.450%) (Callable 07/01/2021)(2)		500,000		500,066

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

Page 128

Baird Strategic Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Texas Municipal Gas Acquisition
and Supply Corp. II,
0.950%, 09/15/2027
(3 Month LIBOR USD + 0.870%)(2)	$	120,000	$	121,904
Total Texas
(Cost $21,122,340)				21,384,234		8.0	%
Utah
Utah Charter School Finance Authority:
3.000%, 04/15/2027 (Insured by UT CSCE)		160,000		175,291
5.000%, 04/15/2037 (Callable 04/15/2026)
(Insured by UT CSCE)		270,000		309,368
5.000%, 10/15/2043 (Callable 10/15/2023)
(Insured by UT CSCE)		500,000		538,263
Utah Housing Corp.,
4.000%, 01/01/2045 (Callable 01/01/2026)
(Insured by FHA)		275,000		296,138
Total Utah
(Cost $1,303,901)				1,319,060		0.5	%
Vermont
Vermont Educational & Health Buildings
Financing Agency,
5.000%, 12/01/2034 (Callable 06/01/2026)		1,000,000		1,192,063
Vermont Student Assistance Corp.,
5.000%, 06/15/2026		1,525,000		1,804,073
Winooski School District,
1.250%, 10/15/2021		1,000,000		1,001,322
Total Vermont
(Cost $3,964,089)				3,997,458		1.5	%
Virginia
County of Fairfax VA,
5.000%, 10/01/2021 (Insured by ST AID)		140,000		141,696
Toll Road Investors Partnership II LP,
0.000%, 02/15/2027(3)		1,000,000		794,554
Total Virginia
(Cost $923,946)				936,250		0.4	%
Washington
City of Seattle WA,
0.510%, 11/01/2046 (SIFMA Municipal
Swap Index + 0.490%) (Callable 11/01/2022)
(Mandatory Tender Date 11/01/2023)(2)		500,000		501,389
County of Lewis WA,
3.000%, 12/01/2026 (Callable 12/01/2022)		100,000		103,463
King County Housing Authority,
5.000%, 12/01/2030 (Callable 12/01/2026)		400,000		482,480
Pend Oreille County Public
Utility District No. 1:
5.000%, 01/01/2022		225,000		229,488
5.000%, 01/01/2028		220,000		264,272
5.000%, 01/01/2029 (Callable 01/01/2028)		165,000		197,120
5.000%, 01/01/2038 (Callable 01/01/2029)		300,000		354,661
Skagit County Public Hospital District No. 1,
5.000%, 12/01/2021		150,000		152,585
Vancouver Housing Authority,
1.700%, 12/01/2024		140,000		143,724
Washington Health Care Facilities Authority,
1.420%, 01/01/2035 (SIFMA Municipal Swap
Index + 1.400%) (Callable 07/01/2024)
(Mandatory Tender Date 01/01/2025)(2)		150,000		150,871
Washington State Housing Finance Commission:
3.200%, 07/01/2021(3)		245,000		245,000
4.000%, 06/01/2050 (Callable 06/01/2029)
(Insured by GNMA)		290,000		325,939
Total Washington
(Cost $3,041,793)				3,150,992		1.2	%
Wisconsin
Appleton Redevelopment Authority,
0.060%, 06/01/2036 (Callable 07/01/2021)
(Optional Put Date 07/07/2021)(1)		2,500,000		2,500,000
Mizuho Floater/Residual Trust,
0.270%, 07/01/2027
(Optional Put Date 08/04/2021)(1)(3)		830,000		830,000
Palmyra-Eagle Area School District:
3.000%, 03/01/2025 (Callable 03/01/2023)		100,000		98,405
3.000%, 03/01/2027 (Callable 03/01/2023)		500,000		482,337
Public Finance Authority:
4.000%, 06/01/2022		100,000		102,963
5.000%, 07/01/2022		55,000		56,073
5.000%, 10/01/2023(3)		100,000		108,748
3.000%, 03/01/2026 (Callable 08/02/2021)(3)		700,000		700,572
5.750%, 04/01/2042 (Callable 04/01/2022)		500,000		516,518
Tender Option Bond Trust:
0.220%, 07/01/2029
(Optional Put Date 07/07/2021)(1)(3)		1,000,000		1,000,000
0.270%, 04/01/2032 (Callable 08/02/2021)
(Optional Put Date 07/07/2021)(1)(3)		1,000,000		1,000,000
Village of Mount Pleasant WI,
5.000%, 04/01/2048 (Callable 04/01/2028)		325,000		392,202
Waunakee Community School District,
2.500%, 04/01/2025 (Callable 08/02/2021)		250,000		250,402
Wisconsin Center District,
0.000%, 12/15/2029 (Insured by AGM)		1,050,000		922,499
Wisconsin Health & Educational
Facilities Authority:
4.000%, 08/15/2024		160,000		176,002
4.000%, 08/15/2025		230,000		259,266
4.000%, 09/15/2025 (Callable 09/15/2022)		100,000		104,043
5.000%, 09/15/2028 (Callable 09/15/2023)		45,000		48,922
5.000%, 11/01/2029 (Callable 11/01/2026)		430,000		480,563
5.250%, 10/15/2039 (Callable 10/15/2021)		200,000		202,788
5.000%, 02/15/2051 (Callable 08/15/2026)
(Mandatory Tender Date 02/15/2027)(1)		300,000		359,678
5.000%, 02/15/2052 (Callable 08/15/2024)
(Mandatory Tender Date 02/15/2025)(1)		300,000		340,009
0.110%, 02/15/2053 (Callable 07/01/2021)
(Optional Put Date 07/07/2021)(1)		300,000		300,000
Wisconsin Housing & Economic
Development Authority:
3.000%, 07/01/2022 (Callable 08/02/2021)(3)		150,000		151,504
4.000%, 07/01/2030 (Callable 07/01/2028)(3)		135,000		143,452
Total Wisconsin
(Cost $11,367,457)				11,526,946		4.3	%
Wyoming
Carbon County Specific Purpose
Tax Joint Powers Board,
5.000%, 06/15/2022		435,000		452,432
Total Wyoming
(Cost $448,890)				452,432		0.2	%
Total Municipal Bonds
(Cost $265,570,653)				269,015,494		101.0	%

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

Page 129

Baird Strategic Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

						% of
	Shares		Value			Net Assets
Closed-End Investment Company
Nuveen AMT-Free Quality Municipal
Income Fund, Series D Preferred Shares,
0.320%, 03/01/2029(1)		3,000	$	3,000,000
Total Closed-End Investment Company
(Cost $3,000,000)				3,000,000			1.1	%
Total Long-Term Investments
(Cost $268,570,653)				272,015,494			102.1	%
Short-Term Investments
	Principal
	Amount
Commercial Paper
City of Denton TX,
0.500%, 08/18/2021	$	2,000,000		2,000,106
Total Commercial Paper
(Cost $2,000,000)				2,000,106			0.8	%
	Shares
Money Market Mutual Fund
Federated Hermes Institutional Tax-Free
Cash Trust, Premier Shares, 0.01%(4)		265,274		265,274
Total Money Market Mutual Fund
(Cost $265,274)				265,274			0.1	%
Total Short-Term Investments
(Cost $2,265,274)				2,265,380			0.9	%
Total Investments
(Cost $270,835,927)				274,280,874			103.0	%
Liabilities in Excess of Other Assets				(7,943,845	)		(3.0	)%
TOTAL NET ASSETS			$	266,337,029			100.0	%

Notes to Schedule of Investments

AGM – Assured Guaranty Municipal

AMBAC – Ambac Assurance Corp.

BAM – Build America Mutual Assurance Co.

FHA – Federal Housing Administration

GNMA – Government National Mortgage Association

NATL – National Public Finance Guarantee Corp.

Q-SBLF – Qualified School Building Loan Fund

SD CRED PROG – State Credit Enhancement Program

ST AID – State Aid Intercept/Withholding

UT CSCE – Utah Charter School Credit Enhancement Program

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

ETM – Escrowed to Maturity

LIBOR – London Inter-bank Offered Rate

PSF – Permanent School Fund

SIFMA – Securities Industry and Financial Markets Association

SOFR – Secured Overnight Financing Rate

(1)	Variable rate security. The rate reported is the rate in effect as of June 30, 2021.
(2)	Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of June 30, 2021.
(3)	Security issued under Rule 144A under the Securities Act of 1933 and classified as liquid under the Fund’s liquidity risk management program. Purchased in a private placement transaction; resale to the public may require registration or may extend only to qualified institutional buyers. At June 30, 2021, the value of these securities totaled $38,164,304, which represented 14.33% of total net assets.
(4)	Seven-day yield.
(5)	Step-up bond; the interest rate shown is the rate in effect as of June 30, 2021.
(6)	Security or a portion of the security purchased on a when-issued or delayed delivery basis.

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

Page 130

Baird Strategic Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

								Value
	Number of Contracts		Settlement	Current		Value at		Unrealized		Unrealized
Description		Purchased (Sold)	Month-Year	Notional Amount		Trade Date		Appreciation		(Depreciation)
Sales Contracts:
U.S. 10 Yr Note		(125)	Sep-21	$	16,562,500	$	16,495,687	$	—	$	(66,813	)
Total Futures Contracts								$	—	$	(66,813	)
Net Unrealized Depreciation										$	(66,813	)

Summary of Fair Value Exposure at June 30, 2021 (Unaudited)

The Fund has adopted authoritative fair valuation accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion on changes in valuation techniques and related inputs during the period. These standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The fair value hierarchy is organized into three levels based upon the assumptions (referred to as “inputs”) used in pricing the asset or liability. These standards state that “observable inputs” reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from independent sources and “unobservable inputs” reflect an entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. These inputs are summarized into three broad levels and described below:

Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3 – Unobservable inputs for the asset or liability.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2021:

	Level 1			Level 2		Level 3		Total
Long-Term Investments
Municipal Bonds	$	—		$	269,015,494	$	—	$	269,015,494
Closed-End Investment Company		—			3,000,000		—		3,000,000
Total Long-Term Investments		—			272,015,494		—		272,015,494
Short-Term Investments
Commercial Paper		—			2,000,106		—		2,000,106
Money Market Mutual Fund		265,274			—		—		265,274
Total Short-Term Investments		265,274			2,000,106		—		2,265,380
Total Investments	$	265,274		$	274,015,600	$	—	$	274,280,874
Futures Contracts*
Short	$	(66,813	)	$	—	$	—	$	(66,813	)
Total Futures Contracts	$	(66,813	)	$	—	$	—	$	(66,813	)

*  The fair value of the Fund’s futures contracts represent the net unrealized depreciation at June 30, 2021.

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

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

Page 131

Baird Quality Intermediate Municipal Bond Fund

June 30, 2021 (Unaudited)

Portfolio Characteristics

Quality Distribution⁽¹⁾⁽²⁾

	Net Assets	$1,577,178,280
	SEC 30-Day Yield(4)
	Institutional Class	0.68%
	Investor Class	0.43%
	Average Effective Duration	4.04 years
	Average Effective Maturity	4.36 years
	Annualized Expense Ratio(5)
	Institutional Class	0.30%
	Investor Class	0.55%	(6)
	Portfolio Turnover Rate	10%	(7)
Sector Weightings(1)	Number of Holdings	775

(1)	Percentages shown are based on the Fund’s total investments.
(2)	The quality profile is calculated on a market value-weighted basis using the highest credit quality rating for each security held by the Fund given by S&P, Moody’s or Fitch, each of which is a Nationally Recognized Statistical Rating Organization (NRSRO). NRSROs rate the credit quality of securities using a scale that generally ranges from AAA (highest) to D (lowest).
(3)	Includes pre-refunded and escrowed-to-maturity (ETM) bonds.
(4)	SEC yields are based on SEC guidelines and are calculated for the 30 days ended June 30, 2021.
(5)	Reflects expense ratios as stated in the Fund’s current prospectus dated May 1, 2021.
(6)	Includes 0.25% 12b-1 fee.
(7)	Not annualized.

Page 132

Baird Quality Intermediate Municipal Bond Fund

June 30, 2021 (Unaudited)

Total Returns

			Average Annual
	Six	One	Five	Ten	Since
For the Periods Ended June 30, 2021	Months	Year	Years	Years	Inception(1)
Institutional Class Shares	0.17%	1.81%	2.28%	2.72%	3.89%
Investor Class Shares	0.05%	1.59%	2.04%	2.46%	3.63%
Bloomberg Barclays Quality Intermediate Municipal Bond Index(2)	0.16%	2.18%	2.51%	3.16%	3.96%

(1)

For the period from March 30, 2001 (inception date) through June 30, 2021.

(2)

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

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

The Fund’s gross expense ratio for each Class, as reflected in the Fund’s current prospectus, is set forth under “Portfolio Characteristics”.

The Fund may invest up to 25% of its total assets in municipal obligations issued by persons in the same state. As a result, changes in economic, business or political conditions of a particular state may have a disproportionate impact on the Fund’s share price. Municipal securities investments are not appropriate for all investors, especially those taxed at lower rates.  U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including the impact of the coronavirus (COVID-19) as a global pandemic and related public health issues, business interruptions, growth concerns in the U.S. and overseas, and changed travel and social behaviors. These and other geopolitical events may cause market disruptions and could have an adverse effect on the value of the Fund’s investments.

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

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

Page 133

Baird Quality Intermediate Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments

	Principal				% of
	Amount		Value		Net Assets
Municipal Bonds
Alabama
City of Huntsville AL:
5.000%, 09/01/2029	$	2,190,000	$	2,893,913
5.000%, 09/01/2029		1,325,000		1,750,883
City of Tuscaloosa AL,
4.000%, 10/01/2028		1,000,000		1,222,374
Montgomery Water Works &
Sanitary Sewer Board:
4.000%, 09/01/2033 (Callable 09/01/2029)		410,000		499,486
4.000%, 09/01/2034 (Callable 09/01/2029)		215,000		261,280
4.000%, 09/01/2035 (Callable 09/01/2029)		500,000		606,700
Total Alabama
(Cost $7,097,905)				7,234,636		0.5	%
Alaska
Alaska Housing Finance Corp.:
4.000%, 06/01/2031 (Callable 06/01/2027)		1,700,000		1,982,724
4.000%, 12/01/2031 (Callable 06/01/2027)		2,980,000		3,473,766
5.000%, 12/01/2031 (Callable 06/01/2028)		1,465,000		1,800,704
4.000%, 12/01/2032 (Callable 06/01/2027)		865,000		1,004,653
4.000%, 06/01/2036 (Callable 06/01/2025)		1,000,000		1,093,814
4.000%, 12/01/2048 (Callable 06/01/2027)		925,000		1,026,604
City of Valdez AK,
5.000%, 06/30/2029 (Callable 06/30/2022)		1,225,000		1,284,783
Total Alaska
(Cost $11,267,814)				11,667,048		0.7	%
Arizona
Arizona Industrial Development Authority,
2.500%, 05/01/2022 (Insured by AGM)(3)		2,808,411		2,818,520
Arizona State University:
5.000%, 07/01/2032
(Pre-refunded to 07/01/2022)		715,000		748,510
5.000%, 07/01/2043 (Callable 07/01/2029)		3,030,000		3,855,178
City of Tempe AZ:
5.000%, 07/01/2033
(Pre-refunded to 07/01/2028)		40,000		51,254
5.000%, 07/01/2034
(Pre-refunded to 07/01/2027)		165,000		206,048
5.000%, 07/01/2034
(Pre-refunded to 07/01/2028)		325,000		416,435
5.000%, 07/01/2035
(Pre-refunded to 07/01/2027)		185,000		231,024
5.000%, 07/01/2037
(Pre-refunded to 07/01/2028)		215,000		275,488
5.000%, 07/01/2038
(Pre-refunded to 07/01/2028)		350,000		448,468
City of Tucson AZ,
5.000%, 07/01/2028 (Callable 07/01/2025)		750,000		880,941
Maricopa County Unified
School District No. 48:
4.000%, 07/01/2033 (Callable 07/01/2028)		500,000		592,565
3.000%, 07/01/2034 (Callable 07/01/2028)		1,350,000		1,491,759
Maricopa County Unified
School District No. 69,
4.000%, 07/01/2039 (Callable 07/01/2029)		1,045,000		1,257,117
Salt River Project Agricultural
Improvement & Power District,
5.000%, 01/01/2034 (Callable 01/01/2027)		3,555,000		4,335,155
Total Arizona
(Cost $17,117,381)				17,608,462		1.1	%
Arkansas
City of Little Rock AR,
5.000%, 10/01/2034
(Callable 04/01/2025)		5,000,000		5,805,247
City of Pine Bluff AR,
3.000%, 02/01/2047 (Callable 08/01/2027)
(Insured by BAM)		1,785,000		1,891,063
City of Rogers AR:
4.000%, 11/01/2025 (Callable 05/01/2024)		570,000		628,657
4.000%, 11/01/2027 (Callable 05/01/2024)		460,000		505,408
County of St. Francis AR,
1.250%, 08/01/2033 (Callable 08/01/2026)
(Insured by BAM)		1,010,000		988,380
Jonesboro City Water & Light Plant:
4.000%, 06/01/2033 (Callable 12/01/2030)		500,000		611,461
4.000%, 06/01/2035 (Callable 12/01/2030)		1,360,000		1,652,719
University of Arkansas:
5.000%, 11/01/2035 (Callable 11/01/2024)		665,000		756,402
4.000%, 04/01/2037 (Callable 04/01/2029)		160,000		188,418
4.000%, 04/01/2039 (Callable 04/01/2029)		245,000		287,339
Total Arkansas
(Cost $12,638,750)				13,315,094		0.8	%
California
Anaheim Housing & Public
Improvements Authority:
5.000%, 10/01/2037 (Callable 10/01/2025)		750,000		879,420
5.000%, 10/01/2038 (Callable 10/01/2025)		1,000,000		1,170,277
Antelope Valley Community College District,
0.000%, 08/01/2034
(Pre-refunded to 02/01/2025)		150,000		98,920
Aromas-San Juan Unified School District,
0.000%, 08/01/2050 (Pre-refunded to
08/01/2021) (Insured by AGM)		925,000		82,723
Brea Redevelopment Agency:
0.000%, 08/01/2033
(Callable 08/01/2027)(5)		1,500,000		1,651,545
0.000%, 08/01/2034
(Callable 08/01/2027)(5)		1,750,000		1,922,810
California Health Facilities
Financing Authority,
4.000%, 08/15/2035 (Callable 08/15/2026)		2,000,000		2,273,883
California Municipal Finance Authority,
5.000%, 01/01/2028
(Pre-refunded to 01/01/2022)		1,230,000		1,259,389
Citrus Community College District,
0.000%, 08/01/2034
(Pre-refunded to 02/01/2024)(5)		885,000		921,649
City & County of San Francisco CA:
4.000%, 06/15/2037 (Callable 06/15/2029)		925,000		1,119,550
4.000%, 06/15/2038 (Callable 06/15/2029)		3,010,000		3,630,579
City of Pasadena CA,
4.250%, 06/01/2034 (Callable 06/01/2023)		500,000		535,418
City of Richmond CA,
0.000%, 08/01/2028 (ETM)		100,000		92,202
Commerce Community Development
Commission Successor Agency,
0.000%, 08/01/2021 (ETM)		90,000		89,978
Contra Costa Transportation Authority,
5.000%, 03/01/2028 (Callable 03/01/2025)		1,570,000		1,824,533
Department of Veterans Affairs Veteran’s
Farm & Home Purchase Program,
4.000%, 12/01/2049 (Callable 06/01/2028)		1,540,000		1,702,671

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

Page 134

Baird Quality Intermediate Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
El Rancho Unified School District,
0.000%, 08/01/2035 (Pre-refunded to
08/01/2023) (Insured by BAM)	$	300,000	$	144,633
Fontana Unified School District:
0.000%, 02/01/2033
(ETM) (Insured by AGM)		460,000		391,824
3.000%, 08/01/2041 (Callable 08/01/2028)
(Insured by BAM)		3,000,000		3,225,564
Foothill-Eastern Transportation
Corridor Agency:
0.000%, 01/01/2028 (ETM)		3,150,000		2,967,634
0.000%, 01/01/2030 (ETM)		95,000		86,180
Gateway Unified School District,
0.000%, 03/01/2037
(ETM) (Insured by AGM)		45,000		31,891
Imperial Community College District,
7.000%, 08/01/2040 (Pre-refunded to
08/01/2030)(Insured by AGM)(5)		180,000		270,743
Kern Community College District,
0.000%, 08/01/2023		2,200,000		2,181,914
La Canada Unified School District:
4.000%, 08/01/2045 (Callable 08/01/2028)		850,000		986,261
4.000%, 08/01/2049 (Callable 08/01/2028)		1,000,000		1,156,827
Mendocino-Lake Community
College District,
0.000%, 08/01/2051 (Pre-refunded to
08/01/2021) (Insured by AGM)		1,285,000		127,520
Mizuho Floater/Residual Trust,
0.270%, 10/01/2036 (Callable 08/02/2021)
(Optional Put Date 08/04/2021)(1)(3)		3,800,000		3,800,000
Moorpark Unified School District,
0.000%, 08/01/2036 (Callable 08/01/2032)
(Insured by AGM)(5)		460,000		490,998
Mount Diablo Unified School District,
0.000%, 08/01/2030 (Callable 08/01/2025)
(Insured by AGM)(5)		150,000		166,326
Mount San Antonio Community
College District,
0.000%, 08/01/2028
(Callable 02/01/2028)(5)		550,000		649,206
Northern California Power Agency,
7.500%, 07/01/2023 (Pre-refunded to
07/01/2021) (Insured by AMBAC)		265,000		265,000
Pacheco Union Elementary School District,
0.000%, 02/01/2037
(ETM) (Insured by AGM)		300,000		218,138
Pajaro Valley Unified School District:
5.000%, 08/01/2030 (Callable 07/21/2021)
(Insured by BAM)		235,000		235,468
5.000%, 08/01/2031 (Callable 07/21/2021)
(Insured by BAM)		275,000		275,531
Paramount Unified School District:
0.000%, 08/01/2043 (Pre-refunded to
08/01/2023) (Insured by BAM)		250,000		64,650
0.000%, 08/01/2045 (Callable 02/01/2033)
(Insured by AGM)(5)		325,000		441,072
Peralta Community College District,
3.500%, 08/01/2032 (Callable 08/01/2025)		1,715,000		1,862,110
Pittsburg Unified School
District Financing Authority,
0.000%, 09/01/2040 (Pre-refunded to
09/01/2021)(Insured by AGM)		815,000		193,912
Pleasanton Unified School District,
3.000%, 08/01/2033 (Callable 08/01/2025)		2,000,000		2,136,026
Rio Hondo Community College District,
0.000%, 08/01/2042
(Callable 08/01/2034)(5)		6,760,000		9,194,582
Riverside County Redevelopment
Successor Agency,
0.000%, 10/01/2031
(Pre-refunded to 10/01/2026)(5)		650,000		884,234
Roseville Joint Union High School District,
0.000%, 08/01/2034 (Callable 08/01/2026)		85,000		60,440
San Diego Unified School District:
6.000%, 07/01/2033
(Pre-refunded to 07/01/2024)(5)		350,000		409,941
0.000%, 07/01/2034 (Callable 07/01/2025)		2,000,000		1,333,160
4.000%, 07/01/2034 (Callable 07/01/2027)		1,000,000		1,170,502
0.000%, 07/01/2039 (Callable 07/01/2025)		75,000		39,653
San Joaquin Hills Transportation
Corridor Agency:
0.000%, 01/01/2023 (ETM)		14,005,000		13,956,883
0.000%, 01/01/2027 (ETM)		1,380,000		1,311,377
0.000%, 01/01/2028 (ETM)		1,010,000		945,395
San Marcos Unified School District:
0.000%, 08/01/2030
(Pre-refunded to 02/01/2024)		150,000		109,762
0.000%, 08/01/2032
(Pre-refunded to 02/01/2024)		400,000		262,267
0.000%, 08/01/2038
(Pre-refunded to 02/01/2024)		1,500,000		697,133
San Mateo Foster City School District,
0.000%, 08/01/2032
(Callable 08/01/2028)(5)		125,000		149,783
San Mateo Union High School District:
5.000%, 09/01/2041 (Callable 09/01/2023)		2,105,000		2,321,825
5.000%, 12/15/2043 (Pre-refunded to
12/15/2024)(Insured by AMBAC)(5)		1,635,000		1,893,250
San Ysidro School District:
0.000%, 08/01/2042 (Pre-refunded to
08/01/2021)(Insured by AGM)		375,000		78,727
0.000%, 08/01/2043 (Pre-refunded to
08/01/2021)(Insured by AGM)		290,000		56,348
0.000%, 08/01/2050 (Pre-refunded to
08/01/2021)(Insured by AGM)		525,000		59,027
St. Helena Unified School District,
0.000%, 08/01/2028(5)		130,000		144,538
State of California,
5.000%, 08/01/2031 (Callable 02/01/2025)		1,125,000		1,302,839
Sutter Union High School District:
0.000%, 08/01/2030
(Pre-refunded to 08/01/2025)		185,000		128,547
0.000%, 08/01/2036
(Pre-refunded to 08/01/2025)		75,000		33,698
0.000%, 08/01/2037
(Pre-refunded to 08/01/2025)		50,000		20,917
0.000%, 08/01/2041
(Pre-refunded to 08/01/2025)		50,000		15,665
0.000%, 08/01/2043
(Pre-refunded to 08/01/2025)		200,000		54,007
0.000%, 08/01/2044
(Pre-refunded to 08/01/2025)		1,065,000		266,840
0.000%, 06/01/2050
(Pre-refunded to 08/01/2025)		700,000		112,090
Tustin Unified School District,
6.000%, 08/01/2028
(Callable 08/02/2021)(5)		1,310,000		1,316,147

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

Page 135

Baird Quality Intermediate Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Victor Valley Union High School District:
0.000%, 08/01/2036 (Pre-refunded to
08/01/2023) (Insured by AGM)	$	510,000	$	250,981
0.000%, 08/01/2038 (Pre-refunded to
08/01/2023) (Insured by AGM)		460,000		199,686
0.000%, 08/01/2041
(Pre-refunded to 08/01/2023)		545,000		198,076
0.000%, 08/01/2042
(Pre-refunded to 08/01/2023)		2,000,000		683,627
0.000%, 08/01/2046
(Pre-refunded to 08/01/2023)		200,000		53,532
0.000%, 08/01/2052
(Pre-refunded to 08/01/2023)		790,000		145,228
Total California
(Cost $76,674,997)				81,485,682		5.2	%
Colorado
Boulder Valley School District No. Re-2,
5.000%, 12/01/2038 (Callable 06/01/2025)
(Insured by ST AID)		1,225,000		1,418,961
Brush School District No. RE-2J:
5.000%, 12/01/2031 (Callable 12/01/2027)
(Insured by BAM)		380,000		471,042
5.000%, 12/01/2032 (Callable 12/01/2027)
(Insured by BAM)		395,000		488,582
5.000%, 12/01/2035 (Callable 12/01/2027)
(Insured by BAM)		460,000		565,949
City of Aurora CO,
5.000%, 12/01/2029		2,400,000		3,154,005
City of Fort Lupton CO,
4.000%, 12/01/2042 (Callable 12/01/2027)
(Insured by AGM)		850,000		973,566
Colorado Health Facilities Authority:
0.000%, 07/15/2022 (ETM)		14,185,000		14,145,400
0.000%, 07/15/2024 (ETM)		875,000		863,140
4.000%, 07/01/2039
(Pre-refunded to 11/09/2022)		100,000		105,005
5.250%, 01/01/2040
(Pre-refunded to 01/01/2023)		3,545,000		3,806,388
5.250%, 01/01/2045
(Pre-refunded to 01/01/2023)		335,000		359,963
5.000%, 06/01/2047
(Pre-refunded to 06/01/2027)		5,800,000		7,185,375
Dawson Ridge Metropolitan District No. 1:
0.000%, 10/01/2022 (ETM)		13,745,000		13,698,822
0.000%, 10/01/2022 (ETM)		23,840,000		23,759,907
Mesa County Valley School District No. 51,
5.500%, 12/01/2037 (Callable 12/01/2027)
(Insured by ST AID)		1,000,000		1,288,416
Regional Transportation District,
4.375%, 06/01/2039 (Callable 06/01/2023)		5,725,000		6,071,506
Total Colorado
(Cost $75,770,617)				78,356,027		5.0	%
Connecticut
City of Norwalk CT,
4.000%, 09/01/2031 (Callable 09/01/2029)		1,210,000		1,476,983
Connecticut Housing Finance Authority:
2.875%, 11/15/2030 (Callable 05/15/2025)		1,500,000		1,576,246
3.300%, 11/15/2037 (Callable 11/15/2021)		5,100,000		5,152,673
4.000%, 11/15/2045 (Callable 05/15/2028)		6,050,000		6,669,928
4.000%, 11/15/2047 (Callable 11/15/2026)		1,035,000		1,119,649
4.000%, 05/15/2049 (Callable 11/15/2028)		2,265,000		2,563,146
State of Connecticut,
5.000%, 05/01/2026		1,300,000		1,577,435
State of Connecticut Clean Water Fund,
4.000%, 02/01/2037 (Callable 02/01/2029)		1,150,000		1,377,380
University of Connecticut,
5.000%, 01/15/2031 (Callable 01/15/2027)
(Insured by AGM)		1,250,000		1,524,897
Total Connecticut
(Cost $22,281,050)				23,038,337		1.5	%
District of Columbia
District of Columbia:
5.000%, 03/01/2036 (Callable 09/01/2029)		1,500,000		1,945,831
5.000%, 04/01/2042
(Pre-refunded to 04/01/2027)		160,000		197,671
5.000%, 10/15/2044 (Callable 04/15/2029)		2,195,000		2,782,074
District of Columbia Housing Finance Agency,
1.450%, 02/01/2039
(Mandatory Tender Date 08/01/2022)(1)		1,915,000		1,938,476
Total District of Columbia
(Cost $6,661,679)				6,864,052		0.4	%
Florida
City of Fort Myers FL,
4.000%, 12/01/2037 (Callable 12/01/2025)		480,000		539,430
City of Jacksonville FL:
0.020%, 08/01/2036 (Callable 07/01/2021)
(Optional Put Date 07/07/2021)(1)		28,020,000		28,020,000
0.020%, 08/01/2036 (Callable 07/01/2021)
(Optional Put Date 07/07/2021)(1)		10,000,000		10,000,000
City of Miami Beach FL,
6.250%, 10/01/2022
(ETM) (Insured by AMBAC)		550,000		573,993
City of Miramar FL:
5.000%, 10/01/2029 (Callable 10/01/2027)		1,025,000		1,289,280
5.000%, 10/01/2030 (Callable 10/01/2027)		1,000,000		1,252,659
5.000%, 10/01/2034 (Callable 10/01/2027)		1,000,000		1,243,493
5.000%, 10/01/2035 (Callable 10/01/2027)		1,030,000		1,278,484
City of Orlando FL,
5.000%, 11/01/2034 (Callable 11/01/2027)
(Insured by AGM)		1,000,000		1,238,910
City of Tallahassee FL:
5.000%, 10/01/2033 (Callable 10/01/2024)		255,000		292,116
5.000%, 10/01/2034 (Callable 10/01/2024)		1,010,000		1,155,599
5.000%, 10/01/2035 (Callable 10/01/2024)		825,000		942,493
City of Tampa FL:
4.125%, 10/01/2031
(Pre-refunded to 10/01/2021)		1,930,000		1,949,195
5.250%, 05/01/2043 (Callable 05/01/2028)		2,000,000		2,540,162
County of Martin FL,
0.010%, 07/15/2022
(Optional Put Date 07/01/2021)(1)		4,000,000		4,000,000
County of Miami-Dade FL:
5.250%, 10/01/2022 (Insured by AGM)		50,000		53,196
0.000%, 10/01/2027
(ETM) (Insured by NATL)		200,000		187,917
5.250%, 10/01/2030
(ETM) (Insured by NATL)		2,705,000		3,627,572
County of Palm Beach FL:
4.000%, 12/01/2036 (Callable 12/01/2030)		2,000,000		2,474,687
4.000%, 12/01/2037 (Callable 12/01/2030)		2,000,000		2,469,589
Florida Housing Finance Corp.:
1.940%, 08/01/2036 (Insured by FNMA)		5,000,000		4,989,507
4.200%, 01/01/2045 (Callable 01/01/2028)
(Insured by GNMA)		4,820,000		5,233,484

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

Page 136

Baird Quality Intermediate Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Florida Housing Finance Corp.: (cont.)
3.800%, 07/01/2047 (Callable 01/01/2027)
(Insured by GNMA)	$	35,000	$	35,839
4.000%, 07/01/2050 (Callable 07/01/2028)
(Insured by GNMA)		4,025,000		4,472,016
3.500%, 07/01/2051 (Callable 07/01/2029)
(Insured by GNMA)		650,000		718,938
Highlands County Health Facilities Authority:
0.020%, 11/15/2035 (Callable 07/01/2021)
(Optional Put Date 07/07/2021)(1)		4,000,000		4,000,000
0.020%, 11/15/2037 (Callable 07/01/2021)
(Optional Put Date 07/07/2021)(1)		4,900,000		4,900,000
Jacksonville Electric Authority:
5.000%, 10/01/2023
(Pre-refunded to 04/01/2023)		690,000		747,483
5.000%, 10/01/2028
(Pre-refunded to 04/01/2024)		755,000		850,898
Lee County School Board,
5.000%, 08/01/2032 (Callable 08/01/2026)		1,650,000		1,984,392
Miami-Dade County Industrial
Development Authority,
0.030%, 05/01/2046(1)		5,000,000		5,000,000
Mid-Bay Bridge Authority:
6.875%, 10/01/2022 (ETM)		2,110,000		2,212,491
6.875%, 10/01/2022
(ETM) (Insured by AMBAC)		1,450,000		1,521,233
Orange County School Board,
5.000%, 08/01/2034 (Callable 08/01/2026)		320,000		384,323
Osceola County Expressway Authority,
0.000%, 10/01/2028 (ETM)(5)		95,000		105,596
Reedy Creek Improvement District,
5.000%, 10/01/2031 (Callable 10/01/2028)		310,000		391,713
School Board of Miami-Dade County,
5.000%, 03/15/2039 (Callable 03/15/2024)		2,000,000		2,227,050
School District of Broward County:
5.250%, 07/01/2022
(Pre-refunded to 07/01/2021)		8,460,000		8,460,000
5.250%, 07/01/2023
(Pre-refunded to 07/01/2021)		4,840,000		4,840,000
5.000%, 07/01/2024
(Pre-refunded to 07/01/2022)		940,000		984,540
Seminole County School Board,
5.000%, 07/01/2035 (Callable 07/01/2026)		145,000		173,208
Total Florida
(Cost $117,591,611)				119,361,486		7.6	%
Georgia
Atlanta Development Authority:
5.000%, 09/01/2023 (ETM)		2,450,000		2,698,731
5.000%, 09/01/2024
(Pre-refunded to 09/01/2023)		910,000		1,002,386
5.000%, 09/01/2032
(Pre-refunded to 09/01/2023)		1,315,000		1,448,502
Development Authority of Rockdale County:
5.000%, 07/01/2022		415,000		434,752
5.000%, 07/01/2023		220,000		240,672
Forsyth County Hospital Authority,
6.375%, 10/01/2028 (ETM)		7,335,000		9,008,522
Georgia Housing & Finance Authority,
3.500%, 12/01/2046 (Callable 12/01/2025)		560,000		592,746
Main Street Natural Gas, Inc.,
0.897%, 08/01/2048 (1 Month LIBOR
USD + 0.830%) (Callable 09/01/2023)
(Mandatory Tender Date 12/01/2023)(2)		1,000,000		1,007,732
Pulaski County School District,
4.000%, 10/01/2038 (Callable 10/01/2030)
(Insured by ST AID)		755,000		922,022
Richmond County Development Authority:
0.000%, 12/01/2021 (ETM)		1,950,000		1,948,790
0.000%, 12/01/2021 (ETM)		4,030,000		4,027,500
Total Georgia
(Cost $22,435,207)				23,332,355		1.5	%
Idaho
Ada & Boise Counties
Independent School District,
5.000%, 08/01/2032 (Callable 02/01/2027)		500,000		610,019
Total Idaho
(Cost $586,978)				610,019		0.0	%
Illinois
Boone & Winnebago Counties Community
Unit School District No. 200,
0.000%, 01/01/2024
(ETM) (Insured by AGM)		720,000		700,196
City of Chicago IL:
5.125%, 01/01/2022 (Insured by BHAC)		295,000		301,752
5.000%, 01/01/2034
(Pre-refunded to 01/01/2025)		2,170,000		2,516,318
Cook County Forest Preserve District,
5.000%, 12/15/2037 (Callable 06/15/2022)		1,070,000		1,115,715
Cook County School District No. 130,
5.000%, 12/01/2026 (Callable 12/01/2025)
(Insured by AGM)		1,140,000		1,365,716
Cook County School District No. 144,
4.500%, 12/01/2025
(ETM) (Insured by AGM)		5,000		5,343
Cook County School District No. 159:
0.000%, 12/01/2022 (ETM)		2,000,000		1,990,979
0.000%, 12/01/2025
(ETM) (Insured by AGM)		220,000		212,943
0.000%, 12/01/2025 (ETM)		400,000		388,022
0.000%, 12/01/2028 (ETM)		295,000		271,757
Cook County School District No. 163:
6.000%, 12/15/2026 (Insured by BAM)		1,165,000		1,466,156
5.000%, 12/15/2028 (Insured by BAM)		1,305,000		1,634,734
County of Cook IL:
5.000%, 11/15/2033 (Callable 11/15/2027)		3,000,000		3,741,882
5.000%, 11/15/2034 (Callable 11/15/2027)		4,325,000		5,391,330
Exceptional Children Have Opportunities:
5.000%, 12/01/2027		340,000		415,904
5.000%, 12/01/2027		270,000		330,277
5.000%, 12/01/2028		585,000		726,249
5.000%, 12/01/2029		615,000		781,029
5.000%, 12/01/2030 (Callable 12/01/2029)		645,000		853,329
5.000%, 12/01/2031 (Callable 12/01/2029)		675,000		889,268
4.000%, 12/01/2032 (Callable 12/01/2029)		210,000		245,444
4.000%, 12/01/2033 (Callable 12/01/2029)		740,000		861,156
Illinois Development Finance Authority:
0.000%, 07/15/2023 (ETM)		27,625,000		27,401,146
0.000%, 07/15/2025 (ETM)		51,650,000		50,294,498
2.450%, 11/15/2039
(Mandatory Tender Date 03/03/2026)(1)		2,230,000		2,372,689
Illinois Finance Authority:
5.000%, 02/15/2022		1,095,000		1,128,084
5.000%, 12/01/2030
(Pre-refunded to 12/01/2021)		6,875,000		7,014,359
5.000%, 07/01/2031 (Callable 01/01/2026)		1,200,000		1,434,377
4.000%, 01/15/2033 (Callable 01/15/2028)		2,205,000		2,602,371
5.000%, 07/01/2033 (Callable 01/01/2027)		730,000		892,786

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

Page 137

Baird Quality Intermediate Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Illinois Finance Authority: (cont.)
5.000%, 08/01/2033
(Pre-refunded to 08/01/2024)	$	700,000	$	799,877
4.000%, 01/01/2034 (Callable 01/01/2026)		1,030,000		1,169,471
4.000%, 07/01/2035 (Callable 01/01/2026)		1,000,000		1,132,683
5.000%, 02/15/2036 (Callable 02/15/2027)		215,000		261,201
4.000%, 12/01/2036 (Callable 12/01/2028)		1,000,000		1,197,138
4.000%, 12/01/2037 (Callable 12/01/2028)		2,995,000		3,558,422
4.000%, 07/01/2041 (Callable 01/01/2031)		5,000,000		6,057,559
0.020%, 08/01/2043
(Optional Put Date 07/01/2021)(1)		5,000,000		5,000,000
4.000%, 05/01/2044 (Callable 05/01/2025)		135,000		152,904
Illinois Housing Development Authority:
2.550%, 04/01/2025 (Insured by GNMA)		975,000		1,035,770
3.100%, 02/01/2035 (Callable 02/01/2026)		2,405,000		2,522,451
3.500%, 08/01/2046 (Callable 02/01/2026)		475,000		508,344
4.000%, 08/01/2048 (Callable 08/01/2027)
(Insured by GNMA)		615,000		677,015
4.250%, 10/01/2049 (Callable 04/01/2028)		9,325,000		10,383,368
Kane County Community
Unit School District No. 304:
9.000%, 01/01/2023
(ETM) (Insured by AGM)		805,000		909,022
9.000%, 01/01/2023 (Insured by AGM)		2,720,000		3,078,587
Kane McHenry Cook & De Kalb Counties
Unit School District No. 300,
5.000%, 01/01/2032 (Callable 01/01/2027)		2,085,000		2,537,310
Knox & Warren Counties Community
Unit School District No. 205:
4.000%, 12/01/2034 (Callable 12/01/2027)
(Insured by BAM)		425,000		494,932
4.000%, 12/01/2039 (Callable 12/01/2027)
(Insured by BAM)		1,305,000		1,470,789
Lake County Township
High School District No. 113,
5.000%, 01/01/2034
(Pre-refunded to 01/01/2023)		3,675,000		3,940,886
McHenry County Community
Consolidated School District No. 47,
4.000%, 02/01/2032 (Callable 02/01/2028)		850,000		1,001,658
Metropolitan Pier & Exposition Authority,
5.500%, 12/15/2023 (ETM)		1,115,000		1,189,850
Metropolitan Water Reclamation
District of Greater Chicago,
5.000%, 12/01/2034 (Callable 12/01/2026)		295,000		360,735
Regional Transportation Authority:
6.700%, 11/01/2021 (Insured by NATL)		210,000		214,516
6.000%, 07/01/2022 (Insured by NATL)		3,705,000		3,919,384
6.000%, 07/01/2027 (Insured by AGM)		1,000,000		1,282,626
Southwestern Illinois Development Authority,
7.625%, 11/01/2048
(Pre-refunded to 11/01/2023)		6,185,000		7,236,354
State of Illinois:
6.500%, 06/15/2022		40,000		42,233
4.000%, 06/15/2038 (Callable 06/15/2028)
(Insured by BAM)		1,850,000		2,046,418
Village of Carpentersville IL,
4.000%, 12/30/2030 (Callable 12/30/2028)
(Insured by BAM)		1,920,000		2,329,611
Village of Schaumburg IL,
4.000%, 12/01/2024 (Callable 12/01/2022)		5,750,000		6,055,237
Will County Community
High School District No. 210:
0.000%, 01/01/2024
(ETM) (Insured by AGM)		1,355,000		1,335,877
0.000%, 01/01/2025
(ETM) (Insured by AGM)		175,000		170,775
Will County Community
Unit School District No. 201-U,
0.000%, 11/01/2024
(ETM) (Insured by NATL)		805,000		788,835
Will County Elementary
School District No. 122,
0.000%, 10/01/2027
(ETM) (Insured by AGM)		470,000		442,980
Total Illinois
(Cost $183,838,028)				194,650,627		12.3	%
Indiana
Carmel Redevelopment Authority,
4.000%, 08/01/2033
(Pre-refunded to 08/01/2022)		1,000,000		1,041,662
Columbus Multi-High School Building Corp.:
5.000%, 01/15/2026 (Insured by ST AID)		1,125,000		1,340,777
5.000%, 01/15/2027 (Insured by ST AID)		1,265,000		1,550,473
5.000%, 07/15/2028 (Insured by ST AID)		1,000,000		1,271,317
Fishers Redevelopment Authority:
4.000%, 07/15/2027		200,000		238,815
4.000%, 01/15/2028		330,000		396,684
4.000%, 07/15/2028		335,000		406,225
4.000%, 07/15/2029 (Callable 01/15/2029)		540,000		655,443
4.000%, 07/15/2030 (Callable 01/15/2029)		725,000		873,875
Fort Wayne Redevelopment Authority,
5.000%, 02/01/2025 (Callable 02/01/2024)
(Insured by ST AID)		335,000		373,635
Indiana Finance Authority,
5.000%, 10/01/2044 (Callable 10/01/2029)		3,280,000		4,177,025
Indiana Health & Educational
Facilities Financing Authority,
4.000%, 11/15/2046 (Callable 11/15/2026)		1,780,000		2,039,613
Indiana Health Facility Financing Authority,
2.000%, 11/15/2036
(Pre-refunded to 02/01/2023)(1)		110,000		112,647
Indianapolis Local Public
Improvement Bond Bank:
5.000%, 01/01/2033
(Pre-refunded to 01/01/2025)		1,780,000		2,067,450
5.000%, 01/01/2040
(Pre-refunded to 01/01/2029)		2,200,000		2,863,637
Kankakee Valley Middle
School Building Corp.:
5.000%, 01/15/2029 (Insured by ST AID)		475,000		609,600
5.000%, 07/15/2029 (Insured by ST AID)		1,180,000		1,529,561
Kokomo-Center School Building Corp.,
5.000%, 01/15/2037 (Callable 07/15/2027)
(Insured by ST AID)		500,000		609,425
Northern Wells Multi-School Building Corp.,
4.000%, 07/15/2035 (Callable 07/15/2027)
(Insured by ST AID)		160,000		182,519
Purdue University:
5.000%, 07/01/2034 (Callable 07/01/2031)		1,900,000		2,585,039
5.000%, 07/01/2035 (Callable 07/01/2031)		2,000,000		2,716,854
Total Indiana
(Cost $26,545,693)				27,642,276		1.8	%

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

Page 138

Baird Quality Intermediate Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Iowa
County of Washington IA,
4.000%, 06/01/2030
(Callable 06/01/2026)	$	1,015,000	$	1,159,252
Iowa Finance Authority:
5.000%, 08/01/2028
(Pre-refunded to 08/01/2026)		3,625,000		4,432,102
5.000%, 08/01/2035 (Callable 08/01/2025)		950,000		1,121,191
4.000%, 07/01/2047 (Callable 07/01/2027)
(Insured by GNMA)		600,000		656,233
4.000%, 07/01/2047 (Callable 07/01/2028)
(Insured by GNMA)		1,165,000		1,320,897
3.250%, 07/01/2050 (Callable 07/01/2029)
(Insured by GNMA)		1,745,000		1,917,806
Iowa Higher Education Loan Authority:
4.500%, 10/01/2033
(Pre-refunded to 10/01/2021)		2,100,000		2,122,301
5.000%, 10/01/2038
(Pre-refunded to 10/01/2021)		2,090,000		2,114,776
University of Iowa,
4.000%, 07/01/2033 (Callable 07/01/2027)		655,000		760,796
Total Iowa
(Cost $15,190,818)				15,605,354		1.0	%
Kansas
Crawford County Unified
School District No. 250,
5.000%, 09/01/2035 (Callable 09/01/2027)
(Insured by BAM)		445,000		550,454
Johnson County Unified
School District No. 512,
4.000%, 10/01/2035
(Pre-refunded to 10/01/2025)		300,000		345,025
Kansas Development Finance Authority,
5.000%, 11/15/2032
(Callable 05/15/2022)		1,955,000		2,035,961
Shawnee County Unified
School District No. 501,
2.000%, 08/01/2044
(Pre-refunded to 08/01/2026)		85,000		90,906
Total Kansas
(Cost $2,950,179)				3,022,346		0.2	%
Kentucky
Kentucky Bond Development Corp.,
3.000%, 05/01/2034		695,000		747,771
Louisville & Jefferson County
Metropolitan Government,
5.000%, 12/01/2035 (Callable 06/01/2022)		1,320,000		1,377,446
Total Kentucky
(Cost $2,113,753)				2,125,217		0.1	%
Louisiana
Caddo Parish Commission,
5.000%, 02/01/2028 (Callable 02/01/2025)		530,000		614,660
Jefferson Sales Tax District,
4.000%, 12/01/2032 (Callable 12/01/2029)
(Insured by AGM)		1,300,000		1,574,656
Louisiana Public Facilities Authority:
5.500%, 05/15/2027
(Pre-refunded to 05/15/2026)		26,700,000		31,947,268
5.500%, 05/15/2032
(Pre-refunded to 05/15/2026)		22,180,000		27,291,820
State of Louisiana,
5.000%, 05/01/2027
(Pre-refunded to 05/01/2022)		1,420,000		1,476,897
Webster Parish School District No. 6:
5.000%, 03/01/2025 (Insured by AGM)		425,000		490,549
5.000%, 03/01/2026 (Insured by AGM)		635,000		753,916
5.000%, 03/01/2027 (Insured by AGM)		620,000		754,832
5.000%, 03/01/2028 (Insured by AGM)		755,000		939,107
4.000%, 03/01/2030 (Callable 03/01/2029)
(Insured by AGM)		665,000		784,405
4.000%, 03/01/2031 (Callable 03/01/2029)
(Insured by AGM)		840,000		982,598
Total Louisiana
(Cost $62,218,195)				67,610,708		4.3	%
Maryland
City of Baltimore MD:
5.000%, 07/01/2024 (ETM)		1,280,000		1,383,263
5.000%, 07/01/2028 (ETM)		295,000		341,340
Maryland Community
Development Administration,
0.625%, 07/01/2022 (Callable 01/01/2022)		500,000		500,759
Maryland Health & Higher
Educational Facilities Authority:
5.250%, 07/01/2026
(Pre-refunded to 07/01/2024)		285,000		326,325
5.000%, 07/01/2027
(ETM) (Insured by AMBAC)		1,740,000		1,997,331
State of Maryland:
4.000%, 06/01/2030 (Callable 06/01/2024)		5,790,000		6,360,133
4.000%, 08/01/2030 (Callable 08/01/2027)		2,130,000		2,533,695
5.000%, 08/01/2031 (Callable 08/01/2028)		9,835,000		12,535,857
Washington Suburban Sanitary Commission:
0.020%, 06/01/2023 (Callable 07/01/2021)
(Optional Put Date 07/07/2021)(1)		2,200,000		2,200,000
0.020%, 06/01/2023 (Callable 07/01/2021)
(Optional Put Date 07/07/2021)(1)		2,400,000		2,400,000
Total Maryland
(Cost $28,746,557)				30,578,703		1.9	%
Massachusetts
Commonwealth of Massachusetts:
4.500%, 12/01/2043
(Pre-refunded to 12/01/2021)		1,235,000		1,257,479
5.250%, 01/01/2044 (Callable 01/01/2029)		3,910,000		5,026,980
Massachusetts Department of Transportation,
5.125%, 01/01/2023 (ETM)		645,000		692,274
Massachusetts Development Finance Agency,
5.000%, 07/15/2033 (Callable 07/15/2026)		1,470,000		1,783,702
Massachusetts Housing Finance Agency:
0.875%, 12/01/2023 (Callable 06/01/2022)		1,000,000		1,004,236
4.000%, 12/01/2044 (Callable 06/01/2025)		680,000		721,436
4.000%, 12/01/2048 (Callable 06/01/2027)
(Insured by GNMA)		1,215,000		1,327,375
4.000%, 06/01/2049 (Callable 12/01/2028)		590,000		652,238
Massachusetts State College
Building Authority:
0.000%, 05/01/2027
(ETM) (Insured by NATL)		390,000		367,538
0.000%, 05/01/2028
(ETM) (Insured by NATL)		5,290,000		4,888,144
Total Massachusetts
(Cost $17,547,177)				17,721,402		1.1	%

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

Page 139

Baird Quality Intermediate Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Michigan
Algonac Community Schools:
4.000%, 05/01/2028 (Callable 05/01/2027)
(Insured by Q-SBLF)	$	175,000	$	205,061
4.000%, 05/01/2029 (Callable 05/01/2027)
(Insured by Q-SBLF)		370,000		431,132
4.000%, 05/01/2030 (Callable 05/01/2027)
(Insured by Q-SBLF)		470,000		543,092
Chippewa Hills School District,
4.000%, 05/01/2033 (Callable 05/01/2025)
(Insured by Q-SBLF)		300,000		329,887
Ecorse Public School District,
5.000%, 05/01/2027 (Insured by Q-SBLF)		515,000		641,775
Fraser Public School District,
5.000%, 05/01/2024 (Insured by Q-SBLF)		1,000,000		1,131,421
Michigan Finance Authority,
5.000%, 06/01/2027
(Pre-refunded to 06/01/2022)		1,315,000		1,372,849
Michigan State Housing
Development Authority:
2.700%, 12/01/2034 (Callable 12/01/2028)		4,700,000		4,983,538
4.250%, 12/01/2049 (Callable 06/01/2028)		3,845,000		4,291,321
3.500%, 12/01/2050 (Callable 06/01/2029)		6,760,000		7,479,289
Pinckney Community Schools:
5.000%, 05/01/2022 (Insured by Q-SBLF)		1,935,000		2,011,717
5.000%, 05/01/2023 (Insured by Q-SBLF)		2,200,000		2,390,637
State of Michigan,
0.000%, 06/01/2022
(ETM) (Insured by AMBAC)		2,085,000		2,079,106
Swartz Creek Community Schools,
5.000%, 05/01/2038 (Callable 05/01/2029)
(Insured by Q-SBLF)		1,000,000		1,270,640
Utica Community Schools,
5.000%, 05/01/2034 (Callable 05/01/2029)
(Insured by Q-SBLF)		305,000		389,745
Warren Consolidated Schools:
5.000%, 05/01/2033 (Callable 05/01/2026)
(Insured by Q-SBLF)		2,595,000		3,130,879
5.000%, 05/01/2033 (Callable 05/01/2026)
(Insured by Q-SBLF)		4,660,000		5,622,311
5.000%, 05/01/2035 (Callable 05/01/2026)
(Insured by Q-SBLF)		950,000		1,141,662
Total Michigan
(Cost $37,232,683)				39,446,062		2.5	%
Minnesota
Brainerd Independent
School District No. 181,
4.000%, 02/01/2026
(Insured by SD CRED PROG)		660,000		761,496
County of Hennepin MN:
4.000%, 12/01/2025 (Callable 12/01/2022)		3,000,000		3,151,542
5.000%, 12/01/2041 (Callable 12/01/2026)		1,000,000		1,215,132
Maple River Independent
School District No. 2135,
4.000%, 02/01/2039 (Callable 02/01/2030)
(Insured by SD CRED PROG)		2,095,000		2,511,940
Minneapolis-Saint Paul Metropolitan
Airports Commission,
5.000%, 01/01/2032 (Callable 01/01/2027)		505,000		612,139
Minnesota Housing Finance Agency:
4.500%, 07/01/2034 (Callable 07/01/2021)
(Insured by GNMA)		15,000		15,000
4.000%, 07/01/2047 (Callable 01/01/2027)
(Insured by GNMA)		280,000		303,066
4.250%, 07/01/2049 (Callable 07/01/2028)
(Insured by GNMA)		1,170,000		1,311,413
Pipestone-Jasper Independent
School District No. 2689,
4.000%, 02/01/2032 (Callable 02/01/2029)
(Insured by SD CRED PROG)		580,000		693,877
State of Minnesota,
5.000%, 08/01/2037 (Callable 08/01/2029)		3,245,000		4,221,733
Total Minnesota
(Cost $14,354,333)				14,797,338		0.9	%
Mississippi
Mississippi Development Bank:
5.000%, 03/01/2029 (Callable 03/01/2027)		825,000		1,014,952
5.250%, 03/01/2035 (Callable 03/01/2028)		495,000		607,328
Oxford School District,
4.000%, 05/01/2027		500,000		592,981
State of Mississippi:
5.000%, 10/01/2028 (Callable 10/01/2027)		1,130,000		1,422,423
5.000%, 10/15/2033 (Callable 10/15/2028)		2,555,000		3,187,655
5.000%, 10/15/2035 (Callable 10/15/2028)		1,000,000		1,243,257
West Rankin Utility Authority,
5.000%, 01/01/2038 (Callable 01/01/2025)
(Insured by AGM)		550,000		631,018
Total Mississippi
(Cost $8,234,484)				8,699,614		0.6	%
Missouri
Independence School District,
5.500%, 03/01/2035 (Callable 03/01/2027)
(Insured by ST AID)		990,000		1,241,476
Jackson County School District No. R-IV,
5.500%, 03/01/2037 (Callable 03/01/2029)
(Insured by ST AID)		1,040,000		1,370,307
Jefferson County Consolidated
School District No. 6,
3.000%, 03/01/2037 (Callable 03/01/2028)
(Insured by ST AID)		1,200,000		1,305,999
Metropolitan St. Louis Sewer District,
5.000%, 05/01/2036 (Callable 05/01/2025)		1,275,000		1,474,429
Missouri Housing Development Commission:
1.950%, 05/01/2025 (Insured by GNMA)		75,000		77,797
3.950%, 11/01/2040
(Callable 05/01/2025)(Insured by GNMA)		850,000		860,288
Moberly School District No. 81:
4.000%, 03/01/2030 (Callable 03/01/2027)
(Insured by ST AID)		315,000		367,098
3.000%, 03/01/2037 (Callable 09/01/2028)
(Insured by ST AID)(6)		1,700,000		1,846,889
3.000%, 03/01/2038 (Callable 09/01/2028)
(Insured by ST AID)(6)		1,800,000		1,951,833
Normandy Schools Collaborative:
3.000%, 03/01/2038 (Callable 03/01/2028)
(Insured by ST AID)		1,950,000		2,105,657
3.000%, 03/01/2039 (Callable 03/01/2028)
(Insured by ST AID)		2,000,000		2,154,298
St. Louis County School District,
4.000%, 03/01/2031 (Callable 03/01/2025)		1,480,000		1,661,842
Total Missouri
(Cost $15,988,708)				16,417,913		1.0	%

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

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Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Montana
Flathead County School District No. 44,
4.000%, 07/01/2036
(Callable 07/01/2028)	$	210,000	$	242,162
Montana Facility Finance Authority:
5.000%, 07/01/2028 (Callable 07/01/2027)		430,000		530,083
5.000%, 07/01/2029 (Callable 07/01/2027)		535,000		655,476
Total Montana
(Cost $1,324,010)				1,427,721		0.1	%
Nebraska
City of Lincoln NE,
5.000%, 04/01/2023		290,000		313,792
Nebraska Educational Health Cultural
& Social Services Finance Authority:
4.000%, 01/01/2033 (Callable 01/01/2026)		400,000		450,249
4.000%, 01/01/2034 (Callable 01/01/2026)		2,000,000		2,251,303
4.000%, 01/01/2035 (Callable 01/01/2026)		1,000,000		1,125,734
Nebraska Investment Finance Authority,
3.500%, 09/01/2050 (Callable 03/01/2029)
(Insured by GNMA)		1,905,000		2,104,864
Omaha School District,
4.000%, 12/15/2033 (Callable 12/15/2028)		1,125,000		1,347,343
University of Nebraska:
3.000%, 07/01/2028
(Pre-refunded to 07/01/2026)		30,000		33,603
3.000%, 05/15/2035
(Pre-refunded to 05/15/2026)		20,000		22,351
3.000%, 07/01/2039
(Pre-refunded to 07/01/2026)		15,000		16,801
Village of Boys Town NE,
3.000%, 09/01/2028		150,000		168,897
Total Nebraska
(Cost $7,581,684)				7,834,937		0.5	%
Nevada
County of Clark NV:
5.000%, 07/01/2033 (Callable 07/01/2024)		1,925,000		2,175,744
5.000%, 07/01/2035 (Callable 07/01/2025)		430,000		502,100
County of Washoe NV,
5.000%, 02/01/2033		940,000		1,193,904
Total Nevada
(Cost $3,726,951)				3,871,748		0.2	%
New Hampshire
New Hampshire Health and Education
Facilities Authority,
0.020%, 10/01/2030 (Callable 07/01/2021)
(Optional Put Date 07/07/2021)(1)		1,000,000		1,000,000
Total New Hampshire
(Cost $1,000,000)				1,000,000		0.1	%
New Jersey
New Jersey Building Authority,
5.000%, 06/15/2024 (ETM)		1,410,000		1,601,538
New Jersey Economic Development Authority,
5.250%, 07/01/2025		1,285,000		1,526,840
New Jersey Educational Facilities Authority,
5.000%, 07/01/2044 (Callable 07/01/2024)		615,000		694,929
New Jersey Health Care
Facilities Financing Authority:
0.000%, 07/01/2023
(ETM) (Insured by NATL)		10,000		9,930
3.750%, 07/01/2027 (ETM)		205,000		229,671
New Jersey Housing &
Mortgage Finance Agency:
0.750%, 05/01/2023
(Mandatory Tender Date 06/01/2022)(1)		5,800,000		5,823,314
6.000%, 11/01/2023
(Pre-refunded to 08/02/2021)		30,000		30,583
4.500%, 10/01/2048 (Callable 10/01/2027)		1,185,000		1,332,169
2.450%, 10/01/2050 (Callable 04/01/2029)		625,000		636,609
New Jersey Transportation
Trust Fund Authority:
0.000%, 12/15/2026 (Insured by BHAC)		1,410,000		1,338,099
0.000%, 12/15/2030		960,000		826,375
Total New Jersey
(Cost $13,658,761)				14,050,057		0.9	%
New Mexico
Jal Public School District No. 19,
2.750%, 10/01/2027 (Pre-refunded to
10/01/2023) (Insured by ST AID)		600,000		632,897
New Mexico Finance Authority,
4.000%, 06/01/2029 (Callable 06/01/2026)		2,615,000		3,017,565
New Mexico Mortgage Finance Authority:
3.500%, 07/01/2033 (Callable 01/01/2028)
(Insured by GNMA)		1,005,000		1,102,168
3.950%, 09/01/2040 (Callable 09/01/2024)
(Insured by GNMA)		950,000		999,950
New Mexico Mortgage Financial Authority:
4.625%, 09/01/2025 (Callable 08/02/2021)
(Insured by GNMA)		85,000		85,250
3.550%, 09/01/2037 (Callable 03/01/2027)
(Insured by GNMA)		995,000		1,072,352
Ruidoso Municipal School District No. 3,
4.000%, 08/01/2032 (Callable 08/01/2026)
(Insured by ST AID)		115,000		130,927
Total New Mexico
(Cost $6,662,339)				7,041,109		0.4	%
New York
City of New York NY:
5.000%, 08/01/2022		5,000,000		5,262,693
5.000%, 12/01/2041 (Callable 12/01/2028)		1,125,000		1,406,416
Metropolitan Transportation Authority,
5.000%, 11/15/2028
(Pre-refunded to 11/15/2023)		210,000		233,921
New York City Housing Development Corp.,
0.700%, 11/01/2060 (Callable 07/01/2023)
(Mandatory Tender Date 07/01/2025)(1)		2,000,000		2,000,176
New York City Transitional Finance Authority:
5.000%, 08/01/2029 (Callable 08/01/2026)		1,550,000		1,889,973
5.000%, 08/01/2030 (Callable 08/01/2024)		2,500,000		2,851,105
5.000%, 08/01/2033 (Callable 08/01/2026)		2,835,000		3,444,141
5.000%, 05/01/2035 (Callable 05/01/2028)		4,000,000		5,031,550
5.000%, 05/01/2042 (Callable 05/01/2027)		500,000		612,820
4.000%, 05/01/2043 (Callable 05/01/2029)		2,500,000		2,941,907
New York City Water & Sewer System:
5.000%, 06/15/2032 (Callable 12/15/2025)		6,500,000		7,733,436
5.000%, 06/15/2035 (Callable 12/15/2025)		500,000		592,703
4.000%, 06/15/2040 (Callable 12/15/2029)		500,000		597,172
5.000%, 06/15/2040 (Callable 12/15/2027)		2,000,000		2,490,336
5.000%, 06/15/2040 (Callable 12/15/2027)		1,850,000		2,303,561
5.000%, 06/15/2040 (Callable 06/15/2028)		4,000,000		5,041,682
New York Liberty Development Corp.,
4.000%, 09/15/2035 (Callable 03/15/2022)		3,000,000		3,071,525

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

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Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
New York State Dormitory Authority:
5.000%, 03/15/2030
(Callable 03/15/2024)	$	3,735,000	$	4,200,826
5.000%, 03/15/2033 (Callable 03/15/2025)		5,050,000		5,864,241
5.000%, 03/15/2037 (Callable 09/15/2025)		155,000		182,630
5.250%, 03/15/2039 (Callable 09/15/2028)		3,750,000		4,810,582
5.000%, 03/15/2041 (Callable 03/15/2029)		2,000,000		2,518,722
5.000%, 03/15/2048 (Callable 09/15/2028)		4,550,000		5,725,808
New York State Environmental Facilities Corp.,
5.500%, 10/15/2030 (ETM)		390,000		537,679
New York State Housing Finance Agency,
1.600%, 11/01/2024 (Callable 12/01/2021)		5,895,000		5,928,951
New York State Urban Development Corp.:
5.000%, 03/15/2022		2,015,000		2,084,066
5.000%, 03/15/2032 (Callable 03/15/2024)		6,000,000		6,722,385
5.000%, 03/15/2033 (Callable 03/15/2023)		280,000		301,948
State of New York Mortgage Agency,
4.000%, 10/01/2049 (Callable 04/01/2028)		4,120,000		4,529,009
Triborough Bridge & Tunnel Authority,
0.567%, 11/15/2027 (1 Month LIBOR
USD + 0.500%) (Callable 08/02/2021)
(Mandatory Tender Date 11/15/2021)(2)		3,180,000		3,181,157
Total New York
(Cost $90,315,261)				94,093,121		6.0	%
North Carolina
City of Charlotte NC,
5.000%, 07/01/2031 (Callable 07/01/2028)		2,580,000		3,283,078
Inlivian,
2.550%, 05/01/2037		4,926,076		5,150,305
North Carolina Eastern
Municipal Power Agency,
4.500%, 01/01/2024
(Pre-refunded to 01/01/2022)		1,870,000		1,910,796
North Carolina Housing Finance Agency:
4.000%, 01/01/2050 (Callable 07/01/2028)		1,090,000		1,213,342
4.000%, 07/01/2050 (Callable 07/01/2029)		1,785,000		2,005,723
State of North Carolina,
5.000%, 05/01/2024 (Callable 05/01/2023)		1,000,000		1,086,286
University of North Carolina at Chapel Hill,
0.467%, 12/01/2041 (1 Month LIBOR
USD + 0.400%) (Callable 03/09/2022)
(Mandatory Tender Date 11/09/2022)(2)		7,000,000		7,015,924
Total North Carolina
(Cost $21,125,064)				21,665,454		1.4	%
North Dakota
County of Burleigh ND:
5.000%, 07/01/2025
(Pre-refunded to 07/01/2021)		1,500,000		1,500,000
5.000%, 07/01/2029
(Pre-refunded to 07/01/2021)		470,000		470,000
4.000%, 11/01/2029 (Pre-refunded to
11/01/2022)(Insured by AGM)		425,000		446,507
North Dakota Housing Finance Agency:
3.550%, 07/01/2033 (Callable 01/01/2028)		2,605,000		2,818,380
3.450%, 07/01/2037 (Callable 07/01/2026)
(Insured by FHA)		2,155,000		2,293,682
3.500%, 07/01/2046 (Callable 01/01/2026)		905,000		973,634
4.000%, 01/01/2050 (Callable 07/01/2028)		1,190,000		1,349,486
North Dakota Public Finance Authority,
5.000%, 10/01/2032 (Callable 10/01/2028)		2,640,000		3,344,797
Total North Dakota
(Cost $12,823,288)				13,196,486		0.8	%
Ohio
Akron Bath Copley Joint
Township Hospital District,
3.800%, 01/01/2027
(Pre-refunded to 01/01/2022)		700,000		712,376
City of Cleveland OH:
5.000%, 12/01/2029
(Pre-refunded to 12/01/2022)		850,000		908,329
5.000%, 12/01/2029 (Callable 12/01/2022)		10,000		10,654
City of Delaware OH,
4.000%, 12/01/2033 (Callable 12/01/2024)		200,000		222,966
City of Oxford OH,
4.000%, 12/01/2033 (Callable 12/01/2026)		40,000		46,271
County of Franklin OH,
5.000%, 06/01/2048 (Callable 06/01/2028)		515,000		637,971
County of Lucas OH,
5.750%, 11/15/2031
(Pre-refunded to 11/15/2021)		1,110,000		1,133,158
County of Montgomery OH:
5.250%, 05/01/2029
(Pre-refunded to 11/12/2023)		1,060,000		1,181,109
5.250%, 05/01/2029
(Pre-refunded to 11/13/2023)		1,600,000		1,774,143
Greater Cleveland Regional Transit Authority,
5.000%, 12/01/2038 (Callable 06/01/2029)		325,000		415,249
Lucas-Plaza Housing Development Corp.,
0.000%, 06/01/2024
(ETM) (Insured by FHA)		1,660,000		1,634,119
Ohio Housing Finance Agency:
3.950%, 09/01/2043 (Callable 09/01/2027)
(Insured by GNMA)		290,000		314,565
3.500%, 09/01/2046 (Callable 09/01/2025)
(Insured by GNMA)		770,000		824,968
3.750%, 09/01/2050 (Callable 03/01/2029)
(Insured by GNMA)		2,355,000		2,635,693
State of Ohio:
5.000%, 09/01/2033 (Callable 03/01/2024)		575,000		643,630
5.000%, 04/01/2039 (Callable 04/01/2030)		2,000,000		2,581,750
University of Akron,
5.000%, 01/01/2033 (Callable 07/01/2026)		335,000		402,513
Total Ohio
(Cost $15,658,009)				16,079,464		1.0	%
Oregon
Clackamas County School District No. 12,
5.000%, 06/15/2037 (Callable 06/15/2027)
(Insured by SCH BD GTY)		825,000		1,010,582
Clackamas County Service District No. 1,
2.125%, 12/01/2030 (Callable 12/01/2026)		1,000,000		1,047,291
County of Multnomah OR,
4.000%, 06/01/2030
(Pre-refunded to 06/01/2022)		1,565,000		1,620,298
Salem-Keizer School District No. 24J,
5.000%, 06/15/2033 (Callable 06/15/2030)
(Insured by SCH BD GTY) (5)		2,535,000		3,355,720
State of Oregon:
4.000%, 12/01/2045 (Callable 06/01/2025)		1,925,000		2,062,563
4.000%, 12/01/2048 (Callable 12/01/2026)		2,210,000		2,398,512
State of Oregon Housing &
Community Services Department:
4.000%, 01/01/2047 (Callable 07/01/2025)		960,000		1,027,356
3.750%, 07/01/2048 (Callable 01/01/2027)		1,380,000		1,471,855
3.500%, 01/01/2051 (Callable 01/01/2029)		4,015,000		4,451,524

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

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Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Tri-County Metropolitan
Transportation District of Oregon,
4.000%, 09/01/2039
(Callable 09/01/2029)	$	2,305,000	$	2,772,197
Washington County School District No. 1,
5.000%, 06/15/2035 (Callable 06/15/2027)
(Insured by SCH BD GTY)		600,000		738,891
Total Oregon
(Cost $21,357,810)				21,956,789		1.4	%
Pennsylvania
Centennial School District Bucks County,
4.000%, 12/15/2029 (Callable 12/15/2024)
(Insured by ST AID)		265,000		296,734
Commonwealth Financing Authority,
4.000%, 06/01/2039 (Callable 06/01/2028)
(Insured by AGM)		1,500,000		1,721,237
Delaware Valley Regional Finance Authority:
0.550%, 09/01/2048
(SIFMA Municipal Swap Index + 0.530%)
(Callable 09/01/2022)
(Mandatory Tender Date 09/01/2023)(2)		2,000,000		1,997,943
0.080%, 11/01/2055 (Callable 07/01/2021)
(Optional Put Date 07/07/2021)(1)		4,000,000		4,000,000
Lancaster County Hospital Authority,
0.060%, 05/15/2030 (Callable 07/01/2021)
(Optional Put Date 07/07/2021)(1)		1,900,000		1,900,000
Mckeesport Area School District,
0.000%, 10/01/2025 (ETM)		110,000		106,874
Pennsylvania Higher Educational
Facilities Authority,
5.750%, 08/15/2041
(Pre-refunded to 08/15/2021)		535,000		538,609
Pennsylvania Housing Finance Agency:
2.450%, 07/01/2022
(Mandatory Tender Date 07/01/2021)(1)		5,325,000		5,325,000
3.500%, 10/01/2046 (Callable 10/01/2025)		815,000		858,177
3.500%, 04/01/2051 (Callable 10/01/2029)		4,160,000		4,504,113
Pittsburgh Water & Sewer Authority:
0.000%, 09/01/2026 (ETM)		720,000		689,854
0.000%, 09/01/2027 (ETM)		1,075,000		1,011,515
0.000%, 09/01/2028 (ETM)		360,000		333,266
Total Pennsylvania
(Cost $22,855,352)				23,283,322		1.5	%
Puerto Rico
Puerto Rico Highways &
Transportation Authority,
5.250%, 07/01/2022
(ETM) (Insured by AGM)		1,150,000		1,206,758
Puerto Rico Public Finance Corp.:
5.125%, 06/01/2024 (Insured by AMBAC)		3,815,000		4,113,239
6.000%, 08/01/2026 (ETM)		4,340,000		5,439,213
6.000%, 08/01/2026
(ETM) (Insured by AGC)		1,055,000		1,331,192
6.000%, 08/01/2026
(ETM) (Insured by AGC)		1,155,000		1,447,532
6.000%, 08/01/2026
(ETM) (Insured by AGC)		1,785,000		2,257,397
6.000%, 08/01/2026
(ETM) (Insured by AGC)		1,310,000		1,652,950
5.500%, 08/01/2027
(ETM) (Insured by AMBAC)		6,500,000		8,238,897
Total Puerto Rico
(Cost $24,163,089)				25,687,178		1.6	%
Rhode Island
Rhode Island Housing &
Mortgage Finance Corp.,
3.500%, 10/01/2050
(Callable 10/01/2029)		1,385,000		1,528,700
State of Rhode Island,
5.000%, 08/01/2024		5,000,000		5,723,770
Total Rhode Island
(Cost $6,863,343)				7,252,470		0.5	%
South Carolina
Charleston Educational Excellence
Finance Corp.,
5.000%, 12/01/2026 (Callable 12/01/2023)		4,625,000		5,142,967
City of Columbia SC:
5.000%, 02/01/2029 (Callable 02/01/2028)		25,000		31,680
5.000%, 02/01/2049
(Pre-refunded to 02/01/2029)		2,280,000		2,975,158
Patriots Energy Group Financing Agency,
0.927%, 10/01/2048 (1 Month LIBOR
USD + 0.860%) (Callable 11/01/2023)
(Mandatory Tender Date 02/01/2024)(2)		2,895,000		2,921,304
Piedmont Municipal Power Agency,
5.375%, 01/01/2025
(ETM) (Insured by NATL)		5,465,000		6,335,865
South Carolina Jobs-Economic
Development Authority,
0.100%, 05/01/2048 (Callable 07/01/2021)
(Optional Put Date 07/07/2021)(1)		1,600,000		1,600,000
Tobacco Settlement Revenue
Management Authority,
6.375%, 05/15/2030 (ETM)		250,000		350,480
Total South Carolina
(Cost $18,761,740)				19,357,454		1.2	%
South Dakota
Harrisburg School District No. 41-2,
2.375%, 08/01/2026 (Insured by ST AID)		415,000		435,250
Sioux Falls School District No. 49-5,
1.375%, 08/01/2021 (Insured by ST AID)		25,000		25,024
South Dakota Housing
Development Authority,
3.375%, 05/01/2033 (Callable 05/01/2022)		330,000		334,250
South Dakota State Building Authority,
4.000%, 06/01/2040 (Callable 06/01/2030)		365,000		436,190
Total South Dakota
(Cost $1,202,237)				1,230,714		0.1	%
Tennessee
City of Murfreesboro TN:
3.000%, 06/01/2030 (Callable 06/01/2023)		3,400,000		3,556,591
3.000%, 06/01/2031 (Callable 06/01/2023)		3,005,000		3,140,348
Memphis Health Educational &
Housing Facility Board,
0.625%, 06/01/2023 (Mandatory Tender
Date 06/01/2022)(1)		2,500,000		2,508,342
Nashville & Davidson County
Metropolitan Government,
4.875%, 11/01/2028
(ETM) (Insured by NATL)		1,840,000		2,141,623
Tennessee Housing Development Agency:
3.850%, 01/01/2035 (Callable 01/01/2025)		375,000		400,468
3.900%, 07/01/2042 (Callable 07/01/2027)		635,000		696,257
4.000%, 01/01/2043 (Callable 07/01/2027)		910,000		996,478
3.650%, 07/01/2047 (Callable 01/01/2027)		1,050,000		1,112,851

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

Page 143

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Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Tennessee Housing
Development Agency: (cont.)
4.050%, 01/01/2049
(Callable 01/01/2028)	$	2,565,000	$	2,815,876
4.250%, 01/01/2050 (Callable 07/01/2028)		1,480,000		1,644,366
Total Tennessee
(Cost $18,407,792)				19,013,200		1.2	%
Texas
Amarillo Independent School District,
5.000%, 02/01/2026
(Callable 02/01/2024) (PSF Guaranteed)		1,370,000		1,533,261
Anna Independent School District,
5.000%, 08/15/2035
(Callable 08/15/2026) (PSF Guaranteed)		910,000		1,095,563
Arlington Higher Education Finance Corp.:
4.000%, 08/15/2024 (PSF Guaranteed)		1,025,000		1,123,769
5.000%, 08/15/2024
(ETM) (PSF Guaranteed)		1,010,000		1,154,220
5.000%, 08/15/2024 (PSF Guaranteed)		100,000		113,936
5.000%, 08/15/2026 (PSF Guaranteed)		500,000		605,583
4.000%, 08/15/2027
(Callable 08/15/2026) (PSF Guaranteed)		875,000		1,002,208
5.000%, 02/15/2028
(Callable 02/15/2025) (PSF Guaranteed)		1,905,000		2,191,944
4.000%, 08/15/2028
(Callable 08/15/2026) (PSF Guaranteed)		850,000		967,205
5.000%, 08/15/2028 (Pre-refunded to
08/15/2024) (PSF Guaranteed)		555,000		634,250
3.000%, 08/15/2032
(Callable 08/15/2031) (PSF Guaranteed)		835,000		960,245
3.000%, 08/15/2033
(Callable 08/15/2031) (PSF Guaranteed)		1,070,000		1,226,083
4.000%, 08/15/2033
(Callable 08/15/2026) (PSF Guaranteed)		475,000		523,101
5.000%, 08/15/2033 (Pre-refunded to
08/15/2024) (PSF Guaranteed)		1,460,000		1,668,477
4.000%, 08/15/2034
(Callable 08/15/2026) (PSF Guaranteed)		195,000		217,805
4.000%, 08/15/2035
(Callable 08/15/2026) (PSF Guaranteed)		455,000		507,719
4.000%, 12/01/2035
(Callable 06/01/2027) (PSF Guaranteed)		450,000		517,516
Austin Community College District,
5.000%, 08/01/2035 (Callable 08/01/2025)		1,175,000		1,376,083
Austin Community College
District Public Facility Corp.,
5.000%, 08/01/2033 (Callable 08/01/2025)		750,000		876,372
Balmorhea Independent School District,
4.000%, 02/15/2042
(Callable 02/15/2024) (PSF Guaranteed)		350,000		373,874
Barbers Hill Independent School District,
4.000%, 02/15/2037
(Callable 08/15/2026) (PSF Guaranteed)		860,000		978,125
Bexar Metropolitan Water District,
0.000%, 05/01/2027
(ETM) (Insured by NATL)		50,000		47,394
Blum Independent School District:
4.000%, 08/15/2032
(Callable 08/15/2026) (PSF Guaranteed)		165,000		190,941
4.000%, 08/15/2033
(Callable 08/15/2026) (PSF Guaranteed)		210,000		242,553
Brazoria County Toll Road Authority,
0.000%, 03/01/2044
(Callable 03/01/2030)(5)		255,000		254,334
Burleson Independent School District,
5.000%, 08/01/2025 (PSF Guaranteed)		1,260,000		1,490,696
City of Dallas TX,
5.000%, 02/15/2029		1,875,000		2,411,915
City of Fort Worth TX,
4.000%, 02/15/2035 (Callable 02/15/2028)		2,530,000		2,968,885
City of Houston TX:
5.500%, 12/01/2024
(ETM) (Insured by NATL)		1,835,000		2,066,116
0.000%, 12/01/2026
(ETM) (Insured by AGM)		465,000		445,569
0.000%, 12/01/2027
(ETM) (Insured by AGM)		25,000		23,481
5.500%, 12/01/2029
(ETM) (Insured by NATL)		16,050,000		20,659,667
5.750%, 12/01/2032
(ETM) (Insured by AGM)		29,965,000		44,709,626
City of San Antonio TX,
5.000%, 02/01/2025 (ETM)		175,000		203,521
Cleveland Independent School District,
5.000%, 02/15/2046
(Callable 02/15/2026) (PSF Guaranteed)		1,000,000		1,182,755
Clifton Higher Education Finance Corp.:
5.000%, 08/15/2029
(Callable 08/15/2024) (PSF Guaranteed)		215,000		244,461
4.000%, 08/15/2031
(Callable 08/15/2026) (PSF Guaranteed)		120,000		135,781
4.000%, 08/15/2044
(Callable 08/15/2029) (PSF Guaranteed)		550,000		650,727
County of Bexar TX:
4.000%, 06/15/2030 (Callable 06/15/2026)		150,000		173,226
4.000%, 06/15/2033 (Callable 06/15/2025)		3,795,000		4,275,951
5.000%, 06/15/2036 (Callable 06/15/2026)		2,145,000		2,579,915
County of Harris TX:
5.000%, 10/01/2026 (Callable 10/01/2025)		4,170,000		4,982,056
5.000%, 08/15/2030 (Callable 08/15/2022)		700,000		737,679
County of Montgomery TX,
5.000%, 03/01/2027
(Pre-refunded to 03/01/2022)		665,000		686,528
County of Williamson TX:
4.000%, 02/15/2034 (Callable 08/15/2026)		2,270,000		2,613,468
4.000%, 02/15/2039 (Callable 02/15/2029)		1,350,000		1,621,455
Crowley Independent School District,
5.000%, 08/01/2036 (Pre-refunded to
08/01/2025) (PSF Guaranteed)		2,000,000		2,365,742
Dallas Independent School District:
5.000%, 02/15/2036 (Pre-refunded to
02/15/2022) (PSF Guaranteed)		390,000		401,681
5.000%, 02/15/2036 (Pre-refunded to
02/15/2022) (PSF Guaranteed)(1)		700,000		720,967
5.000%, 02/15/2036 (Pre-refunded to
02/15/2022)(PSF Guaranteed)(1)		705,000		726,341
Decatur Hospital Authority,
5.750%, 09/01/2029 (ETM)		460,000		560,844
DeSoto Independent School District:
5.000%, 08/15/2032
(Callable 08/15/2025) (Insured by BAM)		1,080,000		1,263,460
5.000%, 08/15/2032
(Callable 08/15/2024) (PSF Guaranteed)		1,825,000		2,076,900
Eagle Mountain & Saginaw
Independent School District,
4.000%, 08/15/2045
(Callable 08/15/2025) (PSF Guaranteed)		675,000		755,658

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

Page 144

Baird Quality Intermediate Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Ennis Independent School District,
5.000%, 08/15/2025 (PSF Guaranteed)	$	1,145,000	$	1,354,322
Forney Independent School District,
5.000%, 08/15/2034
(Callable 08/15/2025) (PSF Guaranteed)		525,000		615,114
Fort Bend Independent School District:
5.000%, 08/15/2024 (PSF Guaranteed)		1,655,000		1,897,313
4.000%, 08/15/2036
(Callable 08/15/2030) (PSF Guaranteed)		975,000		1,195,836
Godley Independent School District,
5.000%, 02/15/2023 (PSF Guaranteed)		1,445,000		1,556,492
Harlingen Consolidated Independent
School District:
5.000%, 08/15/2024 (PSF Guaranteed)		2,810,000		3,210,084
5.000%, 08/15/2025 (PSF Guaranteed)		1,445,000		1,708,517
Harris County Cultural Education
Facilities Finance Corp.,
7.000%, 01/01/2048
(Pre-refunded to 01/01/2023)		3,800,000		4,175,820
Harris County Health Facilities
Development Corp.:
5.750%, 07/01/2027 (ETM)		5,000,000		6,037,300
6.250%, 07/01/2027 (ETM)		7,295,000		8,958,260
Harris County Toll Road Authority,
5.000%, 08/15/2028 (Callable 02/15/2028)		770,000		975,988
Hays Consolidated Independent
School District,
4.000%, 02/15/2033
(Callable 02/15/2027) (PSF Guaranteed)		880,000		1,012,710
Honda Auto Receivables Owner Trust,
5.000%, 02/15/2026
(Callable 02/15/2024) (PSF Guaranteed)		1,030,000		1,137,353
Houston Higher Education Finance Corp.,
5.000%, 02/15/2034
(Callable 02/15/2024) (PSF Guaranteed)		1,795,000		1,953,779
Humble Independent School District,
5.000%, 02/15/2036
(Callable 02/15/2027) (PSF Guaranteed)		1,000,000		1,212,456
Irving Independent School District,
5.000%, 02/15/2025
(Callable 08/15/2024) (PSF Guaranteed)		1,250,000		1,429,652
Kenedy Independent School District:
4.000%, 08/15/2031 (Pre-refunded to
08/15/2023) (PSF Guaranteed)		100,000		107,944
4.000%, 08/15/2035 (Pre-refunded to
08/15/2021) (PSF Guaranteed)		100,000		100,459
4.000%, 08/15/2036 (Pre-refunded to
08/15/2021) (PSF Guaranteed)		150,000		150,689
4.000%, 08/15/2037 (Pre-refunded to
08/15/2021) (PSF Guaranteed)		100,000		100,460
4.000%, 08/15/2038 (Pre-refunded to
08/15/2021) (PSF Guaranteed)		100,000		100,460
Kirbyville Consolidated
Independent School District,
4.000%, 02/15/2029 (Pre-refunded to
02/15/2024) (PSF Guaranteed)		160,000		174,774
Klein Independent School District,
4.000%, 08/01/2031
(Callable 08/01/2025) (PSF Guaranteed)		1,000,000		1,134,896
La Joya Independent School District,
4.000%, 02/15/2035 (Callable 02/15/2027)
(Insured by AGM)		910,000		1,020,144
La Porte Independent School District,
5.000%, 02/15/2025 (PSF Guaranteed)		1,080,000		1,255,720
Leander Independent School District:
0.000%, 08/15/2034 (Pre-refunded to
08/15/2024) (PSF Guaranteed)		125,000		75,758
0.000%, 08/15/2035 (Pre-refunded to
08/15/2024) (PSF Guaranteed)		375,000		213,679
0.000%, 08/15/2036 (Pre-refunded to
08/15/2024) (PSF Guaranteed)		55,000		29,500
0.000%, 08/15/2037 (Pre-refunded to
08/15/2024) (PSF Guaranteed)		700,000		371,770
0.000%, 08/15/2039 (Pre-refunded to
08/15/2024) (PSF Guaranteed)		550,000		248,130
0.000%, 08/15/2040 (Pre-refunded to
08/15/2024) (PSF Guaranteed)		635,000		290,774
0.000%, 08/15/2040 (Pre-refunded to
08/15/2024) (PSF Guaranteed)		20,000		9,158
0.000%, 08/15/2041 (Pre-refunded to
08/15/2024) (PSF Guaranteed)		8,915,000		3,593,283
0.000%, 08/15/2041 (Pre-refunded to
08/15/2024) (PSF Guaranteed)		135,000		58,548
0.000%, 08/15/2042 (Pre-refunded to
08/15/2024) (PSF Guaranteed)		1,500,000		571,546
0.000%, 08/15/2043 (Pre-refunded to
08/15/2024) (PSF Guaranteed)		200,000		72,146
0.000%, 08/15/2045 (Pre-refunded to
08/15/2024) (PSF Guaranteed)		2,000,000		639,692
0.000%, 08/15/2046 (Pre-refunded to
08/15/2024) (PSF Guaranteed)		150,000		45,082
0.000%, 08/15/2047 (Pre-refunded to
08/15/2024) (PSF Guaranteed)		190,000		53,616
0.000%, 08/15/2048 (Pre-refunded to
08/15/2024) (PSF Guaranteed)		750,000		199,028
Lower Colorado River Authority:
4.750%, 01/01/2028
(ETM) (Insured by AGM)		1,360,000		1,564,418
5.000%, 05/15/2040 (Callable 05/15/2025)		1,970,000		2,265,039
Lubbock Housing Finance Corp.,
8.000%, 10/01/2021 (ETM)		1,980,000		2,017,078
Luling Independent School District:
4.000%, 02/15/2028 (PSF Guaranteed)		190,000		228,731
4.000%, 02/15/2029
(Callable 02/15/2028) (PSF Guaranteed)		90,000		107,599
McKinney Independent School District,
4.000%, 02/15/2034
(Callable 02/15/2026) (PSF Guaranteed)		1,325,000		1,502,905
Melissa Independent School District,
5.000%, 08/01/2036
(Callable 08/01/2026) (PSF Guaranteed)		1,020,000		1,224,468
Mesquite Independent School District:
5.000%, 08/15/2024 (PSF Guaranteed)		1,425,000		1,631,719
5.000%, 08/15/2025 (PSF Guaranteed)		2,615,000		3,098,939
5.000%, 08/15/2025 (PSF Guaranteed)		1,500,000		1,777,594
Midlothian Independent School District,
5.000%, 02/15/2047
(Callable 02/15/2027) (PSF Guaranteed)		1,000,000		1,217,518
Millsap Independent School District,
4.000%, 02/15/2026
(Callable 02/15/2024) (PSF Guaranteed)		335,000		365,042
Montgomery County Health
Facilities Development Corp.,
0.000%, 07/15/2023 (ETM)		200,000		198,581
Moulton Independent School District:
4.000%, 08/15/2031
(Callable 08/15/2027) (PSF Guaranteed)		235,000		274,346

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

Page 145

Baird Quality Intermediate Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Moulton Independent School District: (cont.)
4.000%, 08/15/2032
(Callable 08/15/2027) (PSF Guaranteed)	$	200,000	$	233,012
4.000%, 08/15/2034
(Callable 08/15/2027) (PSF Guaranteed)		225,000		261,044
4.000%, 08/15/2035
(Callable 08/15/2027) (PSF Guaranteed)		545,000		631,582
4.000%, 08/15/2036
(Callable 08/15/2027) (PSF Guaranteed)		285,000		329,728
Navasota Independent School District,
5.000%, 02/15/2048
(Callable 02/15/2025) (PSF Guaranteed)		6,785,000		7,718,294
New Caney Independent School District:
5.000%, 02/15/2023 (PSF Guaranteed)		1,000,000		1,078,007
5.000%, 02/15/2024 (PSF Guaranteed)		1,030,000		1,156,766
5.000%, 02/15/2039
(Callable 08/15/2027)(PSF Guaranteed)		500,000		612,851
New Hope Cultural Education
Facilities Finance Corp.:
5.000%, 04/01/2025 (ETM)		715,000		836,327
5.000%, 08/15/2047
(Callable 08/15/2027)		1,000,000		1,203,346
Newark Higher Education Finance Corp.,
4.000%, 08/15/2022 (PSF Guaranteed)		215,000		224,120
North East Independent School District,
5.000%, 02/01/2024 (PSF Guaranteed)		2,930,000		3,291,279
North Texas Tollway Authority:
0.000%, 09/01/2037
(Pre-refunded to 09/01/2031)		3,555,000		1,997,694
0.000%, 09/01/2043
(Pre-refunded to 09/01/2031)		25,115,000		8,994,952
0.000%, 09/01/2043
(Pre-refunded to 09/01/2031)(5)		3,205,000		4,461,907
0.000%, 09/01/2045
(Pre-refunded to 09/01/2031)(5)		1,390,000		2,093,762
Northside Independent School District,
5.000%, 08/15/2025 (PSF Guaranteed)		1,000,000		1,187,317
Pasadena Independent School District,
1.500%, 02/15/2044 (Mandatory Tender
Date 08/15/2024) (PSF Guaranteed)(1)		1,360,000		1,402,797
Pflugerville Independent School District:
5.000%, 02/15/2025 (Pre-refunded to
02/15/2024) (PSF Guaranteed)		1,020,000		1,146,416
4.000%, 02/15/2027 (Callable 02/15/2026)		460,000		525,231
4.000%, 02/15/2029 (Callable 02/15/2026)		165,000		187,246
4.000%, 02/15/2032 (Callable 02/15/2026)		200,000		225,128
5.000%, 02/15/2037
(Callable 02/15/2026) (PSF Guaranteed)		100,000		117,977
Princeton Independent School District,
5.000%, 02/15/2032
(Callable 02/15/2025) (PSF Guaranteed)		560,000		645,653
Prosper Independent School District,
5.000%, 02/15/2031
(Callable 02/15/2028) (PSF Guaranteed)		1,020,000		1,285,019
Red River Education Finance Corp.,
5.000%, 03/15/2043
(Pre-refunded to 03/15/2023)		4,500,000		4,870,201
Rockwall Independent School District,
5.000%, 02/15/2038
(Callable 08/02/2021) (PSF Guaranteed)		745,000		747,756
San Angelo Independent School District,
5.000%, 02/15/2029 (Pre-refunded to
02/15/2024) (PSF Guaranteed)		1,500,000		1,685,906
San Antonio Housing Trust Finance Corp.,
1.375%, 09/01/2022 (Mandatory Tender
Date 09/01/2021)(1)		1,720,000		1,722,972
San Antonio Public Facilities Corp.,
4.000%, 09/15/2034 (Callable 09/15/2022)		1,750,000		1,816,506
Sherman Independent School District,
5.000%, 02/15/2026
(Callable 02/15/2024) (PSF Guaranteed)		1,775,000		1,986,016
Smithville Independent School District:
4.000%, 08/15/2031
(Callable 08/15/2028) (PSF Guaranteed)		185,000		220,971
4.000%, 08/15/2032
(Callable 08/15/2028) (PSF Guaranteed)		100,000		119,393
4.000%, 08/15/2033
(Callable 08/15/2028) (PSF Guaranteed)		110,000		131,078
Socorro Independent School District,
4.000%, 08/15/2033
(Callable 02/15/2027) (PSF Guaranteed)		900,000		1,042,094
State of Texas:
5.000%, 04/01/2038 (Callable 04/01/2026)		2,000,000		2,387,313
4.000%, 04/01/2046 (Callable 04/01/2026)		4,110,000		4,560,922
Tarrant County Health Facilities
Development Corp.,
6.000%, 09/01/2024 (ETM)		3,850,000		4,217,638
Terrell Independent School District,
4.000%, 08/01/2037
(Callable 08/01/2026) (PSF Guaranteed)		510,000		576,973
Texas Department of Housing
& Community Affairs:
3.400%, 03/01/2035 (Callable 09/01/2034)		4,725,862		5,253,566
2.150%, 09/01/2035 (Callable 03/01/2029)		1,370,000		1,399,927
4.000%, 03/01/2050 (Callable 09/01/2028)
(Insured by GNMA)		1,015,000		1,149,990
Texas State Affordable Housing Corp.,
4.250%, 03/01/2049 (Callable 03/01/2029)
(Insured by GNMA)		380,000		421,693
Texas Water Development Board:
4.000%, 10/15/2033 (Callable 10/15/2027)		600,000		711,344
5.000%, 10/15/2033 (Callable 10/15/2025)		1,250,000		1,484,794
4.000%, 10/15/2034 (Callable 04/15/2028)		2,000,000		2,380,575
4.000%, 10/15/2034 (Callable 10/15/2028)		975,000		1,173,670
4.000%, 04/15/2038 (Callable 10/15/2027)		1,900,000		2,235,452
Town of Flower Mound TX,
5.000%, 03/01/2033 (Callable 03/01/2024)		250,000		279,910
Tyler Health Facilities Development Corp.,
5.500%, 07/01/2027
(Pre-refunded to 07/01/2021)		600,000		600,000
United Independent School District:
5.000%, 08/15/2033
(Callable 08/15/2028) (PSF Guaranteed)		835,000		1,060,988
5.000%, 08/15/2038
(Callable 08/15/2027) (PSF Guaranteed)		225,000		278,495
Waxahachie Independent School District,
5.000%, 02/15/2039
(Callable 02/15/2026) (PSF Guaranteed)		785,000		926,903
Webb Consolidated Independent
School District:
4.000%, 02/15/2033 (Pre-refunded to
02/15/2025) (PSF Guaranteed)		175,000		197,211
4.000%, 02/15/2033
(Callable 02/15/2025) (PSF Guaranteed)		75,000		83,900
Wylie Independent School District,
6.750%, 08/15/2023 (PSF Guaranteed)		1,010,000		1,148,194

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

Page 146

Baird Quality Intermediate Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Ysleta Independent School District:
5.000%, 08/15/2023 (Pre-refunded to
08/15/2021) (PSF Guaranteed)	$	1,020,000	$	1,025,967
5.000%, 08/15/2025
(Callable 08/15/2024) (PSF Guaranteed)		1,545,000		1,764,975
Total Texas
(Cost $267,106,299)				282,150,609		17.9	%
Utah
State of Utah:
3.000%, 07/01/2033 (Callable 01/01/2029)		1,500,000		1,689,530
3.000%, 07/01/2034 (Callable 01/01/2029)		2,000,000		2,239,350
Timpanogos Special Service District,
4.000%, 06/01/2028 (Callable 06/01/2024)		425,000		465,861
University of Utah,
5.000%, 08/01/2044 (Callable 08/01/2028)		2,000,000		2,482,667
Utah Charter School Finance Authority:
5.000%, 04/15/2024 (Insured by UT CSCE)		235,000		261,537
5.000%, 04/15/2037 (Callable 04/15/2026)
(Insured by UT CSCE)		500,000		572,904
Utah Housing Corp.,
4.000%, 01/01/2045 (Callable 01/01/2026)
(Insured by FHA)		3,550,000		3,822,878
Total Utah
(Cost $11,335,104)				11,534,727		0.7	%
Vermont
City of Burlington VT:
5.500%, 07/01/2029
(Pre-refunded to 07/01/2021)		265,000		265,000
5.625%, 07/01/2030
(Pre-refunded to 07/01/2021)		315,000		315,000
5.750%, 07/01/2031
(Pre-refunded to 07/01/2021)		460,000		460,000
Vermont Housing Finance Agency:
3.600%, 11/01/2036 (Callable 11/01/2025)		1,445,000		1,537,233
4.000%, 05/01/2048 (Callable 11/01/2026)
(Insured by GNMA)		770,000		824,425
4.000%, 11/01/2048 (Callable 05/01/2027)		505,000		548,830
Total Vermont
(Cost $3,839,523)				3,950,488		0.3	%
Virginia
County of Fairfax VA:
5.000%, 10/01/2035 (Callable 04/01/2030)
(Insured by ST AID)		5,550,000		7,298,472
5.000%, 04/01/2042 (Callable 04/01/2027)		585,000		713,338
Danville Industrial Development Authority,
5.250%, 10/01/2028
(ETM) (Insured by AMBAC)		1,095,000		1,222,349
Hampton Redevelopment
& Housing Authority,
1.460%, 12/01/2022 (Mandatory Tender
Date 12/01/2021)(1)		2,950,000		2,965,137
Virginia Housing Development Authority,
3.450%, 04/01/2038 (Callable 10/01/2022)		7,350,000		7,607,371
Total Virginia
(Cost $19,631,735)				19,806,667		1.3	%
Washington
Central Puget Sound
Regional Transit Authority,
5.000%, 11/01/2032 (Callable 11/01/2025)		2,725,000		3,229,894
County of King WA:
5.000%, 07/01/2034 (Callable 01/01/2025)		705,000		810,166
5.000%, 01/01/2037 (Callable 01/01/2029)		2,000,000		2,550,400
Energy Northwest,
5.000%, 07/01/2034
(Callable 07/01/2027)		1,090,000		1,345,444
King County Housing Authority:
3.250%, 05/01/2033 (Callable 05/01/2028)		1,500,000		1,668,383
4.000%, 11/01/2034 (Callable 11/01/2029)		1,520,000		1,813,288
4.000%, 11/01/2036 (Callable 11/01/2029)		2,740,000		3,257,601
Pierce County School District No. 3,
5.000%, 12/01/2033 (Callable 06/01/2027)
(Insured by SCH BD GTY)		2,600,000		3,204,769
Port of Seattle WA:
5.000%, 01/01/2037 (Callable 01/01/2027)		1,665,000		2,019,658
5.000%, 01/01/2038 (Callable 01/01/2027)		1,000,000		1,211,258
State of Washington:
5.000%, 07/01/2032 (Callable 01/01/2025)		1,005,000		1,157,935
5.000%, 07/01/2032 (Callable 01/01/2025)		6,005,000		6,918,805
5.000%, 08/01/2034 (Callable 08/01/2023)		2,755,000		3,022,921
5.000%, 02/01/2035 (Callable 02/01/2025)		720,000		831,873
5.000%, 08/01/2038 (Callable 08/01/2026)		1,225,000		1,477,998
5.000%, 07/01/2040 (Callable 07/01/2028)		660,000		820,872
Washington Health Care Facilities Authority:
5.000%, 09/01/2030		300,000		400,330
5.000%, 09/01/2031 (Callable 09/01/2030)		175,000		232,733
5.000%, 09/01/2032 (Callable 09/01/2030)		185,000		245,333
5.000%, 09/01/2033 (Callable 09/01/2030)		190,000		251,182
Washington State Housing
Finance Commission:
2.550%, 07/01/2022 (Mandatory Tender
Date 07/01/2021) (1)		6,250,000		6,250,000
5.000%, 01/01/2023 (ETM)		330,000		345,309
0.570%, 12/01/2048
(SIFMA Municipal Swap Index + 0.550%)
(Callable 04/01/2023)
(Mandatory Tender Date 10/01/2023)(2)		4,465,000		4,494,917
4.000%, 06/01/2049 (Callable 06/01/2028)		545,000		601,226
4.000%, 06/01/2050 (Callable 06/01/2029)
(Insured by GNMA)		1,820,000		2,045,549
Total Washington
(Cost $48,271,031)				50,207,844		3.2	%
West Virginia
West Virginia Economic
Development Authority,
5.000%, 07/01/2033 (Callable 07/01/2027)		875,000		1,079,929
West Virginia Parkways Authority,
5.000%, 06/01/2043 (Callable 06/01/2028)		2,690,000		3,308,081
Total West Virginia
(Cost $4,348,418)				4,388,010		0.3	%
Wisconsin
Baraboo School District:
4.000%, 04/01/2028 (Callable 04/01/2026)
(Insured by BAM)		550,000		633,670
3.000%, 04/01/2030 (Callable 04/01/2026)
(Insured by BAM)		300,000		320,843
3.000%, 04/01/2033 (Callable 04/01/2026)
(Insured by BAM)		650,000		690,502
City of Milwaukee WI,
3.000%, 06/01/2033 (Callable 06/01/2026)		2,500,000		2,673,656
Mill City Mortgage Trust,
3.000%, 09/01/2023
(Pre-refunded to 09/01/2021)		310,000		311,411
Public Finance Authority,
5.000%, 03/01/2025		535,000		620,889

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

Page 147

Baird Quality Intermediate Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Southeast Wisconsin Professional
Baseball Park District:
5.500%, 12/15/2026
(Insured by NATL)	$	1,130,000	$	1,358,336
0.000%, 12/15/2027
(ETM) (Insured by NATL)		325,000		304,153
0.000%, 12/15/2028
(ETM) (Insured by NATL)		410,000		377,534
0.000%, 12/15/2029
(ETM) (Insured by NATL)		350,000		313,689
State of Wisconsin:
5.000%, 05/01/2024 (Callable 05/01/2023)		2,150,000		2,339,298
4.000%, 05/01/2031
(Pre-refunded to 05/01/2022)		245,000		252,889
5.000%, 05/01/2033 (Callable 05/01/2025)		500,000		583,061
5.000%, 05/01/2034 (Callable 05/01/2025)		900,000		1,048,393
5.000%, 05/01/2037 (Callable 05/01/2028)		2,470,000		3,100,839
4.000%, 05/01/2041 (Callable 05/01/2028)		4,900,000		5,761,442
State of Wisconsin Clean Water Fund
Leveraged Loan Portfolio:
5.000%, 06/01/2028
(Pre-refunded to 06/01/2024)		5,430,000		6,166,446
5.000%, 06/01/2030
(Pre-refunded to 06/01/2024)		10,515,000		11,941,101
5.000%, 06/01/2031
(Pre-refunded to 06/01/2024)		7,975,000		9,056,613
University of Wisconsin Hospitals & Clinics,
5.000%, 04/01/2038
(Pre-refunded to 04/01/2023)		2,655,000		2,878,623
Village of Mount Pleasant WI:
5.000%, 04/01/2036 (Callable 04/01/2028)		275,000		341,692
4.000%, 04/01/2037 (Callable 04/01/2028)		2,400,000		2,745,952
5.000%, 04/01/2048 (Callable 04/01/2028)		1,500,000		1,810,161
Wisconsin Center District:
4.000%, 12/15/2029 (Callable 06/15/2026)		1,480,000		1,701,173
5.000%, 12/15/2030 (Callable 06/15/2026)		775,000		932,555
0.000%, 12/15/2034 (Callable 12/15/2030)
(Insured by AGM)		1,205,000		889,669
0.000%, 12/15/2034 (Callable 12/15/2030)		1,810,000		1,335,296
4.000%, 12/15/2034 (Callable 06/15/2026)		720,000		818,256
Wisconsin Health & Educational
Facilities Authority:
5.000%, 02/15/2028
(Pre-refunded to 08/15/2025)		20,000		23,602
4.000%, 02/15/2033
(Pre-refunded to 08/15/2025)		100,000		113,945
5.000%, 11/15/2036 (Callable 05/15/2026)		205,000		245,766
4.000%, 02/15/2038
(Pre-refunded to 08/15/2025)		325,000		370,321
5.000%, 07/01/2042 (Callable 07/01/2027)		2,000,000		2,410,803
4.000%, 11/15/2043 (Callable 11/15/2028)		1,945,000		2,277,096
Wisconsin Housing & Economic
Development Authority:
3.500%, 09/01/2046 (Callable 09/01/2025)
(Insured by FNMA)		955,000		1,018,982
4.000%, 03/01/2048 (Callable 03/01/2027)
(Insured by FNMA)		1,160,000		1,250,543
4.250%, 03/01/2049 (Callable 09/01/2028)		1,885,000		2,104,590
Total Wisconsin
(Cost $68,171,668)				71,123,790		4.5	%
Wyoming
Wyoming Community
Development Authority:
4.000%, 12/01/2043
(Callable 06/01/2027)		455,000		482,476
4.000%, 12/01/2048
(Callable 06/01/2028)		2,615,000		2,880,327
Total Wyoming
(Cost $3,225,035)				3,362,803		0.2	%
Total Long-Term Investments
(Cost $1,498,500,140)				1,565,756,920		99.3	%
Short-Term Investments
	Shares
Money Market Mutual Fund
Federated Hermes Institutional Tax-Free
Cash Trust, Premier Shares, 0.01%(4)		1,627,631		1,627,631
Total Short-Term Investment
(Cost $1,627,631)				1,627,631		0.1	%
Total Investments
(Cost $1,500,127,771)				1,567,384,551		99.4	%
Other Assets in Excess of Liabilities				9,793,729		0.6	%
TOTAL NET ASSETS			$	1,577,178,280		100.0	%

Notes to Schedule of Investments

AGC – Assured Guaranty Corp.

AGM – Assured Guaranty Municipal

AMBAC – Ambac Assurance Corp.

BAM – Build America Mutual Assurance Co.

BHAC – Berkshire Hathaway Assurance Corp.

FHA – Federal Housing Administration

FNMA – Federal National Mortgage Association

GNMA – Government National Mortgage Association

NATL – National Public Finance Guarantee Corp.

Q-SBLF – Qualified School Building Loan Fund

SCH BD GTY – School Board Guaranty

SD CRED PROG – State Credit Enhancement Program

ST AID – State Aid Intercept/Withholding

UT CSCE – Utah Charter School Credit Enhancement Program

ETM – Escrowed to Maturity

LIBOR – London Inter-bank Offered Rate

PSF – Permanent School Fund

SIFMA – Securities Industry and Financial Markets Association

(1)	Variable rate security. The rate reported is the rate in effect as of June 30, 2021.
(2)	Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of June 30, 2021.
(3)	Security issued under Rule 144A under the Securities Act of 1933 and classified as liquid under the Fund’s liquidity risk management program. Purchased in a private placement transaction; resale to the public may require registration or may extend only to qualified institutional buyers. At June 30, 2021, the value of these securities totaled $6,618,520, which represented 0.42% of total net assets.
(4)	Seven-day yield.
(5)	Step-up bond; the interest rate shown is the rate in effect as of June 30, 2021.
(6)	Security or a portion of the security purchased on a when-issued or delayed delivery basis.

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

Page 148

Baird Quality Intermediate Municipal Bond Fund

Summary of Fair Value Exposure at June 30, 2021 (Unaudited)

The Fund has adopted authoritative fair valuation accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion on changes in valuation techniques and related inputs during the period. These standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The fair value hierarchy is organized into three levels based upon the assumptions (referred to as “inputs”) used in pricing the asset or liability. These standards state that “observable inputs” reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from independent sources and “unobservable inputs” reflect an entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. These inputs are summarized into three broad levels and described below:

Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3 – Unobservable inputs for the asset or liability.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2021:

	Level 1		Level 2		Level 3		Total
Long-Term Investments
Municipal Bonds	$	—	$	1,565,756,920	$	—	$	1,565,756,920
Total Long-Term Investments		—		1,565,756,920		—		1,565,756,920
Short-Term Investment
Money Market Mutual Fund		1,627,631		—		—		1,627,631
Total Short-Term Investment		1,627,631		—		—		1,627,631
Total Investments	$	1,627,631	$	1,565,756,920	$	—	$	1,567,384,551

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

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

Page 149

Baird Core Intermediate Municipal Bond Fund

June 30, 2021 (Unaudited)

Portfolio Characteristics

Quality Distribution⁽¹⁾⁽²⁾

	Net Assets	$1,110,929,097
	SEC 30-Day Yield(4)
	Institutional Class	0.85%
	Investor Class	0.60%
	Average Effective Duration	4.20 years
	Average Effective Maturity	4.42 years
	Annualized Expense Ratio(5)
	Institutional Class	0.30%
	Investor Class	0.55%	(6)
	Portfolio Turnover Rate	21%	(7)
	Number of Holdings	1,379
Sector Weightings(1)

(1)	Percentages shown are based on the Fund’s total investments.
(2)	The quality profile is calculated on a market value-weighted basis using the highest credit quality rating for each security held by the Fund given by S&P, Moody’s or Fitch, each of which is a Nationally Recognized Statistical Rating Organization (NRSRO). NRSROs rate the credit quality of securities using a scale that generally ranges from AAA (highest) to D (lowest).
(3)	Includes pre-refunded and escrowed-to-maturity (ETM) bonds.
(4)	SEC yields are based on SEC guidelines and are calculated for the 30 days ended June 30, 2021.
(5)	Reflects expense ratios as stated in the Fund’s current prospectus dated May 1, 2021.
(6)	Includes 0.25% 12b-1 fee.
(7)	Not annualized.

Page 150

Baird Core Intermediate Municipal Bond Fund

June 30, 2021 (Unaudited)

Total Returns

			Average Annual
	Six	One	Three	Five	Since
For the Periods Ended June 30, 2021	Months	Year	Years	Years	Inception(1)
Institutional Class Shares	0.98%	3.88%	4.82%	3.30%	3.87%
Investor Class Shares	0.96%	3.62%	4.57%	3.05%	3.62%
Bloomberg Barclays Municipal Bond (1-15 Year) Index(2)	0.57%	3.08%	4.45%	2.82%	3.32%

(1)

For the period from August 31, 2015 (inception date) through June 30, 2021.

(2)

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

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

The Fund’s gross expense ratio for each Class, as reflected in the Fund’s current prospectus, is set forth under “Portfolio Characteristics”.

The Fund may invest up to 10% of its net assets in non-investment grade debt securities (commonly referred to as “high yield” bonds). While these types of debt securities typically offer higher yields than investment grade securities, they also include greater risks including increased credit risk and the increased risk of default or bankruptcy.  The Fund may invest up to 25% of its total assets in municipal obligations issued by persons in the same state.  As a result, changes in economic, business or political conditions of a particular state may have a disproportionate impact on the Fund’s share price. Municipal securities investments are not appropriate for all investors, especially those taxed at lower rates.  U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including the impact of the coronavirus (COVID-19) as a global pandemic and related public health issues, business interruptions, growth concerns in the U.S. and overseas, and changed travel and social behaviors. These and other geopolitical events may cause market disruptions and could have an adverse effect on the value of the Fund’s investments.

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

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

Page 151

Baird Core Intermediate Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments

	Principal				% of
	Amount		Value		Net Assets
Municipal Bonds
Alabama
Alabama Community College System:
3.500%, 11/01/2024 (Insured by BAM)	$	1,010,000	$	1,101,288
3.500%, 11/01/2025 (Insured by BAM)		1,100,000		1,223,004
5.000%, 10/01/2028 (Callable 10/01/2026)
(Insured by AGM)		310,000		373,200
Birmingham Airport Authority:
5.000%, 07/01/2027 (Insured by BAM)		500,000		624,225
4.000%, 07/01/2036 (Callable 07/01/2030)
(Insured by BAM)		335,000		405,820
4.000%, 07/01/2037 (Callable 07/01/2030)
(Insured by BAM)		500,000		604,037
City of Birmingham AL:
5.000%, 03/01/2040
(Callable 09/01/2025)(7)		205,000		240,240
5.000%, 03/01/2045
(Callable 09/01/2025)(7)		1,205,000		1,409,979
City of Pell City AL Special Care Facilities
Financing Authority,
5.000%, 12/01/2031 (Callable 12/01/2021)		1,000,000		1,016,392
City of Troy AL,
5.000%, 07/01/2031 (Callable 07/01/2025)
(Insured by BAM)		555,000		632,562
County of Jefferson AL:
0.000%, 10/01/2025 (Callable 10/01/2023)
(Insured by AGM)		1,000,000		917,803
5.000%, 09/15/2029 (Callable 03/15/2027)		570,000		698,879
0.000%, 10/01/2033 (Callable 10/01/2023)
(Insured by AGM)		110,000		59,183
0.000%, 10/01/2034 (Callable 10/01/2023)
(Insured by AGM)		480,000		238,887
Homewood Educational Building Authority:
4.000%, 12/01/2033 (Callable 12/01/2029)		785,000		916,182
4.000%, 12/01/2034 (Callable 12/01/2029)		255,000		296,969
Jefferson County Board of Education,
5.000%, 02/01/2042 (Callable 02/01/2028)		825,000		1,014,253
Lauderdale County Agriculture
Center Authority,
4.000%, 07/01/2034 (Callable 07/01/2024)		1,235,000		1,314,739
Leeds Public Educational Building Authority,
4.000%, 04/01/2034 (Callable 10/01/2025)
(Insured by AGM)		450,000		507,819
Madison Water & Wastewater Board:
4.000%, 12/01/2037 (Callable 12/01/2029)		530,000		636,349
4.000%, 12/01/2039 (Callable 12/01/2029)		240,000		285,850
Mizuho Floater/Residual Trust,
0.270%, 12/01/2048 (Callable 08/02/2021)
(Optional Put Date 08/04/2021)(1)(3)		5,600,000		5,600,000
Southeast Alabama Gas Supply District,
0.917%, 06/01/2049 (1 Month LIBOR
USD + 0.850%) (Callable 03/01/2024)
(Mandatory Tender Date 06/01/2024)(2)		750,000		757,045
Tallassee Board of Education:
4.000%, 08/01/2029 (Insured by AGM)		420,000		506,805
4.000%, 08/01/2030 (Insured by AGM)		435,000		529,043
4.000%, 08/01/2031 (Callable 08/01/2030)
(Insured by AGM)		455,000		553,104
4.000%, 08/01/2032 (Callable 08/01/2030)
(Insured by AGM)		470,000		569,708
UAB Medicine Finance Authority,
4.000%, 09/01/2038 (Callable 09/01/2029)		500,000		594,581
Wilsonville Industrial Development Board,
0.010%, 01/01/2024
(Optional Put Date 07/01/2021)(1)		6,800,000		6,800,000
Total Alabama
(Cost $29,697,493)				30,427,946		2.7	%
Alaska
Alaska Housing Finance Corp.:
5.000%, 12/01/2029 (Callable 06/01/2024)		225,000		255,868
5.000%, 12/01/2031 (Callable 06/01/2028)		500,000		614,575
4.000%, 06/01/2036 (Callable 06/01/2025)		1,750,000		1,914,174
Alaska Industrial Development
& Export Authority,
4.000%, 10/01/2034 (Callable 10/01/2029)		1,585,000		1,837,543
Alaska Municipal Bond Bank Authority,
5.000%, 08/01/2027
(Pre-refunded to 08/01/2023)		500,000		549,363
University of Alaska:
4.000%, 10/01/2025		170,000		189,995
4.000%, 10/01/2026 (Callable 10/01/2023)		650,000		690,698
5.000%, 10/01/2044 (Callable 10/01/2026)
(Insured by AGM)		1,500,000		1,732,204
Total Alaska
(Cost $7,421,458)				7,784,420		0.7	%
Arizona
Arizona Industrial Development Authority:
3.375%, 07/01/2021(3)		190,000		190,000
2.500%, 05/01/2022 (Insured by AGM)(3)		1,289,712		1,294,355
4.000%, 07/01/2023
(Insured by SD CRED PROG)		115,000		121,761
4.000%, 07/01/2023
(Insured by SD CRED PROG)		100,000		105,940
4.000%, 07/01/2024
(Insured by SD CRED PROG)		200,000		216,698
4.000%, 07/01/2025
(Insured by SD CRED PROG)		100,000		110,667
4.000%, 07/01/2026
(Insured by SD CRED PROG)		100,000		112,458
5.000%, 02/01/2028		200,000		252,955
5.000%, 05/01/2028		270,000		298,843
4.625%, 08/01/2028(3)		1,160,000		1,321,453
5.000%, 02/01/2030		340,000		447,604
Arizona State University,
5.000%, 07/01/2029 (Callable 07/01/2024)		150,000		168,965
City of Mesa AZ,
5.000%, 07/01/2035 (Callable 07/01/2021)		3,000,000		3,000,000
City of Phoenix Civic Improvement Corp.,
5.000%, 07/01/2034 (Callable 07/01/2027)		250,000		309,081
City of Tucson AZ,
5.000%, 07/01/2032 (Callable 07/01/2025)		500,000		586,644
Industrial Development Authority
of the City of Phoenix,
4.000%, 10/01/2047 (Callable 10/01/2026)		115,000		126,952
Kyrene Elementary School District No. 28,
4.000%, 07/01/2033 (Callable 07/01/2025)		1,500,000		1,683,387
Maricopa County Industrial
Development Authority:
2.625%, 07/01/2021		55,000		55,000
5.000%, 07/01/2028
(Insured by SD CRED PROG)		755,000		908,621
Tender Option Bond Trust,
0.100%, 03/01/2029
(Optional Put Date 07/07/2021)(1)(3)		5,430,000		5,430,000

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

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Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Town of Marana AZ:
4.000%, 07/01/2036 (Callable 07/01/2027)	$	350,000	$	401,703
4.000%, 07/01/2037 (Callable 07/01/2027)		500,000		572,759
Total Arizona
(Cost $17,270,553)				17,715,846		1.6	%
Arkansas
Arkansas Development Finance Authority:
4.000%, 12/01/2031 (Callable 12/01/2027)		380,000		445,532
4.000%, 12/01/2032 (Callable 12/01/2027)		400,000		467,952
4.000%, 12/01/2033 (Callable 12/01/2027)		415,000		484,394
4.000%, 12/01/2034 (Callable 12/01/2027)		430,000		501,043
4.000%, 12/01/2035 (Callable 12/01/2027)		445,000		517,765
4.000%, 12/01/2038 (Callable 12/01/2027)		250,000		289,463
4.000%, 06/01/2045 (Callable 12/01/2027)		2,250,000		2,588,798
Arkansas Technical University,
4.000%, 06/01/2028 (Callable 06/01/2023)		1,025,000		1,084,893
Carroll-Boone Water District:
3.000%, 12/01/2028 (Callable 12/01/2025)		780,000		835,621
3.000%, 12/01/2029 (Callable 12/01/2025)		505,000		538,054
3.000%, 12/01/2030 (Callable 12/01/2025)		630,000		668,280
3.000%, 12/01/2032 (Callable 12/01/2025)		1,035,000		1,093,935
City of Conway AR,
5.000%, 10/01/2035 (Callable 04/01/2024)		185,000		207,167
City of Fayetteville AR:
1.750%, 11/01/2032 (Callable 11/01/2026)		1,500,000		1,514,935
3.050%, 01/01/2047 (Callable 01/01/2027)		815,000		838,928
City of Heber Springs AR,
3.000%, 11/01/2034 (Callable 11/01/2024)
(Insured by BAM)		685,000		713,829
City of Hot Springs AR,
4.000%, 12/01/2030 (Callable 12/01/2023)
(Insured by BAM)		540,000		584,480
City of Little Rock AR:
4.000%, 10/01/2031 (Callable 10/01/2025)		105,000		119,463
4.000%, 10/01/2033 (Callable 10/01/2025)		210,000		238,476
City of Lonoke AR:
5.000%, 06/01/2025		210,000		244,485
4.000%, 06/01/2028 (Callable 06/01/2025)		50,000		56,394
City of Magnolia AR,
3.200%, 08/01/2033 (Callable 08/01/2024)
(Insured by BAM)		1,085,000		1,144,099
City of Marion AR,
2.900%, 09/01/2047 (Callable 09/01/2027)		175,000		177,169
City of Maumelle AR:
4.000%, 08/01/2026 (Callable 08/01/2025)		25,000		27,612
4.000%, 08/01/2028 (Callable 08/01/2025)		290,000		317,476
4.000%, 08/01/2029 (Callable 08/01/2025)		700,000		762,988
4.000%, 08/01/2030 (Callable 08/01/2025)		325,000		352,868
City of North Little Rock AR:
4.000%, 11/01/2028 (Callable 05/01/2027)		645,000		762,695
4.000%, 11/01/2030 (Callable 05/01/2027)		650,000		757,974
City of Pine Bluff AR,
3.000%, 02/01/2047 (Callable 08/01/2027)
(Insured by BAM)		730,000		773,376
City of Rogers AR,
3.250%, 11/01/2043 (Callable 11/01/2026)		1,295,000		1,352,160
City of Russellville AR,
4.000%, 07/01/2028 (Callable 07/01/2025)
(Insured by AGM)		325,000		367,441
City of Sherwood AR,
3.050%, 12/01/2043 (Callable 12/01/2026)		250,000		258,771
City of Springdale AR,
3.000%, 04/01/2043 (Callable 04/01/2024)
(Insured by BAM)		745,000		765,262
Conway Health Facilities Board,
5.000%, 08/01/2029 (Callable 08/01/2026)		360,000		424,939
Jackson County Special School District,
1.500%, 02/01/2024 (Callable 08/01/2022)
(Insured by ST AID)		60,000		60,602
National Park College District,
3.000%, 05/01/2025 (Callable 11/01/2024)		235,000		250,867
Southern Arkansas University:
4.000%, 03/01/2025 (Insured by AGM)		415,000		466,275
4.000%, 03/01/2026 (Callable 03/01/2025)
(Insured by AGM)		520,000		581,933
4.000%, 03/01/2026 (Callable 03/01/2025)
(Insured by AGM)		270,000		302,158
4.000%, 03/01/2027 (Callable 03/01/2025)
(Insured by AGM)		545,000		607,499
4.000%, 03/01/2027 (Callable 03/01/2025)
(Insured by AGM)		275,000		306,536
4.000%, 03/01/2028 (Callable 03/01/2025)
(Insured by AGM)		165,000		183,497
4.000%, 03/01/2028 (Callable 03/01/2025)
(Insured by AGM)		100,000		111,211
University of Central Arkansas:
4.000%, 11/01/2027 (Callable 11/01/2025)
(Insured by BAM)		340,000		385,529
4.000%, 11/01/2028 (Callable 11/01/2025)
(Insured by BAM)		250,000		281,578
4.000%, 11/01/2031 (Callable 11/01/2025)
(Insured by BAM)		885,000		984,681
Total Arkansas
(Cost $25,816,840)				26,801,083		2.4	%
California
Acalanes Union High School District:
0.000%, 08/01/2028(7)		105,000		113,901
0.000%, 08/01/2032(7)		365,000		450,212
0.000%, 08/01/2035 (Callable 08/01/2029)(7)		250,000		291,439
0.000%, 08/01/2039 (Callable 08/01/2029)(7)		125,000		144,907
Alisal Union School District:
4.000%, 05/01/2034 (Callable 05/01/2029)
(Insured by BAM)		385,000		454,544
4.000%, 05/01/2036 (Callable 05/01/2029)
(Insured by BAM)		650,000		762,723
American Valley Community Services District,
1.500%, 11/01/2023
(Callable 11/01/2022)(3)		4,000,000		4,041,663
Bay Area Toll Authority:
1.270%, 04/01/2036 (SIFMA Municipal
Swap Index + 1.250%) (Callable 10/01/2026)
(Mandatory Tender Date 04/01/2027)(2)		65,000		67,449
1.120%, 04/01/2045 (SIFMA Municipal
Swap Index + 1.100%) (Callable 10/01/2023)
(Mandatory Tender Date 04/01/2024)(2)		650,000		660,583
Beaumont Unified School District,
0.000%, 08/01/2041 (Pre-refunded to
08/01/2026) (Insured by AGM)(7)		90,000		118,734
Burbank Unified School District,
0.000%, 02/01/2038 (Callable 08/01/2028)(7)		210,000		228,213
California Health Facilities
Financing Authority,
4.000%, 08/15/2035 (Callable 08/15/2026)		3,000,000		3,410,824
California Municipal Finance Authority:
5.000%, 08/01/2023		400,000		426,526
5.000%, 08/01/2024		400,000		437,052
5.000%, 10/01/2026		300,000		361,049
5.000%, 05/15/2031 (Insured by BAM)		370,000		495,358

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

Page 153

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Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
California Municipal Finance Authority: (cont.)
4.000%, 05/15/2039 (Callable 05/15/2031)
(Insured by BAM)	$	175,000	$	211,295
4.000%, 05/15/2041 (Callable 05/15/2031)
(Insured by BAM)		500,000		601,983
4.000%, 01/01/2048
(Pre-refunded to 01/01/2028)		200,000		241,849
California Public Finance Authority:
5.000%, 10/15/2021		200,000		202,470
2.375%, 11/15/2028
(Callable 05/15/2023)(3)		1,575,000		1,596,795
3.125%, 05/15/2029
(Callable 11/15/2023)(3)		750,000		760,186
Calipatria California Unified School District,
0.000%, 08/01/2026		140,000		130,493
Campbell Union School District,
0.000%, 08/01/2035 (Callable 08/01/2026)(7)		785,000		961,415
Carlsbad Unified School District,
0.000%, 08/01/2031(7)		125,000		172,474
Chawanakee Unified School District:
4.000%, 08/01/2026 (Insured by BAM)(7)		110,000		127,794
4.000%, 08/01/2027 (Callable 08/01/2026)
(Insured by BAM)(7)		100,000		116,091
4.000%, 08/01/2028 (Callable 08/01/2026)
(Insured by BAM)(7)		75,000		86,632
4.000%, 08/01/2029 (Callable 08/01/2026)
(Insured by BAM)(7)		80,000		91,913
City & County of San Francisco CA,
1.300%, 07/01/2023
(Mandatory Tender Date 01/01/2023)(1)		400,000		404,293
City of Redding CA,
0.220%, 07/01/2022
(ETM) (Insured by NATL)(1)(5)		55,000		55,000
Colton Joint Unified School District,
0.000%, 08/01/2035 (Pre-refunded to
08/01/2026) (Insured by AGM)(7)		300,000		375,136
Cypress School District,
0.000%, 08/01/2050 (Callable 08/01/2036)(7)		100,000		102,916
Denair Unified School District,
0.000%, 08/01/2031 (Insured by AGM)(7)		130,000		179,692
Desert Hot Springs Redevelopment
Agency Successor Agency,
5.000%, 09/01/2029 (Callable 09/01/2027)
(Insured by BAM)		300,000		369,008
El Rancho Unified School District,
0.000%, 08/01/2034 (Callable 08/01/2028)
(Insured by AGM)(7)		475,000		575,687
Encinitas Union School District,
0.000%, 08/01/2031(7)		285,000		379,869
Enterprise Elementary School District,
0.000%, 08/01/2035 (Callable 08/01/2031)(7)		155,000		220,540
Escondido Union High School District:
0.000%, 08/01/2029 (Insured by AGC)		500,000		447,144
6.875%, 08/01/2034 (Insured by AGC)(7)		330,000		544,205
Fontana Unified School District,
3.000%, 08/01/2041 (Callable 08/01/2028)
(Insured by BAM)		1,750,000		1,881,578
Fresno Joint Powers Financing Authority,
5.000%, 04/01/2027 (Insured by AGM)		315,000		382,918
Grossmont Union High School District,
0.000%, 08/01/2039 (Callable 02/01/2025)
(Insured by AGM)		500,000		230,747
Hueneme Elementary School District:
4.000%, 08/01/2037 (Callable 08/01/2028)
(Insured by AGM)		500,000		585,602
4.000%, 08/01/2038 (Callable 08/01/2028)
(Insured by AGM)		1,050,000		1,227,505
4.000%, 08/01/2039 (Callable 08/01/2028)
(Insured by AGM)		660,000		770,082
Imperial Community College District,
7.000%, 08/01/2040 (Pre-refunded to
08/01/2030) (Insured by AGM)(7)		140,000		210,578
Lake Elsinore Redevelopment
Agency Successor Agency,
5.000%, 09/01/2027 (Callable 09/01/2025)
(Insured by BAM)		275,000		322,766
Lathrop-Manteca Fire Protection District:
4.000%, 05/01/2041 (Callable 05/01/2029)
(Insured by AGM)		600,000		708,853
4.000%, 05/01/2046 (Callable 05/01/2029)
(Insured by AGM)		730,000		855,014
4.000%, 05/01/2051 (Callable 05/01/2029)
(Insured by AGM)		795,000		927,375
Long Beach Bond Finance Authority:
5.250%, 11/15/2023		90,000		100,406
5.000%, 11/15/2029		50,000		64,038
Los Alamitos Unified School District,
0.000%, 08/01/2041 (Callable 08/01/2031)(7)		540,000		594,222
Los Angeles County Facilities, Inc.,
5.000%, 12/01/2043 (Callable 12/01/2028)		110,000		137,617
Los Angeles County Metropolitan
Transportation Authority,
5.000%, 07/01/2044 (Callable 07/01/2028)		970,000		1,216,908
Mayers Memorial Hospital District:
0.000%, 08/01/2027		260,000		222,276
0.000%, 08/01/2028		290,000		239,636
Menifee Union School District,
3.000%, 08/01/2045 (Callable 08/01/2030)
(Insured by AGM)		1,000,000		1,079,507
Mizuho Floater/Residual Trust:
0.270%, 03/01/2036 (Callable 08/02/2021)
(Optional Put Date 08/04/2021)(1)(3)		4,000,000		4,000,000
0.270%, 12/01/2036 (Callable 08/02/2021)
(Optional Put Date 08/04/2021)(1)(3)		5,470,000		5,470,000
Montebello Unified School District,
5.000%, 08/01/2033 (Callable 08/01/2026)		590,000		712,352
Mount Diablo Unified School District,
0.000%, 08/01/2035 (Callable 08/01/2025)
(Insured by AGM)(7)		175,000		193,512
Norwalk-La Mirada Unified School District,
0.000%, 08/01/2029 (Insured by AGC)(7)		235,000		296,606
Oak Park Unified School District:
0.000%, 08/01/2031(7)		160,000		223,300
0.000%, 08/01/2038 (Callable 08/01/2031)
(Insured by AGM)(7)		110,000		162,688
Ontario Montclair School District,
0.000%, 08/01/2028 (Insured by NATL)		1,450,000		1,315,243
Pajaro Valley Unified School District:
5.000%, 08/01/2032 (Callable 07/21/2021)
(Insured by BAM)		120,000		120,229
5.000%, 08/01/2033 (Callable 07/21/2021)
(Insured by BAM)		300,000		300,565
Palomar Community College District,
0.000%, 08/01/2039 (Callable 08/01/2035)(7)		385,000		503,325
Peralta Community College District,
3.500%, 08/01/2033 (Callable 08/01/2025)		1,325,000		1,432,579

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

Page 154

Baird Core Intermediate Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Reef-Sunset Unified School District,
0.000%, 08/01/2033 (Callable 08/01/2026)
(Insured by BAM)(7)	$	200,000	$	230,715
Rio Hondo Community College District:
0.000%, 08/01/2042 (Callable 08/01/2034)(7)		145,000		194,440
0.000%, 08/01/2042 (Callable 08/01/2034)(7)		740,000		1,006,508
Riverside County Redevelopment
Successor Agency,
0.000%, 10/01/2041 (Callable 10/01/2026)
(Insured by BAM)(7)		100,000		113,422
Sacramento City Unified School District,
5.000%, 07/01/2025 (Callable 07/01/2024)		505,000		565,525
San Diego Unified School District:
4.000%, 07/01/2032 (Callable 07/01/2026)		165,000		190,205
0.000%, 07/01/2034 (Callable 07/01/2025)		1,650,000		1,099,857
San Jacinto Unified School District,
3.000%, 09/01/2028 (Insured by BAM)		400,000		422,936
San Mateo Foster City School District,
0.000%, 08/01/2026(7)		75,000		84,545
Santa Barbara Unified School District,
0.000%, 08/01/2036 (Callable 08/01/2033)(7)		485,000		711,447
Santa Paula Union High School District,
0.000%, 08/01/2037 (Callable 08/01/2027)(7)		160,000		182,021
Saugus Union School District
Financing Authority:
4.000%, 09/01/2032 (Callable 09/01/2027)
(Insured by BAM)		600,000		702,594
4.000%, 09/01/2037 (Callable 09/01/2027)
(Insured by BAM)		625,000		725,377
4.000%, 09/01/2049 (Callable 09/01/2027)
(Insured by BAM)		1,000,000		1,137,900
Savanna School District,
0.000%, 08/01/2047 (Callable 08/01/2029)
(Insured by AGM)(7)		1,085,000		1,187,822
School District of
Belmont-Redwood Shores CA,
0.000%, 08/01/2031 (Callable 08/01/2026)(7)		100,000		122,811
Sebastopol Union School District,
0.000%, 08/01/2042 (Callable 08/01/2031)
(Insured by AGM)(7)		135,000		135,364
Solano County Community College District:
0.000%, 08/01/2027 (Callable 08/01/2025)(7)		245,000		262,104
0.000%, 08/01/2028 (Callable 08/01/2025)(7)		80,000		85,184
0.000%, 08/01/2030 (Callable 08/01/2025)(7)		285,000		300,238
0.000%, 08/01/2041 (Callable 08/01/2028)(7)		505,000		572,780
South Placer Wastewater Authority,
5.000%, 11/01/2034		500,000		708,897
Southern Kern Unified School District,
0.000%, 11/01/2034 (Insured by AGM)		425,000		318,968
Summerville Union High School District,
0.000%, 08/01/2033 (Callable 08/01/2028)
(Insured by BAM)(7)		65,000		70,821
Temecula Valley Unified School District,
4.500%, 08/01/2035 (Pre-refunded to
08/01/2024) (Insured by BAM)(7)		200,000		225,804
Tender Option Bond Trust:
0.220%, 07/01/2022
(Optional Put Date 07/07/2021)(1)(3)		4,580,000		4,580,000
0.220%, 12/15/2038(1)(3)		3,000,000		3,000,000
University of California,
5.000%, 05/15/2043 (Callable 05/15/2028)		1,195,000		1,493,553
West Hills Community College District,
0.000%, 08/01/2035 (Callable 08/01/2027)
(Insured by AGM)(7)		50,000		56,999
Westside Union School District,
0.000%, 08/01/2028		160,000		146,773
Wiseburn School District,
0.000%, 08/01/2036 (Callable 08/01/2031)
(Insured by AGM)(7)		50,000		57,004
Yorba Linda Redevelopment
Agency Successor Agency,
0.000%, 09/01/2028 (Insured by NATL)		445,000		394,682
Total California
(Cost $66,947,442)				68,995,380		6.2	%
Colorado
Board of Governors of Colorado
State University System,
5.000%, 03/01/2032 (Callable 03/01/2027)		125,000		152,638
Boulder Valley School District No. Re-2,
5.000%, 12/01/2038 (Callable 06/01/2025)
(Insured by ST AID)		2,000,000		2,316,671
Bromley Park Metropolitan District No. 2,
5.000%, 12/01/2023 (Insured by BAM)		225,000		248,402
Canterberry Crossing Metropolitan District II:
5.000%, 12/01/2030 (Callable 12/01/2028)
(Insured by AGM)		235,000		298,744
5.000%, 12/01/2031 (Callable 12/01/2028)
(Insured by AGM)		250,000		316,821
5.000%, 12/01/2032 (Callable 12/01/2028)
(Insured by AGM)		530,000		670,020
City & County of Denver CO:
0.000%, 08/01/2030 (Callable 08/01/2026)		500,000		402,070
0.000%, 08/01/2031 (Callable 08/01/2026)		150,000		115,037
0.000%, 08/01/2032 (Callable 08/01/2026)		365,000		267,557
City of Commerce City CO:
5.000%, 12/15/2028 (Callable 12/15/2027)
(Insured by AGM)		100,000		125,463
5.000%, 12/15/2029 (Callable 12/15/2027)
(Insured by AGM)		310,000		386,477
5.000%, 12/15/2030 (Callable 12/15/2027)
(Insured by AGM)		500,000		620,372
City of Fort Lupton CO:
5.000%, 12/01/2027 (Insured by AGM)		75,000		94,367
5.000%, 12/01/2028 (Callable 12/01/2027)
(Insured by AGM)		210,000		263,229
5.000%, 12/01/2029 (Callable 12/01/2027)
(Insured by AGM)		250,000		312,270
5.000%, 12/01/2030 (Callable 12/01/2027)
(Insured by AGM)		350,000		435,051
City of Sheridan CO,
5.000%, 12/01/2042 (Callable 12/01/2025)		1,130,000		1,317,603
Colorado Educational &
Cultural Facilities Authority:
4.000%, 11/15/2021		225,000		228,089
5.000%, 10/01/2022		1,300,000		1,374,666
4.000%, 11/15/2022		445,000		465,388
5.000%, 10/01/2023		700,000		770,571
4.000%, 12/15/2025		1,320,000		1,387,314
4.000%, 04/01/2028		540,000		612,712
4.000%, 05/01/2028		135,000		154,257
5.000%, 06/01/2029 (Callable 06/01/2024)		120,000		132,949
5.000%, 08/15/2030 (Callable 08/15/2024)		500,000		557,791
2.000%, 09/01/2030 (Callable 09/01/2028)		270,000		273,519
4.000%, 05/01/2031 (Callable 05/01/2028)		195,000		222,265
5.000%, 06/01/2031 (Callable 06/01/2024)		40,000		44,099
5.000%, 08/15/2034 (Callable 08/15/2024)		1,000,000		1,110,120

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

Page 155

Baird Core Intermediate Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Colorado Health Facilities Authority:
5.000%, 12/01/2023	$	140,000	$	154,633
5.000%, 06/01/2027 (ETM)		750,000		929,143
5.000%, 09/01/2027		205,000		253,695
5.000%, 12/01/2030 (Callable 06/01/2025)		405,000		459,515
5.000%, 08/01/2036 (Callable 08/01/2029)		150,000		189,139
4.000%, 10/01/2037 (Callable 10/01/2030)		320,000		375,337
4.000%, 01/15/2045 (Callable 01/15/2026)		60,000		66,314
5.000%, 08/01/2049 (Callable 02/01/2026)
(Mandatory Tender Date 08/01/2026)(1)		3,130,000		3,752,187
Colorado Housing & Finance Authority:
4.000%, 05/01/2048 (Callable 11/01/2026)
(Insured by GNMA)		285,000		310,021
4.250%, 11/01/2049 (Callable 11/01/2028)
(Insured by GNMA)		2,180,000		2,439,922
Colorado School of Mines,
5.000%, 12/01/2029 (Callable 12/01/2027)
(Insured by ST AID)		125,000		158,805
County of Moffat CO,
2.000%, 03/01/2036
(Mandatory Tender Date 10/03/2022)(1)		50,000		50,986
Crystal Valley Metropolitan District No. 2:
4.000%, 12/01/2037 (Callable 12/01/2030)
(Insured by AGM)		800,000		955,044
4.000%, 12/01/2038 (Callable 12/01/2030)
(Insured by AGM)		1,000,000		1,190,999
4.000%, 12/01/2039 (Callable 12/01/2030)
(Insured by AGM)		1,785,000		2,120,676
Denver City & County Housing Authority,
0.600%, 08/01/2024		400,000		399,177
Denver Health & Hospital Authority:
5.000%, 12/01/2025		400,000		472,276
5.000%, 12/01/2027		340,000		422,992
E-470 Public Highway Authority,
0.000%, 09/01/2029 (Insured by NATL)		2,550,000		2,250,485
Glen Metropolitan District No. 1,
2.500%, 12/01/2025 (Insured by BAM)		90,000		93,007
Glen Metropolitan District No. 2,
2.000%, 12/01/2030 (Insured by BAM)		295,000		296,002
Grand River Hospital District:
5.250%, 12/01/2030 (Callable 12/01/2028)
(Insured by AGM)		350,000		430,188
5.250%, 12/01/2031 (Callable 12/01/2028)
(Insured by AGM)		1,190,000		1,453,546
Mizuho Floater/Residual Trust,
0.270%, 07/01/2034
(Optional Put Date 08/04/2021)(1)(3)		1,540,000		1,540,000
Prairie Center Metropolitan District No. 7,
4.125%, 12/15/2036 (Callable 12/15/2025)		450,000		488,881
Regional Transportation District,
5.000%, 11/01/2033 (Callable 11/01/2027)		500,000		622,622
Southlands Metropolitan District No. 1,
3.000%, 12/01/2022		80,000		81,424
Sterling Hills West Metropolitan District,
5.000%, 12/01/2027		230,000		282,140
Stetson Ridge Metropolitan District No. 3,
2.000%, 12/01/2030 (Insured by AGM)		950,000		966,607
Vauxmont Metropolitan District:
5.000%, 12/15/2028 (Callable 12/15/2024)
(Insured by AGM)		125,000		146,091
5.000%, 12/15/2029 (Callable 12/15/2024)
(Insured by AGM)		125,000		145,561
5.000%, 12/15/2030 (Callable 12/15/2024)
(Insured by AGM)		125,000		145,163
5.000%, 12/15/2031 (Callable 12/15/2024)
(Insured by AGM)		135,000		156,532
3.250%, 12/15/2050 (Callable 12/15/2024)
(Insured by AGM)		2,675,000		2,860,430
Vista Ridge Metropolitan District:
5.000%, 12/01/2025 (Insured by BAM)		600,000		709,845
5.000%, 12/01/2026 (Insured by BAM)		460,000		559,776
Weld County School District No. Re-5J:
4.000%, 12/01/2039 (Callable 12/01/2030)
(Insured by ST AID)		1,960,000		2,404,601
4.000%, 12/01/2040 (Callable 12/01/2030)
(Insured by ST AID)		2,000,000		2,449,392
Total Colorado
(Cost $46,040,729)				48,459,686		4.4	%
Connecticut
City of Hartford CT,
5.000%, 04/01/2027 (Callable 04/01/2023)
(Insured by BAM)		550,000		590,233
Connecticut Housing Finance Authority:
4.000%, 11/15/2047 (Callable 11/15/2026)		125,000		135,223
4.000%, 05/15/2049 (Callable 11/15/2028)		1,355,000		1,533,361
Connecticut State Health & Educational
Facilities Authority:
5.000%, 11/01/2026		500,000		610,015
5.000%, 11/01/2026
(Pre-refunded to 11/01/2022)		135,000		143,624
5.000%, 07/01/2030 (Callable 07/01/2021)		150,000		150,000
4.250%, 07/01/2031 (Callable 07/01/2022)		1,075,000		1,107,151
5.000%, 07/01/2034 (Callable 07/01/2022)		40,000		41,487
Connecticut State Higher Education
Supplement Loan Authority:
5.000%, 11/15/2021		825,000		839,556
5.000%, 11/15/2027 (Callable 11/15/2026)		125,000		148,962
3.000%, 11/15/2035 (Callable 11/15/2026)		850,000		880,633
State of Connecticut:
5.000%, 04/15/2024		175,000		197,818
5.000%, 10/01/2027 (Callable 10/01/2023)		685,000		754,708
5.000%, 07/15/2030 (Callable 07/15/2023)		225,000		244,919
5.000%, 10/15/2032 (Callable 10/15/2022)		960,000		1,013,370
5.000%, 09/01/2033 (Callable 09/01/2026)		300,000		361,273
5.000%, 05/01/2034 (Callable 05/01/2030)		1,500,000		1,965,649
University of Connecticut:
5.000%, 01/15/2031 (Callable 01/15/2027)
(Insured by AGM)		1,000,000		1,219,918
4.000%, 11/01/2037 (Callable 11/01/2028)
(Insured by BAM)		1,175,000		1,373,098
Total Connecticut
(Cost $12,602,627)				13,310,998		1.2	%
Delaware
Delaware Municipal Electric Corp.:
4.000%, 07/01/2035 (Callable 07/01/2031)		300,000		366,052
4.000%, 07/01/2036 (Callable 07/01/2031)		330,000		399,120
Total Delaware
(Cost $756,875)				765,172		0.1	%
District of Columbia
District of Columbia:
4.000%, 03/01/2037 (Callable 09/01/2029)		795,000		955,475
5.000%, 10/01/2037 (Callable 04/01/2026)		275,000		328,114
District of Columbia Housing Finance Agency,
3.500%, 06/15/2023		185,000		190,907

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

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Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Metropolitan Washington Airports Authority:
0.000%, 10/01/2029 (Insured by AGC)	$	110,000	$	97,682
5.000%, 10/01/2033 (Callable 10/01/2025)		250,000		294,859
6.500%, 10/01/2041 (Callable 10/01/2026)
(Insured by AGC)(7)		355,000		455,226
6.500%, 10/01/2044 (Callable 10/01/2028)(7)		665,000		892,135
6.500%, 10/01/2044 (Callable 10/01/2028)
(Insured by AGM)(7)		960,000		1,291,806
5.000%, 10/01/2053 (Callable 04/01/2022)		1,210,000		1,247,795
Total District of Columbia
(Cost $5,390,482)				5,753,999		0.5	%
Florida
Capital Trust Agency, Inc.:
5.000%, 12/15/2029 (Callable 06/15/2026)		400,000		454,746
4.000%, 06/01/2041 (Callable 06/01/2028)		330,000		358,180
4.000%, 06/01/2051 (Callable 06/01/2028)		400,000		430,515
4.000%, 06/01/2056 (Callable 06/01/2028)		485,000		517,697
City of Fort Myers FL:
5.000%, 12/01/2029 (Callable 12/01/2025)		475,000		565,377
4.000%, 12/01/2037 (Callable 12/01/2025)		1,000,000		1,123,813
4.000%, 12/01/2038 (Callable 12/01/2025)		500,000		559,172
City of Jacksonville FL:
4.000%, 11/01/2032 (Callable 11/01/2029)		375,000		443,218
4.000%, 10/01/2033 (Callable 10/01/2026)		1,895,000		2,181,741
0.020%, 08/01/2036 (Callable 07/01/2021)
(Optional Put Date 07/07/2021)(1)		3,200,000		3,200,000
0.020%, 08/01/2036 (Callable 07/01/2021)
(Optional Put Date 07/07/2021)(1)		5,000,000		5,000,000
City of Orlando FL:
5.000%, 11/01/2025 (Insured by AGM)		400,000		477,517
5.000%, 11/01/2034 (Callable 11/01/2027)
(Insured by AGM)		775,000		960,156
City of Tallahassee FL:
5.000%, 12/01/2023		400,000		443,951
5.000%, 12/01/2024		300,000		345,342
5.000%, 12/01/2029 (Callable 12/01/2025)		585,000		683,769
5.000%, 10/01/2033 (Callable 10/01/2025)		1,250,000		1,478,907
5.000%, 10/01/2034 (Callable 10/01/2024)		500,000		572,078
County of Jackson FL,
0.030%, 07/01/2022
(Optional Put Date 07/01/2021)(1)		1,430,000		1,430,000
County of Martin FL,
0.010%, 07/15/2022
(Optional Put Date 07/01/2021)(1)		2,000,000		2,000,000
County of Miami-Dade FL:
5.000%, 04/01/2027 (Callable 04/01/2026)		120,000		145,044
5.000%, 10/01/2032 (Callable 10/01/2026)		135,000		162,614
6.875%, 10/01/2034 (Callable 10/01/2029)
(Insured by AGC)(7)		255,000		370,220
7.000%, 10/01/2039 (Callable 10/01/2029)
(Insured by AGC)(7)		390,000		569,111
County of Palm Beach FL:
4.000%, 12/01/2036 (Callable 12/01/2030)		1,165,000		1,441,505
4.000%, 12/01/2037 (Callable 12/01/2030)		1,295,000		1,599,059
County of St. Lucie FL,
0.030%, 09/01/2028
(Optional Put Date 07/01/2021)(1)		5,000,000		5,000,000
Florida Department of Management Services,
5.000%, 11/01/2029		2,000,000		2,624,038
Florida Development Finance Corp.:
4.000%, 06/01/2025		110,000		120,283
4.000%, 06/01/2026		115,000		127,417
5.000%, 04/01/2028		400,000		498,423
5.000%, 04/01/2029		250,000		317,754
Florida Higher Educational Facilities
Financial Authority,
5.000%, 10/01/2023		500,000		547,849
Florida Housing Finance Corp.:
4.200%, 01/01/2045 (Callable 01/01/2028)
(Insured by GNMA)		1,310,000		1,422,378
4.350%, 01/01/2046 (Callable 01/01/2024)		120,000		123,326
3.800%, 07/01/2047 (Callable 01/01/2027)
(Insured by GNMA)		85,000		87,037
4.000%, 07/01/2047 (Callable 07/01/2025)
(Insured by GNMA)		170,000		181,102
4.000%, 07/01/2049 (Callable 07/01/2027)
(Insured by GNMA)		175,000		190,913
Florida Municipal Loan Council,
5.000%, 10/01/2026		90,000		109,394
Florida Municipal Power Agency,
4.000%, 10/01/2030 (Callable 10/01/2027)		500,000		588,628
Highlands County Health Facilities Authority:
0.020%, 11/15/2035 (Callable 07/01/2021)
(Optional Put Date 07/07/2021)(1)		2,950,000		2,950,000
0.020%, 11/15/2037 (Callable 07/01/2021)
(Optional Put Date 07/07/2021)(1)		10,500,000		10,500,000
Hillsborough County Aviation Authority:
5.000%, 10/01/2035 (Callable 10/01/2024)		500,000		571,382
5.000%, 10/01/2044 (Callable 10/01/2024)		1,185,000		1,340,644
Jacksonville Electric Authority:
5.000%, 10/01/2028 (Callable 10/01/2027)		700,000		886,032
5.000%, 10/01/2032 (Callable 10/01/2027)		700,000		870,598
Miami Health Facilities Authority,
5.000%, 07/01/2021		165,000		165,000
Monroe County School District,
5.000%, 10/01/2025 (Insured by AGM)		200,000		235,980
Orange County Convention Center:
5.000%, 10/01/2032 (Callable 10/01/2026)		1,000,000		1,205,681
4.000%, 10/01/2034 (Callable 10/01/2026)		250,000		288,340
4.000%, 10/01/2036 (Callable 10/01/2026)		415,000		478,218
Orange County Health Facilities Authority:
5.000%, 08/01/2028 (Callable 08/01/2024)		2,500,000		2,783,839
5.000%, 10/01/2035 (Callable 10/01/2026)		1,210,000		1,460,359
Orange County School Board:
5.000%, 08/01/2031 (Callable 08/01/2025)		990,000		1,161,168
5.000%, 08/01/2033 (Callable 08/01/2026)		150,000		180,482
Palm Beach County Health Facilities Authority:
5.000%, 05/15/2023		1,160,000		1,255,640
5.000%, 05/15/2024		300,000		336,581
4.000%, 05/15/2035 (Callable 05/15/2025)		175,000		188,441
Pinellas County School Board,
5.000%, 07/01/2033 (Callable 07/01/2027)		515,000		633,591
Reedy Creek Improvement District,
4.000%, 06/01/2035 (Callable 06/01/2027)		1,000,000		1,142,452
School Board of Miami-Dade County,
5.000%, 11/01/2030 (Callable 11/01/2024)		185,000		211,161
Tender Option Bond Trust:
0.220%, 01/01/2046 (Callable 01/01/2025)
(Optional Put Date 07/07/2021)(1)(3)		2,230,000		2,230,000
0.140%, 04/01/2053 (Callable 04/01/2028)
(Optional Put Date 07/07/2021)(1)(3)		6,000,000		6,000,000
University Park Recreation District:
2.750%, 05/01/2022 (Insured by BAM)		265,000		269,469
2.750%, 05/01/2023 (Insured by BAM)		270,000		279,486
Village Community Development
District No. 13,
2.625%, 05/01/2024		375,000		384,954
Total Florida
(Cost $75,166,022)				77,461,772		7.0	%

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

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Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Georgia
Auburn Urban Redevelopment Agency:
4.000%, 10/01/2029 (Insured by BAM)	$	210,000	$	256,677
4.000%, 10/01/2030 (Insured by BAM)		275,000		340,575
Barnesville-Lamar County Industrial
Development Authority,
5.000%, 06/01/2028		185,000		234,839
Burke County Development Authority:
2.250%, 10/01/2032
(Mandatory Tender Date 05/25/2023)(1)		500,000		517,032
0.020%, 07/01/2049
(Optional Put Date 07/01/2021)(1)		8,885,000		8,885,000
0.020%, 11/01/2052
(Optional Put Date 07/01/2021)(1)		9,505,000		9,505,000
Carrollton Payroll Development Authority,
5.000%, 07/01/2029		1,175,000		1,526,094
City of Atlanta GA:
5.000%, 01/01/2025 (Callable 08/02/2021)		225,000		225,875
5.500%, 11/01/2027 (Insured by AGM)		145,000		175,666
5.000%, 01/01/2028 (Callable 08/02/2021)		1,000,000		1,003,897
City of Dahlonega GA,
4.000%, 09/01/2021 (Insured by AGM)		150,000		150,889
City of Monroe GA:
4.000%, 12/01/2036 (Callable 12/01/2030)
(Insured by AGM)		500,000		608,299
4.000%, 12/01/2037 (Callable 12/01/2030)
(Insured by AGM)		750,000		909,843
Clayton County Development Authority,
4.000%, 07/01/2031 (Callable 07/01/2027)		495,000		573,313
Development Authority for Fulton County,
5.000%, 10/01/2029		1,710,000		2,164,239
Development Authority of Bulloch County:
5.000%, 07/01/2030		405,000		536,067
5.000%, 07/01/2031 (Callable 07/01/2030)		420,000		553,495
5.000%, 07/01/2032 (Callable 07/01/2030)		445,000		582,634
5.000%, 07/01/2033 (Callable 07/01/2030)		465,000		604,657
4.000%, 07/01/2039 (Callable 07/01/2030)		295,000		350,913
Development Authority of Cobb County:
5.000%, 07/15/2028 (Callable 07/15/2027)		305,000		379,373
5.000%, 06/01/2035 (Callable 06/01/2027)		645,000		792,976
Development Authority of Monroe County,
1.500%, 01/01/2039
(Mandatory Tender Date 02/03/2025)(1)		3,740,000		3,828,677
Gainesville & Hall County Hospital Authority:
5.000%, 02/15/2022		500,000		514,630
5.000%, 02/15/2029 (Callable 02/15/2027)		485,000		593,260
George L Smith II Congress Center Authority,
4.000%, 01/01/2036 (Callable 01/01/2031)		500,000		596,519
Georgia Housing & Finance Authority,
3.600%, 12/01/2033 (Callable 06/01/2027)		450,000		482,263
Main Street Natural Gas, Inc.,
0.897%, 08/01/2048 (1 Month LIBOR
USD + 0.830%) (Callable 09/01/2023)
(Mandatory Tender Date 12/01/2023)(2)		2,000,000		2,015,464
Private Colleges & Universities Authority:
5.000%, 06/01/2027		420,000		509,636
5.000%, 06/01/2028		495,000		613,400
5.000%, 06/01/2029		400,000		504,817
4.000%, 06/01/2034 (Callable 06/01/2031)		395,000		467,465
4.000%, 06/01/2035 (Callable 06/01/2031)		500,000		590,724
Tender Option Bond Trust,
0.100%, 08/15/2048 (Callable 02/15/2028)
(Optional Put Date 07/07/2021)(1)(3)		3,425,000		3,425,000
Total Georgia
(Cost $44,271,710)				45,019,208		4.1	%
Illinois
Adams & Hancock Counties
Community Unit School District No. 4:
4.000%, 12/01/2027 (Callable 12/01/2025)
(Insured by BAM)		290,000		326,215
4.000%, 12/01/2029 (Callable 12/01/2025)
(Insured by BAM)		310,000		345,039
4.000%, 12/01/2030 (Callable 12/01/2025)
(Insured by BAM)		325,000		360,460
4.000%, 12/01/2032 (Callable 12/01/2025)
(Insured by BAM)		350,000		386,811
Bourbonnais Township Park District:
4.000%, 12/15/2023 (Insured by BAM)		100,000		107,341
4.000%, 12/15/2024 (Insured by BAM)		125,000		137,330
4.000%, 12/15/2025 (Insured by BAM)		130,000		145,751
Bureau County Township
High School District No. 502,
4.000%, 12/01/2031 (Callable 12/01/2027)
(Insured by BAM)		1,330,000		1,551,315
Channahon Park District:
4.000%, 12/15/2031 (Callable 12/15/2029)
(Insured by BAM)		460,000		547,360
4.000%, 12/15/2034 (Callable 12/15/2029)
(Insured by BAM)		510,000		600,808
4.000%, 12/15/2036 (Callable 12/15/2029)
(Insured by BAM)		150,000		175,491
4.000%, 12/15/2038 (Callable 12/15/2029)
(Insured by BAM)		595,000		696,879
Chicago Board of Education,
5.000%, 12/01/2023 (Insured by AGM)		1,000,000		1,105,791
Chicago Park District,
5.000%, 01/01/2024		580,000		641,811
City of Chicago IL:
5.000%, 01/01/2024		250,000		276,998
5.000%, 01/01/2025 (Callable 01/01/2024)
(Insured by AGM)		110,000		122,887
5.000%, 01/01/2026 (Callable 01/01/2024)		250,000		266,102
0.000%, 01/01/2027 (Insured by NATL)		195,000		176,446
5.000%, 11/01/2028 (Callable 11/01/2027)
(Insured by AGM)		625,000		789,302
5.000%, 01/01/2030 (Callable 01/01/2024)
(Insured by AGM)		445,000		493,244
4.000%, 11/01/2032 (Callable 11/01/2024)
(Insured by BAM)		200,000		221,108
5.000%, 11/01/2033 (Callable 11/01/2027)
(Insured by AGM)		375,000		465,147
5.000%, 01/01/2035 (Callable 01/01/2027)
(Insured by AGM)		250,000		301,757
City of Decatur IL:
4.250%, 03/01/2030 (Callable 03/01/2024)
(Insured by BAM)		250,000		273,869
5.000%, 03/01/2034 (Callable 03/01/2026)
(Insured by BAM)		880,000		1,044,354
City of Rockford IL,
3.000%, 12/15/2022 (Insured by AGM)		150,000		155,783
Cook & Will Counties
School District No. 194:
4.000%, 12/01/2025 (Callable 12/01/2024)
(Insured by BAM)		160,000		177,993
4.000%, 12/01/2026 (Callable 12/01/2024)
(Insured by BAM)		130,000		144,411
Cook County Community Consolidated
School District No. 65,
0.000%, 12/01/2023		200,000		195,805

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

Page 158

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Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Cook County School District No. 130:
5.000%, 12/01/2027 (Callable 12/01/2025)
(Insured by AGM)	$	1,195,000	$	1,427,556
5.000%, 12/01/2028 (Callable 12/01/2025)
(Insured by AGM)		1,000,000		1,191,712
Cook County School District No. 163:
6.000%, 12/15/2025 (Insured by BAM)		430,000		523,665
6.000%, 12/15/2027 (Insured by BAM)		1,150,000		1,487,723
Cook County School District No. 83,
5.625%, 06/01/2033		810,000		1,068,662
County of Cook IL,
5.000%, 11/15/2033 (Callable 11/15/2030)		1,500,000		1,976,496
DuPage County High School District No. 87,
5.000%, 01/01/2029 (Callable 01/01/2025)		315,000		364,002
Exceptional Children Have Opportunities:
4.000%, 12/01/2034 (Callable 12/01/2029)		765,000		885,104
4.000%, 12/01/2035 (Callable 12/01/2029)		645,000		742,733
Ford, Champaign Counties Community
Unit School District No. 10,
5.000%, 12/01/2027 (Callable 12/01/2026)
(Insured by AGM)		600,000		742,314
Hampshire Special Service Area No. 13:
3.000%, 03/01/2027 (Insured by BAM)		130,000		140,428
3.000%, 03/01/2028 (Callable 03/01/2027)
(Insured by BAM)		140,000		149,837
3.000%, 03/01/2029 (Callable 03/01/2027)
(Insured by BAM)		100,000		105,934
3.250%, 03/01/2032 (Callable 03/01/2027)
(Insured by BAM)		165,000		174,650
3.300%, 03/01/2033 (Callable 03/01/2027)
(Insured by BAM)		175,000		185,225
3.350%, 03/01/2034 (Callable 03/01/2027)
(Insured by BAM)		185,000		195,804
3.400%, 03/01/2035 (Callable 03/01/2027)
(Insured by BAM)		195,000		206,637
3.450%, 03/01/2036 (Callable 03/01/2027)
(Insured by BAM)		205,000		217,206
3.500%, 03/01/2037 (Callable 03/01/2027)
(Insured by BAM)		100,000		106,079
Henry & Whiteside Counties Community
Unit School District No. 228,
5.000%, 08/15/2031 (Callable 08/15/2025)
(Insured by AGM)		270,000		317,908
Huntley Area Public Library District,
5.000%, 02/01/2037 (Callable 02/01/2029)		500,000		631,193
Illinois Development Finance Authority,
2.450%, 11/15/2039
(Mandatory Tender Date 03/03/2026)(1)		1,125,000		1,196,984
Illinois Educational Facilities Authority,
4.000%, 11/01/2036 (Callable 11/01/2022)		1,065,000		1,131,648
Illinois Finance Authority:
5.000%, 10/01/2021		170,000		171,707
5.000%, 10/01/2023		105,000		114,201
5.000%, 11/01/2024		1,100,000		1,257,508
5.000%, 01/01/2029 (Callable 01/01/2027)		475,000		577,499
5.000%, 02/15/2029 (Callable 02/15/2027)		3,275,000		4,022,163
5.000%, 01/01/2030 (Callable 01/01/2027)		205,000		247,875
5.000%, 10/01/2030 (Callable 10/01/2026)		140,000		168,794
4.000%, 12/15/2032 (Callable 12/15/2029)		625,000		763,676
4.000%, 05/15/2034 (Callable 05/15/2026)		300,000		336,234
4.000%, 12/01/2040 (Callable 12/01/2027)		270,000		308,302
4.000%, 12/01/2042 (Callable 12/01/2027)		275,000		312,820
0.020%, 08/01/2043
(Optional Put Date 07/01/2021)(1)		2,000,000		2,000,000
6.000%, 10/01/2048 (Callable 10/01/2022)		1,000,000		1,033,307
Illinois Housing Development Authority:
3.500%, 08/01/2031 (Callable 08/01/2027)
(Insured by GNMA)		290,000		311,888
3.100%, 02/01/2035 (Callable 02/01/2026)		900,000		943,953
2.450%, 06/01/2043 (Callable 01/01/2023)
(Insured by GNMA)		428,962		443,723
4.250%, 10/01/2049 (Callable 04/01/2028)		1,705,000		1,898,514
Illinois Sports Facilities Authority:
5.000%, 06/15/2029 (Insured by BAM)		2,500,000		3,165,696
5.000%, 06/15/2030 (Callable 06/15/2029)
(Insured by BAM)		1,155,000		1,454,905
Illinois State Toll Highway Authority,
5.000%, 01/01/2042 (Callable 01/01/2028)		500,000		608,452
Illinois State University,
5.000%, 04/01/2031 (Callable 04/01/2028)
(Insured by AGM)		500,000		623,924
Joliet Park District:
4.000%, 02/01/2030 (Callable 02/01/2024)
(Insured by BAM)		250,000		266,409
4.000%, 02/01/2033 (Callable 02/01/2023)
(Insured by AGM)		315,000		330,730
Kankakee County School District No. 111,
4.000%, 01/01/2025 (Insured by BAM)		480,000		530,124
Kendall & Kane Counties Community
Unit School District No. 115,
0.000%, 01/01/2022 (Insured by NATL)		1,090,000		1,087,087
Kendall Kane & Will Counties Community
Unit School District No. 308:
4.000%, 02/01/2030 (Callable 02/01/2025)
(Insured by BAM)		2,550,000		2,838,312
4.750%, 10/01/2031 (Callable 10/01/2023)		1,000,000		1,094,998
Knox & Warren Counties Community
Unit School District No. 205:
4.000%, 01/01/2034 (Callable 01/01/2028)
(Insured by BAM)		855,000		974,382
4.000%, 01/01/2036 (Callable 01/01/2028)
(Insured by BAM)		920,000		1,044,090
Lake County Community
Unit School District No. 187,
4.000%, 01/01/2035 (Callable 01/01/2027)
(Insured by BAM)		1,190,000		1,316,733
Macon County School District No. 61:
4.000%, 12/01/2034 (Callable 12/01/2028)
(Insured by AGM)		150,000		171,060
4.000%, 12/01/2037 (Callable 12/01/2028)
(Insured by AGM)		200,000		227,326
4.000%, 01/01/2040 (Callable 01/01/2027)
(Insured by AGM)		1,420,000		1,578,163
5.000%, 12/01/2040 (Callable 12/01/2028)
(Insured by AGM)		580,000		718,751
Macoupin, Sangaman &
Montgomery Government Bonds,
4.250%, 12/01/2032 (Callable 12/01/2023)
(Insured by AGM)		685,000		745,689
Medinah Park District,
4.250%, 01/01/2028 (Callable 01/01/2024)		190,000		204,050
Metropolitan Pier & Exposition Authority:
5.500%, 12/15/2023 (Insured by NATL)		90,000		97,033
0.000%, 06/15/2029 (Insured by NATL)		1,400,000		1,207,020
Metropolitan Water Reclamation
District of Greater Chicago,
5.000%, 12/01/2034 (Callable 12/01/2026)		1,500,000		1,834,244

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

Page 159

Baird Core Intermediate Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Northern Illinois University:
4.000%, 10/01/2033 (Callable 04/01/2031)
(Insured by BAM)(6)	$	500,000	$	595,340
4.000%, 10/01/2034 (Callable 04/01/2031)
(Insured by BAM)(6)		485,000		576,387
4.000%, 10/01/2035 (Callable 04/01/2031)
(Insured by BAM)(6)		1,000,000		1,187,176
4.000%, 10/01/2038 (Callable 04/01/2031)
(Insured by BAM)(6)		1,000,000		1,179,313
4.000%, 10/01/2039 (Callable 04/01/2031)
(Insured by BAM)(6)		425,000		500,347
4.000%, 10/01/2040 (Callable 04/01/2031)
(Insured by BAM)(6)		400,000		470,462
4.000%, 10/01/2041 (Callable 04/01/2031)
(Insured by BAM)(6)		425,000		499,356
4.000%, 10/01/2043 (Callable 04/01/2031)
(Insured by BAM)(6)		625,000		731,426
Ogle & Winnebago Counties Community
Unit School District No. 223:
5.000%, 12/01/2023 (Insured by BAM)		415,000		457,215
5.000%, 12/01/2024 (Insured by BAM)		100,000		114,091
Peoria City School District No. 150,
5.000%, 01/01/2026 (Insured by BAM)		330,000		390,262
Peoria County Community
Unit School District No. 323,
4.250%, 04/01/2032 (Callable 04/01/2022)		415,000		426,308
Richland County Community
Unit School District No. 1:
5.000%, 12/01/2030 (Callable 12/01/2024)
(Insured by AGM)		155,000		178,598
4.000%, 12/01/2033 (Callable 12/01/2024)
(Insured by AGM)		1,750,000		1,940,317
Sales Tax Securitization Corp.,
5.000%, 01/01/2043 (Callable 01/01/2029)		3,750,000		4,641,433
Shelby Christian Macon Counties
Community School District No. 21,
4.000%, 12/01/2027 (Callable 12/01/2023)
(Insured by AGM)		155,000		168,391
St. Clair County Community
Consolidated School District,
0.000%, 12/01/2021		200,000		199,497
St. Clair County Community
Unit School District No. 187,
4.000%, 01/01/2028 (Insured by AGM)		175,000		203,236
State of Illinois:
4.000%, 03/01/2022		5,000,000		5,125,472
6.000%, 06/15/2024 (Insured by NATL)		100,000		115,621
5.000%, 06/15/2027 (Callable 08/02/2021)		1,500,000		1,508,946
5.500%, 07/01/2033 (Callable 07/01/2023)		410,000		445,013
4.000%, 06/15/2038 (Callable 06/15/2028)
(Insured by BAM)		2,500,000		2,765,430
Tazewell County School District No. 51,
9.000%, 12/01/2026 (Insured by NATL)		1,060,000		1,493,646
Tender Option Bond Trust,
0.140%, 12/01/2027
(Optional Put Date 07/07/2021)(1)(3)		3,255,000		3,255,000
University of Illinois,
5.000%, 10/01/2021		700,000		708,354
Upper Illinois River Valley
Development Authority:
5.000%, 12/01/2023		600,000		661,338
5.000%, 12/01/2024		585,000		666,794
4.000%, 01/01/2031 (Callable 01/01/2027)(3)		245,000		258,476
Village of Bartlett IL,
3.000%, 12/01/2033 (Callable 12/01/2028)		450,000		500,992
Village of Cary IL,
4.000%, 12/15/2038 (Callable 12/15/2029)		750,000		883,565
Village of Crestwood IL:
4.000%, 12/15/2021 (Insured by BAM)		250,000		253,861
4.500%, 12/15/2026 (Callable 12/15/2022)
(Insured by BAM)		200,000		210,989
4.000%, 12/15/2027 (Callable 12/15/2025)
(Insured by BAM)		330,000		367,535
Village of Franklin Park IL,
4.000%, 07/01/2029 (Callable 07/01/2025)
(Insured by AGM)		450,000		501,298
Village of River Grove IL:
4.000%, 12/15/2027 (Callable 12/15/2026)
(Insured by BAM)		135,000		152,918
4.000%, 12/15/2028 (Callable 12/15/2026)
(Insured by BAM)		205,000		230,870
Village of Romeoville IL,
5.000%, 10/01/2042 (Callable 04/01/2025)		100,000		110,222
Village of Rosemont IL,
5.000%, 12/01/2046 (Callable 12/01/2026)
(Insured by AGM)		130,000		154,784
Village of Stone Park IL:
4.750%, 02/01/2029 (Callable 02/01/2023)
(Insured by BAM)		230,000		243,526
4.750%, 02/01/2031 (Callable 02/01/2023)
(Insured by BAM)		310,000		327,884
4.750%, 02/01/2032 (Callable 02/01/2023)
(Insured by BAM)		275,000		290,886
4.750%, 02/01/2033 (Callable 02/01/2023)
(Insured by BAM)		190,000		201,010
5.000%, 02/01/2035 (Callable 02/01/2029)
(Insured by BAM)		300,000		362,322
5.000%, 02/01/2036 (Callable 02/01/2029)
(Insured by BAM)		225,000		271,000
4.000%, 02/01/2037 (Callable 02/01/2029)
(Insured by BAM)		185,000		208,032
4.000%, 02/01/2038 (Callable 02/01/2029)
(Insured by BAM)		150,000		168,348
Will County Community
High School District No. 210:
0.000%, 01/01/2023 (Insured by AGM)		140,000		137,906
0.000%, 01/01/2026 (Insured by AGM)		265,000		247,638
0.000%, 01/01/2027 (Insured by BAM)		1,120,000		1,021,750
0.000%, 01/01/2027 (Insured by AGM)		115,000		104,912
0.000%, 01/01/2028 (Insured by BAM)		1,140,000		1,011,849
0.000%, 01/01/2028 (Insured by AGM)		180,000		159,766
0.000%, 01/01/2028		60,000		51,769
0.000%, 01/01/2029		40,000		33,324
0.000%, 01/01/2033 (Insured by BAM)		600,000		453,480
4.000%, 01/01/2034 (Callable 01/01/2029)
(Insured by AGM)		400,000		459,359
Will County Community Unit
School District No. 201-U:
4.000%, 01/01/2033 (Callable 01/01/2028)
(Insured by AGM)		245,000		277,748
4.000%, 01/01/2034 (Callable 01/01/2028)
(Insured by AGM)		785,000		887,904
4.000%, 01/01/2035 (Callable 01/01/2028)
(Insured by AGM)		480,000		542,036
Will County Township High School
District No. 204,
5.000%, 01/01/2025		125,000		142,296

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

Page 160

Baird Core Intermediate Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Winnebago & Boone Counties Community
High School District No. 207,
4.000%, 02/01/2036 (Callable 02/01/2027)
(Insured by BAM)	$	1,000,000	$	1,146,526
Total Illinois
(Cost $102,618,098)				108,016,000		9.7	%
Indiana
Bloomington Redevelopment District:
5.000%, 02/01/2025		325,000		374,623
5.000%, 08/01/2025		335,000		392,330
5.250%, 08/01/2036 (Callable 08/01/2029)		1,450,000		1,886,471
Carmel Redevelopment Authority,
4.000%, 08/01/2033
(Pre-refunded to 08/01/2022)		250,000		260,416
City of Jeffersonville IN,
5.000%, 01/01/2030 (Callable 01/01/2028)
(Insured by BAM)		325,000		408,395
City of Lawrence IN,
5.000%, 01/01/2027 (Insured by BAM)		385,000		469,542
Evansville Park District:
5.000%, 08/15/2035 (Callable 02/15/2028)
(Insured by BAM)		150,000		186,690
5.000%, 08/15/2036 (Callable 02/15/2028)
(Insured by BAM)		1,335,000		1,657,676
Franklin Township-Marion County
Multiple School Building Corp.,
5.000%, 01/15/2035 (Callable 01/15/2023)
(Insured by ST AID)		505,000		539,581
Hammond Multi-School Building Corp.,
4.500%, 07/15/2026 (Callable 01/15/2024)
(Insured by ST AID)		625,000		686,856
Hammond Sanitary District:
5.000%, 07/15/2026 (Insured by BAM)		610,000		738,090
5.000%, 01/15/2028 (Callable 07/15/2027)
(Insured by BAM)		315,000		391,787
Indiana Bond Bank:
0.680%, 10/15/2022 (SIFMA Municipal
Swap Index + 0.660%)(2)		125,000		125,029
1.093%, 10/15/2022 (3 Month LIBOR
USD + 0.970%)(2)		510,000		510,205
Indiana Finance Authority:
5.000%, 10/01/2023		180,000		195,522
5.000%, 10/01/2027		245,000		295,715
5.000%, 10/01/2029		220,000		273,625
5.000%, 10/01/2031		250,000		318,576
5.000%, 10/01/2032 (Callable 10/01/2023)		3,520,000		3,710,216
5.000%, 10/01/2033 (Callable 10/01/2031)		170,000		215,594
4.000%, 05/01/2035
(Pre-refunded to 05/01/2023)		290,000		310,236
4.000%, 10/01/2035 (Callable 10/01/2031)		820,000		956,713
5.000%, 07/01/2036 (Callable 07/01/2021)		1,580,000		1,580,000
3.750%, 10/01/2037 (Callable 10/01/2023)		235,000		237,976
3.750%, 10/01/2042 (Callable 10/01/2023)		190,000		191,584
5.500%, 08/15/2045 (Callable 08/02/2021)		225,000		225,821
Indiana Health & Educational
Facilities Financing Authority:
1.750%, 11/15/2031
(Pre-refunded to 11/02/2021)(1)		10,000		10,043
1.750%, 11/15/2031
(Mandatory Tender Date 11/02/2021)(1)		715,000		718,789
Indiana Municipal Power Agency,
5.000%, 01/01/2032 (Callable 01/01/2025)		1,000,000		1,149,743
Indiana University,
4.000%, 08/01/2035 (Callable 08/01/2027)		80,000		91,881
Indianapolis Local Public
Improvement Bond Bank:
5.000%, 01/01/2033
(Pre-refunded to 01/01/2025)		500,000		580,744
5.000%, 02/01/2035 (Callable 12/29/2023)		200,000		222,368
5.000%, 02/01/2036 (Callable 12/29/2023)		750,000		833,041
5.000%, 02/01/2054 (Callable 02/01/2029)		1,710,000		2,111,486
IPS Multi-School Building Corp.,
5.000%, 07/15/2026 (Callable 01/15/2025)
(Insured by ST AID)		925,000		1,067,401
Kankakee Valley Middle School Building Corp.,
5.000%, 01/15/2029 (Insured by ST AID)		1,000,000		1,283,368
Loogootee School Building Corp.,
4.000%, 07/15/2026 (Insured by ST AID)		135,000		155,819
Munster School Building Corp.:
5.000%, 07/15/2021 (Insured by ST AID)		130,000		130,224
4.000%, 07/15/2024 (Insured by ST AID)		170,000		186,218
North Montgomery High
School Building Corp.,
5.000%, 07/15/2033 (Callable 07/15/2026)
(Insured by ST AID)		165,000		198,577
Shelbyville Central Renovation
School Building Corp.,
5.000%, 01/15/2029 (Callable 07/15/2026)
(Insured by ST AID)		220,000		265,093
Taylor Community School Building Corp.,
0.000%, 07/15/2029 (Callable 07/15/2025)
(Insured by ST AID)		360,000		293,722
Tipton County Jail Building Corp.,
5.000%, 01/15/2027 (Insured by ST AID)		245,000		299,843
Tri-Creek 2002 High School Building Corp.,
4.000%, 07/15/2039 (Callable 07/15/2028)
(Insured by ST AID)		345,000		396,240
Westfield High School Building Corp.:
5.000%, 01/15/2029 (Callable 01/15/2026)
(Insured by ST AID)		250,000		296,250
5.000%, 01/15/2030 (Callable 01/15/2026)
(Insured by ST AID)		300,000		355,337
5.000%, 07/15/2031 (Callable 01/15/2026)
(Insured by ST AID)		150,000		177,606
Total Indiana
(Cost $26,796,590)				27,963,062		2.5	%
Iowa
City of Coralville IA:
4.000%, 05/01/2022		100,000		100,697
4.000%, 05/01/2030 (Callable 05/01/2029)		1,000,000		1,136,685
3.000%, 05/01/2033 (Callable 05/01/2029)		1,000,000		1,043,765
City of Greenfield IA,
4.000%, 09/01/2036 (Callable 09/01/2026)
(Insured by AGM)		200,000		230,431
County of Carroll IA,
5.000%, 06/01/2035 (Callable 06/01/2027)		645,000		791,728
Iowa Finance Authority:
0.020%, 12/01/2033 (Callable 07/01/2021)
(Optional Put Date 07/07/2021)(1)		1,000,000		1,000,000
0.020%, 12/01/2033 (Callable 07/01/2021)
(Optional Put Date 07/07/2021)(1)		1,355,000		1,355,000
4.000%, 07/01/2047 (Callable 07/01/2028)
(Insured by GNMA)		1,805,000		2,046,540
2.875%, 05/15/2049 (Callable 07/21/2021)		450,000		454,718
Iowa Higher Education Loan Authority:
3.000%, 04/01/2029		870,000		974,594
3.000%, 04/01/2030		650,000		729,140
3.000%, 04/01/2031		525,000		589,122

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

Page 161

Baird Core Intermediate Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Southern Iowa Rural Water Association,
3.000%, 12/01/2032 (Callable 12/01/2028)
(Insured by AGM)	$	1,030,000	$	1,132,191
Total Iowa
(Cost $11,341,825)				11,584,611		1.0	%
Kansas
City of Derby KS,
3.900%, 03/01/2037 (Callable 03/01/2025)		525,000		543,848
City of Goddard KS,
3.500%, 06/01/2034 (Callable 12/01/2022)		1,420,000		1,420,261
City of Hutchinson KS:
4.000%, 12/01/2021		360,000		363,591
5.000%, 12/01/2022		140,000		146,595
Kansas Power Pool:
4.000%, 12/01/2038 (Callable 12/01/2029)(6)		700,000		811,266
4.000%, 12/01/2040 (Callable 12/01/2029)(6)		1,095,000		1,263,317
Total Kansas
(Cost $4,455,581)				4,548,878		0.4	%
Kentucky
Kentucky Economic Development
Finance Authority:
0.000%, 10/01/2025 (Insured by NATL)		420,000		394,104
0.000%, 10/01/2026 (Insured by NATL)		510,000		467,424
0.000%, 10/01/2027 (Insured by NATL)		480,000		428,252
0.000%, 10/01/2028 (Insured by NATL)		685,000		592,929
0.080%, 05/01/2034 (Callable 07/01/2021)
(Optional Put Date 07/07/2021)(1)		6,235,000		6,235,000
5.250%, 08/15/2046
(Pre-refunded to 08/15/2021)		790,000		794,760
Kentucky Public Energy Authority:
4.000%, 08/01/2027		250,000		296,004
4.000%, 01/01/2049 (Callable 10/01/2024)
(Mandatory Tender Date 01/01/2025)(1)		675,000		749,733
1.367%, 12/01/2049 (1 Month LIBOR
USD + 1.300%) (Callable 03/01/2025)
(Mandatory Tender Date 06/01/2025)(2)		2,000,000		2,057,568
4.000%, 12/01/2050 (Callable 03/01/2026)
(Mandatory Tender Date 06/01/2026)(1)		490,000		564,928
Paducah Electric Plant Board,
5.000%, 10/01/2032 (Callable 10/01/2026)
(Insured by AGM)		1,000,000		1,214,824
Total Kentucky
(Cost $13,361,771)				13,795,526		1.2	%
Louisiana
City of Shreveport LA,
5.000%, 08/01/2023 (Insured by BAM)		350,000		383,038
Louisiana Housing Corp.,
4.500%, 12/01/2047 (Callable 12/01/2027)		160,000		177,991
Louisiana Local Government
Environmental Facilities &
Community Development Authority:
5.000%, 10/01/2023 (Insured by BAM)		200,000		220,638
5.000%, 10/01/2024 (Insured by BAM)		100,000		114,520
Louisiana Public Facilities Authority,
0.000%, 10/01/2024(7)		125,000		123,077
Louisiana State University &
Agricultural & Mechanical College:
5.000%, 07/01/2030 (Callable 07/01/2026)
(Insured by BAM)		380,000		452,981
4.000%, 07/01/2032 (Callable 07/01/2026)
(Insured by BAM)		485,000		550,940
Morehouse Parish Hospital
Service District No. 1,
4.000%, 10/01/2028 (Callable 10/01/2027)		660,000		717,641
St. Tammany Parish Wide
School District No. 12:
4.000%, 03/01/2035 (Callable 03/01/2027)		100,000		114,104
4.000%, 03/01/2036 (Callable 03/01/2027)		115,000		130,075
Tangipahoa Parish School Board,
4.000%, 03/01/2041 (Callable 03/01/2031)
(Insured by AGM)		500,000		602,992
Terrebonne Parish Consolidated Government,
0.000%, 04/01/2034 (Insured by AGM)		715,000		544,473
Total Louisiana
(Cost $3,924,473)				4,132,470		0.4	%
Maine
Maine Health & Higher Educational
Facilities Authority:
4.000%, 07/01/2037 (Callable 07/01/2029)		230,000		267,398
5.000%, 07/01/2046 (Callable 07/01/2026)		250,000		285,015
Maine State Housing Authority:
3.500%, 11/15/2045 (Callable 05/15/2025)		100,000		104,879
4.000%, 11/15/2045 (Callable 11/15/2025)		220,000		232,258
3.500%, 11/15/2046 (Callable 11/15/2025)		20,000		20,789
3.500%, 11/15/2047 (Callable 11/15/2026)		550,000		588,838
4.000%, 11/15/2049 (Callable 05/15/2028)		395,000		434,275
4.000%, 11/15/2050 (Callable 05/15/2029)		955,000		1,071,115
Total Maine
(Cost $2,904,057)				3,004,567		0.3	%
Maryland
County of Baltimore MD,
3.000%, 09/01/2027 (Callable 09/01/2022)		1,000,000		1,029,037
Maryland Community
Development Administration:
3.500%, 03/01/2050 (Callable 03/01/2029)		680,000		743,766
3.250%, 09/01/2050 (Callable 09/01/2029)		6,000,000		6,584,907
Maryland Health & Higher Educational
Facilities Authority:
5.000%, 01/01/2028		300,000		350,882
4.000%, 01/01/2029		980,000		1,149,277
5.000%, 01/01/2029		290,000		344,003
5.000%, 01/01/2030		185,000		222,080
0.020%, 07/01/2033 (Callable 07/01/2021)
(Optional Put Date 07/07/2021)(1)		3,535,000		3,535,000
Washington Suburban Sanitary Commission,
4.000%, 06/01/2039 (Callable 06/01/2026)		1,585,000		1,806,928
Total Maryland
(Cost $15,721,662)				15,765,880		1.4	%
Massachusetts
Commonwealth of Massachusetts,
5.000%, 09/01/2038 (Callable 09/01/2028)		1,375,000		1,741,633
Massachusetts Development Finance Agency:
5.000%, 07/01/2022 (Callable 07/01/2021)		1,000,000		1,000,000
5.000%, 10/01/2025 (Insured by AGM)		575,000		674,222
Massachusetts Housing Finance Agency:
4.000%, 12/01/2028 (Callable 06/01/2023)		1,000,000		1,049,097
4.500%, 12/01/2048 (Callable 12/01/2027)		1,645,000		1,829,044
4.000%, 06/01/2049 (Callable 12/01/2028)		880,000		972,830
Town of Ashburnham MA,
4.250%, 07/01/2021 (Insured by AGC)		350,000		350,000
University of Massachusetts,
5.000%, 11/01/2039
(Pre-refunded to 11/01/2024)		70,000		80,920

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

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Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
University of Massachusetts Building Authority:
5.000%, 11/01/2039
(Pre-refunded to 11/01/2024)	$	65,000	$	74,906
5.000%, 11/01/2039 (Callable 11/01/2024)		135,000		154,330
Total Massachusetts
(Cost $7,755,736)				7,926,982		0.7	%
Michigan
City of Detroit MI,
5.250%, 07/01/2041
(Pre-refunded to 07/01/2021)		50,000		50,000
City of Monroe MI,
4.000%, 05/01/2031 (Callable 05/01/2024)		150,000		164,331
City of Wyandotte MI,
5.000%, 10/01/2023 (Insured by BAM)		25,000		27,373
Clarkston Community Schools,
5.000%, 05/01/2039 (Callable 05/01/2029)
(Insured by Q-SBLF)		500,000		634,431
Detroit Michigan School District,
5.000%, 05/01/2033 (Callable 05/01/2022)
(Insured by Q-SBLF)		1,000,000		1,039,304
Eastern Michigan University,
4.000%, 03/01/2034 (Callable 03/01/2027)
(Insured by BAM)		985,000		1,120,758
Ferris State University,
5.000%, 10/01/2026		865,000		1,052,889
Flushing Community Schools,
4.000%, 05/01/2029 (Callable 05/01/2028)
(Insured by Q-SBLF)		220,000		262,040
Great Lakes Water Authority,
5.000%, 07/01/2033 (Callable 07/01/2028)		1,000,000		1,264,226
Michigan Finance Authority:
5.000%, 12/01/2021		265,000		270,238
4.000%, 10/01/2024		650,000		678,198
5.000%, 09/01/2029		400,000		506,964
5.000%, 09/01/2030 (Callable 03/01/2030)		440,000		560,362
5.000%, 07/01/2034 (Callable 07/01/2025)		250,000		292,242
5.000%, 07/01/2036 (Callable 07/01/2024)
(Insured by NATL)		500,000		563,535
5.000%, 07/01/2044 (Callable 07/01/2024)		125,000		133,683
Michigan State Building Authority,
0.070%, 10/15/2042 (Callable 07/01/2021)
(Optional Put Date 07/07/2021)(1)		2,000,000		2,000,000
Michigan State Hospital Finance Authority,
4.000%, 11/15/2047 (Callable 11/15/2026)		575,000		658,521
Michigan State Housing Development Authority:
4.250%, 12/01/2049 (Callable 06/01/2028)		1,695,000		1,891,753
3.500%, 12/01/2050 (Callable 06/01/2029)		1,935,000		2,140,891
Michigan State University,
5.000%, 02/15/2037 (Callable 08/15/2029)		525,000		672,949
Pinckney Community Schools,
5.000%, 05/01/2033 (Callable 05/01/2026)
(Insured by Q-SBLF)		750,000		900,917
Romeo Community School District,
5.000%, 05/01/2029 (Callable 05/01/2026)
(Insured by Q-SBLF)		1,000,000		1,208,094
Roseville Community Schools,
5.000%, 05/01/2026 (Insured by Q-SBLF)		400,000		484,938
Swartz Creek Community Schools,
5.000%, 05/01/2039 (Callable 05/01/2029)
(Insured by Q-SBLF)		815,000		1,025,851
Trenton Public Schools School District:
5.000%, 05/01/2029 (Callable 05/01/2028)
(Insured by Q-SBLF)		135,000		173,347
5.000%, 05/01/2030 (Callable 05/01/2028)
(Insured by Q-SBLF)		300,000		383,642
Wayne County Airport Authority:
5.000%, 12/01/2026		185,000		227,880
5.000%, 12/01/2031 (Callable 12/01/2027)		375,000		462,232
Wayne-Westland Community Schools,
4.000%, 11/01/2038 (Callable 05/01/2029)
(Insured by Q-SBLF)		500,000		592,566
Western Michigan University:
5.000%, 11/15/2029 (Callable 05/15/2025)		250,000		288,987
5.000%, 11/15/2030 (Insured by AGM)		100,000		131,330
5.000%, 11/15/2030 (Insured by AGM)		300,000		392,816
5.000%, 11/15/2038 (Callable 05/15/2031)
(Insured by AGM)		375,000		476,941
5.000%, 11/15/2039 (Callable 05/15/2031)
(Insured by AGM)		400,000		507,480
5.000%, 11/15/2040 (Callable 05/15/2031)
(Insured by AGM)		420,000		531,929
Total Michigan
(Cost $22,860,890)				23,773,638		2.1	%
Minnesota
City of Maple Grove MN:
5.000%, 05/01/2027		200,000		245,763
5.000%, 05/01/2031 (Callable 05/01/2027)		520,000		627,242
City of Minneapolis MN,
5.000%, 11/15/2034 (Callable 11/15/2025)		680,000		793,198
Housing & Redevelopment Authority
of The City of St. Paul:
5.000%, 12/01/2029		1,175,000		1,449,783
5.000%, 12/01/2030		300,000		373,377
5.000%, 12/01/2036 (Callable 12/01/2030)		1,600,000		1,936,632
Maple River Independent
School District No. 2135:
4.000%, 02/01/2037 (Callable 02/01/2030)
(Insured by SD CRED PROG)		970,000		1,168,260
4.000%, 02/01/2038 (Callable 02/01/2030)
(Insured by SD CRED PROG)		700,000		841,239
Minnesota Housing Finance Agency:
4.375%, 07/01/2026 (Callable 07/01/2021)
(Insured by GNMA)		100,000		100,000
3.600%, 07/01/2033 (Callable 01/01/2023)
(Insured by GNMA)		560,000		573,675
4.000%, 01/01/2038 (Callable 01/01/2024)		485,000		518,357
3.800%, 07/01/2038 (Callable 01/01/2023)
(Insured by GNMA)		185,000		189,511
0.450%, 01/01/2045 (SIFMA Municipal
Swap Index + 0.430%) (Callable 01/01/2023)
(Mandatory Tender Date 07/03/2023)
(Insured by GNMA)(2)		3,000,000		3,007,582
4.000%, 01/01/2047 (Callable 01/01/2026)
(Insured by GNMA)		435,000		466,236
Plymouth Intermediate District No. 287:
4.000%, 02/01/2027		200,000		232,997
4.000%, 02/01/2028 (Callable 02/01/2027)		350,000		404,100
4.000%, 02/01/2037 (Callable 02/01/2027)		250,000		278,974
St. Paul Port Authority,
4.000%, 10/01/2041 (Callable 10/01/2027)		400,000		446,216
Zumbro Education District:
4.000%, 02/01/2029		350,000		410,549
4.000%, 02/01/2038 (Callable 02/01/2031)		385,000		450,124
4.000%, 02/01/2041 (Callable 02/01/2031)		400,000		463,700
Total Minnesota
(Cost $14,449,053)				14,977,515		1.4	%

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

Page 163

Baird Core Intermediate Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Mississippi
Biloxi Public School District,
5.000%, 04/01/2026 (Insured by BAM)	$	500,000	$	599,927
City of Gulfport MS:
5.000%, 07/01/2024		485,000		542,635
5.000%, 07/01/2027 (Callable 07/01/2026)		500,000		588,568
City of Ridgeland MS:
3.000%, 10/01/2025		1,000,000		1,056,658
3.000%, 10/01/2026		1,100,000		1,169,300
3.000%, 10/01/2028 (Callable 10/01/2027)		690,000		730,250
3.000%, 10/01/2029 (Callable 10/01/2027)		540,000		567,163
Copiah-Lincoln Community College District,
2.500%, 09/01/2021 (Insured by AGM)		175,000		175,642
Medical Center Educational Building Corp.,
5.000%, 06/01/2042 (Callable 06/01/2027)		500,000		598,816
Mississippi Business Finance Corp.,
3.200%, 09/01/2028 (Callable 03/13/2024)		2,100,000		2,207,565
Mississippi Development Bank:
5.000%, 03/01/2030 (Callable 03/01/2028)		330,000		412,235
5.000%, 03/01/2031 (Callable 03/01/2028)		175,000		217,666
4.000%, 03/01/2032 (Callable 03/01/2028)		200,000		236,779
4.000%, 03/01/2033 (Callable 03/01/2028)		300,000		354,336
5.250%, 03/01/2034 (Callable 03/01/2028)		490,000		602,064
4.000%, 03/01/2036 (Callable 03/01/2028)		300,000		352,136
5.250%, 03/01/2045 (Callable 03/01/2028)		1,275,000		1,537,018
5.000%, 03/01/2048 (Callable 03/01/2029)
(Insured by BAM)		1,000,000		1,247,684
State of Mississippi:
5.000%, 10/15/2028 (Callable 10/15/2025)		1,260,000		1,476,341
5.000%, 10/01/2032 (Callable 10/01/2027)		215,000		268,729
5.000%, 10/15/2034 (Callable 10/15/2025)		1,000,000		1,161,742
5.000%, 10/15/2035 (Callable 10/15/2028)		4,000,000		4,973,031
University of Southern Mississippi,
5.000%, 09/01/2035 (Callable 09/01/2026)		385,000		461,820
West Rankin Utility Authority:
5.000%, 01/01/2028 (Callable 01/01/2025)
(Insured by AGM)		110,000		126,668
5.000%, 01/01/2029 (Callable 01/01/2025)
(Insured by AGM)		300,000		345,270
5.000%, 01/01/2030 (Callable 01/01/2025)
(Insured by AGM)		590,000		678,335
Total Mississippi
(Cost $21,939,567)				22,688,378		2.0	%
Missouri
Center School District No. 58:
4.000%, 04/15/2030 (Callable 04/15/2027)		210,000		241,461
4.000%, 04/15/2031 (Callable 04/15/2027)		220,000		252,059
County of Cape Girardeau MO:
5.000%, 06/01/2023		625,000		658,753
5.000%, 06/01/2024		825,000		903,087
5.000%, 06/01/2025		650,000		735,335
Health & Educational Facilities
Authority of the State of Missouri:
5.000%, 02/01/2025 (Callable 02/01/2024)		45,000		49,915
5.000%, 09/01/2025		365,000		415,192
5.000%, 09/01/2026		410,000		475,758
5.000%, 09/01/2027		280,000		331,427
5.000%, 11/15/2027 (Callable 11/15/2025)		525,000		613,375
5.000%, 06/01/2031 (Callable 06/01/2024)		50,000		56,346
5.000%, 02/01/2035 (Callable 02/01/2024)		295,000		320,409
5.250%, 10/01/2041
(Pre-refunded to 10/01/2021)		100,000		101,273
Jackson County Reorganized
School District No. 7,
4.000%, 03/01/2039 (Callable 03/01/2029)		2,500,000		2,997,395
Jackson County School District No. R-IV,
6.000%, 03/01/2038 (Callable 03/01/2029)
(Insured by ST AID)		1,005,000		1,360,997
Jefferson County Consolidated
School District No. 6:
3.000%, 03/01/2039 (Callable 03/01/2028)
(Insured by ST AID)		1,300,000		1,408,812
3.000%, 03/01/2041 (Callable 03/01/2028)
(Insured by ST AID)		1,000,000		1,078,843
Meramec Valley School District No. R-III:
3.000%, 03/01/2037 (Callable 03/01/2028)		360,000		392,753
3.000%, 03/01/2038 (Callable 03/01/2028)		500,000		544,188
Missouri Housing Development Commission:
3.700%, 11/01/2035 (Callable 05/01/2025)
(Insured by GNMA)		25,000		25,881
3.950%, 11/01/2040 (Callable 05/01/2025)
(Insured by GNMA)		325,000		328,934
Missouri Southern State University:
4.000%, 10/01/2033 (Callable 10/01/2029)
(Insured by AGM)		110,000		125,838
4.000%, 10/01/2034 (Callable 10/01/2029)
(Insured by AGM)		115,000		131,249
4.000%, 10/01/2035 (Callable 10/01/2029)
(Insured by AGM)		125,000		142,430
4.000%, 10/01/2036 (Callable 10/01/2029)
(Insured by AGM)		150,000		170,603
4.000%, 10/01/2038 (Callable 10/01/2029)
(Insured by AGM)		140,000		158,496
4.000%, 10/01/2039 (Callable 10/01/2029)
(Insured by AGM)		110,000		124,259
Moberly School District No. 81,
3.000%, 03/01/2039 (Callable 09/01/2028)
(Insured by ST AID)(6)		1,900,000		2,056,167
Move Rolla Transportation
Development District,
3.750%, 06/01/2029 (Callable 06/01/2026)		220,000		230,158
Normandy Schools Collaborative:
3.000%, 03/01/2036 (Callable 03/01/2028)
(Insured by ST AID)		1,525,000		1,655,239
3.000%, 03/01/2037 (Callable 03/01/2028)
(Insured by ST AID)		1,325,000		1,435,056
Public Water Supply District No. 1,
4.000%, 07/01/2029 (Callable 07/01/2026)		170,000		193,832
St. Charles County Francis
Howell R-III School District,
4.000%, 03/01/2031 (Callable 03/01/2028)		2,425,000		2,874,953
St. Louis Land Clearance for
Redevelopment Authority,
3.875%, 10/01/2035 (Callable 10/01/2029)		370,000		364,220
Total Missouri
(Cost $22,573,747)				22,954,693		2.1	%
Montana
Montana Board of Housing:
3.600%, 12/01/2030 (Callable 06/01/2022)		330,000		336,439
3.750%, 12/01/2038 (Callable 12/01/2027)
(Insured by FHA)		415,000		454,148
Montana Facility Finance Authority:
4.000%, 07/01/2024		150,000		161,510
5.000%, 06/01/2033 (Callable 06/01/2028)		310,000		382,670
5.000%, 06/01/2035 (Callable 06/01/2028)		225,000		276,773

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

Page 164

Baird Core Intermediate Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Yellowstone County School District No. 8,
5.000%, 07/01/2027	$	225,000	$	278,667
Total Montana
(Cost $1,814,120)				1,890,207		0.2	%
Nebraska
Central Plains Energy Project:
5.000%, 09/01/2027 (Callable 09/01/2022)		340,000		358,404
5.000%, 09/01/2042 (Callable 09/01/2022)		585,000		616,807
5.000%, 03/01/2050 (Callable 10/01/2023)
(Mandatory Tender Date 01/01/2024)(1)		550,000		608,535
Colfax County School District No. 123,
4.000%, 12/15/2030
(Pre-refunded to 05/22/2024)		225,000		248,516
County of Douglas NE,
5.000%, 07/01/2036 (Callable 07/01/2027)		200,000		243,830
Douglas County Hospital Authority No. 2,
5.000%, 05/15/2030 (Callable 05/15/2026)		90,000		108,711
Nebraska Investment Finance Authority:
3.500%, 09/01/2036 (Callable 03/01/2025)		275,000		287,695
3.500%, 09/01/2046 (Callable 03/01/2025)		90,000		95,668
Village of Boys Town NE,
3.000%, 09/01/2028		1,975,000		2,223,809
Total Nebraska
(Cost $4,490,262)				4,791,975		0.4	%
Nevada
City of Carson City NV,
5.000%, 09/01/2033 (Callable 09/01/2027)		250,000		302,033
City of Las Vegas NV Special
Improvement District No. 815:
4.000%, 12/01/2021		100,000		101,365
3.000%, 12/01/2022		100,000		103,029
City of Reno NV,
4.000%, 06/01/2043 (Callable 06/01/2027)
(Insured by AGM)		1,845,000		2,079,447
City of Yerington NV,
1.625%, 11/01/2023 (Callable 11/01/2022)		2,000,000		2,019,078
Clark County School District,
5.000%, 06/15/2032 (Callable 06/15/2027)
(Insured by BAM)		450,000		551,201
Nevada Housing Division:
4.000%, 04/01/2049 (Callable 10/01/2028)
(Insured by GNMA)		1,780,000		1,972,126
4.000%, 10/01/2049 (Callable 10/01/2028)
(Insured by GNMA)		370,000		410,529
State of Nevada,
5.000%, 06/01/2033 (Callable 12/01/2023)		300,000		331,737
Washoe County School District,
5.000%, 05/01/2030 (Callable 05/01/2027)		525,000		647,405
Total Nevada
(Cost $8,285,895)				8,517,950		0.8	%
New Hampshire
New Hampshire Health and
Education Facilities Authority:
3.150%, 04/01/2022
(Callable 11/01/2021)(3)		4,875,000		4,887,768
5.000%, 10/01/2032 (Callable 10/01/2027)		275,000		338,458
Total New Hampshire
(Cost $5,222,413)				5,226,226		0.5	%
New Jersey
Atlantic City Board of Education,
3.400%, 08/15/2027(3)		3,293,000		3,667,172
City of Newark NJ:
5.000%, 10/01/2021 (Insured by ST AID)		100,000		101,039
5.000%, 10/01/2021		200,000		202,119
City of Trenton NJ,
4.000%, 07/15/2023 (Insured by AGM)		400,000		430,335
City of Union City NJ,
5.000%, 11/01/2023 (Insured by ST AID)		640,000		704,412
Gloucester County Improvement Authority,
4.000%, 07/01/2051 (Callable 07/01/2030)
(Insured by BAM)		1,000,000		1,169,565
New Jersey Economic Development Authority:
4.000%, 06/15/2022		775,000		802,493
5.000%, 06/15/2023 (Insured by BAM)		295,000		322,601
5.000%, 03/01/2024 (Callable 03/01/2023)		150,000		161,661
4.000%, 11/01/2027		1,100,000		1,301,745
3.125%, 07/01/2029 (Callable 07/01/2027)		90,000		90,825
New Jersey Health Care Facilities
Financing Authority:
4.000%, 07/01/2026 (Callable 07/01/2022)		1,000,000		1,037,435
5.000%, 07/01/2026 (Callable 07/01/2025)
(Insured by AGM)		150,000		176,552
New Jersey Higher Education
Student Assistance Authority,
2.375%, 12/01/2029 (Callable 06/01/2028)		1,280,000		1,337,511
New Jersey Housing &
Mortgage Finance Agency:
1.500%, 09/01/2022
(Mandatory Tender Date 09/01/2021)(1)		575,000		576,187
4.500%, 10/01/2048 (Callable 10/01/2027)		1,190,000		1,337,791
4.750%, 10/01/2050 (Callable 04/01/2028)		420,000		475,518
3.500%, 04/01/2051 (Callable 04/01/2029)		3,850,000		4,277,043
New Jersey Transportation
Trust Fund Authority:
0.000%, 12/15/2024 (Insured by BHAC)		605,000		592,581
0.000%, 12/15/2028 (Insured by BHAC)		240,000		217,977
5.000%, 06/15/2029 (Callable 06/15/2026)		1,465,000		1,738,597
4.000%, 12/15/2037 (Callable 12/15/2028)
(Insured by BAM)		500,000		580,695
5.000%, 06/15/2042 (Callable 06/15/2022)		225,000		235,098
5.000%, 06/15/2044 (Callable 06/15/2023)		145,000		156,510
New Jersey Turnpike Authority:
5.000%, 01/01/2029 (Callable 01/01/2028)		50,000		62,835
0.820%, 01/01/2030 (1 Month LIBOR
USD + 0.750%) (Callable 07/01/2022)
(Mandatory Tender Date 01/01/2023)(2)		890,000		893,887
Newark Housing Authority,
5.000%, 01/01/2032 (Insured by NATL)		525,000		629,313
Passaic Valley Sewerage Commission,
5.750%, 12/01/2022		550,000		590,501
South Jersey Transportation Authority,
5.000%, 11/01/2041 (Callable 11/01/2030)
(Insured by BAM)		1,350,000		1,724,618
State of New Jersey,
5.000%, 06/01/2025		4,000,000		4,694,092
Total New Jersey
(Cost $29,183,875)				30,288,708		2.7	%
New Mexico
New Mexico Hospital
Equipment Loan Council,
4.750%, 07/01/2022		270,000		275,682
New Mexico Institute of Mining & Technology:
4.000%, 12/01/2028 (Insured by AGM)		300,000		357,749
4.000%, 12/01/2029 (Insured by AGM)		335,000		395,274

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

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Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
New Mexico Mortgage Finance Authority,
3.500%, 09/01/2041 (Callable 03/01/2026)	$	720,000	$	755,783
New Mexico State University,
4.000%, 04/01/2035 (Callable 04/01/2027)		520,000		594,634
Village of Los Ranchos de Albuquerque NM:
4.000%, 09/01/2023		100,000		106,017
4.000%, 09/01/2024		100,000		108,415
4.000%, 09/01/2025		150,000		165,754
5.000%, 09/01/2026		150,000		175,920
5.000%, 09/01/2029		225,000		278,347
5.000%, 09/01/2030		225,000		282,218
Total New Mexico
(Cost $3,428,991)				3,495,793		0.3	%
New York
Albany County Capital Resource Corp.,
3.100%, 07/01/2030		755,000		732,999
Amherst Development Corp.,
5.000%, 10/01/2032 (Callable 10/01/2027)
(Insured by AGM)		240,000		294,894
BluePath TE Trust,
2.750%, 09/01/2026 (Callable 08/27/2021)(3)		738,623		752,321
City of New York NY:
5.250%, 07/01/2029 (Callable 07/01/2023)		250,000		272,004
5.000%, 04/01/2040 (Callable 04/01/2028)		380,000		468,075
0.010%, 10/01/2040
(Optional Put Date 07/01/2021)(1)		1,500,000		1,500,000
0.140%, 04/01/2042
(Optional Put Date 07/01/2021)(1)		7,500,000		7,500,000
5.000%, 03/01/2044 (Callable 03/01/2028)		350,000		427,977
5.000%, 12/01/2044 (Callable 12/01/2028)		1,655,000		2,060,385
County of Suffolk NY,
5.000%, 05/01/2022		990,000		1,023,927
Dutchess County Local Development Corp.:
5.000%, 07/01/2027 (Callable 07/01/2026)		100,000		120,616
4.125%, 01/01/2049 (Callable 01/01/2023)		105,000		109,642
Geneva Development Corp.,
5.000%, 09/01/2029
(Pre-refunded to 09/01/2023)		185,000		204,036
Huntington Local Development Corp.,
4.000%, 07/01/2027		2,450,000		2,600,146
Metropolitan Transportation Authority:
5.000%, 09/01/2021		455,000		458,549
4.000%, 02/01/2022		800,000		817,274
5.000%, 05/15/2022		330,000		343,652
5.000%, 09/01/2022		1,750,000		1,845,890
0.617%, 11/01/2030
(1 Month LIBOR USD + 0.550%)
(Mandatory Tender Date 11/01/2022)(2)		2,590,000		2,602,170
New York City Housing Development Corp.,
0.700%, 11/01/2060 (Callable 05/01/2023)
(Mandatory Tender Date 05/01/2025)(1)		2,500,000		2,503,362
New York City Industrial Development Agency:
5.000%, 03/01/2029 (Insured by AGM)		250,000		318,518
0.000%, 03/01/2030 (Insured by AGC)		150,000		128,984
5.000%, 03/01/2030 (Insured by AGM)		250,000		324,134
New York City Transitional Finance Authority:
5.000%, 08/01/2031 (Callable 08/01/2028)		50,000		63,770
5.000%, 08/01/2034 (Callable 08/01/2026)		650,000		788,937
5.000%, 11/01/2035 (Callable 05/01/2029)		715,000		920,642
5.000%, 08/01/2038 (Callable 08/01/2028)		1,295,000		1,631,426
4.000%, 11/01/2038 (Callable 05/01/2031)		1,055,000		1,279,485
4.000%, 05/01/2039 (Callable 11/01/2030)		1,000,000		1,203,638
5.000%, 08/01/2039 (Callable 08/01/2024)		105,000		118,916
New York City Water & Sewer System:
5.000%, 06/15/2036 (Callable 06/15/2024)		1,000,000		1,130,673
5.000%, 06/15/2036 (Callable 06/15/2024)		1,000,000		1,130,673
4.000%, 06/15/2042 (Callable 12/15/2029)		2,500,000		2,973,561
0.010%, 06/15/2049
(Optional Put Date 07/01/2021)(1)		600,000		600,000
New York Liberty Development Corp.,
0.270%, 10/01/2035
(Optional Put Date 07/07/2021)(1)(3)		1,000,000		1,000,000
New York State Dormitory Authority:
5.000%, 10/01/2038 (Callable 04/01/2028)		1,500,000		1,893,133
5.000%, 03/15/2041 (Callable 03/15/2029)		3,000,000		3,778,083
5.000%, 03/15/2043 (Callable 03/15/2029)		3,275,000		4,108,525
5.000%, 03/15/2044 (Callable 03/15/2024)		2,800,000		3,118,669
New York State Housing Finance Agency,
1.600%, 11/01/2024 (Callable 12/01/2021)		2,000,000		2,011,519
New York State Urban Development Corp.,
4.000%, 03/15/2043 (Callable 09/15/2029)		560,000		659,623
New York Transportation Development Corp.,
5.000%, 12/01/2033 (Callable 12/01/2030)		1,000,000		1,320,987
Onondaga Civic Development Corp.:
3.375%, 10/01/2026 (Callable 10/01/2025)		50,000		52,452
5.000%, 10/01/2040 (Callable 10/01/2025)		95,000		102,166
Port Authority of New York & New Jersey,
5.000%, 09/01/2031 (Callable 09/01/2024)		770,000		881,312
St. Lawrence County Industrial
Development Agency,
5.000%, 07/01/2034 (Callable 07/01/2026)		345,000		409,725
State of New York Mortgage Agency,
3.500%, 10/01/2043 (Callable 04/01/2023)		145,000		152,300
Town of Oyster Bay NY,
3.000%, 02/01/2022		1,775,000		1,800,282
Triborough Bridge & Tunnel Authority,
4.000%, 05/15/2046 (Callable 05/15/2031)		500,000		604,686
Utility Debt Securitization Authority,
5.000%, 12/15/2033 (Callable 12/15/2025)		1,175,000		1,396,829
Total New York
(Cost $61,033,201)				62,541,567		5.6	%
North Carolina
City of Monroe NC,
5.000%, 03/01/2043 (Callable 03/01/2027)		305,000		371,073
North Carolina Capital
Facilities Finance Agency,
5.000%, 06/01/2022 (Insured by AGC)		150,000		156,134
North Carolina Housing Finance Agency,
4.000%, 07/01/2047 (Callable 01/01/2027)		470,000		510,831
North Carolina Turnpike Authority:
5.000%, 01/01/2028		250,000		312,330
4.000%, 01/01/2041 (Callable 01/01/2029)
(Insured by AGM)		1,000,000		1,152,018
Total North Carolina
(Cost $2,299,928)				2,502,386		0.2	%
North Dakota
City of Dickinson ND,
5.000%, 10/01/2025 (Callable 10/01/2021)		825,000		834,780
City of Horace ND:
1.900%, 08/01/2022 (Callable 08/02/2021)		1,000,000		1,001,049
0.650%, 08/01/2023
(Callable 08/01/2022)(6)		1,000,000		1,000,133
3.000%, 05/01/2037 (Callable 05/01/2026)		2,495,000		2,557,430
City of Mandan ND,
2.750%, 09/01/2041 (Callable 08/02/2021)		570,000		570,196

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

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Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
City of Williston ND:
4.250%, 07/15/2025 (Callable 07/15/2022)	$	1,750,000	$	1,812,721
5.000%, 05/01/2028 (Callable 05/01/2023)		480,000		515,898
County of Burleigh ND:
4.000%, 11/01/2021		525,000		530,461
2.750%, 02/01/2022 (Callable 07/21/2021)		5,500,000		5,502,280
4.000%, 11/01/2029 (Pre-refunded to
11/01/2022) (Insured by AGM)		850,000		893,013
County of McKenzie ND:
5.000%, 08/01/2022		645,000		672,921
5.000%, 08/01/2023		1,225,000		1,325,181
Jamestown Park District,
2.900%, 07/01/2035 (Callable 07/16/2021)		1,000,000		1,000,495
North Dakota Housing Finance Agency:
3.350%, 07/01/2031 (Callable 01/01/2027)		200,000		215,524
3.000%, 07/01/2034 (Callable 07/01/2028)		100,000		107,187
3.500%, 07/01/2046 (Callable 01/01/2026)		300,000		322,752
4.000%, 01/01/2050 (Callable 07/01/2028)		950,000		1,077,321
State Board of Higher Education
of the State of North Dakota:
5.000%, 04/01/2027 (Insured by AGM)		205,000		252,929
5.000%, 04/01/2028 (Insured by AGM)		100,000		126,457
4.000%, 04/01/2037 (Callable 04/01/2029)
(Insured by AGM)		400,000		467,863
Williston Parks & Recreation District,
4.500%, 03/01/2025 (Callable 07/16/2021)		1,700,000		1,700,248
Total North Dakota
(Cost $22,150,575)				22,486,839		2.0	%
Ohio
Akron Bath Copley Joint
Township Hospital District:
5.000%, 11/15/2032 (Callable 11/15/2030)		700,000		911,620
4.000%, 11/15/2033 (Callable 11/15/2030)		400,000		478,803
City of Akron OH,
4.000%, 12/01/2033 (Callable 12/01/2026)		125,000		144,027
City of Middleburg Heights OH,
5.000%, 08/01/2033 (Callable 08/01/2031)		645,000		846,740
Cleveland-Cuyahoga County Port Authority:
5.000%, 07/01/2034 (Callable 07/01/2031)		400,000		522,245
5.000%, 07/01/2036 (Callable 07/01/2031)		600,000		779,948
4.000%, 07/01/2038 (Callable 07/01/2031)		500,000		599,396
Columbus-Franklin County Finance Authority:
2.000%, 11/15/2031		750,000		747,416
3.820%, 11/15/2036 (Callable 11/15/2021)		450,000		452,701
4.000%, 11/15/2038 (Callable 05/15/2022)		330,000		336,412
County of Franklin OH,
0.450%, 05/15/2050 (SIFMA Municipal
Swap Index + 0.430%) (Callable 08/02/2021)
(Mandatory Tender Date 11/15/2021)(2)		1,000,000		1,000,064
County of Licking OH,
4.000%, 12/01/2028
(Pre-refunded to 12/01/2021)		250,000		254,033
County of Lorain OH:
4.000%, 12/01/2028 (Callable 12/01/2023)		180,000		195,455
5.000%, 12/01/2031 (Callable 12/01/2023)		480,000		533,110
3.000%, 12/01/2036 (Callable 12/01/2025)		400,000		425,149
4.000%, 12/01/2040 (Callable 12/01/2025)		245,000		273,406
County of Medina OH:
4.000%, 12/01/2028 (Callable 06/01/2026)		90,000		104,316
3.000%, 12/01/2033 (Callable 06/01/2026)		590,000		634,780
3.000%, 12/01/2037 (Callable 06/01/2026)		545,000		583,391
4.000%, 12/01/2046 (Callable 06/01/2026)		500,000		567,942
County of Montgomery OH:
4.000%, 08/01/2037 (Callable 02/01/2031)		400,000		481,912
5.000%, 08/01/2039 (Callable 02/01/2031)		825,000		1,072,590
Cuyahoga Falls City School District,
4.000%, 12/01/2051 (Callable 06/01/2028)
(Insured by BAM)		250,000		289,169
Euclid City School District,
4.000%, 12/01/2037 (Callable 06/01/2027)
(Insured by BAM)		160,000		184,442
Franklin County Convention
Facilities Authority,
5.000%, 12/01/2032 (Callable 12/01/2029)		500,000		635,275
Little Miami Local School District,
5.000%, 11/01/2036 (Callable 11/01/2025)
(Insured by SD CRED PROG)		1,845,000		2,176,450
Northeast Ohio Medical University:
5.000%, 12/01/2028		100,000		124,541
4.000%, 12/01/2035 (Callable 12/01/2030)		300,000		351,766
3.000%, 12/01/2040 (Callable 12/01/2030)		475,000		498,099
Ohio Air Quality Development Authority,
2.400%, 12/01/2038 (Callable 10/01/2024)
(Mandatory Tender Date 10/01/2029)(1)		500,000		529,785
Ohio Higher Educational Facility Commission:
5.000%, 03/01/2025		655,000		730,343
5.000%, 05/01/2026		200,000		239,718
5.000%, 05/01/2027 (Callable 05/01/2026)		610,000		728,733
5.000%, 05/01/2028 (Callable 05/01/2026)		475,000		565,535
Ohio Housing Finance Agency:
3.200%, 09/01/2036 (Callable 09/01/2025)
(Insured by GNMA)		770,000		808,251
4.000%, 03/01/2047 (Callable 09/01/2025)
(Insured by GNMA)		185,000		198,666
Ohio Turnpike & Infrastructure Commission:
0.000%, 02/15/2034
(Callable 02/15/2031)(7)		1,920,000		2,403,923
0.000%, 02/15/2036
(Callable 02/15/2031)(7)		335,000		419,509
Port of Greater Cincinnati
Development Authority:
5.000%, 04/01/2028		230,000		288,287
5.000%, 04/01/2030		230,000		298,625
State of Ohio:
5.000%, 11/15/2028 (Callable 05/15/2023)		225,000		244,328
5.000%, 11/15/2035 (Callable 11/15/2030)		605,000		768,826
4.000%, 11/15/2036 (Callable 11/15/2030)		635,000		744,095
4.000%, 01/15/2044 (Callable 01/15/2025)		715,000		779,513
Streetsboro City School District,
4.500%, 12/01/2044 (Callable 12/01/2026)		725,000		861,473
Tender Option Bond Trust,
0.220%, 12/15/2040 (Callable 06/15/2031)
(Optional Put Date 07/07/2021)(1)(3)		1,560,000		1,560,000
Township of Miami OH,
3.000%, 12/01/2033 (Callable 12/01/2029)		230,000		257,245
Warren City School District:
4.000%, 12/01/2030 (Callable 12/01/2026)
(Insured by SD CRED PROG)		1,215,000		1,417,110
4.000%, 12/01/2031 (Callable 12/01/2026)
(Insured by SD CRED PROG)		695,000		809,055
4.000%, 12/01/2036 (Callable 12/01/2026)
(Insured by SD CRED PROG)		460,000		528,055
Warrensville Heights City School District:
4.000%, 11/01/2035 (Callable 11/01/2024)
(Insured by BAM)		200,000		218,923
4.000%, 11/01/2037 (Callable 11/01/2024)
(Insured by BAM)		500,000		546,303
Total Ohio
(Cost $30,512,546)				32,151,499		2.9	%

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

Page 167

Baird Core Intermediate Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Oklahoma
Catoosa Industrial Authority,
4.000%, 10/01/2028 (Callable 10/01/2026)	$	220,000	$	227,710
Oklahoma Development Finance Authority:
2.600%, 03/01/2024		425,000		430,253
0.110%, 08/15/2031 (Callable 07/01/2021)
(Optional Put Date 07/07/2021)(1)		5,000,000		5,000,000
Oklahoma Housing Finance Agency,
3.000%, 09/01/2039 (Callable 03/01/2028)
(Insured by GNMA)		210,000		221,058
Oklahoma Turnpike Authority,
4.000%, 01/01/2038 (Callable 01/01/2027)		600,000		690,614
Total Oklahoma
(Cost $6,559,757)				6,569,635		0.6	%
Oregon
Clackamas Community College District,
5.000%, 06/15/2040 (Callable 06/15/2027)(7)		475,000		575,687
Clackamas County School District No. 12,
5.000%, 06/15/2037 (Callable 06/15/2027)
(Insured by SCH BD GTY)		25,000		30,624
Clatsop County School District No. 1-C,
0.000%, 06/15/2041 (Callable 06/15/2029)
(Insured by SCH BD GTY)		785,000		395,689
Clatsop County School District No. 30,
0.000%, 06/15/2038 (Callable 06/15/2029)
(Insured by SCH BD GTY)		425,000		244,922
Multnomah & Clackamas Counties
School District No. 10JT,
0.000%, 06/15/2031 (Callable 06/15/2029)
(Insured by SCH BD GTY)		110,000		92,039
Oregon City School District No. 62,
5.000%, 06/15/2043 (Callable 06/15/2028)
(Insured by SCH BD GTY)		1,000,000		1,254,266
Oregon State Facilities Authority:
5.000%, 10/01/2024		200,000		227,304
5.000%, 10/01/2026		100,000		120,463
5.000%, 10/01/2027		150,000		185,178
Port of Morrow OR,
0.060%, 02/01/2027 (Callable 07/01/2021)
(Optional Put Date 07/07/2021)(1)		3,360,000		3,360,000
Salem Hospital Facility Authority:
5.000%, 05/15/2033 (Callable 05/15/2026)		105,000		122,144
5.000%, 05/15/2035 (Callable 05/15/2026)		500,000		590,517
Tri-County Metropolitan
Transportation District of Oregon,
4.000%, 10/01/2033 (Callable 04/01/2028)		300,000		344,216
Umatilla County School District No. 6R:
0.000%, 06/15/2028 (Callable 06/15/2027)
(Insured by SCH BD GTY)(7)		100,000		112,983
0.000%, 06/15/2030 (Callable 06/15/2027)
(Insured by SCH BD GTY)(7)		100,000		111,888
0.000%, 06/15/2033 (Callable 06/15/2027)
(Insured by SCH BD GTY)(7)		200,000		222,052
0.000%, 06/15/2035 (Callable 06/15/2027)
(Insured by SCH BD GTY)(7)		540,000		597,608
Washington Clackamas & Yamhill
Counties School District No. 88J,
0.000%, 06/15/2046 (Callable 06/15/2028)
(Insured by SCH BD GTY)		750,000		307,529
Total Oregon
(Cost $8,545,876)				8,895,109		0.8	%
Pennsylvania
Bloomsburg PA Area School District,
4.000%, 09/01/2030 (Callable 03/01/2024)
(Insured by BAM)		250,000		272,880
City of Erie Higher Education
Building Authority:
5.000%, 05/01/2031		175,000		223,907
4.000%, 05/01/2036 (Callable 05/01/2031)		200,000		230,869
4.000%, 05/01/2041 (Callable 05/01/2031)		460,000		524,465
5.000%, 05/01/2047 (Callable 05/01/2031)		475,000		585,909
Commonwealth Financing Authority:
5.000%, 06/01/2022		750,000		782,433
4.000%, 06/01/2039 (Callable 06/01/2028)
(Insured by AGM)		1,670,000		1,916,311
Conestoga Valley School District:
4.000%, 02/01/2040 (Callable 08/01/2029)		470,000		561,106
4.000%, 02/01/2040 (Callable 08/01/2029)
(Insured by ST AID)		310,000		368,012
4.000%, 02/01/2041 (Callable 08/01/2029)
(Insured by ST AID)		410,000		485,276
4.000%, 02/01/2043 (Callable 08/01/2029)
(Insured by ST AID)		500,000		595,624
4.000%, 02/01/2044 (Callable 08/01/2029)		500,000		593,662
County of Mercer PA,
4.000%, 10/01/2046 (Callable 10/01/2029)
(Insured by BAM)		440,000		520,237
Dauphin County General Authority,
5.000%, 06/01/2029 (Callable 06/01/2026)		690,000		822,789
Delaware County Authority:
4.000%, 10/01/2021		200,000		201,616
5.000%, 10/01/2023		240,000		261,481
5.000%, 10/01/2035 (Callable 04/01/2027)		485,000		592,300
Delaware County Industrial
Development Authority,
0.030%, 09/01/2045
(Optional Put Date 07/01/2021)(1)		6,000,000		6,000,000
Delaware Valley Regional Finance Authority:
0.947%, 09/01/2048 (1 Month LIBOR
USD + 0.880%) (Callable 09/01/2024)
(Mandatory Tender Date 09/01/2025)(2)		1,000,000		1,003,362
0.080%, 11/01/2055 (Callable 07/01/2021)
(Optional Put Date 07/07/2021)(1)		7,000,000		7,000,000
East Hempfield Township Industrial
Development Authority:
5.000%, 12/01/2025		225,000		266,084
5.000%, 07/01/2030
(Pre-refunded to 07/01/2023)		700,000		765,611
Hamburg Area School District:
3.000%, 04/01/2034 (Callable 10/01/2026)
(Insured by ST AID)		1,000,000		1,092,920
3.000%, 04/01/2036 (Callable 10/01/2026)
(Insured by ST AID)		1,400,000		1,529,888
Lancaster County Hospital Authority,
0.060%, 05/15/2030 (Callable 07/01/2021)
(Optional Put Date 07/07/2021)(1)		400,000		400,000
Lancaster Higher Education Authority:
4.000%, 10/01/2030 (Callable 10/01/2028)
(Insured by BAM)		1,225,000		1,447,462
4.000%, 10/01/2031 (Callable 10/01/2028)
(Insured by BAM)		1,000,000		1,176,885
Latrobe Industrial Development Authority:
5.000%, 03/01/2031		175,000		215,149
5.000%, 03/01/2032 (Callable 03/01/2031)		265,000		324,424
5.000%, 03/01/2033 (Callable 03/01/2031)		290,000		354,206
5.000%, 03/01/2034 (Callable 03/01/2031)		300,000		365,586

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

Page 168

Baird Core Intermediate Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Lycoming County Authority,
4.000%, 11/01/2043
(Mandatory Tender Date 05/01/2024)(1)	$	525,000	$	552,113
Mid Valley School District:
4.000%, 03/15/2033 (Callable 03/15/2025)
(Insured by BAM)		140,000		156,048
4.000%, 03/15/2034 (Callable 03/15/2025)
(Insured by BAM)		650,000		723,281
4.000%, 03/15/2035 (Callable 03/15/2025)
(Insured by BAM)		835,000		929,321
Montgomery County Higher
Education & Health Authority:
1.125%, 05/01/2036
(Mandatory Tender Date 05/01/2023)(7)		700,000		699,528
4.000%, 05/01/2036
(Mandatory Tender Date 05/01/2022)(1)		595,000		602,279
Montgomery County Industrial
Development Authority:
5.000%, 11/15/2036 (Callable 11/15/2026)		600,000		706,243
4.000%, 10/01/2046 (Callable 10/01/2031)(6)		565,000		671,642
4.000%, 10/01/2051 (Callable 10/01/2031)(6)		800,000		946,972
Pennsylvania Economic
Development Financing Authority,
4.000%, 11/15/2034 (Callable 11/15/2027)		1,000,000		1,164,832
Pennsylvania Higher
Educational Facilities Authority,
5.000%, 07/01/2035 (Callable 07/01/2026)		300,000		337,881
Pennsylvania Housing Finance Agency:
3.500%, 10/01/2046 (Callable 10/01/2025)		305,000		321,158
4.000%, 10/01/2049 (Callable 10/01/2028)		1,780,000		1,924,224
Pennsylvania Turnpike Commission:
5.000%, 06/01/2030 (Callable 12/01/2025)		280,000		331,479
6.000%, 12/01/2030 (Callable 12/01/2027)
(Insured by BAM)(7)		205,000		268,232
0.000%, 12/01/2037 (Callable 12/01/2026)
(Insured by AGM)(7)		155,000		175,251
0.000%, 12/01/2037 (Callable 12/01/2026)(7)		580,000		659,576
5.000%, 12/01/2038 (Callable 12/01/2028)(7)		755,000		947,181
6.375%, 12/01/2038 (Callable 12/01/2027)(7)		745,000		987,907
0.000%, 12/01/2040 (Callable 06/01/2029)(7)		455,000		500,618
Pittsburgh Water & Sewer Authority,
0.670%, 09/01/2040 (1 Month LIBOR
USD + 0.650%) (Callable 06/01/2023)
(Mandatory Tender Date 12/01/2023)
(Insured by AGM)(2)		4,000,000		4,036,542
Reading School District,
5.000%, 02/01/2023 (Insured by AGM)		230,000		246,643
Ridley School District,
4.000%, 09/15/2031 (Callable 03/15/2025)
(Insured by ST AID)		830,000		930,880
School District of Philadelphia,
5.000%, 09/01/2023 (Insured by ST AID)		55,000		60,464
Sports & Exhibition Authority of
Pittsburgh and Allegheny County,
5.000%, 12/15/2028 (Callable 12/15/2027)
(Insured by BAM)		500,000		633,407
State Public School Building Authority:
0.000%, 05/15/2027 (Insured by NATL)		160,000		146,988
0.000%, 05/15/2030 (Insured by NATL)		1,780,000		1,510,173
Upper Moreland Township School District,
5.000%, 10/01/2030 (Callable 04/01/2025)
(Insured by ST AID)		250,000		291,445
Warrior Run School District,
4.000%, 09/01/2042 (Callable 09/01/2026)
(Insured by BAM)		1,610,000		1,849,368
Westmoreland County Industrial
Development Authority:
5.000%, 07/01/2029		725,000		930,756
5.000%, 07/01/2030		550,000		717,081
York Suburban School District,
4.000%, 05/01/2030 (Callable 05/01/2024)
(Insured by BAM)		1,780,000		1,952,352
Total Pennsylvania
(Cost $56,830,321)				58,392,319		5.3	%
Rhode Island
Rhode Island Commerce Corp.,
5.000%, 07/01/2033 (Callable 07/01/2028)
(Insured by BAM)		950,000		1,193,001
Rhode Island Housing &
Mortgage Finance Corp.,
3.500%, 10/01/2046 (Callable 04/01/2025)		45,000		46,299
Total Rhode Island
(Cost $1,069,914)				1,239,300		0.1	%
South Carolina
City of Newberry SC:
5.000%, 09/01/2028 (Insured by AGM)		250,000		319,122
5.000%, 09/01/2029 (Insured by AGM)		225,000		293,203
5.000%, 09/01/2030 (Insured by AGM)		200,000		265,659
City of Walhalla SC,
5.000%, 06/01/2025 (Insured by BAM)		185,000		216,709
County of Florence SC,
5.000%, 11/01/2033 (Callable 11/01/2024)		250,000		283,845
Scago Educational Facilities Corp.
for Union School District,
5.000%, 12/01/2023 (Insured by BAM)		500,000		555,194
South Carolina Jobs-Economic
Development Authority:
5.000%, 05/01/2029 (Callable 05/01/2028)		1,080,000		1,349,220
4.000%, 08/15/2030 (Callable 08/15/2026)		270,000		302,961
5.250%, 08/15/2033 (Callable 08/15/2026)		2,500,000		2,912,612
0.100%, 05/01/2048 (Callable 07/01/2021)
(Optional Put Date 07/07/2021)(1)		5,525,000		5,525,000
South Carolina State Housing Finance
& Development Authority:
3.800%, 07/01/2034 (Callable 07/01/2024)
(Insured by GNMA)		790,000		808,263
3.800%, 01/01/2049 (Callable 07/01/2027)		320,000		343,692
4.000%, 07/01/2050 (Callable 07/01/2029)		2,930,000		3,309,565
South Carolina Transportation
Infrastructure Bank,
0.517%, 10/01/2031 (1 Month LIBOR
USD + 0.450%) (Callable 10/01/2021)(2)		3,980,000		3,981,619
Spartanburg Regional Health Services District:
4.000%, 04/15/2036 (Callable 04/15/2030)
(Insured by AGM)		445,000		531,739
4.000%, 04/15/2037 (Callable 04/15/2030)
(Insured by AGM)		500,000		595,854
4.000%, 04/15/2038 (Callable 04/15/2030)
(Insured by AGM)		500,000		594,532
Sumter Two School Facilities, Inc.,
5.000%, 12/01/2023 (Insured by BAM)		200,000		222,078
Total South Carolina
(Cost $21,680,850)				22,410,867		2.0	%
South Dakota
City of Rapid City SD,
4.000%, 12/01/2035 (Callable 12/01/2029)		3,260,000		3,713,391

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

Page 169

Baird Core Intermediate Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
South Dakota Health & Educational
Facilities Authority:
3.000%, 09/01/2029 (Callable 09/01/2028)	$	380,000	$	409,020
3.000%, 09/01/2030 (Callable 09/01/2028)		175,000		186,562
4.000%, 11/01/2040 (Callable 11/01/2025)		155,000		171,467
3.000%, 09/01/2041 (Callable 09/01/2028)		250,000		254,171
South Dakota Housing
Development Authority:
3.375%, 05/01/2033 (Callable 05/01/2022)		340,000		344,379
4.000%, 05/01/2049 (Callable 05/01/2028)		2,175,000		2,396,704
Total South Dakota
(Cost $7,123,674)				7,475,694		0.7	%
Tennessee
City of Clarksville TN,
5.000%, 02/01/2032 (Callable 02/01/2026)		1,000,000		1,186,320
City of Jackson TN:
5.000%, 04/01/2029 (Callable 04/01/2025)		555,000		627,547
5.000%, 04/01/2036 (Callable 04/01/2025)		1,950,000		2,192,727
City of Memphis TN:
5.000%, 12/01/2032
(Pre-refunded to 12/01/2024)		530,000		614,738
4.000%, 12/01/2033 (Callable 12/01/2026)		1,300,000		1,507,528
4.000%, 12/01/2033 (Callable 12/01/2027)		480,000		566,093
4.000%, 12/01/2034 (Callable 12/01/2026)		1,310,000		1,515,389
4.000%, 12/01/2035 (Callable 12/01/2026)		275,000		317,404
County of Warren TN,
4.000%, 06/01/2029 (Callable 06/01/2026)
(Insured by AGM)		150,000		172,544
Knox County Health Educational
& Housing Facility Board:
5.000%, 04/01/2022		200,000		206,750
5.000%, 01/01/2026 (Callable 01/01/2023)		145,000		154,272
Nashville & Davidson County
Metropolitan Government,
3.000%, 10/01/2024		275,000		282,461
Shelby County Health Educational
& Housing Facilities Board,
4.000%, 05/01/2037 (Callable 05/01/2027)		250,000		283,461
Tennessee Energy Acquisition Corp.:
5.625%, 09/01/2026		75,000		91,785
5.000%, 02/01/2027		185,000		222,760
4.000%, 11/01/2049 (Callable 08/01/2025)
(Mandatory Tender Date 11/01/2025)(1)		785,000		888,545
Tennessee Housing Development Agency:
3.600%, 01/01/2031 (Callable 01/01/2023)		1,405,000		1,442,521
3.550%, 07/01/2039 (Callable 07/01/2024)		225,000		234,646
4.000%, 01/01/2042 (Callable 07/01/2026)		170,000		185,486
3.800%, 07/01/2043 (Callable 01/01/2022)		225,000		228,061
4.000%, 07/01/2043 (Callable 01/01/2023)		125,000		128,613
4.000%, 07/01/2045 (Callable 01/01/2025)		85,000		90,649
3.500%, 01/01/2047 (Callable 01/01/2026)		60,000		64,271
4.500%, 07/01/2049 (Callable 01/01/2028)		780,000		874,766
4.250%, 01/01/2050 (Callable 07/01/2028)		840,000		933,289
Total Tennessee
(Cost $14,649,403)				15,012,626		1.4	%
Texas
Arlington Higher Education Finance Corp.:
4.000%, 08/15/2028 (Callable 08/15/2026)
(PSF Guaranteed)		250,000		284,294
4.000%, 08/01/2033 (Callable 08/01/2028)
(PSF Guaranteed)		180,000		210,598
4.000%, 08/15/2036 (Callable 08/15/2031)
(PSF Guaranteed)		1,370,000		1,704,746
4.000%, 08/15/2037 (Callable 08/15/2031)
(PSF Guaranteed)		765,000		948,210
5.000%, 02/15/2038 (Callable 02/15/2025)
(PSF Guaranteed)		295,000		334,341
Austin-Bergstrom Landhost Enterprises, Inc.:
5.000%, 10/01/2035 (Callable 10/01/2027)		1,250,000		1,450,376
5.000%, 10/01/2036 (Callable 10/01/2027)		885,000		1,025,423
Brazoria County Toll Road Authority,
0.000%, 03/01/2043 (Callable 03/01/2030)(7)		470,000		468,270
Central Texas Regional Mobility Authority:
5.000%, 01/01/2027 (Callable 01/01/2026)		2,000,000		2,360,890
4.000%, 01/01/2040 (Callable 01/01/2031)		1,250,000		1,491,594
City of Brownsville TX,
4.000%, 09/01/2029 (Callable 09/01/2026)
(Insured by AGM)		170,000		194,050
City of Garland TX,
5.000%, 03/01/2033 (Callable 03/01/2026)		835,000		989,689
City of Greenville TX:
5.000%, 02/15/2034 (Callable 02/15/2024)		200,000		222,167
5.000%, 02/15/2035 (Callable 02/15/2024)		175,000		194,202
City of Houston TX,
5.500%, 12/01/2029 (ETM)
(Insured by NATL)		500,000		643,603
City of Magnolia TX,
5.700%, 09/01/2046(3)		1,010,000		1,181,713
City of San Antonio TX:
5.000%, 02/01/2047 (Callable 02/01/2027)		1,000,000		1,195,648
2.750%, 02/01/2048
(Mandatory Tender Date 12/01/2022)(1)		1,500,000		1,551,036
City of Temple TX:
4.000%, 08/01/2035 (Callable 08/01/2030)
(Insured by BAM)		650,000		765,123
4.000%, 08/01/2037 (Callable 08/01/2030)
(Insured by BAM)		200,000		234,563
4.000%, 08/01/2038 (Callable 08/01/2030)
(Insured by BAM)		165,000		193,075
4.000%, 08/01/2039 (Callable 08/01/2030)
(Insured by BAM)		435,000		507,796
4.000%, 08/01/2041 (Callable 08/01/2030)
(Insured by BAM)		200,000		233,034
City of Tyler TX,
5.000%, 09/01/2029 (Callable 09/01/2025)		150,000		177,205
Clifton Higher Education Finance Corp.:
4.000%, 08/15/2030 (Callable 08/15/2026)
(PSF Guaranteed)		700,000		795,403
4.000%, 04/01/2034 (Callable 04/01/2030)
(PSF Guaranteed)		325,000		390,515
5.000%, 08/15/2034 (Callable 08/15/2026)
(PSF Guaranteed)		1,000,000		1,208,372
4.000%, 04/01/2035 (Callable 04/01/2030)
(PSF Guaranteed)		250,000		299,412
4.000%, 08/15/2035 (Callable 08/15/2029)
(PSF Guaranteed)		1,380,000		1,662,508
County of Harris TX,
5.000%, 08/15/2029 (Callable 08/15/2022)		150,000		158,039
County of Williamson TX,
5.000%, 02/15/2028 (Callable 02/15/2025)		90,000		104,538
County of Wise TX:
5.000%, 08/15/2029		880,000		1,102,385
5.000%, 08/15/2033 (Callable 08/15/2031)		930,000		1,183,452
Crane County Water District,
5.000%, 02/15/2023		250,000		268,569

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

Page 170

Baird Core Intermediate Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Danbury Higher Education Authority, Inc.:
4.000%, 02/15/2027 (PSF Guaranteed)	$	200,000	$	231,970
4.000%, 02/15/2028 (Callable 02/15/2027)
(PSF Guaranteed)		200,000		232,364
4.000%, 02/15/2030 (Callable 02/15/2027)
(PSF Guaranteed)		200,000		228,519
4.000%, 02/15/2031 (Callable 02/15/2027)
(PSF Guaranteed)		200,000		227,404
5.000%, 02/15/2047 (Callable 02/15/2022)
(PSF Guaranteed)		500,000		512,981
Deaf Smith County Hospital District,
4.000%, 03/01/2040 (Callable 03/01/2027)		2,045,000		2,218,488
Ferris Independent School District,
5.000%, 08/15/2029 (Callable 08/15/2026)
(PSF Guaranteed)		560,000		679,508
Fort Bend County Levee
Improvement District No. 19:
3.000%, 09/01/2029 (Callable 09/01/2026)
(Insured by AGM)		335,000		366,046
3.000%, 09/01/2030 (Callable 09/01/2026)
(Insured by AGM)		715,000		780,558
Fort Bend County Municipal
Utility District No. 155,
4.000%, 09/01/2033 (Callable 09/01/2023)
(Insured by AGM)		230,000		246,029
Fort Bend County Municipal
Utility District No. 30,
4.000%, 09/01/2023 (Insured by BAM)		295,000		317,024
Fort Bend County Municipal
Utility District No. 58:
3.000%, 04/01/2033 (Callable 04/01/2029)
(Insured by BAM)		400,000		439,716
3.000%, 04/01/2034 (Callable 04/01/2029)
(Insured by BAM)		450,000		493,354
3.000%, 04/01/2035 (Callable 04/01/2029)
(Insured by BAM)		430,000		470,658
3.000%, 04/01/2037 (Callable 04/01/2029)
(Insured by BAM)		825,000		898,324
Fort Bend Independent School District,
5.000%, 08/15/2030 (Callable 08/15/2026)
(PSF Guaranteed)		100,000		121,229
Grand Parkway Transportation Corp.:
0.000%, 10/01/2034 (Callable 10/01/2028)(7)		40,000		46,499
0.000%, 10/01/2036 (Callable 10/01/2028)(7)		305,000		354,111
0.000%, 10/01/2046 (Callable 10/01/2028)(7)		885,000		1,020,906
0.000%, 10/01/2047 (Callable 10/01/2028)(7)		1,775,000		2,050,212
0.000%, 10/01/2048 (Callable 10/01/2028)(7)		440,000		507,885
5.000%, 10/01/2052
(Mandatory Tender Date 10/01/2023)(1)		500,000		550,289
Harris County Cultural Education
Facilities Finance Corp.:
5.000%, 12/01/2026 (Callable 12/01/2024)		100,000		114,564
5.000%, 11/15/2033 (Callable 11/15/2027)		115,000		142,557
Harris County Municipal
Utility District No. 371,
4.000%, 09/01/2032 (Callable 09/01/2023)
(Insured by BAM)		370,000		395,790
Harris County Municipal
Utility District No. 500,
3.000%, 12/01/2022 (Insured by AGM)		175,000		181,495
Harris County Municipal
Utility District No. 71,
4.000%, 09/01/2028 (Callable 09/01/2023)
(Insured by BAM)		250,000		268,383
Harris County-Houston Sports Authority,
5.000%, 11/15/2026 (Callable 11/15/2024)
(Insured by AGM)		310,000		351,393
Houston Higher Education Finance Corp.:
3.375%, 10/01/2037 (Callable 08/02/2021)		320,000		320,136
4.000%, 10/01/2051 (Callable 04/01/2031)		1,000,000		1,111,881
Hunt Memorial Hospital District:
5.000%, 02/15/2028		525,000		639,677
5.000%, 02/15/2030		1,015,000		1,274,543
Lake Travis Independent School District:
2.625%, 02/15/2048 (Pre-refunded to
02/15/2022) (PSF Guaranteed)(1)		25,000		25,380
2.625%, 02/15/2048 (Pre-refunded to
02/15/2022) (PSF Guaranteed)(1)		35,000		35,521
Laredo Community College District,
5.000%, 08/01/2028 (Callable 08/01/2027)
(Insured by BAM)		350,000		436,311
Leander Independent School District,
0.000%, 08/15/2040 (Pre-refunded to
08/15/2024) (PSF Guaranteed)		20,000		9,158
Martin County Hospital District:
4.000%, 04/01/2027		225,000		257,513
4.000%, 04/01/2028		430,000		496,840
4.000%, 04/01/2031 (Callable 04/01/2030)		235,000		272,562
4.000%, 04/01/2034 (Callable 04/01/2030)		500,000		575,155
Matagorda County Navigation District No. 1,
4.400%, 05/01/2030 (Insured by AMBAC)		1,025,000		1,246,541
Montgomery County Municipal
Utility District No. 119:
4.000%, 04/01/2023 (Insured by BAM)		200,000		211,948
4.000%, 04/01/2024 (Insured by BAM)		200,000		217,909
Navasota Independent School District,
5.000%, 02/15/2048 (Callable 02/15/2025)
(PSF Guaranteed)		2,100,000		2,388,860
New Hope Cultural Education
Facilities Finance Corp.:
3.625%, 08/15/2022 (Callable 08/15/2021)(3)		135,000		135,424
5.000%, 08/15/2047 (Callable 08/15/2027)		2,000,000		2,406,692
North Texas Tollway Authority:
5.000%, 01/01/2024		100,000		111,662
5.000%, 01/01/2033 (Callable 01/01/2026)		675,000		800,232
5.000%, 01/01/2034 (Callable 01/01/2025)		95,000		108,675
0.000%, 09/01/2045
(Pre-refunded to 09/01/2031)(7)		40,000		60,252
Northeast Travis County Utility District:
0.000%, 09/01/2023 (Insured by BAM)		275,000		269,793
3.000%, 09/01/2027 (Insured by BAM)		170,000		190,549
Pflugerville Independent School District:
4.000%, 02/15/2033 (Callable 02/15/2026)		225,000		253,169
4.000%, 02/15/2034 (Callable 02/15/2026)		200,000		224,665
4.000%, 02/15/2035 (Callable 02/15/2026)		315,000		353,458
4.000%, 02/15/2036 (Callable 02/15/2026)		330,000		369,951
4.000%, 02/15/2037 (Callable 02/15/2026)		340,000		380,746
4.000%, 02/15/2039 (Callable 02/15/2026)		370,000		413,456
4.000%, 02/15/2041 (Callable 02/15/2026)		350,000		389,875
Port of Port Arthur Navigation District,
0.020%, 04/01/2040
(Optional Put Date 07/01/2021)(1)		10,300,000		10,300,000
Red River Education Finance Corp.,
5.000%, 06/01/2022		500,000		521,104
Rio Vista Independent School District,
4.000%, 08/15/2028 (Callable 08/15/2025)
(Insured by BAM)		125,000		141,505

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

Page 171

Baird Core Intermediate Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Rosebud-Lott Independent School District:
5.500%, 02/15/2030 (Callable 02/15/2025)
(PSF Guaranteed)	$	100,000	$	117,157
5.500%, 02/15/2031 (Callable 02/15/2025)
(PSF Guaranteed)		100,000		116,961
SA Energy Acquisition Public Facility Corp.,
5.500%, 08/01/2022		160,000		168,874
San Antonio Public Facilities Corp.,
4.000%, 09/15/2034 (Callable 09/15/2022)		1,370,000		1,422,065
Sedona Lakes Municipal Utility District No. 1,
4.000%, 09/01/2026 (Callable 09/01/2025)
(Insured by BAM)		85,000		95,787
Southwest Houston Redevelopment Authority,
5.000%, 09/01/2027 (Insured by AGM)		250,000		302,727
Sterling Independent School District,
3.000%, 02/15/2028 (Callable 02/15/2024)
(PSF Guaranteed)		190,000		201,635
Tarrant County Cultural Education
Facilities Finance Corp.,
5.000%, 11/15/2037 (Callable 11/15/2027)		600,000		714,359
Texas Department of Housing
& Community Affairs,
4.750%, 01/01/2049 (Callable 07/01/2028)		3,950,000		4,443,718
Texas Municipal Gas Acquisition
& Supply Corp. I:
1.530%, 12/15/2026 (3 Month LIBOR
USD + 1.450%) (Callable 07/01/2021)(2)		3,000,000		3,000,393
6.250%, 12/15/2026		1,355,000		1,596,576
Texas Municipal Gas Acquisition
& Supply Corp. III:
5.000%, 12/15/2028		400,000		510,487
5.000%, 12/15/2032		300,000		405,293
Texas Municipal Power Agency,
5.000%, 09/01/2047 (Callable 08/02/2021)		500,000		501,779
Texas Water Development Board,
5.000%, 10/15/2043 (Callable 04/15/2028)		3,240,000		4,030,471
Tioga Independent School
District Public Facility Corp.,
3.250%, 08/15/2027 (Callable 08/15/2024)		200,000		203,928
Town of Providence Village TX,
4.000%, 03/01/2025 (Insured by BAM)		105,000		117,567
Travis County Municipal Utility District No. 4,
4.000%, 09/01/2035 (Callable 09/01/2022)
(Insured by AGM)		615,000		637,851
Upper Trinity Regional Water District,
5.000%, 08/01/2032 (Callable 08/01/2028)
(Insured by BAM)		240,000		299,090
Viridian Municipal Management District:
4.000%, 12/01/2027 (Callable 12/01/2023)
(Insured by AGM)		315,000		338,734
4.000%, 12/01/2028 (Callable 12/01/2023)
(Insured by AGM)		470,000		503,425
6.000%, 12/01/2035 (Callable 12/01/2024)
(Insured by BAM)		90,000		105,773
4.000%, 12/01/2037 (Callable 12/01/2027)
(Insured by BAM)		865,000		987,819
Washington County Junior College District,
5.000%, 10/01/2028 (Callable 04/01/2026)
(Insured by BAM)		500,000		592,450
Wimberley Independent School District,
4.000%, 08/15/2031 (Callable 08/15/2027)
(PSF Guaranteed)		330,000		385,252
Total Texas
(Cost $86,584,741)				88,934,409		8.0	%
Utah
City of Herriman City UT,
4.000%, 01/01/2041 (Callable 01/01/2031)
(Insured by AGM)		500,000		604,287
Jordan Valley Water Conservancy District:
5.000%, 10/01/2032 (Callable 10/01/2026)		250,000		304,015
5.000%, 10/01/2033 (Callable 10/01/2026)		350,000		425,019
Midvale Utah Redevelopment Agency,
5.000%, 05/01/2027		290,000		360,450
Salt Lake City Corp.:
5.000%, 07/01/2030 (Callable 07/01/2027)		155,000		191,557
5.000%, 07/01/2042 (Callable 07/01/2027)		2,735,000		3,344,315
South Ogden Conservation District,
4.000%, 02/01/2031 (Pre-refunded to
02/01/2022) (Insured by AGM)		295,000		301,658
Timpanogos Special Service District,
4.000%, 06/01/2029 (Callable 06/01/2024)		50,000		54,707
University of Utah,
4.000%, 08/01/2039 (Callable 08/01/2030)		1,760,000		2,130,974
Utah Charter School Finance Authority:
5.000%, 04/15/2027 (Callable 04/15/2026)
(Insured by UT CSCE)		365,000		429,772
4.000%, 04/15/2028 (Insured by UT CSCE)		210,000		243,777
5.000%, 04/15/2028 (Callable 04/15/2026)
(Insured by UT CSCE)		720,000		843,373
5.250%, 10/15/2028 (Callable 10/15/2023)
(Insured by UT CSCE)		400,000		439,302
4.000%, 04/15/2029 (Insured by UT CSCE)		225,000		264,120
5.000%, 10/15/2032 (Callable 10/15/2027)
(Insured by UT CSCE)		285,000		337,081
5.000%, 10/15/2036 (Callable 04/15/2023)
(Insured by UT CSCE)		700,000		744,662
5.000%, 04/15/2037 (Callable 04/15/2026)
(Insured by UT CSCE)		520,000		595,820
5.000%, 10/15/2043 (Callable 10/15/2023)
(Insured by UT CSCE)		2,250,000		2,422,183
5.000%, 10/15/2043 (Callable 10/15/2027)
(Insured by UT CSCE)		1,000,000		1,161,599
Utah Housing Corp.,
4.000%, 01/01/2045 (Callable 01/01/2026)
(Insured by FHA)		215,000		231,526
Utah Infrastructure Agency:
5.000%, 10/15/2026		140,000		168,578
5.000%, 10/15/2027		125,000		153,768
Utah Transit Authority,
5.000%, 12/15/2029 (Callable 06/15/2028)		75,000		93,461
Total Utah
(Cost $15,248,637)				15,846,004		1.4	%
Vermont
City of Burlington VT,
5.000%, 07/01/2028 (Callable 07/01/2027)		275,000		338,467
Vermont Educational & Health
Buildings Financing Agency,
5.000%, 12/01/2035 (Callable 06/01/2026)		710,000		845,786
Vermont Housing Finance Agency,
3.650%, 11/01/2032 (Callable 11/01/2024)		110,000		116,170
Vermont Public Power Supply Authority:
5.000%, 07/01/2027		660,000		810,930
5.000%, 07/01/2028 (Callable 07/01/2027)		500,000		610,186
Winooski School District,
1.250%, 10/15/2021		3,500,000		3,504,627
Total Vermont
(Cost $6,123,922)				6,226,166		0.6	%

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

Page 172

Baird Core Intermediate Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Virginia
City of Petersburg VA,
4.000%, 11/01/2025 (Callable 11/01/2022)
(Insured by ST AID)	$	290,000	$	297,829
City of Virginia Beach VA,
3.000%, 03/01/2031 (Callable 03/01/2028)
(Insured by ST AID)		1,500,000		1,697,673
Virginia Housing Development Authority,
3.450%, 04/01/2038 (Callable 10/01/2022)		3,000,000		3,105,049
Virginia Resources Authority,
3.000%, 11/01/2031 (Callable 11/01/2028)		1,200,000		1,369,641
Total Virginia
(Cost $6,379,486)				6,470,192		0.6	%
Washington
Clark & Skamania Counties
School District No. 112-6,
5.000%, 12/01/2031 (Callable 06/01/2025)
(Insured by SCH BD GTY)		160,000		187,764
Energy Northwest,
5.000%, 07/01/2030 (Callable 07/01/2028)		600,000		769,017
King County Housing Authority,
5.000%, 12/01/2030 (Callable 12/01/2026)		1,650,000		1,990,230
King County Public Hospital District No. 1,
5.000%, 12/01/2029 (Callable 12/01/2028)		1,050,000		1,337,931
Lewis County School District No. 302,
5.000%, 12/01/2031 (Callable 06/01/2025)
(Insured by SCH BD GTY)		235,000		276,278
Pacific County School District No. 118,
4.000%, 12/01/2025
(Insured by SCH BD GTY)		215,000		245,451
Pend Oreille County Public
Utility District No. 1:
5.000%, 01/01/2028		220,000		264,272
5.000%, 01/01/2031 (Callable 01/01/2028)		100,000		118,231
5.000%, 01/01/2038 (Callable 01/01/2029)		2,500,000		2,955,505
State of Washington:
5.000%, 02/01/2038 (Callable 02/01/2024)		645,000		717,446
5.000%, 02/01/2039 (Callable 02/01/2029)		1,095,000		1,389,511
5.000%, 06/01/2039 (Callable 06/01/2029)		800,000		1,024,165
5.000%, 07/01/2042 (Callable 07/01/2028)		1,330,000		1,647,529
4.000%, 08/01/2042 (Callable 08/01/2022)		345,000		357,478
Washington Biomedical Research Properties 3.2,
5.000%, 01/01/2037 (Callable 07/01/2025)		100,000		115,739
Washington State Housing Finance Commission:
3.700%, 12/01/2033 (Callable 06/01/2024)		85,000		85,729
3.700%, 12/01/2034 (Callable 06/01/2025)		40,000		41,918
4.000%, 06/01/2049 (Callable 06/01/2028)		430,000		474,361
Total Washington
(Cost $13,167,806)				13,998,555		1.3	%
Wisconsin
Appleton Redevelopment Authority,
0.060%, 06/01/2036 (Callable 07/01/2021)
(Optional Put Date 07/07/2021)(1)		7,700,000		7,700,000
Milwaukee Redevelopment Authority:
5.000%, 11/15/2030 (Callable 11/15/2026)		225,000		272,423
5.000%, 11/15/2032 (Callable 11/15/2026)		175,000		211,578
Public Finance Authority:
5.000%, 01/01/2022		150,000		153,486
5.000%, 01/01/2023		190,000		203,214
5.000%, 10/01/2023(3)		2,125,000		2,310,901
5.000%, 01/01/2024		230,000		255,786
5.000%, 10/01/2024(3)		875,000		983,548
5.000%, 01/01/2025		260,000		299,467
3.000%, 04/01/2025(3)		330,000		343,048
5.000%, 06/15/2025		220,000		250,436
3.000%, 03/01/2026
(Callable 08/02/2021)(3)		1,250,000		1,251,021
0.000%, 09/01/2028
(Pre-refunded to 09/01/2026)		130,000		114,071
5.000%, 03/01/2031 (Callable 03/01/2026)		440,000		523,672
5.000%, 10/01/2044 (Callable 04/01/2029)		1,750,000		2,149,397
Southeast Wisconsin Professional
Baseball Park District,
0.000%, 12/15/2023 (ETM)
(Insured by NATL)		25,000		24,720
Tender Option Bond Trust,
0.270%, 04/01/2032 (Callable 08/02/2021)
(Optional Put Date 07/07/2021)(1)(3)		498,000		498,000
University of Wisconsin Hospitals & Clinics:
5.000%, 04/01/2036 (Callable 10/01/2028)		465,000		584,292
5.000%, 04/01/2038
(Pre-refunded to 04/01/2023)		830,000		899,908
Village of Mount Pleasant WI:
4.000%, 04/01/2035 (Callable 04/01/2028)		1,795,000		2,062,964
5.000%, 04/01/2036 (Callable 04/01/2028)		1,000,000		1,242,517
4.000%, 04/01/2037 (Callable 04/01/2028)		1,000,000		1,144,147
5.000%, 04/01/2038 (Callable 04/01/2028)		1,000,000		1,237,048
5.000%, 04/01/2048 (Callable 04/01/2028)		1,435,000		1,731,720
Wisconsin Center District:
5.250%, 12/15/2023 (ETM)
(Insured by AGM)		125,000		132,822
5.250%, 12/15/2023 (Insured by AGM)		75,000		81,918
0.000%, 12/15/2027		525,000		484,477
0.000%, 12/15/2027 (Insured by NATL)		220,000		201,076
5.000%, 12/15/2027 (Callable 06/15/2026)		500,000		606,255
5.250%, 12/15/2027 (ETM)
(Insured by AGM)		70,000		85,280
5.250%, 12/15/2027 (Insured by AGM)		195,000		236,075
0.000%, 12/15/2028		255,000		229,892
0.000%, 12/15/2028 (Insured by AGM)		1,025,000		924,076
5.000%, 12/15/2028 (Callable 06/15/2026)		345,000		417,191
0.000%, 12/15/2029		315,000		276,750
0.000%, 12/15/2030		460,000		393,750
0.000%, 12/15/2030 (Insured by AGM)		645,000		552,105
5.000%, 12/15/2030 (Callable 06/15/2026)		500,000		601,648
5.000%, 12/15/2030 (Callable 12/15/2022)		395,000		414,371
5.000%, 12/15/2031 (Callable 06/15/2026)		300,000		360,827
0.000%, 12/15/2035 (Callable 06/15/2026)
(Insured by BAM)		300,000		193,034
0.000%, 12/15/2037 (Callable 06/15/2026)
(Insured by BAM)		1,980,000		1,170,019
Wisconsin Health & Educational
Facilities Authority:
5.000%, 03/01/2022		125,000		127,710
5.000%, 11/01/2022		120,000		123,898
5.000%, 07/01/2023		165,000		179,775
5.000%, 11/01/2023		125,000		131,795
5.000%, 07/01/2024		250,000		282,804
5.000%, 11/01/2024		155,000		166,635
4.000%, 09/15/2025 (Callable 09/15/2023)		225,000		241,611
5.000%, 11/01/2025		245,000		267,771
5.000%, 07/01/2026 (Callable 07/01/2024)		50,000		56,274
2.250%, 11/01/2026 (Callable 11/01/2021)		750,000		750,919
5.000%, 08/15/2028 (Callable 08/15/2023)		1,000,000		1,083,642
5.000%, 12/01/2028 (Callable 11/01/2026)		45,000		54,552
5.000%, 08/15/2029 (Callable 08/15/2027)		180,000		224,064

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

Page 173

Baird Core Intermediate Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal					% of
	Amount		Value			Net Assets
Wisconsin Health & Educational
Facilities Authority: (cont.)
5.000%, 10/01/2029	$	545,000	$	700,963
5.000%, 12/15/2030 (Callable 12/15/2024)		480,000		546,552
5.000%, 04/01/2031 (Callable 04/01/2027)		250,000		304,325
5.000%, 02/15/2032 (Callable 02/15/2022)		670,000		685,282
5.000%, 04/01/2032 (Callable 10/01/2022)		290,000		304,341
4.000%, 08/15/2037 (Callable 08/15/2027)		1,905,000		2,208,156
4.375%, 06/01/2039 (Callable 06/01/2022)		230,000		236,535
5.000%, 08/15/2039 (Callable 08/15/2024)		1,400,000		1,575,131
5.250%, 10/15/2039 (Callable 10/15/2021)		710,000		719,897
4.000%, 11/15/2039 (Callable 05/15/2026)		500,000		571,948
5.000%, 11/15/2044 (Callable 11/15/2022)		330,000		350,314
5.000%, 12/15/2044 (Callable 12/15/2024)		675,000		757,070
4.000%, 11/15/2046 (Callable 05/15/2026)		475,000		539,217
5.000%, 02/15/2051 (Callable 08/15/2026)
(Mandatory Tender Date 02/15/2027)(1)		700,000		839,248
5.000%, 02/15/2052 (Callable 08/15/2024)
(Mandatory Tender Date 02/15/2025)(1)		2,410,000		2,731,407
Wisconsin Housing & Economic
Development Authority:
4.000%, 03/01/2048 (Callable 03/01/2027)
(Insured by FNMA)		1,215,000		1,309,836
4.250%, 03/01/2049 (Callable 09/01/2028)		1,695,000		1,892,457
Total Wisconsin
(Cost $52,083,055)				53,773,059			4.8	%
Wyoming
County of Laramie WY:
4.000%, 05/01/2030		500,000		607,728
4.000%, 05/01/2032 (Callable 05/01/2031)		525,000		640,064
4.000%, 05/01/2034 (Callable 05/01/2031)		500,000		605,607
4.000%, 05/01/2036 (Callable 05/01/2031)		600,000		723,134
4.000%, 05/01/2037 (Callable 05/01/2031)		225,000		269,924
Wyoming Community
Development Authority:
3.000%, 12/01/2044 (Callable 06/01/2024)		55,000		57,027
4.000%, 12/01/2048 (Callable 06/01/2028)		1,650,000		1,817,415
Total Wyoming
(Cost $4,644,613)				4,720,899			0.4	%
Total Municipal Bonds
(Cost $1,071,199,142)				1,107,485,694			99.7	%
	Shares
Closed-End Investment Company
Nuveen AMT-Free Quality Municipal
Income Fund, Series D Preferred Shares,
0.320%, 03/01/2029(1)		4,800		4,800,000
Total Closed-End Investment Company
(Cost $4,800,000)				4,800,000			0.4	%
Total Long-Term Investments
(Cost $1,075,999,142)				1,112,285,694			100.1	%
Short-Term Investment
Money Market Mutual Fund
Federated Hermes Institutional Tax-Free
Cash Trust, Premier Shares, 0.01%(4)		6,432,288		6,432,288
Total Short-Term Investment
(Cost $6,432,288)				6,432,288			0.6	%
Total Investments
(Cost $1,082,431,430)				1,118,717,982			100.7	%
Liabilities in Excess of Other Assets				(7,788,885	)		(0.7	)%
TOTAL NET ASSETS			$	1,110,929,097			100.0	%

Notes to Schedule of Investments

AGC – Assured Guaranty Corp.

AGM – Assured Guaranty Municipal

AMBAC – Ambac Assurance Corp.

BAM – Build America Mutual Assurance Co.

BHAC – Berkshire Hathaway Assurance Corp.

FHA – Federal Housing Administration

FNMA – Federal National Mortgage Association

GNMA – Government National Mortgage Association

NATL – National Public Finance Guarantee Corp.

Q-SBLF – Qualified School Building Loan Fund

SCH BD GTY – School Board Guaranty

SD CRED PROG – State Credit Enhancement Program

ST AID – State Aid Intercept/Withholding

UT CSCE – Utah Charter School Credit Enhancement Program

ETM – Escrowed to Maturity

LIBOR – London Inter-bank Offered Rate

PSF – Permanent School Fund

SIFMA – Securities Industry and Financial Markets Association

(1)	Variable rate security. The rate reported is the rate in effect as of June 30, 2021.
(2)	Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of June 30, 2021.
(3)	Security issued under Rule 144A under the Securities Act of 1933 and classified as liquid under the Fund’s liquidity risk management program. Purchased in a private placement transaction; resale to the public may require registration or may extend only to qualified institutional buyers. At June 30, 2021, the value of these securities totaled $72,563,844, which represented 6.53% of total net assets.
(4)	Seven-day yield.
(5)	Auction Rate Security. An Auction Rate Security is a debt instrument with a long nominal maturity for which the interest rate is regularly reset through a Dutch auction. The rate presented is either the rate set through the auction or the maximum interest rate provided for in the security issuance provision.
(6)	Security or a portion of the security purchased on a when-issued or delayed delivery basis.
(7)	Step-up bond; the interest rate shown is the rate in effect as of June 30, 2021.

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

Page 174

Baird Core Intermediate Municipal Bond Fund

Summary of Fair Value Exposure at June 30, 2021 (Unaudited)

The Fund has adopted authoritative fair valuation accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion on changes in valuation techniques and related inputs during the period. These standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The fair value hierarchy is organized into three levels based upon the assumptions (referred to as “inputs”) used in pricing the asset or liability. These standards state that “observable inputs” reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from independent sources and “unobservable inputs” reflect an entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. These inputs are summarized into three broad levels and described below:

Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3 – Unobservable inputs for the asset or liability.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2021:

	Level 1		Level 2		Level 3		Total
Long-Term Investments
Municipal Bonds	$	—	$	1,107,485,694	$	—	$	1,107,485,694
Closed-End Investment Company		—		4,800,000		—		4,800,000
Total Long-Term Investments		—		1,112,285,694		—		1,112,285,694
Short-Term Investment
Money Market Mutual Fund		6,432,288		—		—		6,432,288
Total Short-Term Investment		6,432,288		—		—		6,432,288
Total Investments	$	6,432,288	$	1,112,285,694	$	—	$	1,118,717,982

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

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

Page 175

Baird Municipal Bond Fund

June 30, 2021 (Unaudited)

Portfolio Characteristics

Quality Distribution⁽¹⁾⁽²⁾

	Net Assets	$33,263,436
	SEC 30-Day Yield(4)
	Institutional Class	1.28%
	Investor Class	1.04%
	Average Effective Duration	4.96 years
	Average Effective Maturity	5.35 years
	Annualized Expense Ratio(5)
	Institutional Class	0.30%
	Investor Class	0.55%	(6)
	Portfolio Turnover Rate	34%	(7)
	Number of Holdings	231
Sector Weightings(1)

(1)	Percentages shown are based on the Fund’s total investments.
(2)	The quality profile is calculated on a market value-weighted basis using the highest credit quality rating for each security held by the Fund given by S&P, Moody’s or Fitch, each of which is a Nationally Recognized Statistical Rating Organization (NRSRO). NRSROs rate the credit quality of securities using a scale that generally ranges from AAA (highest) to D (lowest).
(3)	Includes pre-refunded and escrowed-to-maturity (ETM) bonds.
(4)	SEC yields are based on SEC guidelines and are calculated for the 30 days ended June 30, 2021.
(5)	Reflects expense ratios as stated in the Fund’s current prospectus dated May 1, 2021.
(6)	Includes 0.25% 12b-1 fee.
(7)	Not annualized.

Page 176

Baird Municipal Bond Fund

June 30, 2021 (Unaudited)

Total Returns

			Average
			Annual
	Six	One	Since
For the Periods Ended June 30, 2021	Months	Year	Inception(1)
Institutional Class Shares	2.32%	7.16%	8.31%
Investor Class Shares	2.21%	6.79%	7.99%
Bloomberg Barclays Municipal Bond Index(2)	1.06%	4.17%	4.38%

(1)

For the period from November 15, 2019 (inception date) through June 30, 2021.

(2)

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

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

The Fund’s gross expense ratio for each Class, as reflected in the Fund’s current prospectus, is set forth under “Portfolio Characteristics”.

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

U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including the impact of the coronavirus (COVID-19) as a global pandemic and related public health issues, business interruptions, growth concerns in the U.S. and overseas, and changed travel and social behaviors. These and other geopolitical events may cause market disruptions and could have an adverse effect on the value of the Fund’s investments.

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

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

Page 177

Baird Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments

	Principal				% of
	Amount		Value		Net Assets
Municipal Bonds
Alabama
Alabama Community College System,
3.500%, 11/01/2025 (Insured by BAM)	$	100,000	$	111,182
Alabama Special Care Facilities Financing Authority,
5.000%, 06/01/2026 (Callable 06/01/2025)		110,000		127,694
Black Belt Energy Gas District,
4.000%, 12/01/2049 (Callable 09/01/2025)
(Mandatory Tender Date 12/01/2025)(1)		45,000		51,361
Chilton County Health Care Authority,
3.000%, 11/01/2027 (Callable 11/01/2025)		100,000		107,029
Tallassee Board of Education,
4.000%, 08/01/2034 (Callable 08/01/2030)
(Insured by AGM)		100,000		120,022
University of West Alabama:
4.000%, 01/01/2040 (Callable 01/01/2030)
(Insured by AGM)		50,000		57,487
4.000%, 01/01/2041 (Callable 01/01/2030)
(Insured by AGM)		100,000		114,703
Total Alabama
(Cost $662,350)				689,478		2.1	%
Alaska
CIVIC Ventures,
5.000%, 09/01/2025		100,000		110,264
Total Alaska
(Cost $107,374)				110,264		0.3	%
Arizona
Arizona Industrial Development Authority:
5.000%, 10/01/2030 (Callable 10/01/2026)(3)		100,000		107,027
4.000%, 07/01/2032 (Callable 01/01/2028)
(Insured by SD CRED PROG)		100,000		111,938
City of Phoenix Civic Improvement Corp.,
5.500%, 07/01/2035(5)		200,000		296,292
Industrial Development Authority
of the County of Pima,
4.000%, 07/01/2029		25,000		28,641
Navajo Nation,
5.000%, 12/01/2025(3)		100,000		110,649
Total Arizona
(Cost $643,449)				654,547		2.0	%
Arkansas
Batesville Public Facilities Board,
5.000%, 06/01/2026		150,000		174,007
Carroll-Boone Water District,
3.000%, 12/01/2032 (Callable 12/01/2025)		150,000		158,541
City of Heber Springs AR,
1.625%, 06/01/2047 (Callable 06/01/2028)(6)		300,000		301,105
Conway Health Facilities Board,
4.250%, 08/01/2043 (Callable 08/01/2026)		200,000		218,496
Salem Public Water Authority,
4.000%, 01/01/2040 (Callable 08/02/2021)		140,000		140,342
Southern Arkansas University,
4.000%, 03/01/2028 (Callable 03/01/2025)
(Insured by AGM)		130,000		144,574
Total Arkansas
(Cost $1,119,515)				1,137,065		3.4	%
California
Brea Redevelopment Agency,
0.000%, 08/01/2036 (Callable 08/01/2027)(5)		95,000		104,072
California Infrastructure &
Economic Development Bank,
0.720%, 12/01/2050 (SIFMA Municipal Swap
Index + 0.700%) (Callable 06/01/2025)
(Mandatory Tender Date 06/01/2026)(2)		200,000		202,684
California Municipal Finance Authority,
5.000%, 10/01/2023		85,000		93,328
California Public Finance Authority,
2.375%, 11/15/2028 (Callable 05/15/2023)(3)		75,000		76,038
California School Finance Authority,
4.000%, 07/01/2021(3)		100,000		100,000
Cathedral City Public Financing Authority,
0.000%, 08/01/2031		735,000		591,502
El Rancho Unified School District,
0.000%, 08/01/2031 (Callable 08/01/2028)
(Insured by AGM)(5)		115,000		139,776
Golden Valley Unified School District:
0.000%, 08/01/2027 (Insured by NATL)		125,000		116,618
0.000%, 08/01/2028 (Insured by NATL)		75,000		68,366
Hanford Joint Union High School District,
4.000%, 06/01/2049 (Callable 06/01/2026)
(Insured by AGM)		250,000		277,438
Hawthorne School District,
0.000%, 08/01/2042
(Callable 08/01/2027)(Insured by AGM)(5)		250,000		283,082
Los Alamitos Unified School District,
0.000%, 08/01/2042 (Callable 08/01/2029)(5)		130,000		146,860
Los Angeles County Schools Regionalized
Business Services Corp.,
0.000%, 08/01/2029 (Insured by AMBAC)		235,000		201,902
Los Angeles Regional Airports Improvement Corp.,
4.500%, 01/01/2027 (Callable 01/01/2022)		125,000		127,531
Mayers Memorial Hospital District:
0.000%, 08/01/2029		160,000		127,523
0.000%, 08/01/2030		360,000		276,428
Mizuho Floater/Residual Trust:
0.270%, 06/01/2026
(Optional Put Date 08/04/2021)(1)(3)		200,000		200,000
0.270%, 10/01/2036 (Callable 08/02/2021)
(Optional Put Date 08/04/2021)(1)(3)		200,000		200,000
Modesto Irrigation District,
0.670%, 09/01/2027 (3 Month LIBOR
USD + 0.580%) (Callable 08/02/2021)
(Insured by NATL)(2)		100,000		100,200
Morongo Unified School District,
0.000%, 08/01/2041 (Callable 08/01/2030)(5)		25,000		26,936
Newport Mesa Unified School District,
0.000%, 08/01/2042 (Callable 08/01/2031)(5)		35,000		50,342
Oak Park Unified School District,
0.000%, 08/01/2038 (Callable 08/01/2031)
(Insured by AGM)(5)		50,000		73,949
Oxnard School District,
2.000%, 08/01/2045 (Callable 08/01/2026)
(Insured by BAM)(5)		150,000		167,376
San Ysidro School District,
0.000%, 08/01/2030 (Insured by AGM)		165,000		143,540
Saugus Union School District Financing Authority,
4.000%, 09/01/2041 (Callable 09/01/2027)
(Insured by BAM)		250,000		287,047
Solano County Community College District,
0.000%, 08/01/2030 (Callable 08/01/2025)(5)		110,000		115,881
Washington Unified School District,
0.000%, 08/01/2030 (Insured by NATL)		380,000		326,141
Total California
(Cost $4,569,877)				4,624,560		13.9	%

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

Page 178

Baird Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Colorado
City & County of Denver CO:
5.000%, 08/01/2041 (Callable 08/01/2026)	$	115,000	$	136,419
4.000%, 11/15/2043 (Callable 11/15/2022)		250,000		261,630
Colorado Educational &
Cultural Facilities Authority,
2.000%, 09/01/2030 (Callable 09/01/2028)		100,000		100,565
Colorado Health Facilities Authority,
4.250%, 12/01/2023 (ETM)		15,000		15,850
E-470 Public Highway Authority,
0.000%, 09/01/2029 (Insured by NATL)		100,000		88,254
Grand River Hospital District,
5.250%, 12/01/2031 (Callable 12/01/2028)
(Insured by AGM)		75,000		91,610
Pueblo Urban Renewal Authority,
0.000%, 12/01/2025(3)		200,000		173,623
Vauxmont Metropolitan District:
5.000%, 12/15/2032 (Callable 12/15/2024)
(Insured by AGM)		25,000		28,951
3.250%, 12/15/2050 (Callable 12/15/2024)
(Insured by AGM)		75,000		80,199
Total Colorado
(Cost $937,240)				977,101		2.9	%
Connecticut
Connecticut State Health &
Educational Facilities Authority,
4.250%, 07/01/2031 (Callable 07/01/2022)		75,000		77,243
Connecticut State Higher Education
Supplement Loan Authority,
3.000%, 11/15/2035 (Callable 11/15/2026)		150,000		155,406
Total Connecticut
(Cost $224,104)				232,649		0.7	%
District of Columbia
Metropolitan Washington Airports Authority,
0.000%, 10/01/2028 (Insured by AGC)		180,000		164,082
Total District of Columbia
(Cost $163,469)				164,082		0.5	%
Florida
City of Jacksonville FL,
0.020%, 08/01/2036 (Callable 07/01/2021)
(Optional Put Date 07/07/2021)(1)		200,000		200,000
City of Tallahassee FL,
4.000%, 12/01/2035 (Callable 06/01/2025)		25,000		27,365
Florida Housing Finance Corp.,
4.200%, 01/01/2045 (Callable 01/01/2028)
(Insured by GNMA)		100,000		108,579
Highlands County Health Facilities Authority:
0.020%, 11/15/2035 (Callable 07/01/2021)
(Optional Put Date 07/07/2021)(1)		200,000		200,000
0.020%, 11/15/2037 (Callable 07/01/2021)
(Optional Put Date 07/07/2021)(1)		200,000		200,000
Miami Health Facilities Authority,
5.000%, 07/01/2021		25,000		25,000
Orange County Convention Center,
4.000%, 10/01/2034 (Callable 10/01/2026)		150,000		173,004
Orange County Health Facilities Authority,
5.000%, 08/01/2028 (Callable 08/01/2024)		200,000		222,707
Palm Beach County Health Facilities Authority,
5.000%, 05/15/2023		200,000		216,490
University of West Florida,
4.000%, 06/01/2034 (Callable 06/01/2026)		50,000		56,673
Total Florida
(Cost $1,395,732)				1,429,818		4.3	%
Georgia
Development Authority of Appling County:
0.030%, 09/01/2029
(Optional Put Date 07/01/2021)(1)		200,000		200,000
1.500%, 01/01/2038
(Mandatory Tender Date 02/03/2025)(1)		100,000		102,371
Development Authority of Cobb County,
5.000%, 06/01/2049 (Callable 06/01/2027)		245,000		302,018
Total Georgia
(Cost $585,826)				604,389		1.8	%
Illinois
Chicago Board of Education,
5.500%, 12/01/2026 (Insured by NATL)		60,000		70,131
Chicago Park District,
5.000%, 01/01/2022		85,000		86,945
City of Chicago IL,
0.000%, 01/01/2027 (Insured by NATL)		100,000		90,485
Cook County Community College District No. 508,
5.250%, 12/01/2028 (Callable 12/01/2023)		75,000		82,830
Eastern Illinois University,
6.350%, 04/01/2036 (Callable 08/02/2021)		250,000		250,078
Exceptional Children Have Opportunities,
4.000%, 12/01/2035 (Callable 12/01/2029)		150,000		172,728
Illinois Finance Authority:
5.125%, 05/15/2035 (Callable 08/02/2021)		25,000		25,078
4.125%, 11/15/2037 (Callable 11/15/2025)		30,000		33,619
0.020%, 08/01/2043
(Optional Put Date 07/01/2021)(1)		200,000		200,000
6.000%, 10/01/2048 (Callable 10/01/2022)		100,000		103,331
Joliet Park District,
4.000%, 02/01/2033 (Callable 02/01/2023)
(Insured by AGM)		100,000		104,994
Macon County School District No. 61,
5.000%, 12/01/2040 (Callable 12/01/2028)
(Insured by AGM)		250,000		309,806
Metropolitan Pier & Exposition Authority,
0.000%, 06/15/2029 (Insured by NATL)		100,000		86,216
Sales Tax Securitization Corp.,
5.000%, 01/01/2043 (Callable 01/01/2029)		250,000		309,429
Upper Illinois River Valley Development Authority,
5.000%, 01/01/2045 (Callable 01/01/2027)(3)		100,000		106,567
Village of Crestwood IL,
4.000%, 12/15/2027 (Callable 12/15/2025)
(Insured by BAM)		100,000		111,374
Will County Community
High School District No. 210:
0.000%, 01/01/2027		30,000		26,720
4.000%, 01/01/2034 (Callable 01/01/2029)
(Insured by AGM)		100,000		114,840
Winnebago & Boone Counties Community
High School District No. 207,
4.000%, 02/01/2036 (Callable 02/01/2027)
(Insured by BAM)		210,000		240,770
Total Illinois
(Cost $2,448,319)				2,525,941		7.6	%
Indiana
Indiana Finance Authority,
5.000%, 10/01/2032 (Callable 10/01/2023)		150,000		158,106
Indiana Health & Educational Facilities
Financing Authority,
5.000%, 11/15/2046 (Callable 11/15/2026)		100,000		120,321

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

Page 179

Baird Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
St. Joseph County Airport Authority,
0.010%, 07/01/2028	$	155,000	$	139,010
Total Indiana
(Cost $385,084)				417,437		1.3	%
Iowa
City of Coralville IA,
4.000%, 06/01/2025 (Callable 06/01/2024)		100,000		105,441
Total Iowa
(Cost $99,375)				105,441		0.3	%
Kansas
City of Coffeyville KS,
5.000%, 06/01/2025 (Insured by NATL)(3)		100,000		109,869
City of Derby KS,
3.900%, 03/01/2037 (Callable 03/01/2025)		25,000		25,898
Kansas Power Pool,
4.000%, 12/01/2040 (Callable 12/01/2029)(6)		300,000		346,114
Total Kansas
(Cost $474,171)				481,881		1.5	%
Kentucky
Kentucky Economic Development
Finance Authority:
0.000%, 10/01/2027 (Insured by NATL)		90,000		80,297
4.000%, 07/01/2031 (Callable 07/01/2025)		100,000		108,493
Kentucky Public Energy Authority,
1.187%, 12/01/2049 (1 Month LIBOR
USD + 1.120%) (Callable 03/01/2025)
(Mandatory Tender Date 06/01/2025)(2)		50,000		51,116
Total Kentucky
(Cost $232,645)				239,906		0.7	%
Louisiana
Cameron Parish School District No. 15,
4.000%, 10/01/2022		115,000		119,412
Total Louisiana
(Cost $119,358)				119,412		0.4	%
Maryland
Maryland Health & Higher
Educational Facilities Authority,
5.000%, 01/01/2030		100,000		120,043
Total Maryland
(Cost $119,563)				120,043		0.4	%
Massachusetts
Massachusetts Development Finance Agency:
3.500%, 10/01/2022(3)		60,000		62,419
5.000%, 07/15/2025(3)		50,000		56,723
Massachusetts Educational Financing Authority,
2.000%, 07/01/2037 (Callable 07/01/2031)(6)		400,000		399,769
Massachusetts State College Building Authority,
0.000%, 05/01/2028 (ETM) (Insured by NATL)		500,000		462,018
Total Massachusetts
(Cost $982,437)				980,929		3.0	%
Michigan
Detroit Downtown Development Authority,
0.000%, 07/01/2021		140,000		140,000
Flint Hospital Building Authority,
5.000%, 07/01/2023		50,000		51,815
Michigan Finance Authority,
5.000%, 07/01/2044 (Callable 07/01/2024)		300,000		320,838
Total Michigan
(Cost $511,747)				512,653		1.5	%
Minnesota
City of Maple Grove MN,
4.000%, 05/01/2037 (Callable 05/01/2027)		105,000		118,491
Housing & Redevelopment
Authority of The City of St. Paul,
5.000%, 12/01/2036 (Callable 12/01/2030)		150,000		181,559
Minnesota Housing Finance Agency,
4.250%, 01/01/2049 (Callable 01/01/2028)
(Insured by GNMA)		265,000		295,695
Zumbro Education District,
4.000%, 02/01/2041 (Callable 02/01/2031)		235,000		272,424
Total Minnesota
(Cost $848,428)				868,169		2.6	%
Mississippi
City of Gulfport MS,
5.000%, 07/01/2026		100,000		118,168
Mississippi Development Bank:
4.000%, 03/01/2035 (Callable 03/01/2028)		200,000		235,327
5.250%, 03/01/2045 (Callable 03/01/2028)		150,000		180,825
State of Mississippi,
5.000%, 10/15/2029 (Callable 10/15/2025)		120,000		140,531
Total Mississippi
(Cost $658,113)				674,851		2.0	%
Missouri
City of Kansas City MO,
0.000%, 02/01/2029		100,000		85,995
Meramec Valley School District No. R-III,
3.000%, 03/01/2035 (Callable 03/01/2028)		300,000		328,815
Missouri Southern State University,
4.000%, 10/01/2037 (Callable 10/01/2029)
(Insured by AGM)		65,000		73,741
St. Joseph Industrial Development Authority,
2.950%, 01/01/2022		100,000		100,374
St. Louis Land Clearance for
Redevelopment Authority:
4.250%, 06/01/2026		125,000		135,623
3.875%, 10/01/2035 (Callable 10/01/2029)		165,000		162,423
Total Missouri
(Cost $879,800)				886,971		2.7	%
Nebraska
Village of Boys Town NE,
3.000%, 09/01/2028		100,000		112,598
Total Nebraska
(Cost $100,000)				112,598		0.3	%
Nevada
City of Sparks NV,
2.500%, 06/15/2024(3)		50,000		50,906
Henderson Public Improvement Trust,
4.000%, 01/01/2026 (Callable 07/01/2024)		200,000		216,869
Total Nevada
(Cost $251,901)				267,775		0.8	%
New Hampshire
New Hampshire Health and Education
Facilities Authority,
3.150%, 04/01/2022 (Callable 11/01/2021)(3)		500,000		501,310
Total New Hampshire
(Cost $501,276)				501,310		1.5	%
New Jersey
Atlantic City Board of Education,
3.400%, 08/15/2024(3)		85,000		91,325

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

Page 180

Baird Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Borough of Woodbury Heights NJ,
4.000%, 12/01/2024 (Callable 08/02/2021)
(Insured by AGC)	$	20,000	$	20,062
Essex County Improvement Authority,
5.000%, 11/01/2027		100,000		125,214
New Jersey Economic Development Authority,
5.000%, 03/01/2029 (Callable 03/01/2023)		300,000		322,169
New Jersey Transportation Trust Fund Authority,
0.000%, 12/15/2026 (Insured by AMBAC)		35,000		32,644
Total New Jersey
(Cost $574,203)				591,414		1.8	%
New York
Albany County Capital Resource Corp.,
3.100%, 07/01/2030		100,000		97,086
City of New York NY,
0.140%, 04/01/2042
(Optional Put Date 07/01/2021)(1)		200,000		200,000
Huntington Local Development Corp.,
4.000%, 07/01/2027		250,000		265,321
Metropolitan Transportation Authority:
5.000%, 05/15/2022		25,000		26,034
5.000%, 11/15/2023		50,000		55,381
0.617%, 11/01/2030
(1 Month LIBOR USD + 0.550%)
(Mandatory Tender Date 11/01/2022)(2)		25,000		25,117
Middletown City School District,
3.000%, 06/15/2034 (Callable 06/15/2024)
(Insured by ST AID)		110,000		114,370
Mount Vernon City School District,
4.000%, 12/01/2028 (Callable 12/01/2027)
(Insured by ST AID)		430,000		516,426
New York City Industrial Development Agency,
5.863%, 03/01/2025 (CPI YOY + 0.870%)(2)		100,000		104,600
New York City Transitional Finance Authority,
4.000%, 07/15/2040 (Callable 07/15/2029)
(Insured by ST AID)		150,000		177,802
New York State Dormitory Authority,
5.000%, 03/15/2048 (Callable 09/15/2028)		250,000		314,605
New York State Urban Development Corp.,
5.000%, 03/15/2047 (Callable 09/15/2030)		200,000		256,226
Onondaga Civic Development Corp.,
5.000%, 10/01/2023		100,000		107,060
Town of Ramapo NY:
3.250%, 05/15/2023		100,000		99,901
3.750%, 03/01/2030 (Callable 03/01/2023)		50,000		50,086
Total New York
(Cost $2,307,011)				2,410,015		7.2	%
North Carolina
Winston-Salem State University,
4.250%, 06/01/2032 (Callable 06/01/2024)		50,000		53,462
Total North Carolina
(Cost $53,467)				53,462		0.2	%
North Dakota
City of Dickinson ND,
5.000%, 10/01/2025 (Callable 10/01/2021)		100,000		101,185
City of Mandan ND,
3.000%, 09/01/2036 (Callable 09/01/2024)		200,000		207,524
County of Burleigh ND,
2.750%, 02/01/2022 (Callable 07/21/2021)		250,000		250,104
County of McKenzie ND,
5.000%, 08/01/2024 (Callable 08/01/2023)		100,000		107,919
Jamestown Park District,
4.000%, 07/01/2031 (Callable 07/01/2024)		100,000		108,055
North Dakota Housing Finance Agency,
3.350%, 07/01/2031 (Callable 01/01/2027)		30,000		32,329
Williston Parks & Recreation District,
4.500%, 03/01/2025 (Callable 07/16/2021)		50,000		50,007
Total North Dakota
(Cost $850,386)				857,123		2.6	%
Ohio
Cleveland-Cuyahoga County Port Authority:
5.000%, 08/01/2025 (Callable 08/01/2024)		160,000		180,747
5.000%, 07/01/2028		250,000		312,193
County of Montgomery OH,
3.000%, 08/01/2034 (Callable 02/01/2031)		100,000		109,502
Cuyahoga Falls City School District,
4.000%, 12/01/2051 (Callable 06/01/2028)
(Insured by BAM)		250,000		289,169
Northeast Ohio Medical University,
4.000%, 12/01/2045 (Callable 12/01/2030)		225,000		257,281
Ohio Higher Educational Facility Commission,
2.491%, 12/01/2023 (CPI YOY + 1.120%)(2)		170,000		176,873
Ohio Housing Finance Agency,
3.750%, 09/01/2050
(Callable 03/01/2029)(Insured by GNMA)		65,000		72,747
Ohio Turnpike & Infrastructure Commission,
0.000%, 02/15/2034 (Callable 02/15/2031)(5)		70,000		87,643
Port of Greater Cincinnati Development Authority:
3.000%, 05/01/2023 (Callable 05/01/2022)		100,000		100,118
5.000%, 04/01/2030		125,000		162,296
Village of Bluffton OH,
4.000%, 12/01/2032 (Callable 12/01/2027)		160,000		180,851
Total Ohio
(Cost $1,885,418)				1,929,420		5.8	%
Oklahoma
Norman Regional Hospital Authority,
5.000%, 09/01/2037 (Callable 09/01/2027)		25,000		30,104
Tulsa Industrial Authority:
5.000%, 10/01/2022		100,000		104,294
5.000%, 10/01/2023		25,000		26,868
Total Oklahoma
(Cost $158,183)				161,266		0.5	%
Oregon
Clackamas Community College District,
5.000%, 06/15/2038 (Callable 06/15/2027)(5)		100,000		121,533
Clackamas County Hospital Facility Authority,
5.000%, 05/15/2024		165,000		178,014
Salem Hospital Facility Authority,
5.000%, 05/15/2034 (Callable 05/15/2029)		50,000		63,823
Total Oregon
(Cost $342,207)				363,370		1.1	%
Pennsylvania
Allentown City School District,
1.000%, 03/31/2022 (Callable 12/31/2021)
(Insured by ST AID)(6)		200,000		200,001
Bucks County Industrial Development Authority,
3.750%, 09/15/2043 (Callable 09/15/2023)		130,000		135,362
Chester County Industrial Development Authority,
5.000%, 08/01/2035 (Callable 08/01/2023)		135,000		142,559
City of Scranton PA,
5.000%, 09/01/2021(3)		50,000		50,274

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

Page 181

Baird Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal				% of
	Amount		Value		Net Assets
Delaware County Authority,
4.000%, 10/01/2022	$	90,000	$	93,647
Delaware Valley Regional Finance Authority,
0.550%, 09/01/2048 (SIFMA Municipal
Swap Index + 0.530%) (Callable 09/01/2022)
(Mandatory Tender Date 09/01/2023)(2)		150,000		149,846
East Hempfield Township Industrial
Development Authority,
5.000%, 07/01/2025 (ETM)		150,000		163,267
Montgomery County Industrial
Development Authority,
5.000%, 11/15/2036 (Callable 11/15/2026)		150,000		176,561
Pennsylvania Higher Educational
Facilities Authority:
5.000%, 01/01/2025 (Callable 01/01/2022)		90,000		92,129
5.000%, 05/01/2031 (Callable 05/01/2026)		25,000		29,582
5.000%, 07/01/2035 (Callable 07/01/2026)		100,000		112,627
Pennsylvania Turnpike Commission:
0.000%, 12/01/2040 (Callable 06/01/2029)(5)		75,000		82,520
5.000%, 12/01/2048 (Callable 12/01/2028)		40,000		49,920
Philadelphia Authority for Industrial Development,
3.500%, 12/01/2036 (Callable 12/01/2028)		100,000		109,769
Reading School District,
0.000%, 01/15/2029 (Insured by NATL)		100,000		86,039
Sayre Health Care Facilities Authority,
0.920%, 12/01/2031 (3 Month LIBOR
USD + 0.830%) (Callable 08/02/2021)(2)		165,000		164,629
State Public School Building Authority,
0.000%, 05/15/2030 (Insured by NATL)		200,000		169,682
Total Pennsylvania
(Cost $1,940,977)				2,008,414		6.0	%
Rhode Island
Rhode Island Turnpike & Bridge Authority,
4.000%, 10/01/2036 (Callable 10/01/2029)		125,000		147,861
Total Rhode Island
(Cost $138,402)				147,861		0.4	%
South Carolina
Florence-Darlington Commission
for Technical Education,
5.000%, 03/01/2024 (Callable 09/01/2023)		100,000		108,822
Patriots Energy Group Financing Agency,
4.000%, 10/01/2048 (Callable 11/01/2023)
(Mandatory Tender Date 02/01/2024)(1)		65,000		70,553
Scago Educational Facilities Corp.
for Spartanburg School District No. 1,
3.375%, 06/01/2030 (Callable 06/01/2025)		100,000		107,588
South Carolina Jobs-Economic
Development Authority:
4.000%, 08/15/2030 (Callable 08/15/2026)		100,000		112,208
5.250%, 08/15/2033 (Callable 08/15/2026)		150,000		174,757
South Carolina State Housing Finance
& Development Authority,
3.800%, 07/01/2034 (Callable 07/01/2024)
(Insured by GNMA)		60,000		61,387
South Carolina Transportation Infrastructure Bank,
0.517%, 10/01/2031 (1 Month LIBOR
USD + 0.450%) (Callable 10/01/2021)(2)		150,000		150,061
Spartanburg County School District No. 7,
5.000%, 03/01/2037 (Callable 03/01/2029)		150,000		191,903
Total South Carolina
(Cost $945,753)				977,279		2.9	%
South Dakota
City of Rapid City SD,
4.000%, 12/01/2035 (Callable 12/01/2029)		125,000		142,385
Total South Dakota
(Cost $133,374)				142,385		0.4	%
Tennessee
City of Memphis TN,
4.000%, 12/01/2035 (Callable 12/01/2026)		125,000		144,274
Total Tennessee
(Cost $144,085)				144,274		0.4	%
Texas
Arlington Higher Education Finance Corp.,
4.000%, 08/01/2033
(Callable 08/01/2028) (PSF Guaranteed)		125,000		146,249
Austin-Bergstrom Landhost Enterprises, Inc.,
5.000%, 10/01/2035 (Callable 10/01/2027)		100,000		116,030
Brazoria County Toll Road Authority,
0.000%, 03/01/2038 (Callable 03/01/2030)(5)		55,000		55,763
Brazos Higher Education Authority, Inc.,
2.350%, 04/01/2040 (Callable 04/01/2030)		50,000		48,979
City of Bryan TX,
4.000%, 07/01/2043 (Callable 07/01/2031)
(Insured by BAM)		300,000		359,834
City of Magnolia TX,
5.700%, 09/01/2046(53)		50,000		58,501
Clifton Higher Education Finance Corp.,
5.750%, 08/15/2038 (Callable 08/15/2025)		10,000		11,639
Harris County Cultural Education
Facilities Finance Corp.,
0.590%, 12/01/2049 (SIFMA Municipal
Swap Index + 0.570%) (Callable 06/01/2024)
(Mandatory Tender Date 12/04/2024)(2)		40,000		39,834
Lower Colorado River Authority,
5.000%, 05/15/2040 (Callable 05/15/2025)		75,000		86,232
Matagorda County Navigation District No. 1,
4.400%, 05/01/2030 (Insured by AMBAC)		70,000		85,130
North Texas Tollway Authority,
4.000%, 01/01/2044 (Callable 01/01/2029)		250,000		291,714
Port of Port Arthur Navigation District,
0.020%, 04/01/2040
(Optional Put Date 07/01/2021)(1)		300,000		300,000
Royse City Independent School District,
4.000%, 02/15/2046
(Callable 02/15/2030) (PSF Guaranteed)(6)		500,000		596,651
Tarrant County Cultural Education
Facilities Finance Corp.,
2.250%, 11/15/2025		150,000		158,801
Texas Municipal Gas Acquisition
& Supply Corp. I,
6.250%, 12/15/2026		90,000		106,046
Total Texas
(Cost $2,408,094)				2,461,403		7.4	%
Utah
Weber Basin Water Conservancy District,
5.000%, 10/01/2050 (Callable 10/01/2029)		205,000		258,686
Total Utah
(Cost $250,338)				258,686		0.8	%
Washington
King County Housing Authority,
4.000%, 11/01/2036 (Callable 11/01/2029)		200,000		237,781
Pend Oreille County Public Utility District No. 1,
5.000%, 01/01/2038 (Callable 01/01/2029)		150,000		177,330

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

Page 182

Baird Municipal Bond Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Long-Term Investments (cont.)

	Principal					% of
	Amount		Value			Net Assets
Washington Health Care Facilities Authority,
1.420%, 01/01/2035 (SIFMA Municipal
Swap Index + 1.400%) (Callable 07/01/2024)
(Mandatory Tender Date 01/01/2025)(2)	$	90,000	$	90,523
Total Washington
(Cost $469,803)				505,634			1.5	%
West Virginia
West Virginia Hospital Finance Authority,
4.000%, 01/01/2038 (Callable 01/01/2029)		75,000		85,808
Total West Virginia
(Cost $85,398)				85,808			0.3	%
Wisconsin
Palmyra-Eagle Area School District,
3.000%, 03/01/2025 (Callable 03/01/2023)		75,000		73,804
Public Finance Authority:
5.000%, 07/01/2022		55,000		56,073
5.000%, 10/01/2023(3)		75,000		81,561
5.000%, 10/01/2044 (Callable 04/01/2029)		250,000		307,057
Village of Mount Pleasant WI,
5.000%, 04/01/2048 (Callable 04/01/2028)		150,000		181,016
Wisconsin Center District:
0.000%, 12/15/2030 (Insured by AGM)		450,000		385,190
0.000%, 12/15/2037 (Callable 06/15/2026)
(Insured by BAM)		200,000		118,184
Wisconsin Health &
Educational Facilities Authority,
5.000%, 08/15/2039 (Callable 08/15/2024)		100,000		112,509
Wisconsin Housing & Economic
Development Authority,
3.500%, 07/01/2025(3)		100,000		102,262
Total Wisconsin
(Cost $1,352,728)				1,417,656			4.3	%
Wyoming
Carbon County Specific Purpose
Tax Joint Powers Board,
5.000%, 06/15/2025		100,000		114,961
Total Wyoming
(Cost $111,395)				114,961			0.3	%
Total Municipal Bonds
(Cost $33,172,375)				34,069,701			102.4	%
	Shares
Closed-End Investment Company
Nuveen AMT-Free Quality Municipal
Income Fund, Series D Preferred Shares,
0.320%, 03/01/2029(1)		200		200,000
Total Closed-End Investment Company
(Cost $200,000)				200,000			0.6	%
Total Long-Term Investments
(Cost $33,372,375)				34,269,701			103.0	%
Short-Term Investment
Money Market Mutual Fund
Federated Hermes Institutional Tax-Free
Cash Trust, Premier Shares, 0.01%(4)		672,466		672,466
Total Short-Term Investment
(Cost $672,466)				672,466			2.0	%
Total Investments
(Cost $34,044,841)				34,942,167			105.0	%
Liabilities in Excess of Other Assets				(1,678,731	)		(5.0	)%
TOTAL NET ASSETS			$	33,263,436			100.0	%

Notes to Schedule of Investments

AGC – Assured Guaranty Corp.

AGM – Assured Guaranty Municipal

AMBAC – Ambac Assurance Corp.

BAM – Build America Mutual Assurance Co.

GNMA – Government National Mortgage Association

NATL – National Public Finance Guarantee Corp.

SD CRED PROG – State Credit Enhancement Program

ST AID – State Aid Intercept/Withholding

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

ETM – Escrowed to Maturity

LIBOR – London Inter-bank Offered Rate

PSF – Permanent School Fund

SIFMA – Securities Industry and Financial Markets Association

(1)	Variable rate security. The rate reported is the rate in effect as of June 30, 2021.
(2)	Variable rate security based on a reference index and spread. The rate reported is the rate in effect as of June 30, 2021.
(3)	Security issued under Rule 144A under the Securities Act of 1933 and classified as liquid under the Fund’s liquidity risk management program. Purchased in a private placement transaction; resale to the public may require registration or may extend only to qualified institutional buyers. At June 30, 2021, the value of these securities totaled $2,239,054, which represented 6.73% of total net assets.
(4)	Seven-day yield.
(5)	Step-up bond; the interest rate shown is the rate in effect as of June 30, 2021.
(6)	Security or a portion of the security purchased on a when-issued or delayed delivery basis.

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

Page 183

Baird Municipal Bond Fund

Summary of Fair Value Exposure at June 30, 2021 (Unaudited)

The Fund has adopted authoritative fair valuation accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion on changes in valuation techniques and related inputs during the period. These standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The fair value hierarchy is organized into three levels based upon the assumptions (referred to as “inputs”) used in pricing the asset or liability. These standards state that “observable inputs” reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from independent sources and “unobservable inputs” reflect an entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. These inputs are summarized into three broad levels and described below:

Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3 – Unobservable inputs for the asset or liability.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2021:

	Level 1		Level 2		Level 3		Total
Long-Term Investments
Municipal Bonds	$	—	$	34,069,701	$	—	$	34,069,701
Closed-End Investment Company		—		200,000		—		200,000
Total Long-Term Investments		—		34,269,701		—		34,269,701
Short-Term Investment
Money Market Mutual Fund		672,466		—		—		672,466
Total Short-Term Investment		672,466		—		—		672,466
Total Investments	$	672,466	$	34,269,701	$	—	$	34,942,167

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

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

Page 184

Additional Information on Fund Expenses

June 30, 2021 (Unaudited)

As a shareholder of a mutual fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, such as management fees; distribution and/or service (12b-1) fees; and other fund expenses.  Although the Funds do not charge any sales loads, redemption fees, or other transaction fees, you will be assessed fees for outgoing wire transfers, returned checks and stop payment orders at prevailing rates charged by U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services, the Funds’ transfer agent.  If you request that a redemption be made by wire transfer, currently the Funds’ transfer agent charges a $15.00 fee.

This Example is intended to help you understand your ongoing costs (in dollars) of investing in each Fund and to compare these costs with the ongoing costs of investing in other mutual funds.  The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (1/1/21 – 6/30/21).

Actual Expenses

The third and fourth columns of the following tables provide information about account values based on actual returns and actual expenses.  You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the fourth column entitled “Expenses Paid During Period’’ to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The fifth and sixth columns of the following tables provide information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.  Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs.  Therefore, the sixth column of the tables (entitled “Expenses Paid During Period”) is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different mutual funds. In addition, if these transactional costs were included, your costs could have been higher.

Actual vs. Hypothetical Returns

					Hypothetical (5% return before expenses)
			Actual
		Beginning	Ending		Ending
	Fund’s Annualized	Account Value	Account Value	Expenses Paid	Account Value	Expenses Paid
	Expense Ratio(1)	1/1/21	6/30/21	During Period(1)	6/30/21	During Period(1)
Baird Ultra Short Bond Fund
Institutional Class	0.15%	$1,000.00	$1,001.80	$0.74	$1,024.05	$0.75
Investor Class	0.40%	$1,000.00	$1,000.60	$1.98	$1,022.81	$2.01
Baird Short-Term Bond Fund
Institutional Class	0.30%	$1,000.00	$1,000.70	$1.49	$1,023.31	$1.51
Investor Class	0.55%	$1,000.00	$1,000.50	$2.73	$1,022.07	$2.76
Baird Intermediate Bond Fund
Institutional Class	0.30%	$1,000.00	$   991.60	$1.48	$1,023.31	$1.51
Investor Class	0.55%	$1,000.00	$   990.00	$2.71	$1,022.07	$2.76
Baird Aggregate Bond Fund
Institutional Class	0.30%	$1,000.00	$   985.30	$1.48	$1,023.31	$1.51
Investor Class	0.55%	$1,000.00	$   983.80	$2.71	$1,022.07	$2.76
Baird Core Plus Bond Fund
Institutional Class	0.30%	$1,000.00	$   989.70	$1.48	$1,023.31	$1.51
Investor Class	0.55%	$1,000.00	$   988.10	$2.71	$1,022.07	$2.76
Baird Short-Term Municipal Bond Fund
Institutional Class	0.30%	$1,000.00	$1,007.00	$1.49	$1,023.31	$1.51
Investor Class	0.55%	$1,000.00	$1,005.80	$2.74	$1,022.07	$2.76
Baird Strategic Municipal Bond Fund
Institutional Class	0.30%	$1,000.00	$1,016.40	$1.50	$1,023.31	$1.51
Investor Class	0.55%	$1,000.00	$1,015.20	$2.75	$1,022.07	$2.76
Baird Quality Intermediate Municipal Bond Fund
Institutional Class	0.30%	$1,000.00	$1,001.70	$1.49	$1,023.31	$1.51
Investor Class	0.55%	$1,000.00	$1,000.50	$2.73	$1,022.07	$2.76
Baird Core Intermediate Municipal Bond Fund
Institutional Class	0.30%	$1,000.00	$1,009.80	$1.49	$1,023.31	$1.51
Investor Class	0.55%	$1,000.00	$1,009.60	$2.74	$1,022.07	$2.76
Baird Municipal Bond Fund
Institutional Class	0.30%	$1,000.00	$1,023.20	$1.50	$1,023.31	$1.51
Investor Class	0.55%	$1,000.00	$1,022.10	$2.76	$1,022.07	$2.76

⁽¹⁾ Expenses are equal to the Fund’s annualized net expense ratio multiplied by the average account value over the period, 181 days and divided by 365 to reflect the one-half year period.

Page 185

Statements of Assets and Liabilities

June 30, 2021 (Unaudited)

	Baird			Baird		Baird		Baird		Baird
	Ultra Short			Short-Term		Intermediate		Aggregate		Core Plus
	Bond Fund			Bond Fund		Bond Fund		Bond Fund		Bond Fund
ASSETS:
Investments, at value (cost $6,323,274,704, $9,736,391,242,
$6,221,035,995, $34,808,335,124 and $30,266,565,225, respectively)	$	6,322,904,001		$	9,805,233,193	$	6,341,484,736	$	35,915,950,738	$	31,648,722,332
Interest receivable		35,679,952			51,266,693		32,584,783		186,815,335		192,218,023
Receivable for investments sold		—			—		—		241,995,179		114,526,447
Receivable for Fund shares sold		22,898,117			29,294,449		37,181,108		82,052,488		54,225,090
Uninvested cash		296,516			38,016		25		—		—
Prepaid expenses and other assets		—			—		158,229		173,601		14,262
Total assets		6,381,778,586			9,885,832,351		6,411,408,881		36,426,987,341		32,009,706,154
LIABILITIES:
Payable for securities purchased		128,800,760			278,786,795		145,811,251		623,824,519		417,652,062
Payable for Fund shares redeemed		3,778,127			4,660,902		2,068,562		31,811,478		17,820,283
Due to custodian		—			—		—		13,998,218		2,452,281
Payable to Advisor, net (Note 5)		493,177			1,948,582		1,266,569		7,273,315		6,426,564
Accrued administration fees (Note 5)		246,589			389,716		253,318		1,454,675		1,285,313
Accrued Rule 12b-1 fees (Note 7)		43,783			69,577		20,668		384,905		581,826
Total liabilities		133,362,436			285,855,572		149,420,368		678,747,110		446,218,329
NET ASSETS	$	6,248,416,150		$	9,599,976,779	$	6,261,988,513	$	35,748,240,231	$	31,563,487,825
NET ASSETS CONSIST OF:
Paid-in capital	$	6,250,335,762		$	9,497,090,448	$	6,092,939,789	$	34,664,849,772	$	30,186,227,616
Total distributable earnings (loss)		(1,919,612	)		102,886,331		169,048,724		1,083,390,459		1,377,260,209
NET ASSETS	$	6,248,416,150		$	9,599,976,779	$	6,261,988,513	$	35,748,240,231	$	31,563,487,825
INSTITUTIONAL CLASS SHARES
Net Assets	$	6,052,811,809		$	9,363,025,077	$	6,217,256,977	$	34,736,969,082	$	29,820,147,841
Shares outstanding ($0.01 par value, unlimited shares authorized)		601,202,412			948,672,396		540,547,184		3,022,916,058		2,511,179,507
Net asset value, offering and redemption price per share	$	10.07		$	9.87	$	11.50	$	11.49	$	11.87
INVESTOR CLASS SHARES
Net Assets	$	195,604,341		$	236,951,702	$	44,731,536	$	1,011,271,149	$	1,743,339,984
Shares outstanding ($0.01 par value, unlimited shares authorized)		19,380,378			24,016,290		3,708,853		84,890,482		140,467,906
Net asset value, offering and redemption price per share	$	10.09		$	9.87	$	12.06	$	11.91	$	12.41

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

Page 186

Statements of Assets and Liabilities

June 30, 2021 (Unaudited)

					Baird		Baird
	Baird		Baird		Quality		Core
	Short-Term		Strategic		Intermediate		Intermediate		Baird
	Municipal		Municipal		Municipal		Municipal		Municipal
	Bond Fund		Bond Fund		Bond Fund		Bond Fund		Bond Fund
ASSETS:
Investments, at value (cost $1,761,987,380, $270,835,927,
$1,500,127,771, $1,082,431,430 and $34,044,841, respectively)	$	1,788,447,837	$	274,280,874	$	1,567,384,551	$	1,118,717,982	$	34,942,167
Interest receivable		13,201,466		1,720,859		13,169,476		8,130,161		251,889
Receivable for investments sold		—		—		—		—		32,400
Receivable for Fund shares sold		9,857,320		1,559,545		3,280,593		2,297,869		—
Deposits with broker for futures contracts		—		196,334		—		—		—
Uninvested cash		3,261		18,037		—		2,701		—
Prepaid expenses and other assets		—		9,295		—		—		—
Total assets		1,811,509,884		277,784,944		1,583,834,620		1,129,148,713		35,226,456
LIABILITIES:
Payable for securities purchased		18,872,724		11,335,509		5,798,090		17,679,919		1,953,365
Payable for Fund shares redeemed		1,273,650		14,000		382,175		263,496		—
Due to custodian		—		—		22,180		—		—
Payable to Advisor, net (Note 5)		362,168		54,060		322,941		225,333		6,498
Payable for variation margin on futures contracts		—		29,297		—		—		—
Accrued administration fees (Note 5)		72,437		10,812		64,589		45,069		1,298
Accrued Rule 12b-1 fees (Note 7)		42,324		4,237		66,365		5,799		1,859
Total liabilities		20,623,303		11,447,915		6,656,340		18,219,616		1,963,020
NET ASSETS	$	1,790,886,581	$	266,337,029	$	1,577,178,280	$	1,110,929,097	$	33,263,436
NET ASSETS CONSIST OF:
Paid-in capital	$	1,761,921,240	$	261,102,370	$	1,520,362,252	$	1,072,324,637	$	32,100,349
Total distributable earnings		28,965,341		5,234,659		56,816,028		38,604,460		1,163,087
NET ASSETS	$	1,790,886,581	$	266,337,029	$	1,577,178,280	$	1,110,929,097	$	33,263,436
INSTITUTIONAL CLASS SHARES
Net Assets	$	1,689,772,442	$	257,876,483	$	1,524,359,836	$	1,084,646,227	$	30,039,253
Shares outstanding ($0.01 par value, unlimited shares authorized)		161,913,118		23,891,856		127,665,278		98,751,277		2,775,246
Net asset value, offering and redemption price per share	$	10.44	$	10.79	$	11.94	$	10.98	$	10.82
INVESTOR CLASS SHARES
Net Assets	$	101,114,139	$	8,460,546	$	52,818,444	$	26,282,870	$	3,224,183
Shares outstanding ($0.01 par value, unlimited shares authorized)		9,705,542		783,985		4,313,025		2,394,249		298,320
Net asset value, offering and redemption price per share	$	10.42	$	10.79	$	12.25	$	10.98	$	10.81

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

Page 187

Statements of Operations

Six Months Ended June 30, 2021 (Unaudited)

	Baird			Baird			Baird			Baird			Baird
	Ultra Short			Short-Term			Intermediate			Aggregate			Core Plus
	Bond Fund			Bond Fund			Bond Fund			Bond Fund			Bond Fund
INVESTMENT INCOME:
Interest income, net of paydowns	$	16,443,226		$	67,971,510		$	55,189,355		$	333,688,435		$	370,722,926
Other income		—			—			—			5,594			11,188
Total investment income		16,443,226			67,971,510			55,189,355			333,694,029			370,734,114
EXPENSES:
Investment advisory fees (Note 5)		6,583,426			11,713,917			7,112,077			42,558,381			37,459,548
Administration fees (Note 5)		1,316,685			2,342,783			1,422,415			8,511,676			7,491,910
Rule 12b-1 fees – Investor Class Shares (Note 7)		237,534			269,957			61,030			1,244,656			2,699,550
Total expenses		8,137,645			14,326,657			8,595,522			52,314,713			47,651,008
Fee waiver by Advisor (Note 5)		(3,950,055	)		—			—			—			—
Net expenses		4,187,590			14,326,657			8,595,522			52,314,713			47,651,008
NET INVESTMENT INCOME		12,255,636			53,644,853			46,593,833			281,379,316			323,083,106
REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments		458,811			24,886,700			45,884,141			33,402,787			24,046,187
Net change in unrealized depreciation on investments		(3,805,729	)		(69,044,101	)		(133,564,769	)		(782,380,105	)		(650,697,869	)
Net realized and unrealized loss on investments		(3,346,918	)		(44,157,401	)		(87,680,628	)		(748,977,318	)		(626,651,682	)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS	$	8,908,718		$	9,487,452		$	(41,086,795	)	$	(467,598,002	)	$	(303,568,576	)

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

Page 188

Statements of Operations

Six Months Ended June 30, 2021 (Unaudited)

							Baird			Baird
	Baird			Baird			Quality			Core
	Short-Term			Strategic			Intermediate			Intermediate		Baird
	Municipal			Municipal			Municipal			Municipal		Municipal
	Bond Fund			Bond Fund			Bond Fund			Bond Fund		Bond Fund
INVESTMENT INCOME:
Interest income	$	13,002,038		$	1,524,526		$	16,264,461		$	9,381,036	$	295,017
Total investment income		13,002,038			1,524,526			16,264,461			9,381,036		295,017
EXPENSES:
Investment advisory fees (Note 5)		2,149,603			283,178			1,907,322			1,237,954		34,238
Administration fees (Note 5)		429,921			56,636			381,464			247,591		6,848
Rule 12b-1 fees – Investor Class Shares (Note 7)		117,470			10,100			66,022			28,484		3,575
Total expenses		2,696,994			349,914			2,354,808			1,514,029		44,661
NET INVESTMENT INCOME		10,305,044			1,174,612			13,909,653			7,867,007		250,356
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS AND FUTURES CONTRACTS:
Net realized gain (loss) on:
Investments		2,576,707			1,376,758			(810,743	)		1,885,061		206,601
Futures contracts		—			46,305			—			—		—
Net change in unrealized appreciation (depreciation) on:
Investments		(1,104,353	)		1,233,998			(10,682,677	)		832,022		190,757
Futures contracts		—			(66,813	)		—			—		—
Net realized and unrealized gain (loss) on investments		1,472,354			2,590,248			(11,493,420	)		2,717,083		397,358
NET INCREASE IN NET ASSETS   RESULTING FROM OPERATIONS	$	11,777,398		$	3,764,860		$	2,416,233		$	10,584,090	$	647,714

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

Page 189

Statements of Changes in Net Assets

	Baird Ultra Short Bond Fund						Baird Short-Term Bond Fund
	Six Months Ended						Six Months Ended
	June 30, 2021			Year Ended			June 30, 2021			Year Ended
	(Unaudited)			December 31, 2020			(Unaudited)			December 31, 2020
OPERATIONS:
Net investment income	$	12,255,636		$	34,205,604		$	53,644,853		$	142,297,292
Net realized gain on investments		458,811			3,997,972			24,886,700			94,099,405
Net change in unrealized appreciation (depreciation) on investments		(3,805,729	)		841,943			(69,044,101	)		63,720,034
Net increase in net assets resulting from operations		8,908,718			39,045,519			9,487,452			300,116,731
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		3,815,673,759			5,157,653,645			2,623,049,465			4,721,546,127
Shares issued to holders in reinvestment of distributions		13,946,975			36,864,816			49,108,617			191,263,918
Cost of shares redeemed		(2,154,673,367	)		(2,349,866,576	)		(2,010,850,323	)		(2,673,470,942	)
Net increase in net assets resulting from capital share transactions		1,674,947,367			2,844,651,885			661,307,759			2,239,339,103
DISTRIBUTIONS TO SHAREHOLDERS:
Net distributions to shareholders:
Institutional Class		(14,252,139	)		(37,083,722	)		(53,032,820	)		(203,405,971	)
Investor Class		(308,024	)		(1,027,965	)		(1,004,158	)		(4,268,709	)
Total net distributions to shareholders		(14,560,163	)		(38,111,687	)		(54,036,978	)		(207,674,680	)
TOTAL INCREASE IN NET ASSETS		1,669,295,922			2,845,585,717			616,758,233			2,331,781,154
NET ASSETS:
Beginning of period		4,579,120,228			1,733,534,511			8,983,218,546			6,651,437,392
End of period	$	6,248,416,150		$	4,579,120,228		$	9,599,976,779		$	8,983,218,546

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

Page 190

Statements of Changes in Net Assets

	Baird Intermediate Bond Fund						Baird Aggregate Bond Fund
	Six Months Ended						Six Months Ended
	June 30, 2021			Year Ended			June 30, 2021			Year Ended
	(Unaudited)			December 31, 2020			(Unaudited)			December 31, 2020
OPERATIONS:
Net investment income	$	46,593,833		$	103,434,240		$	281,379,316		$	580,188,196
Net realized gain on investments		45,884,141			94,825,703			33,402,787			450,058,874
Net change in unrealized appreciation (depreciation) on investments		(133,564,769	)		131,357,344			(782,380,105	)		1,082,021,852
Net increase (decrease) in net assets resulting from operations		(41,086,795	)		329,617,287			(467,598,002	)		2,112,268,922
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		1,429,079,841			1,550,823,989			7,055,672,483			14,671,793,407
Shares issued to holders in reinvestment of distributions		39,277,653			150,464,993			290,538,838			897,531,339
Cost of shares redeemed		(439,010,050	)		(933,016,520	)		(3,715,117,745	)		(6,436,143,568	)
Net increase in net assets resulting from capital share transactions		1,029,347,444			768,272,462			3,631,093,576			9,133,181,178
DISTRIBUTIONS TO SHAREHOLDERS:
Net distributions to shareholders:
Institutional Class		(45,559,540	)		(170,877,181	)		(311,028,432	)		(957,457,896	)
Investor Class		(317,447	)		(1,643,514	)		(7,777,303	)		(28,240,671	)
Total net distributions to shareholders		(45,876,987	)		(172,520,695	)		(318,805,735	)		(985,698,567	)
TOTAL INCREASE IN NET ASSETS		942,383,662			925,369,054			2,844,689,839			10,259,751,533
NET ASSETS:
Beginning of period		5,319,604,851			4,394,235,797			32,903,550,392			22,643,798,859
End of period	$	6,261,988,513		$	5,319,604,851		$	35,748,240,231		$	32,903,550,392

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

Page 191

Statements of Changes in Net Assets

	Baird Core Plus Bond Fund						Baird Short-Term Municipal Bond Fund
	Six Months Ended						Six Months Ended
	June 30, 2021			Year Ended			June 30, 2021			Year Ended
	(Unaudited)			December 31, 2020			(Unaudited)			December 31, 2020
OPERATIONS:
Net investment income	$	323,083,106		$	649,778,639		$	10,305,044		$	19,158,897
Net realized gain on investments		24,046,187			377,481,315			2,576,707			15,898
Net change in unrealized appreciation (depreciation) on investments		(650,697,869	)		1,156,986,439			(1,104,353	)		17,888,577
Net increase (decrease) in net assets resulting from operations		(303,568,576	)		2,184,246,393			11,777,398			37,063,372
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		6,166,042,331			9,935,514,754			651,610,491			1,268,274,181
Shares issued to holders in reinvestment of distributions		315,518,673			893,836,372			8,241,680			15,454,180
Cost of shares redeemed		(3,765,368,787	)		(6,490,498,603	)		(482,475,988	)		(705,651,336	)
Net increase in net assets resulting from capital share transactions		2,716,192,217			4,338,852,523			177,376,183			578,077,025
DISTRIBUTIONS TO SHAREHOLDERS:
Net distributions to shareholders:
Institutional Class		(319,077,327	)		(877,183,905	)		(10,016,663	)		(17,690,198	)
Investor Class		(19,922,076	)		(80,861,249	)		(462,071	)		(945,980	)
Total net distributions to shareholders		(338,999,403	)		(958,045,154	)		(10,478,734	)		(18,636,178	)
TOTAL INCREASE IN NET ASSETS		2,073,624,238			5,565,053,762			178,674,847			596,504,219
NET ASSETS:
Beginning of period		29,489,863,587			23,924,809,825			1,612,211,734			1,015,707,515
End of period	$	31,563,487,825		$	29,489,863,587		$	1,790,886,581		$	1,612,211,734

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

Page 192

Statements of Changes in Net Assets

	Baird Strategic Municipal Bond Fund						Baird Quality Intermediate Municipal Bond Fund
	Six Months Ended						Six Months Ended
	June 30, 2021			Year Ended			June 30, 2021			Year Ended
	(Unaudited)			December 31, 2020			(Unaudited)			December 31, 2020
OPERATIONS:
Net investment income	$	1,174,612		$	1,059,938		$	13,909,653		$	28,199,138
Net realized gain (loss) on investments		1,423,063			1,286,575			(810,743	)		(78,247	)
Net change in unrealized appreciation (depreciation) on investments		1,167,185			2,171,814			(10,682,677	)		29,683,436
Net increase in net assets resulting from operations		3,764,860			4,518,327			2,416,233			57,804,327
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		112,913,302			175,516,418			222,335,953			489,982,241
Shares issued to holders in reinvestment of distributions		1,136,592			1,816,257			12,444,866			24,192,861
Cost of shares redeemed		(21,614,681	)		(20,666,990	)		(147,487,267	)		(385,275,248	)
Net increase in net assets resulting from capital share transactions		92,435,213			156,665,685			87,293,552			128,899,854
DISTRIBUTIONS TO SHAREHOLDERS:
Net distributions to shareholders:
Institutional Class		(1,153,012	)		(1,794,911	)		(13,739,608	)		(26,280,951	)
Investor Class		(32,581	)		(107,286	)		(414,577	)		(1,218,131	)
Total net distributions to shareholders		(1,185,593	)		(1,902,197	)		(14,154,185	)		(27,499,082	)
TOTAL INCREASE IN NET ASSETS		95,014,480			159,281,815			75,555,600			159,205,099
NET ASSETS:
Beginning of period		171,322,549			12,040,734			1,501,622,680			1,342,417,581
End of period	$	266,337,029		$	171,322,549		$	1,577,178,280		$	1,501,622,680

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

Page 193

Statements of Changes in Net Assets

	Baird Core Intermediate Municipal Bond Fund						Baird Municipal Bond Fund
	Six Months Ended						Six Months Ended
	June 30, 2021			Year Ended			June 30, 2021			Year Ended
	(Unaudited)			December 31, 2020			(Unaudited)			December 31, 2020
OPERATIONS:
Net investment income	$	7,867,007		$	13,384,321		$	250,356		$	301,012
Net realized gain on investments		1,885,061			2,308,013			206,601			421,211
Net change in unrealized appreciation on investments		832,022			17,146,048			190,757			664,767
Net increase in net assets resulting from operations		10,584,090			32,838,382			647,714			1,386,990
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		340,519,149			503,302,866			11,139,568			13,623,172
Shares issued to holders in reinvestment of distributions		6,539,531			11,616,466			209,452			613,016
Cost of shares redeemed		(103,187,680	)		(209,742,930	)		(382,803	)		(445,444	)
Net increase in net assets resulting from capital share transactions		243,871,000			305,176,402			10,966,217			13,790,744
DISTRIBUTIONS TO SHAREHOLDERS:
Net distributions to shareholders:
Institutional Class		(7,820,555	)		(14,625,581	)		(229,151	)		(655,522	)
Investor Class		(156,627	)		(331,006	)		(23,164	)		(37,344	)
Total net distributions to shareholders		(7,977,182	)		(14,956,587	)		(252,315	)		(692,866	)
TOTAL INCREASE IN NET ASSETS		246,477,908			323,058,197			11,361,616			14,484,868
NET ASSETS:
Beginning of period		864,451,189			541,392,992			21,901,820			7,416,952
End of period	$	1,110,929,097		$	864,451,189		$	33,263,436		$	21,901,820

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

Page 194

Financial Highlights

Baird Ultra Short Bond Fund – Institutional Class

	Six Months Ended
	June 30, 2021			Year Ended December 31,
	(Unaudited)			2020			2019			2018			2017			2016
Per Share Data:
Net asset value, beginning of period	$	10.08		$	10.06		$	10.01		$	10.03		$	10.03		$	9.98
Income from investment operations:
Net investment income(1)		0.02			0.12			0.26			0.23			0.13			0.11
Net realized and unrealized   gains (losses) on investments		(0.00	)(2)		0.05	(3)		0.05			(0.04	)		0.00	(2)(3)		0.04
Total from investment operations		0.02			0.17			0.31			0.19			0.13			0.15
Less distributions:
Distributions from net investment income		(0.03	)		(0.14	)		(0.26	)		(0.21	)		(0.13	)		(0.10	)
Distributions from net realized gains		—			(0.01	)		(0.00	)(2)		—			—			—
Total distributions		(0.03	)		(0.15	)		(0.26	)		(0.21	)		(0.13	)		(0.10	)
Net asset value, end of period	$	10.07		$	10.08		$	10.06		$	10.01		$	10.03		$	10.03
Total return		0.18	%(4)		1.66	%		3.11	%		1.95	%		1.30	%		1.56	%
Supplemental data and ratios:
Net assets, end of period (millions)	$	6,052.8		$	4,456.4		$	1,701.0		$	1,031.5		$	532.0		$	387.3
Ratio of expenses to average net assets		0.15	%(5)		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%
Ratio of expenses to average net assets (before waivers)		0.30	%(5)		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%
Ratio of net investment income to average net assets		0.47	%(5)		1.24	%		2.61	%		2.24	%		1.31	%		1.05	%
Ratio of net investment income   to average net assets (before waivers)		0.32	%(5)		1.09	%		2.46	%		2.09	%		1.16	%		0.90	%
Portfolio turnover rate(6)		41	%(4)		92	%		70	%		66	%		83	%		97	%

Baird Ultra Short Bond Fund – Investor Class

	Six Months Ended
	June 30, 2021			Year Ended December 31,
	(Unaudited)			2020			2019			2018			2017			2016
Per Share Data:
Net asset value, beginning of period	$	10.10		$	10.05		$	10.00		$	10.03		$	10.03		$	9.98
Income from investment operations:
Net investment income(1)		0.01			0.10			0.24			0.20			0.11			0.08
Net realized and unrealized   gains (losses) on investments		(0.00	)(2)		0.07	(3)		0.04			(0.04	)		(0.01	)		0.05
Total from investment operations		0.01			0.17			0.28			0.16			0.10			0.13
Less distributions:
Distributions from net investment income		(0.02	)		(0.11	)		(0.23	)		(0.19	)		(0.10	)		(0.08	)
Distributions from net realized gains		—			(0.01	)		(0.00	)(2)		—			—			—
Total distributions		(0.02	)		(0.12	)		(0.23	)		(0.19	)		(0.10	)		(0.08	)
Net asset value, end of period	$	10.09		$	10.10		$	10.05		$	10.00		$	10.03		$	10.03
Total return		0.06	%(4)		1.66	%		2.87	%		1.60	%		1.05	%		1.32	%
Supplemental data and ratios:
Net assets, end of period (millions)	$	195.6		$	122.7		$	32.5		$	15.6		$	7.6		$	5.2
Ratio of expenses to average net assets		0.40	%(5)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Ratio of expenses to average net assets (before waivers)		0.55	%(5)		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
Ratio of net investment income to average net assets		0.22	%(5)		0.99	%		2.36	%		1.99	%		1.06	%		0.80	%
Ratio of net investment income   to average net assets (before waivers)		0.07	%(5)		0.84	%		2.21	%		1.84	%		0.91	%		0.65	%
Portfolio turnover rate(6)		41	%(4)		92	%		70	%		66	%		83	%		97	%

(1)	Calculated using average shares outstanding during the period.
(2)	Amount is less than $0.005.
(3)	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.
(4)	Not annualized.
(5)	Annualized.
(6)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued and excludes in-kind transactions, where applicable.

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

Page 195

Financial Highlights

Baird Short-Term Bond Fund – Institutional Class

	Six Months Ended
	June 30, 2021			Year Ended December 31,
	(Unaudited)			2020			2019			2018			2017			2016
Per Share Data:
Net asset value, beginning of period	$	9.92		$	9.77		$	9.57		$	9.64		$	9.66		$	9.60
Income from investment operations:
Net investment income(1)		0.06			0.18			0.24			0.21			0.17			0.15
Net realized and unrealized   gains (losses) on investments		(0.05	)		0.23			0.20			(0.07	)		(0.02	)		0.06
Total from investment operations		0.01			0.41			0.44			0.14			0.15			0.21
Less distributions:
Distributions from net investment income		(0.06	)		(0.19	)		(0.24	)		(0.21	)		(0.17	)		(0.15	)
Distributions from net realized gains		—			(0.07	)		—			—			(0.00	)(2)		(0.00	)(2)
Total distributions		(0.06	)		(0.26	)		(0.24	)		(0.21	)		(0.17	)		(0.15	)
Net asset value, end of period	$	9.87		$	9.92		$	9.77		$	9.57		$	9.64		$	9.66
Total return		0.07	%(3)		4.23	%		4.68	%		1.49	%		1.53	%		2.25	%
Supplemental data and ratios:
Net assets, end of period (millions)	$	9,363.0		$	8,790.5		$	6,469.1		$	5,596.2		$	5,399.7		$	3,769.3
Ratio of expenses to average net assets		0.30	%(4)		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%
Ratio of net investment income to average net assets		1.15	%(4)		1.87	%		2.50	%		2.21	%		1.73	%		1.57	%
Portfolio turnover rate(5)		33	%(3)		64	%		64	%		58	%		55	%		44	%

Baird Short-Term Bond Fund – Investor Class

	Six Months Ended
	June 30, 2021			Year Ended December 31,
	(Unaudited)			2020			2019			2018			2017			2016
Per Share Data:
Net asset value, beginning of period	$	9.91		$	9.77		$	9.57		$	9.64		$	9.66		$	9.60
Income from investment operations:
Net investment income(1)		0.04			0.16			0.22			0.19			0.14			0.13
Net realized and unrealized   gains (losses) on investments		(0.04	)		0.21			0.20			(0.07	)		(0.02	)		0.06
Total from investment operations		0.00	(2)		0.37			0.42			0.12			0.12			0.19
Less distributions:
Distributions from net investment income		(0.04	)		(0.16	)		(0.22	)		(0.19	)		(0.14	)		(0.13	)
Distributions from net realized gains		—			(0.07	)		—			—			(0.00	)(2)		(0.00	)(2)
Total distributions		(0.04	)		(0.23	)		(0.22	)		(0.19	)		(0.14	)		(0.13	)
Net asset value, end of period	$	9.87		$	9.91		$	9.77		$	9.57		$	9.64		$	9.66
Total return		0.05	%(3)		3.86	%		4.42	%		1.24	%		1.28	%		2.00	%
Supplemental data and ratios:
Net assets, end of period (millions)	$	237.0		$	192.7		$	182.4		$	145.0		$	134.9		$	104.9
Ratio of expenses to average net assets		0.55	%(4)		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
Ratio of net investment income to average net assets		0.90	%(4)		1.62	%		2.25	%		1.96	%		1.48	%		1.32	%
Portfolio turnover rate(5)		33	%(3)		64	%		64	%		58	%		55	%		44	%

(1)	Calculated using average shares outstanding during the period.
(2)	Amount is less than $0.005.
(3)	Not annualized.
(4)	Annualized.
(5)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued and excludes in-kind transactions, where applicable.

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

Page 196

Financial Highlights

Baird Intermediate Bond Fund – Institutional Class

	Six Months Ended
	June 30, 2021			Year Ended December 31,
	(Unaudited)			2020			2019			2018			2017			2016
Per Share Data:
Net asset value, beginning of period	$	11.69		$	11.27		$	10.80		$	11.01		$	10.97		$	10.93
Income from investment operations:
Net investment income(1)		0.09			0.25			0.29			0.27			0.26			0.25
Net realized and unrealized   gains (losses) on investments		(0.19	)		0.58			0.46			(0.21	)		0.04			0.06
Total from investment operations		(0.10	)		0.83			0.75			0.06			0.30			0.31
Less distributions:
Distributions from net investment income		(0.09	)		(0.25	)		(0.28	)		(0.27	)		(0.26	)		(0.25	)
Distributions from net realized gains		—			(0.16	)		—			—			(0.00	)(2)		(0.02	)
Total distributions		(0.09	)		(0.41	)		(0.28	)		(0.27	)		(0.26	)		(0.27	)
Net asset value, end of period	$	11.50		$	11.69		$	11.27		$	10.80		$	11.01		$	10.97
Total return		(0.84	)%(3)		7.42	%		7.05	%		0.58	%		2.74	%		2.83	%
Supplemental data and ratios:
Net assets, end of period (millions)	$	6,217.3		$	5,264.4		$	4,342.1		$	3,264.9		$	2,902.0		$	2,209.1
Ratio of expenses to average net assets		0.30	%(4)		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%
Ratio of net investment income to average net assets		1.64	%(4)		2.17	%		2.57	%		2.51	%		2.32	%		2.21	%
Portfolio turnover rate(5)		22	%(3)		37	%		26	%		32	%		31	%		30	%

Baird Intermediate Bond Fund – Investor Class

	Six Months Ended
	June 30, 2021			Year Ended December 31,
	(Unaudited)			2020			2019			2018			2017			2016
Per Share Data:
Net asset value, beginning of period	$	12.26		$	11.80		$	11.29		$	11.50		$	11.44		$	11.39
Income from investment operations:
Net investment income(1)		0.08			0.23			0.27			0.25			0.24			0.23
Net realized and unrealized   gains (losses) on investments		(0.20	)		0.61			0.50			(0.22	)		0.04			0.06
Total from investment operations		(0.12	)		0.84			0.77			0.03			0.28			0.29
Less distributions:
Distributions from net investment income		(0.08	)		(0.22	)		(0.26	)		(0.24	)		(0.22	)		(0.22	)
Distributions from net realized gains		—			(0.16	)		—			—			(0.00	)(2)		(0.02	)
Total distributions		(0.08	)		(0.38	)		(0.26	)		(0.24	)		(0.22	)		(0.24	)
Net asset value, end of period	$	12.06		$	12.26		$	11.80		$	11.29		$	11.50		$	11.44
Total return		(1.00	)%(3)		7.16	%		6.83	%		0.30	%		2.53	%		2.55	%
Supplemental data and ratios:
Net assets, end of period (millions)	$	44.7		$	55.2		$	52.2		$	47.3		$	53.9		$	98.1
Ratio of expenses to average net assets		0.55	%(4)		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
Ratio of net investment income to average net assets		1.39	%(4)		1.92	%		2.32	%		2.26	%		2.07	%		1.96	%
Portfolio turnover rate(5)		22	%(3)		37	%		26	%		32	%		31	%		30	%

(1)	Calculated using average shares outstanding during the period.
(2)	Amount is less than $0.005.
(3)	Not annualized.
(4)	Annualized.
(5)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued and excludes in-kind transactions, where applicable.

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

Page 197

Financial Highlights

Baird Aggregate Bond Fund – Institutional Class

	Six Months Ended
	June 30, 2021			Year Ended December 31,
	(Unaudited)			2020			2019			2018			2017			2016
Per Share Data:
Net asset value, beginning of period	$	11.77		$	11.21		$	10.53		$	10.87		$	10.70		$	10.61
Income from investment operations:
Net investment income(1)		0.09			0.25			0.30			0.29			0.26			0.25
Net realized and unrealized   gains (losses) on investments		(0.26	)		0.71			0.69			(0.33	)		0.19			0.12
Total from investment operations		(0.17	)		0.96			0.99			(0.04	)		0.45			0.37
Less distributions:
Distributions from net investment income		(0.11	)		(0.27	)		(0.31	)		(0.30	)		(0.28	)		(0.26	)
Distributions from net realized gains		—			(0.13	)		—			—			—			(0.02	)
Total distributions		(0.11	)		(0.40	)		(0.31	)		(0.30	)		(0.28	)		(0.28	)
Net asset value, end of period	$	11.49		$	11.77		$	11.21		$	10.53		$	10.87		$	10.70
Total return		(1.47	)%(2)		8.63	%		9.48	%		(0.30	)%		4.20	%		3.52	%
Supplemental data and ratios:
Net assets, end of period (millions)	$	34,737.0		$	31,874.6		$	21,857.4		$	14,897.5		$	13,582.8		$	9,769.9
Ratio of expenses to average net assets		0.30	%(3)		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%
Ratio of net investment income to average net assets		1.66	%(3)		2.13	%		2.74	%		2.77	%		2.40	%		2.25	%
Portfolio turnover rate(4)		17	%(2)		35	%		31	%		24	%		28	%		36	%

Baird Aggregate Bond Fund – Investor Class

	Six Months Ended
	June 30, 2021			Year Ended December 31,
	(Unaudited)			2020			2019			2018			2017			2016
Per Share Data:
Net asset value, beginning of period	$	12.20		$	11.60		$	10.89		$	11.23		$	11.05		$	10.94
Income from investment operations:
Net investment income(1)		0.08			0.23			0.28			0.27			0.24			0.23
Net realized and unrealized   gains (losses) on investments		(0.28	)		0.74			0.71			(0.33	)		0.19			0.14
Total from investment operations		(0.20	)		0.97			0.99			(0.06	)		0.43			0.37
Less distributions:
Distributions from net investment income		(0.09	)		(0.24	)		(0.28	)		(0.28	)		(0.25	)		(0.24	)
Distributions from net realized gains		—			(0.13	)		—			—			—			(0.02	)
Total distributions		(0.09	)		(0.37	)		(0.28	)		(0.28	)		(0.25	)		(0.26	)
Net asset value, end of period	$	11.91		$	12.20		$	11.60		$	10.89		$	11.23		$	11.05
Total return		(1.62	)%(2)		8.42	%		9.17	%		(0.54	)%		3.90	%		3.34	%
Supplemental data and ratios:
Net assets, end of period (millions)	$	1,011.3		$	1,029.0		$	786.4		$	718.2		$	825.4		$	809.1
Ratio of expenses to average net assets		0.55	%(3)		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
Ratio of net investment income to average net assets		1.41	%(3)		1.88	%		2.49	%		2.52	%		2.15	%		2.00	%
Portfolio turnover rate(4)		17	%(2)		35	%		31	%		24	%		28	%		36	%

(1)	Calculated using average shares outstanding during the period.
(2)	Not annualized.
(3)	Annualized.
(4)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued and excludes in-kind transactions, where applicable.

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

Page 198

Financial Highlights

Baird Core Plus Bond Fund – Institutional Class

	Six Months Ended
	June 30, 2021			Year Ended December 31,
	(Unaudited)			2020			2019			2018			2017			2016
Per Share Data:
Net asset value, beginning of period	$	12.14		$	11.56		$	10.82		$	11.22		$	11.03		$	10.85
Income from investment operations:
Net investment income(1)		0.13			0.29			0.33			0.33			0.30			0.29
Net realized and unrealized   gains (losses) on investments		(0.27	)		0.72			0.75			(0.39	)		0.21			0.22
Total from investment operations		(0.14	)		1.01			1.08			(0.06	)		0.51			0.51
Less distributions:
Distributions from net investment income		(0.13	)		(0.31	)		(0.34	)		(0.34	)		(0.32	)		(0.31	)
Distributions from net realized gains		—			(0.12	)		—			—			—			(0.02	)
Total distributions		(0.13	)		(0.43	)		(0.34	)		(0.34	)		(0.32	)		(0.33	)
Net asset value, end of period	$	11.87		$	12.14		$	11.56		$	10.82		$	11.22		$	11.03
Total return		(1.03	)%(2)		8.80	%		10.11	%		(0.51	)%		4.65	%		4.73	%
Supplemental data and ratios:
Net assets, end of period (millions)	$	29,820.1		$	26,805.5		$	21,424.9		$	15,635.3		$	13,920.2		$	10,023.6
Ratio of expenses to average net assets		0.30	%(3)		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%
Ratio of net investment income to average net assets		2.17	%(3)		2.46	%		2.95	%		3.01	%		2.68	%		2.61	%
Portfolio turnover rate(4)		15	%(2)		33	%		26	%		26	%		30	%		33	%

Baird Core Plus Bond Fund – Investor Class

	Six Months Ended
	June 30, 2021			Year Ended December 31,
	(Unaudited)			2020			2019			2018			2017			2016
Per Share Data:
Net asset value, beginning of period	$	12.68		$	12.05		$	11.28		$	11.68		$	11.46		$	11.26
Income from investment operations:
Net investment income(1)		0.12			0.28			0.32			0.31			0.28			0.27
Net realized and unrealized   gains (losses) on investments		(0.27	)		0.74			0.76			(0.40	)		0.23			0.23
Total from investment operations		(0.15	)		1.02			1.08			(0.09	)		0.51			0.50
Less distributions:
Distributions from net investment income		(0.12	)		(0.28	)		(0.31	)		(0.31	)		(0.29	)		(0.28	)
Distributions from net realized gains		—			(0.11	)		—			—			—			(0.02	)
Total distributions		(0.12	)		(0.39	)		(0.31	)		(0.31	)		(0.29	)		(0.30	)
Net asset value, end of period	$	12.41		$	12.68		$	12.05		$	11.28		$	11.68		$	11.46
Total return		(1.19	)%(2)		8.58	%		9.69	%		(0.74	)%		4.47	%		4.47	%
Supplemental data and ratios:
Net assets, end of period (millions)	$	1,743.3		$	2,684.3		$	2,500.0		$	2,171.0		$	2,431.0		$	2,881.8
Ratio of expenses to average net assets		0.55	%(3)		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
Ratio of net investment income to average net assets		1.92	%(3)		2.21	%		2.70	%		2.76	%		2.43	%		2.36	%
Portfolio turnover rate(4)		15	%(2)		33	%		26	%		26	%		30	%		33	%

(1)	Calculated using average shares outstanding during the period.
(2)	Not annualized.
(3)	Annualized.
(4)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued and excludes in-kind transactions, where applicable.

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

Page 199

Financial Highlights

Baird Short-Term Municipal Bond Fund – Institutional Class

	Six Months Ended
	June 30, 2021			Year Ended December 31,
	(Unaudited)			2020			2019			2018			2017			2016
Per Share Data:
Net asset value, beginning of period	$	10.43		$	10.26		$	10.06		$	10.08		$	9.97		$	10.04
Income from investment operations:
Net investment income(1)		0.06			0.17			0.20			0.20			0.18			0.15
Net realized and unrealized   gains (losses) on investments		0.01			0.16			0.20			(0.03	)		0.10			(0.08	)
Total from investment operations		0.07			0.33			0.40			0.17			0.28			0.07
Less distributions:
Distributions from net investment income		(0.06	)		(0.16	)		(0.20	)		(0.19	)		(0.17	)		(0.14	)
Distributions from net realized gains		—			—			—			(0.00	)(2)		(0.00	)(2)		(0.00	)(2)
Total distributions		(0.06	)		(0.16	)		(0.20	)		(0.19	)		(0.17	)		(0.14	)
Net asset value, end of period	$	10.44		$	10.43		$	10.26		$	10.06		$	10.08		$	9.97
Total return		0.70	%(3)		3.25	%		3.96	%		1.75	%		2.84	%		0.71	%
Supplemental data and ratios:
Net assets, end of period (millions)	$	1,689.8		$	1,520.0		$	926.1		$	281.2		$	120.9		$	52.4
Ratio of expenses to average net assets		0.30	%(4)		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%
Ratio of net investment income to average net assets		1.21	%(4)		1.61	%		1.96	%		2.03	%		1.74	%		1.44	%
Portfolio turnover rate(5)		27	%(3)		32	%		34	%		107	%		54	%		38	%

Baird Short-Term Municipal Bond Fund – Investor Class

	Six Months Ended
	June 30, 2021			Year Ended December 31,
	(Unaudited)			2020			2019			2018			2017			2016
Per Share Data:
Net asset value, beginning of period	$	10.41		$	10.25		$	10.04		$	10.06		$	9.96		$	10.04
Income from investment operations:
Net investment income(1)		0.05			0.14			0.17			0.18			0.15			0.12
Net realized and unrealized   gains (losses) on investments		0.01			0.15			0.21			(0.03	)		0.09			(0.08	)
Total from investment operations		0.06			0.29			0.38			0.15			0.24			0.04
Less distributions:
Distributions from net investment income		(0.05	)		(0.13	)		(0.17	)		(0.17	)		(0.14	)		(0.12	)
Distributions from net realized gains		—			—			—			(0.00	)(2)		(0.00	)(2)		(0.00	)(2)
Total distributions		(0.05	)		(0.13	)		(0.17	)		(0.17	)		(0.14	)		(0.12	)
Net asset value, end of period	$	10.42		$	10.41		$	10.25		$	10.04		$	10.06		$	9.96
Total return		0.58	%(3)		2.90	%		3.81	%		1.52	%		2.45	%		0.40	%
Supplemental data and ratios:
Net assets, end of period (millions)	$	101.1		$	92.2		$	89.6		$	64.0		$	4.9		$	6.3
Ratio of expenses to average net assets		0.55	%(4)		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
Ratio of net investment income to average net assets		0.96	%(4)		1.36	%		1.71	%		1.78	%		1.49	%		1.19	%
Portfolio turnover rate(5)		27	%(3)		32	%		34	%		107	%		54	%		38	%

(1)	Calculated using average shares outstanding during the period.
(2)	Amount is less than $0.005.
(3)	Not annualized.
(4)	Annualized.
(5)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued and excludes in-kind transactions, where applicable.

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

Page 200

Financial Highlights

Baird Strategic Municipal Bond Fund – Institutional Class

	Six Months Ended
	June 30, 2021			Year Ended			Period Ended
	(Unaudited)			December 31, 2020			December 31, 2019(1)
Per Share Data:
Net asset value, beginning of period	$	10.67		$	10.07		$	10.00
Income from investment operations:
Net investment income(2)		0.06			0.18			0.02
Net realized and unrealized gain on investments		0.12			0.66			0.07
Total from investment operations		0.18			0.84			0.09
Less distributions:
Distributions from net investment income		(0.06	)		(0.17	)		(0.02	)
Distributions from net realized gains		—			(0.07	)		—
Total distributions		(0.06	)		(0.24	)		(0.02	)
Net asset value, end of period	$	10.79		$	10.67		$	10.07
Total return		1.64	%(3)		8.39	%		0.88	%(3)
Supplemental data and ratios:
Net assets, end of period (millions)	$	257.9		$	164.3		$	12.0
Ratio of expenses to average net assets		0.30	%(4)		0.30	%		0.30	%(4)
Ratio of net investment income to average net assets		1.05	%(4)		1.72	%		1.60	%(4)
Portfolio turnover rate(5)		47	%(3)		119	%		47	%(3)

Baird Strategic Municipal Bond Fund – Investor Class

	Six Months Ended
	June 30, 2021			Year Ended			Period Ended
	(Unaudited)			December 31, 2020			December 31, 2019(1)
Per Share Data:
Net asset value, beginning of period	$	10.67		$	10.07		$	10.00
Income from investment operations:
Net investment income(2)		0.04			0.15			0.02
Net realized and unrealized gain on investments		0.12			0.67			0.06
Total from investment operations		0.16			0.82			0.08
Less distributions:
Distributions from net investment income		(0.04	)		(0.15	)		(0.01	)
Distributions from net realized gains		—			(0.07	)		—
Total distributions		(0.04	)		(0.22	)		(0.01	)
Net asset value, end of period	$	10.79		$	10.67		$	10.07
Total return		1.52	%(3)		8.13	%		0.85	%(3)
Supplemental data and ratios:
Net assets, end of period (thousands)	$	8,460.5		$	6,976.1		$	27.4
Ratio of expenses to average net assets		0.55	%(4)		0.55	%		0.55	%(4)
Ratio of net investment income to average net assets		0.80	%(4)		1.47	%		1.35	%(4)
Portfolio turnover rate(5)		47	%(3)		119	%		47	%(3)

(1)	Inception was close of business on November 15, 2019.
(2)	Calculated using average shares outstanding during the period.
(3)	Not annualized.
(4)	Annualized.
(5)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued and excludes in-kind transactions, where applicable.

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

Page 201

Financial Highlights

Baird Quality Intermediate Municipal Bond Fund – Institutional Class

	Six Months Ended
	June 30, 2021			Year Ended December 31,
	(Unaudited)			2020			2019			2018			2017			2016
Per Share Data:
Net asset value, beginning of period	$	12.03		$	11.75		$	11.38		$	11.52		$	11.43		$	11.74
Income from investment operations:
Net investment income(1)		0.11			0.24			0.27			0.27			0.27			0.26
Net realized and unrealized   gains (losses) on investments		(0.09	)		0.28			0.37			(0.14	)		0.09			(0.31	)
Total from investment operations		0.02			0.52			0.64			0.13			0.36			(0.05	)
Less distributions:
Distributions from net investment income		(0.11	)		(0.24	)		(0.27	)		(0.27	)		(0.27	)		(0.26	)
Distributions from return of capital		—			—			—			—			(0.00	)(2)		—
Total distributions		(0.11	)		(0.24	)		(0.27	)		(0.27	)		(0.27	)		(0.26	)
Net asset value, end of period	$	11.94		$	12.03		$	11.75		$	11.38		$	11.52		$	11.43
Total return		0.17	%(3)		4.43	%		5.65	%		1.19	%		3.12	%		(0.46	)%
Supplemental data and ratios:
Net assets, end of period (millions)	$	1,524.4		$	1,449.2		$	1,257.4		$	1,009.2		$	1,044.1		$	936.2
Ratio of expenses to average net assets		0.30	%(4)		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%
Ratio of net investment income to average net assets		1.83	%(4)		2.03	%		2.30	%		2.39	%		2.29	%		2.19	%
Portfolio turnover rate(5)		10	%(3)		15	%		20	%		40	%		31	%		22	%

Baird Quality Intermediate Municipal Bond Fund – Investor Class

	Six Months Ended
	June 30, 2021			Year Ended December 31,
	(Unaudited)			2020			2019			2018			2017			2016
Per Share Data:
Net asset value, beginning of period	$	12.34		$	12.04		$	11.66		$	11.80		$	11.69		$	12.00
Income from investment operations:
Net investment income(1)		0.10			0.22			0.24			0.25			0.24			0.23
Net realized and unrealized   gains (losses) on investments		(0.09	)		0.29			0.38			(0.15	)		0.11			(0.31	)
Total from investment operations		0.01			0.51			0.62			0.10			0.35			(0.08	)
Less distributions:
Distributions from net investment income		(0.10	)		(0.21	)		(0.24	)		(0.24	)		(0.24	)		(0.23	)
Distributions from return of capital		—			—			—			—			(0.00	)(2)		—
Total distributions		(0.10	)		(0.21	)		(0.24	)		(0.24	)		(0.24	)		(0.23	)
Net asset value, end of period	$	12.25		$	12.34		$	12.04		$	11.66		$	11.80		$	11.69
Total return		0.05	%(3)		4.23	%		5.33	%		0.90	%		2.97	%		(0.70	)%
Supplemental data and ratios:
Net assets, end of period (millions)	$	52.8		$	52.4		$	85.1		$	110.8		$	107.3		$	136.1
Ratio of expenses to average net assets		0.55	%(4)		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
Ratio of net investment income to average net assets		1.58	%(4)		1.78	%		2.05	%		2.14	%		2.00	%		1.94	%
Portfolio turnover rate(5)		10	%(3)		15	%		20	%		40	%		31	%		22	%

(1)	Calculated using average shares outstanding during the period.
(2)	Amount is less than $0.005.
(3)	Not annualized.
(4)	Annualized.
(5)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued and excludes in-kind transactions, where applicable.

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

Page 202

Financial Highlights

Baird Core Intermediate Municipal Bond Fund – Institutional Class

	Six Months Ended
	June 30, 2021			Year Ended December 31,
	(Unaudited)			2020			2019			2018			2017			2016
Per Share Data:
Net asset value, beginning of period	$	10.96		$	10.65		$	10.22		$	10.32		$	10.01		$	10.13
Income from investment operations:
Net investment income(1)		0.09			0.23			0.25			0.23			0.21			0.18
Net realized and unrealized   gains (losses) on investments		0.02			0.33			0.43			(0.10	)		0.30			(0.05	)
Total from investment operations		0.11			0.56			0.68			0.13			0.51			0.13
Less distributions:
Distributions from net investment income		(0.09	)		(0.22	)		(0.24	)		(0.23	)		(0.20	)		(0.18	)
Distributions from net realized gains		—			(0.03	)		(0.01	)		—			—			(0.07	)
Total distributions		(0.09	)		(0.25	)		(0.25	)		(0.23	)		(0.20	)		(0.25	)
Net asset value, end of period	$	10.98		$	10.96		$	10.65		$	10.22		$	10.32		$	10.01
Total return		0.98	%(2)		5.26	%		6.75	%		1.30	%		5.15	%		1.14	%
Supplemental data and ratios:
Net assets, end of period (millions)	$	1,084.6		$	842.2		$	535.5		$	378.1		$	234.8		$	96.3
Ratio of expenses to average net assets		0.30	%(3)		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%
Ratio of net investment income to average net assets		1.59	%(3)		2.09	%		2.36	%		2.30	%		2.04	%		1.79	%
Portfolio turnover rate(4)		21	%(2)		35	%		38	%		70	%		66	%		95	%

Baird Core Intermediate Municipal Bond Fund – Investor Class

	Six Months Ended
	June 30, 2021			Year Ended December 31,
	(Unaudited)			2020			2019			2018			2017			2016
Per Share Data:
Net asset value, beginning of period	$	10.95		$	10.64		$	10.22		$	10.32		$	10.00		$	10.13
Income from investment operations:
Net investment income(1)		0.07			0.20			0.22			0.21			0.18			0.16
Net realized and unrealized   gains (losses) on investments		0.03			0.33			0.43			(0.11	)		0.32			(0.06	)
Total from investment operations		0.10			0.53			0.65			0.10			0.50			0.10
Less distributions:
Distributions from net investment income		(0.07	)		(0.19	)		(0.22	)		(0.20	)		(0.18	)		(0.16	)
Distributions from net realized gains		—			(0.03	)		(0.01	)		—			—			(0.07	)
Total distributions		(0.07	)		(0.22	)		(0.23	)		(0.20	)		(0.18	)		(0.23	)
Net asset value, end of period	$	10.98		$	10.95		$	10.64		$	10.22		$	10.32		$	10.00
Total return		0.96	%(2)		5.01	%		6.40	%		1.05	%		5.00	%		0.91	%
Supplemental data and ratios:
Net assets, end of period (millions)	$	26.3		$	22.3		$	5.9		$	2.0		$	1.7		$	1.4
Ratio of expenses to average net assets		0.55	%(3)		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
Ratio of net investment income to average net assets		1.34	%(3)		1.84	%		2.11	%		2.05	%		1.79	%		1.54	%
Portfolio turnover rate(4)		21	%(2)		35	%		38	%		70	%		66	%		95	%

(1)	Calculated using average shares outstanding during the period.
(2)	Not annualized.
(3)	Annualized.
(4)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued and excludes in-kind transactions, where applicable.

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

Page 203

Financial Highlights

Baird Municipal Bond Fund – Institutional Class

	Six Months Ended
	June 30, 2021			Year Ended			Period Ended
	(Unaudited)			December 31, 2020			December 31, 2019(1)
Per Share Data:
Net asset value, beginning of period	$	10.67		$	10.10		$	10.00
Income from investment operations:
Net investment income(2)		0.10			0.23			0.02
Net realized and unrealized gain on investments		0.15			0.76			0.10
Total from investment operations		0.25			0.99			0.12
Less distributions:
Distributions from net investment income		(0.10	)		(0.21	)		(0.02	)
Distributions from net realized gains		—			(0.21	)		—
Total distributions		(0.10	)		(0.42	)		(0.02	)
Net asset value, end of period	$	10.82		$	10.67		$	10.10
Total return		2.32	%(3)		9.95	%		1.19	%(3)
Supplemental data and ratios:
Net assets, end of period (millions)	$	30.0		$	20.3		$	7.4
Ratio of expenses to average net assets		0.30	%(4)		0.30	%		0.30	%(4)
Ratio of net investment income to average net assets		1.85	%(4)		2.20	%		1.69	%(4)
Portfolio turnover rate(5)		34	%(3)		124	%		46	%(3)

Baird Municipal Bond Fund – Investor Class

	Six Months Ended
	June 30, 2021			Year Ended			Period Ended
	(Unaudited)			December 31, 2020			December 31, 2019(1)
Per Share Data:
Net asset value, beginning of period	$	10.66		$	10.10		$	10.00
Income from investment operations:
Net investment income(2)		0.09			0.21			0.02
Net realized and unrealized gain on investments		0.14			0.75			0.10
Total from investment operations		0.23			0.96			0.12
Less distributions:
Distributions from net investment income		(0.08	)		(0.19	)		(0.02	)
Distributions from net realized gains		—			(0.21	)		—
Total distributions		(0.08	)		(0.40	)		(0.02	)
Net asset value, end of period	$	10.81		$	10.66		$	10.10
Total return		2.21	%(3)		9.58	%		1.16	%(3)
Supplemental data and ratios:
Net assets, end of period (thousands)	$	3,224.2		$	1,624.8		$	29.1
Ratio of expenses to average net assets		0.55	%(4)		0.55	%		0.55	%(4)
Ratio of net investment income to average net assets		1.60	%(4)		1.95	%		1.44	%(4)
Portfolio turnover rate(5)		34	%(3)		124	%		46	%(3)

(1)	Inception was close of business on November 15, 2019.
(2)	Calculated using average shares outstanding during the period.
(3)	Not annualized.
(4)	Annualized.
(5)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued and excludes in-kind transactions, where applicable.

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

Page 204

Notes to the Financial Statements

June 30, 2021 (Unaudited)

1. Organization

Baird Funds, Inc. (the “Company”) was incorporated on June 9, 2000, as a Wisconsin corporation and is registered as an open-end investment management company under the Investment Company Act of 1940, as amended (the “1940 Act”).  The accompanying financial statements include the Baird Ultra Short Bond Fund, Baird Short-Term Bond Fund, Baird Intermediate Bond Fund, Baird Aggregate Bond Fund, Baird Core Plus Bond Fund, Baird Short-Term Municipal Bond Fund, Baird Strategic Municipal Bond Fund, Baird Quality Intermediate Municipal Bond Fund, Baird Core Intermediate Municipal Bond Fund and Baird Municipal Bond Fund (each, a “Fund” and collectively, the “Funds”), ten of the sixteen active funds in the series comprising the Company, each of which is diversified within the meaning of the 1940 Act.  Robert W. Baird & Co. Incorporated (“Baird” or the “Advisor”) serves as investment advisor to the Funds.  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.

The following table presents the class-specific inception dates for each of the Funds:

	Inception Date
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

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 Barclays 1-3 Year U.S. Government/Credit Bond Index. The Fund’s benchmark index, the Bloomberg Barclays 1-3 Year U.S. Government/Credit Bond Index, is an unmanaged, market value weighted index of investment grade, fixed-rate debt issues, including government and corporate securities, with maturities between one and three years.

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

The investment objective of the Baird Aggregate Bond Fund is to seek an annual rate of total return, before Fund expenses, greater than the annual rate of total return of the Bloomberg Barclays U.S. Aggregate Bond Index.  The Fund’s benchmark index, the Bloomberg Barclays U.S. Aggregate Bond Index, is an unmanaged, market value weighted index of investment grade, fixed-rate debt issues, including government, corporate, asset-backed and mortgage-backed securities, 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 Barclays U.S. Universal Bond Index. The Fund’s benchmark index, the Bloomberg Barclays U.S. Universal Bond Index, is an unmanaged, market value weighted index of fixed income securities issued in U.S. dollars, including U.S. government and investment grade debt, non-investment grade debt, asset-backed and mortgage-backed securities, Eurobonds, 144A securities and emerging market debt, with maturities of at least one year.

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”).

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, to value their portfolio securities using market quotations when they are “readily available.”  When market quotations are not readily available (e.g., because there is no regular market quotation for such securities, the market for such security is limited, the validity of quotations is questionable or the Funds’ independent pricing service does not provide a price), the Board of Directors (the “Board”) of the Company is responsible for ensuring the securities are valued at “fair value determined in good faith.”  The Board has delegated such responsibility to the Advisor pursuant to pricing policies and procedures that the Board has adopted and regularly reviews. In general, 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 net asset value per share as of the close of regular trading of the New York Stock Exchange (generally, 4:00 p.m. ET).

Page 205

Notes to the Financial Statements

June 30, 2021 (Unaudited)

2.	Significant Accounting Policies (cont.)
	Consistent with Section 2(a)(41) of the 1940 Act, the Funds price their securities as follows:  debt securities are valued at their evaluated bid prices as provided by an independent pricing service using valuation methods that are designed to represent fair value, such as matrix pricing and other analytical pricing models, market transactions and dealer quotations.  Debt securities purchased with maturities of 60 days or less are valued as described above unless an evaluated price is not available, in which case such security is valued at acquisition cost, plus or minus any amortized discount or premium (“amortized cost”), or, if the Advisor does not believe amortized cost is reflective of the fair value of the security, the security is priced at fair value as described below.  Investments in mutual funds, including money market funds, are valued at their stated net asset value (“NAV”).  Common stocks that are listed on a securities exchange (other than NASDAQ) are valued at the last quoted sales price.  Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price.  Price information on listed stocks is taken from the exchange where the security is primarily traded.  Securities that were not traded on the valuation date, as well as stocks that are not listed on an exchange, including NASDAQ, are valued at the average of the current bid and ask price.  Other assets and securities for which market quotations are not readily available are valued at fair value as determined in good faith by the Advisor in accordance with procedures approved by the Company’s Board.  In accordance with such procedures, the Advisor may, under certain circumstances, use alternative valuation methodologies, or it may use broker quotes or prices obtained from alternative independent pricing services or, if broker quotes or prices from alternative pricing services are unavailable or deemed to be unreliable, fair value will be determined by a valuation committee of the Advisor.  In determining fair value, the valuation committee takes into account factors deemed relevant by the valuation committee and available information.  Consequently, the price of the security used by a Fund to calculate its NAV may differ from quoted or published prices for the same security.  Fair value pricing involves subjective judgments and there is no single standard for determining a security’s fair value.  As a result, different mutual funds could reasonably arrive at a different fair value for the same security.  It is possible that the fair value determined for a security is materially different from the value that could be realized upon the sale of that security or from the values that other mutual funds may determine.  The prices determined for any individual security on any given day may vary significantly from the amount that can be obtained in an actual sale of that security, and the Funds’ NAVs may fluctuate significantly from day to day or from period to period.
b)	Securities Purchased on a When-Issued, Delayed Delivery or Forward Commitment Basis – Each Fund may purchase securities on a when-issued, delayed delivery or forward commitment basis. When-issued, delayed delivery and forward commitment transactions involve the risk that the price or yield obtained in a transaction may be more or less favorable than the price or yield available in the market when delivery takes place. At the time a Fund makes a commitment to purchase a security, the Fund records the transaction and reflects the value of the security in determining net asset value. Each Fund designates and maintains cash and/or marketable securities at least equal in value to commitments for when-issued, delayed delivery or forward commitment securities.
c)	Unregistered Securities – The Funds own certain investment securities which are unregistered.  All of the unregistered securities held by the Funds as of June 30, 2021 consist of securities issued pursuant to Rule 144A under the Securities Act of 1933 and all have been classified as liquid under the Funds’ liquidity risk management program.
	The value of such securities for the Funds is as follows:

Fund	Value		% of Net Assets
Baird Ultra Short Bond Fund	$	1,594,212,491		25.51	%
Baird Short-Term Bond Fund		2,476,930,900		25.80	%
Baird Intermediate Bond Fund		990,798,081		15.82	%
Baird Aggregate Bond Fund		5,319,966,969		14.88	%
Baird Core Plus Bond Fund		6,049,158,098		19.17	%
Baird Short-Term Municipal Bond Fund		126,284,108		7.05	%
Baird Strategic Municipal Bond Fund		38,164,304		14.33	%
Baird Quality Intermediate Municipal Bond Fund		6,618,520		0.42	%
Baird Core Intermediate Municipal Bond Fund		72,563,844		6.53	%
Baird Municipal Bond Fund		2,239,054		6.73	%

d)	Foreign Securities – For purposes of these financial statements, foreign securities are defined as securities of issuers that are organized outside the United States. 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 and differences in financial reporting standards and less strict regulation of securities markets. Moreover, securities of many foreign companies and foreign governments and their markets may be less liquid and their prices more volatile than those of securities of comparable U.S. companies and the U.S. government. Occasionally, events that affect these values and exchange rates may occur after the close of the exchange on which such securities are traded.  If such events materially affect the value of a Fund’s securities, these securities may be valued at their fair value pursuant to procedures adopted by the Board.
e)	Financial Derivative Instruments – Financial derivative instruments, such as futures contracts, derive their value from 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 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 derivative contracts can be estimated by a pricing service provider using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, curves, dividends and exchange rates. Futures contracts are carried at fair value using the primary exchange’s closing (settlement) price and are generally categorized in Level 1.
f)	Deposits with Broker – When trading derivative instruments, such as futures contracts, a Fund is only required to post initial or variation margin with the exchange or clearing broker. The use of margin in trading these instruments has the effect of creating leverage, which can expose the Fund to substantial gains or losses occurring from relatively small price changes in the value of the underlying instrument and can increase the volatility of the Fund’s returns.
	Upon entering into a futures contract, and to maintain the Fund’s open positions in futures contracts, the Fund is required to deposit with its custodian or futures broker in a segregated account in the name of the futures broker an amount of cash, U.S. government securities, suitable money market instruments, or other liquid securities, known as “initial margin.” The margin required for a particular futures contract is set by the exchange on which the contract is traded and may be significantly modified from time to time by the exchange during the term of the contract. Futures contracts are customarily purchased and sold on margins that may range upward from less than 5% of the value of the contract being traded.
	At June 30, 2021, the Baird Strategic Municipal Bond Fund had $196,334 in cash and cash equivalents on deposit with the broker for futures contracts which is presented on the Fund’s Statement of Assets and Liabilities.
	If the price of an open futures contract changes (by increase in underlying instrument or index in the case of a sale or by decrease in the case of a purchase) so that the loss on the futures contract reaches a point at which the margin on deposit does not satisfy margin requirements, the broker will require an increase in the margin. However, if the value of a position increases because of favorable price changes in the futures contract so that the margin deposit exceeds the required margin, the broker will pay the excess to the Fund.

Page 206

Notes to the Financial Statements

June 30, 2021 (Unaudited)

2.	Significant Accounting Policies (cont.)
	These subsequent payments, called “variation margin,” to and from the futures broker are made on a daily basis as the price of the underlying assets fluctuate making the long and short positions in the futures contract more or less valuable, a process known as “marking to the market.” At period end, the variation margin is shown as either a receivable or payable on the Fund’s Statement of Assets and Liabilities. The Fund expects to earn interest income on any margin deposits.
g)	Income Tax Status – The Funds intend to continue to qualify as regulated investment companies as provided in Subchapter M of the Internal Revenue Code and to distribute substantially all of their taxable income to their shareholders in a manner which results in no tax expense to the Funds.  Therefore, no federal income or excise tax provision is recorded.
	There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended December 31, 2020, or for any other tax years which are open for exam. As of December 31, 2020, open tax years include the tax years ended December 31, 2017 through 2020. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next 12 months. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as interest and other expense, respectively, in the Statement of Operations. During the period, the Funds did not incur any interest or penalties.
h)	Allocation of Income and Expenses – Each Fund is charged for those expenses directly attributable to it.  Expenses directly attributable to a class of shares, such as Rule 12b-1 distribution fees, are charged to that class of shares.  Income, expenses and realized and unrealized gains and losses are allocated to the classes based on their respective net assets.  Expenses that are not directly attributable to a Fund are allocated among the Funds in the series in proportion to their assets or are divided equally amongst the Funds.
i)	Shareholder Transactions and Distributions – Shareholder transactions are recorded on the trade date. Dividends from net investment income are declared and paid monthly.  Distributions of net realized capital gains, if any, are declared and paid at least annually.  All distributions to shareholders are recorded on the ex-dividend date.  The book basis character of distributions may differ from their ultimate characterization for Federal income tax purposes.  GAAP requires that permanent financial reporting and tax differences be reclassified in the capital accounts.
j)	Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period.  Actual results could differ from those estimates.
k)	Securities Transactions and Investment Income – Investment transactions are recorded on the trade date.  The Funds determine the gain or loss realized from investment transactions using the identified cost basis.  Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis.  Premiums and discounts on the purchase of securities are amortized/accreted using the effective interest method.  Paydown gains and losses are recorded as interest income on the Statements of Operations for financial reporting purposes.
l)	Guarantees and Indemnifications – In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses.  The Funds’ maximum exposure under these arrangements is unknown and would involve future claims against the Funds that have not yet occurred.  Based on experience, the Funds would expect the risk of loss to be remote.
m)	New Regulatory and Accounting Pronouncements – In March 2020, FASB issued Accounting Standards Update 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). The main objective of ASU 2020-04 is to provide relief to companies that will be impacted by the expected change in benchmark interest rates at the end of 2021, when participating banks will no longer be required to submit London Inter-bank Offered Rate (“LIBOR”) quotes by the UK Financial Conduct Authority. ASU 2020-04 allows companies to, provided the only change to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. In addition, derivative contracts that qualified for hedge accounting prior to modification, will be allowed to continue to receive such treatment, even if critical terms change due to a change in the benchmark interest rate. For new and existing contracts, the Funds may elect to apply the amendments as of March 12, 2020 through December 31, 2022. Management is currently assessing the impact of the adoption of ASU 2020-04 to the Funds’ financial statements and various filings.
	On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities, and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.  Management is currently assessing the impact of the adoption of Rule 18f-4 to the Funds.
	In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices (“Rule 2a-5”). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements and is rescinding previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments. The Funds will be required to comply with the rules by September 8, 2022. Management is currently assessing the potential impact of the new rules on the Funds’ financial statements.
n)	Other Matters – The global outbreak of COVID-19 (commonly referred to as “coronavirus”) has disrupted economic markets and the prolonged economic impact is uncertain.  The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers, are not known. The operational and financial performance of the issuers of securities in which the Funds invest depends on future developments, including the duration of the outbreak, and such uncertainty may in turn adversely affect the value and liquidity of the Funds’ investments, impair the Funds’ ability to satisfy redemption requests, and negatively impact the Funds’ performance.

Page 207

Notes to the Financial Statements

June 30, 2021 (Unaudited)

3. Capital Share Transactions

The following table summarizes the capital share transactions of each Fund for the past two fiscal periods:

Baird Ultra Short Bond Fund

	Six Months Ended June 30, 2021						Year Ended December 31, 2020
Institutional Class Shares	Shares			Amount			Shares			Amount
Shares sold		363,998,478	(1)	$	3,666,487,222	(1)		462,621,401		$	4,663,501,345
Shares issued to shareholders in reinvestment of distributions		1,354,262			13,639,540			3,564,569			35,891,156
Shares redeemed		(206,327,075	)		(2,078,328,421	)		(193,156,605	)		(1,944,377,181	)
Net increase		159,025,665		$	1,601,798,341			273,029,365		$	2,755,015,320
Shares Outstanding:
Beginning of period		442,176,747						169,147,382
End of period		601,202,412						442,176,747
	Six Months Ended June 30, 2021						Year Ended December 31, 2020
Investor Class Shares	Shares			Amount			Shares			Amount
Shares sold		14,766,480		$	149,186,537			49,156,046		$	494,152,300
Shares issued to shareholders in reinvestment of distributions		30,443			307,435			96,822			973,660
Shares redeemed		(7,559,896	)		(76,344,946	)		(40,343,759	)		(405,489,395	)
Net increase		7,237,027		$	73,149,026			8,909,109		$	89,636,565
Shares Outstanding:
Beginning of period		12,143,351						3,234,242
End of period		19,380,378						12,143,351
Total net increase				$	1,674,947,367					$	2,844,651,885

⁽¹⁾  Includes purchase in-kind transactions. See additional information contained in this Note.

Baird Short-Term Bond Fund

	Six Months Ended June 30, 2021						Year Ended December 31, 2020
Institutional Class Shares	Shares			Amount			Shares			Amount
Shares sold		256,186,077		$	2,535,318,854			463,915,266		$	4,586,770,494
Shares issued to shareholders in reinvestment of distributions		4,869,026			48,129,103			18,915,873			187,082,769
Shares redeemed		(198,935,124	)		(1,967,400,939	)		(258,354,649	)		(2,542,726,663	)
Net increase		62,119,979		$	616,047,018			224,476,490		$	2,231,126,600
Shares Outstanding:
Beginning of period		886,552,417						662,075,927
End of period		948,672,396						886,552,417
	Six Months Ended June 30, 2021						Year Ended December 31, 2020
Investor Class Shares	Shares			Amount			Shares			Amount
Shares sold		8,866,909		$	87,730,611			13,605,960		$	134,775,633
Shares issued to shareholders in reinvestment of distributions		99,114			979,514			422,979			4,181,149
Shares redeemed		(4,392,493	)		(43,449,384	)		(13,255,473	)		(130,744,279	)
Net increase		4,573,530		$	45,260,741			773,466		$	8,212,503
Shares Outstanding:
Beginning of period		19,442,760						18,669,294
End of period		24,016,290						19,442,760
Total net increase				$	661,307,759					$	2,239,339,103

Page 208

Notes to the Financial Statements

June 30, 2021 (Unaudited)

3. Capital Share Transactions (cont.)

Baird Intermediate Bond Fund

	Six Months Ended June 30, 2021						Year Ended December 31, 2020
Institutional Class Shares	Shares			Amount			Shares			Amount
Shares sold		122,618,695	(1)	$	1,412,419,706	(1)		131,066,832		$	1,530,910,134
Shares issued to shareholders in reinvestment of distributions		3,385,169			38,961,909			12,766,632			148,834,233
Shares redeemed		(35,796,221	)		(412,551,981	)		(78,696,908	)		(912,589,791	)
Net increase		90,207,643		$	1,038,829,634			65,136,556		$	767,154,576
Shares Outstanding:
Beginning of period		450,339,541						385,202,985
End of period		540,547,184						450,339,541
	Six Months Ended June 30, 2021						Year Ended December 31, 2020
Investor Class Shares	Shares			Amount			Shares			Amount
Shares sold		1,372,002		$	16,660,135			1,633,425		$	19,913,855
Shares issued to shareholders in reinvestment of distributions		26,161			315,744			133,565			1,630,760
Shares redeemed		(2,190,833	)		(26,458,069	)		(1,686,067	)		(20,426,729	)
Net increase (decrease)		(792,670	)	$	(9,482,190	)		80,923		$	1,117,886
Shares Outstanding:
Beginning of period		4,501,523						4,420,600
End of period		3,708,853						4,501,523
Total net increase				$	1,029,347,444					$	768,272,462

⁽¹⁾  Includes purchase in-kind transactions. See additional information contained in this Note.

Baird Aggregate Bond Fund

	Six Months Ended June 30, 2021						Year Ended December 31, 2020
Institutional Class Shares	Shares			Amount			Shares			Amount
Shares sold		593,329,292		$	6,827,284,222			1,203,043,975		$	14,069,540,913
Shares issued to shareholders in reinvestment of distributions		24,697,249			282,882,653			74,311,480			869,932,329
Shares redeemed		(303,850,408	)		(3,485,393,635	)		(518,886,091	)		(6,008,637,812	)
Net increase		314,176,133		$	3,624,773,240			758,469,364		$	8,930,835,430
Shares Outstanding:
Beginning of period		2,708,739,925						1,950,270,561
End of period		3,022,916,058						2,708,739,925
	Six Months Ended June 30, 2021						Year Ended December 31, 2020
Investor Class Shares	Shares			Amount			Shares			Amount
Shares sold		19,124,418		$	228,388,261			49,811,927		$	602,252,494
Shares issued to shareholders in reinvestment of distributions		644,877			7,656,185			2,276,758			27,599,010
Shares redeemed		(19,250,792	)		(229,724,110	)		(35,497,571	)		(427,505,756	)
Net increase		518,503		$	6,320,336			16,591,114		$	202,345,748
Shares Outstanding:
Beginning of period		84,371,979						67,780,865
End of period		84,890,482						84,371,979
Total net increase				$	3,631,093,576					$	9,133,181,178
Baird Core Plus Bond Fund
	Six Months Ended June 30, 2021						Year Ended December 31, 2020
Institutional Class Shares	Shares			Amount			Shares			Amount
Shares sold		490,097,887		$	5,805,948,447			748,369,472		$	8,949,189,350
Shares issued to shareholders in reinvestment of distributions		25,000,901			295,758,594			67,703,177			813,547,951
Shares redeemed		(212,104,396	)		(2,514,966,527	)		(461,624,165	)		(5,485,878,150	)
Net increase		302,994,392		$	3,586,740,514			354,448,484		$	4,276,859,151
Shares Outstanding:
Beginning of period		2,208,185,115						1,853,736,631
End of period		2,511,179,507						2,208,185,115

Page 209

Notes to the Financial Statements

June 30, 2021 (Unaudited)

3. Capital Share Transactions (cont.)

Baird Core Plus Bond Fund (cont.)

	Six Months Ended June 30, 2021						Year Ended December 31, 2020
Investor Class Shares	Shares			Amount			Shares			Amount
Shares sold		28,858,288		$	360,093,884			78,958,693		$	986,325,404
Shares issued to shareholders in reinvestment of distributions		1,596,819			19,760,079			6,401,361			80,288,421
Shares redeemed		(101,680,027	)		(1,250,402,260	)		(81,049,037	)		(1,004,620,453	)
Net increase (decrease)		(71,224,920	)	$	(870,548,297	)		4,311,017		$	61,993,372
Shares Outstanding:
Beginning of period		211,692,826						207,381,809
End of period		140,467,906						211,692,826
Total net increase				$	2,716,192,217					$	4,338,852,523
Baird Short-Term Municipal Bond Fund
	Six Months Ended June 30, 2021						Year Ended December 31, 2020
Institutional Class Shares	Shares			Amount			Shares			Amount
Shares sold		58,922,135		$	614,884,775			111,010,726		$	1,148,586,895
Shares issued to shareholders in reinvestment of distributions		754,114			7,859,945			1,408,880			14,571,461
Shares redeemed		(43,525,161	)		(454,190,455	)		(56,886,182	)		(586,467,058	)
Net increase		16,151,088		$	168,554,265			55,533,424		$	576,691,298
Shares Outstanding:
Beginning of period		145,762,030						90,228,606
End of period		161,913,118						145,762,030
	Six Months Ended June 30, 2021						Year Ended December 31, 2020
Investor Class Shares	Shares			Amount			Shares			Amount
Shares sold		3,525,111		$	36,725,716			11,551,814		$	119,687,286
Shares issued to shareholders in reinvestment of distributions		36,697			381,735			85,715			882,719
Shares redeemed		(2,716,046	)		(28,285,533	)		(11,522,304	)		(119,184,278	)
Net increase		845,762		$	8,821,918			115,225		$	1,385,727
Shares Outstanding:
Beginning of period		8,859,780						8,744,555
End of period		9,705,542						8,859,780
Total net increase				$	177,376,183					$	578,077,025
Baird Strategic Municipal Bond Fund
	Six Months Ended June 30, 2021						Year Ended December 31, 2020
Institutional Class Shares	Shares			Amount			Shares			Amount
Shares sold		10,314,683		$	110,634,914			15,288,645		$	161,427,996
Shares issued to shareholders in reinvestment of distributions		104,797			1,124,911			162,489			1,723,269
Shares redeemed		(1,928,884	)		(20,721,052	)		(1,243,056	)		(13,109,436	)
Net increase		8,490,596		$	91,038,773			14,208,078		$	150,041,829
Shares Outstanding:
Beginning of period		15,401,260						1,193,182
End of period		23,891,856						15,401,260
	Six Months Ended June 30, 2021						Year Ended December 31, 2020
Investor Class Shares	Shares			Amount			Shares			Amount
Shares sold		212,329		$	2,278,388			1,355,384		$	14,088,422
Shares issued to shareholders in reinvestment of distributions		1,089			11,681			8,830			92,988
Shares redeemed		(83,245	)		(893,629	)		(713,127	)		(7,557,554	)
Net increase		130,173		$	1,396,440			651,087		$	6,623,856
Shares Outstanding:
Beginning of period		653,812						2,725
End of period		783,985						653,812
Total net increase				$	92,435,213					$	156,665,685

Page 210

Notes to the Financial Statements

June 30, 2021 (Unaudited)

3. Capital Share Transactions (cont.)

Baird Quality Intermediate Municipal Bond Fund

	Six Months Ended June 30, 2021						Year Ended December 31, 2020
Institutional Class Shares	Shares			Amount			Shares			Amount
Shares sold		18,070,888		$	216,305,964			39,063,817		$	465,544,211
Shares issued to shareholders in reinvestment of distributions		1,008,397			12,039,318			1,929,063			23,033,632
Shares redeemed		(11,852,104	)		(141,879,349	)		(27,597,516	)		(324,736,306	)
Net increase		7,227,181		$	86,465,933			13,395,364		$	163,841,537
Shares Outstanding:
Beginning of period		120,438,097						107,042,733
End of period		127,665,278						120,438,097
	Six Months Ended June 30, 2021						Year Ended December 31, 2020
Investor Class Shares	Shares			Amount			Shares			Amount
Shares sold		491,283		$	6,029,989			2,016,175		$	24,438,030
Shares issued to shareholders in reinvestment of distributions		33,124			405,548			94,848			1,159,229
Shares redeemed		(457,234	)		(5,607,918	)		(4,929,837	)		(60,538,942	)
Net increase (decrease)		67,173		$	827,619			(2,818,814	)	$	(34,941,683	)
Shares Outstanding:
Beginning of period		4,245,852						7,064,666
End of period		4,313,025						4,245,852
Total net increase				$	87,293,552					$	128,899,854
Baird Core Intermediate Municipal Bond Fund
	Six Months Ended June 30, 2021						Year Ended December 31, 2020
Institutional Class Shares	Shares			Amount			Shares			Amount
Shares sold		30,174,097		$	330,637,756			43,702,531		$	472,813,969
Shares issued to shareholders in reinvestment of distributions		583,775			6,382,956			1,042,918			11,293,123
Shares redeemed		(8,869,778	)		(97,085,775	)		(18,165,745	)		(194,263,467	)
Net increase		21,888,094		$	239,934,937			26,579,704		$	289,843,625
Shares Outstanding:
Beginning of period		76,863,183						50,283,479
End of period		98,751,277						76,863,183
	Six Months Ended June 30, 2021						Year Ended December 31, 2020
Investor Class Shares	Shares			Amount			Shares			Amount
Shares sold		901,900		$	9,881,393			2,881,342		$	30,488,897
Shares issued to shareholders in reinvestment of distributions		14,333			156,575			29,884			323,343
Shares redeemed		(557,903	)		(6,101,905	)		(1,430,773	)		(15,479,463	)
Net increase		358,330		$	3,936,063			1,480,453		$	15,332,777
Shares Outstanding:
Beginning of period		2,035,919						555,466
End of period		2,394,249						2,035,919
Total net increase				$	243,871,000					$	305,176,402
Baird Municipal Bond Fund
	Six Months Ended June 30, 2021						Year Ended December 31, 2020
Institutional Class Shares	Shares			Amount			Shares			Amount
Shares sold		891,300		$	9,582,368			1,148,322		$	11,975,672
Shares issued to shareholders in reinvestment of distributions		19,379			207,663			54,692			580,080
Shares redeemed		(35,683	)		(382,612	)		(34,206	)		(363,107	)
Net increase		874,996		$	9,407,419			1,168,808		$	12,192,645
Shares Outstanding:
Beginning of period		1,900,250						731,442
End of period		2,775,246						1,900,250

Page 211

Notes to the Financial Statements

June 30, 2021 (Unaudited)

3. Capital Share Transactions (cont.)

Baird Municipal Bond Fund (cont.)

	Six Months Ended June 30, 2021						Year Ended December 31, 2020
Investor Class Shares	Shares			Amount			Shares			Amount
Shares sold		145,679		$	1,557,200			154,179		$	1,647,500
Shares issued to shareholders in reinvestment of distributions		167			1,789			3,093			32,936
Shares redeemed		(18	)		(191	)		(7,666	)		(82,337	)
Net increase		145,828		$	1,558,798			149,606		$	1,598,099
Shares Outstanding:
Beginning of period		152,492						2,886
End of period		298,320						152,492
Total net increase				$	10,966,217					$	13,790,744

During the six months ended June 30, 2021, the Funds satisfied purchase in-kind requests made by large institutional shareholders by transferring cash and securities into the Funds. The transfers were effected in accordance with policies and procedures approved by the Board. Consideration received and shares sold were as follows:

	Six Months Ended June 30, 2021
		Value of Cash and
Fund	Effective Date	Securities Received		Shares Sold
Baird Ultra Short Bond Fund – Institutional Class	January 27, 2021	$	44,201,852	4,385,104
Baird Intermediate Bond Fund – Institutional Class	March 29, 2021		49,293,543	4,312,646

4. Investment Transactions and Income Tax Information

During the six months ended June 30, 2021, purchases and sales of investment securities (excluding short-term investments and any in-kind transactions) were as follows:

	U.S. Government Obligations				All Other
	Purchases		Sales		Purchases		Sales
Baird Ultra Short Bond Fund	$	592,812,890	$	160,081,055	$	2,310,803,188	$	1,216,767,477
Baird Short-Term Bond Fund		1,764,202,145		1,326,008,886		1,938,969,798		1,685,008,332
Baird Intermediate Bond Fund		1,354,280,442		847,820,082		756,173,140		399,414,538
Baird Aggregate Bond Fund		6,108,092,955		3,217,187,715		3,923,739,282		2,609,177,855
Baird Core Plus Bond Fund		4,427,541,996		2,013,560,562		3,102,283,638		2,396,930,271
Baird Short-Term Municipal Bond Fund		191,323,062		140,211,640		394,470,237		262,522,282
Baird Strategic Municipal Bond Fund		7,224,852		7,194,516		150,276,528		70,546,130
Baird Quality Intermediate Municipal Bond Fund		37,625,469		37,663,125		156,344,669		106,839,143
Baird Core Intermediate Municipal Bond Fund		53,557,031		53,450,781		285,397,581		126,512,962
Baird Municipal Bond Fund		985,207		981,070		18,849,852		7,887,279

As of December 31, 2020, the components of distributable earnings (accumulated losses) for income tax purposes were as follows:

	Baird			Baird			Baird			Baird			Baird
	Ultra Short			Short-Term			Intermediate			Aggregate			Core Plus
	Bond Fund			Bond Fund			Bond Fund			Bond Fund			Bond Fund
Cost of investments	$	4,609,222,598		$	9,073,462,528		$	5,155,326,113		$	31,348,903,035		$	27,660,656,061
Gross unrealized appreciation	$	5,024,523		$	140,867,477		$	260,161,913		$	1,954,418,458		$	2,096,203,053
Gross unrealized depreciation		(1,589,497	)		(3,024,633	)		(9,091,689	)		(84,972,674	)		(77,845,848	)
Net unrealized appreciation		3,435,026			137,842,844			251,070,224			1,869,445,784			2,018,357,205
Undistributed ordinary income		304,650			4,590,708			2,334,292			2,065,275			2,205,220
Undistributed long-term capital gains		—			5,002,305			2,607,990			2,065,275			2,205,220
Distributable earnings		304,650			9,593,013			4,942,282
Other accumulated losses		(7,843	)		—			—			(1,716,863	)		(734,237	)
Total distributable earnings	$	3,731,833		$	147,435,857		$	256,012,506		$	1,869,794,196		$	2,019,828,188

Page 212

Notes to the Financial Statements

June 30, 2021 (Unaudited)

4. Investment Transactions and Income Tax Information (cont.)

	Baird			Baird			Baird Quality			Baird Core
	Short-Term			Strategic			Intermediate			Intermediate			Baird
	Municipal			Municipal			Municipal			Municipal			Municipal
	Bond Fund			Bond Fund			Bond Fund			Bond Fund			Bond Fund
Cost of investments	$	1,546,271,044		$	169,039,130		$	1,407,129,876		$	815,556,772		$	21,499,898
Gross unrealized appreciation	$	28,172,854		$	2,341,541		$	78,118,542		$	35,815,148		$	742,596
Gross unrealized depreciation		(658,223	)		(130,592	)		(222,405	)		(366,835	)		(36,027	)
Net unrealized appreciation		27,514,631			2,210,949			77,896,137			35,448,313			706,569
Undistributed ordinary income		—			384,213			—			221,028			49,950
Undistributed tax-exempt income		524,675			60,230			700,056			384,177			11,169
Distributable earnings		524,675			444,443			700,056			605,205			61,119
Other accumulated losses		(372,629	)		—			(10,042,213	)		(55,966	)		—
Total distributable earnings	$	27,666,677		$	2,655,392		$	68,553,980		$	35,997,552		$	767,688

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, U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting.  Permanent differences are due to equalization, over distributions, miscellaneous book adjustments and net operating losses.  These reclassifications have no effect on net assets or net asset value per share.

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. Distributions to shareholders are recorded on the ex-dividend date.

The tax components of distributions paid during the periods shown below were as follows:

	Six Months Ended June 30, 2021
	Ordinary		Tax-Exempt
Fund	Income		Income		Total
Baird Ultra Short Bond Fund	$	14,560,163	$	—	$	14,560,163
Baird Short-Term Bond Fund		54,036,978		—		54,036,978
Baird Intermediate Bond Fund		45,876,987		—		45,876,987
Baird Aggregate Bond Fund		318,805,735		—		318,805,735
Baird Core Plus Bond Fund		338,999,403		—		338,999,403
Baird Short-Term Municipal Bond Fund		—		10,478,734		10,478,734
Baird Strategic Municipal Bond Fund		—		1,185,593		1,185,593
Baird Quality Intermediate Municipal Bond Fund		—		14,154,185		14,154,185
Baird Core Intermediate Municipal Bond Fund		—		7,977,182		7,977,182
Baird Municipal Bond Fund		—		252,315		252,315

For the six months ended June 30, 2021, the table above reflects the estimated characterization of the distributions paid based on each Fund’s operating results for the period. The actual characterization of the distributions made during the period is not determined until after the end of the fiscal year.

	Year Ended December 31, 2020
	Ordinary		Long-Term		Tax-Exempt
Fund	Income		Capital Gains		Income		Total
Baird Ultra Short Bond Fund	$	38,111,687	$	—	$	—	$	38,111,687
Baird Short-Term Bond Fund		185,540,551		22,134,129		—		207,674,680
Baird Intermediate Bond Fund		124,544,107		47,976,588		—		172,520,695
Baird Aggregate Bond Fund		785,940,815		199,757,752		—		985,698,567
Baird Core Plus Bond Fund		778,259,758		179,785,396		—		958,045,154
Baird Short-Term Municipal Bond Fund		105,949		—		18,530,229		18,636,178
Baird Strategic Municipal Bond Fund		986,026		—		916,171		1,902,197
Baird Quality Intermediate Municipal Bond Fund		—		—		27,499,082		27,499,082
Baird Core Intermediate Municipal Bond Fund		1,187,579		810,416		12,958,592		14,956,587
Baird Municipal Bond Fund		410,515		—		282,351		692,866

The Funds in the table above designated as long-term capital gain dividends, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits of the Funds related to net capital gain to zero for the tax year ended December 31, 2020. 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, 2020, the following Funds deferred, on a tax basis, post-October losses and specified losses of:

Fund	Loss Deferral
Baird Ultra Short Bond Fund	$	7,843
Baird Aggregate Bond Fund		1,716,863
Baird Core Plus Bond Fund		734,237
Baird Core Intermediate Municipal Bond Fund		55,966

Page 213

Notes to the Financial Statements

June 30, 2021 (Unaudited)

4. Investment Transactions and Income Tax Information (cont.)

At December 31, 2020, accumulated net realized capital loss carryovers, if any, and the year(s) in which the capital loss carryovers expire were:

	Capital Loss Carryover				Year of Expiration
Fund	Short-term		Long-term		Short-term	Long-term
Baird Short-Term Municipal Bond Fund	$	372,629	$	—	Indefinitely	N/A
Baird Quality Intermediate Municipal Bond Fund		5,426,515		4,615,698	Indefinitely	Indefinitely

During the year ended December 31, 2020, the Baird Short-Term Bond Fund, Baird Intermediate Bond Fund, Baird Core Plus Bond Fund, and Baird Short-Term Municipal Bond Fund utilized capital loss carryover of $7,371,164, $9,020,920, $34,267,426, and $18,963, respectively.

5. Investment Advisory and Other Agreements

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 the Funds as applied to the respective Fund’s average daily net assets.  Certain officers and employees of the Advisor are also officers of the Funds.

For Baird Ultra Short Bond Fund, the Advisor has contractually agreed to waive management fees in an amount equal to an annual rate of 0.15% of average daily net assets for the Fund, at least through April 30, 2022. The agreement may only be terminated prior to the end of this term by or with the consent of the Board.

For the six months ended June 30, 2021, 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	$	3,950,055

These fees are not subject to recoupment by the Advisor.

The Funds have entered into an Administration Agreement with Baird.  Under the Administration Agreement, the Advisor assumes and pays all expenses of the applicable Fund other than the investment advisory fees, fees under the 12b-1 plan, costs related to portfolio securities transactions and 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 the Funds as applied to the respective Fund’s average daily net assets.

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services, serves as transfer agent, administrator, and accounting services agent for the Funds.  U.S. Bank, N.A. (“U.S. Bank”) serves as custodian for the Funds.

Robert W. Baird & Co. Incorporated (the “Distributor”) is the sole distributor of the Funds pursuant to a distribution agreement.

No commissions were earned by the Distributor for services rendered as a registered broker-dealer in securities transactions for the six months ended June 30, 2021 for the Funds.

The Funds may use related party broker-dealers. For the six months ended June 30, 2021, 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 six months ended June 30, 2021, the Funds purchased the following amounts of such securities:

Fund	Purchases
Baird Ultra Short Bond Fund	$	8,000,000
Baird Short-Term Municipal Bond Fund		6,035,000
Baird Quality Intermediate Municipal Bond Fund		1,905,000
Baird Core Intermediate Municipal Bond Fund		3,635,000

6. Line of Credit

The Company maintains an uncommitted line of credit (“LOC”) with U.S. Bank to provide the sixteen Funds comprising the Company a temporary liquidity source to meet unanticipated redemptions. The LOC is unsecured at all times and is subject to certain restrictions and covenants. Under the terms of the LOC, borrowings for each Fund are limited to one third of the total eligible net assets (including the amount borrowed) of the respective Fund, or $850,000,000 of total borrowings for the Funds comprising the Company, whichever is less. U.S. Bank charges annualized interest at the greater of zero percent and the Prime Rate minus 2.00%. As of June 30, 2021, the Prime Rate was 3.25%. The LOC matures on May 23, 2022, unless renewed. The Company has authorized U.S. Bank to charge any of the accounts of the borrowing Fund subject to the agreement for any missed payments.

No borrowings occurred during the six months ended June 30, 2021 nor were any borrowings outstanding under the LOC as of June 30, 2021.

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.

Page 214

Notes to the Financial Statements

June 30, 2021 (Unaudited)

7. Distribution and Shareholder Service Plan (cont.)

For the six months ended June 30, 2021, the Funds incurred fees pursuant to the Plan as follows:

Fund
Baird Ultra Short Bond Fund	$	237,534
Baird Short-Term Bond Fund		269,957
Baird Intermediate Bond Fund		61,030
Baird Aggregate Bond Fund		1,244,656
Baird Core Plus Bond Fund		2,699,550
Baird Short-Term Municipal Bond Fund		117,470
Baird Strategic Municipal Bond Fund		10,100
Baird Quality Intermediate Municipal Bond Fund		66,022
Baird Core Intermediate Municipal Bond Fund		28,484
Baird Municipal Bond Fund		3,575

8. Other Derivative 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 fair value of futures contracts, the diversification effects among the Fund’s open positions and the liquidity of the markets in which it trades.

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 held long or short are 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.

The following table presents the fair value of derivative instruments for the Baird Strategic Municipal Bond Fund as of June 30, 2021 as presented on the Fund’s Statements of Assets and Liabilities:

					Net Unrealized
	Fair Value				Loss on Open
Derivatives Not Accounted for as Hedging Instruments	Assets		Liabilities		Positions
Baird Strategic Municipal Bond Fund
U.S. Treasury futures contracts(a)
Short contracts
Interest rate	$	—	$	66,813	$	(66,813	)
Total U.S. Treasury futures contracts	$	—	$	66,813	$	(66,813	)

^(a) Reflects the cumulative unrealized depreciation of futures contracts as reported in the Fund’s schedule of open futures contracts. Only the current day variation margin for futures contracts is separately reported within the Fund’s Statement of Assets and Liabilities.

The following table presents the results of the derivative trading and information related to volume for the six months ended June 30, 2021 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.

	Gain (Loss) from Trading
	Net		Net Change
Fund and Type of Derivative Instrument	Realized		in Unrealized
Baird Strategic Municipal Bond Fund
U.S. Treasury futures contracts
Interest rate	$	46,305	$	(66,813	)
Total U.S. Treasury futures contracts	$	46,305	$	(66,813	)

The average monthly notional amount is shown as an indicator of volume. The average monthly notional amounts during the six months ended June 30, 2021 were:

	Average Notional Amount
	Long Contracts		Short Contracts
Baird Strategic Municipal Bond Fund
U.S. Treasury futures contracts	$	1,516,786	$	8,021,540

Please refer to the Fund’s prospectus for a full listing of risks associated with these investments.

9. Subsequent Events

In preparing these financial statements, management has evaluated events after June 30, 2021. There were no subsequent events since June 30, 2021, through the date the financial statements were issued that would warrant adjustment to or additional disclosure in these financial statements.

Page 215

Statement Regarding Liquidity Risk Management Program

June 30, 2021 (Unaudited)

In accordance with Rule 22e-4 under the Investment Company Act of 1940 (the “Rule”), Baird Funds, Inc. (the “Company”) has adopted and implemented a liquidity risk management program (the “Program”). The Program seeks to promote effective liquidity risk management for each series of the Company (each a “Fund” and collectively, the “Funds”) and to protect Fund shareholders from dilution of their interests. The Board of Directors (the “Board”) of the Company has appointed Robert W. Baird & Co. Incorporated (“Baird”), the Funds’ investment adviser, as the administrator of the Program. Baird has further delegated administration of the Program to its Liquidity Risk Management Committee (the “Committee”), consisting of officers of the Funds, senior portfolio managers of the Funds and the chief risk officer of Baird. The Program requires the Committee to provide an annual written report to the Board regarding the adequacy and effectiveness of the Program, including the operation of each Fund’s highly liquid investment minimum (“HLIM”), if applicable, and any material changes to the Program during the review period.

On February 24, 2021, the Board reviewed the Committee’s annual written report (the “Report”) for the period January 1, 2020 to December 31, 2020 (the “review period”). The Report provided a summary of the Committee’s assessment of each Fund’s liquidity risk, which is the risk that a Fund could not meet requests to redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. The Committee’s assessment considered each Fund’s liquidity risk under both normal and reasonably foreseeable stressed market conditions using certain factors required by the Rule and the Program, to the extent deemed appropriate by the Committee.

The Funds have retained ICE Data Services (“ICE”), a third-party vendor, to provide a liquidity risk classification specified by the Rule (highly liquid, moderately liquid, less liquid or illiquid) for each portfolio investment held by the Funds, except with respect to any investments that are unclassified by ICE or that are classified by ICE but challenged by Baird, for which classifications are provided by the Committee. The Report noted that each Fund primarily held investments that were classified as highly liquid during the review period and that each Fund’s portfolio is expected to continue to primarily hold highly liquid investments. Thus, the Committee concluded in the Report that each Fund is considered a “primarily highly liquid fund” (as defined in the Rule and Program) and each Fund can therefore rely on the exclusion in the Rule from the requirements to establish an HLIM and to adopt policies and procedures for responding to a HLIM shortfall. The Report further noted that none of the Funds exceeded the 15% limitation on illiquid investments during the review period and the Company has established procedures to file the Funds’ Forms N-PORT on a timely basis. The Report stated that no material changes had been made to the Program since the Board’s last approval of the Program.

The Report noted no significant liquidity events impacting any of the Funds during the review period. The Committee concluded in the Report that the Program is adequately designed, has been effectively implemented, and is operating as intended to manage the liquidity risk of each Fund.

Page 216

Additional Information (Unaudited)

Proxy Voting

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling toll free, 1-866-442-2473, by accessing the Funds’ website at www.bairdfunds.com or by accessing the SEC’s website at www.sec.gov.

Each Fund’s proxy voting record for the most recent 12-month period ended June 30, if applicable, is available without charge, upon request, by calling toll free, 1-866-442-2473, by accessing the Funds’ website at www.bairdfunds.com or by accessing the SEC’s website at www.sec.gov.  The Funds generally do not vote proxies because the securities held in their portfolios, consisting of bonds and other fixed-income securities, are not entitled to vote.

Portfolio Holdings Disclosure

The Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Part F of Form N-PORT.  The Funds’ filings on Part F of Form N-PORT are available on the SEC’s website at www.sec.gov.  The Funds’ Form N-PORT reports may also be obtained by calling toll-free 1-866-442-2473.

Page 217

Baird Funds, Inc.

c/o U.S. Bancorp Fund Services, LLC

P.O. Box 701

Milwaukee, WI 53201-0701

1-866-442-2473

Board of Directors

John W. Feldt

Darren R. Jackson

Cory L. Nettles

Marlyn J. Spear (Chair)

Frederick P. Stratton, Jr.

Investment Advisor and Distributor

Robert W. Baird & Co. Incorporated

777 East Wisconsin Avenue

Milwaukee, WI 53202

Administrator and Transfer Agent

U.S. Bancorp Fund Services, LLC

P.O. Box 701

615 East Michigan Street

Milwaukee, WI 53202

Custodian

U.S. Bank, N.A.

1555 N. RiverCenter Drive, Suite 302

Milwaukee, WI 53212

Legal Counsel

Godfrey & Kahn, S.C.

833 East Michigan Street, Suite 1800

Milwaukee, WI 53202

Independent Registered Public

Accounting Firm

Cohen & Company, Ltd.

342 North Water Street, Suite 830

Milwaukee, WI 53202

Semi-Annual Report –

Baird Funds

June 30, 2021

Baird MidCap Fund

Baird Small/Mid Cap Growth Fund

Baird Small/Mid Cap Value Fund

Baird SmallCap Value Fund

Chautauqua International Growth Fund

Chautauqua Global Growth Fund

Go Green. Go Paperless.

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

Table of Contents

Baird MidCap Fund	1
Baird Small/Mid Cap Growth Fund	5
Baird Small/Mid Cap Value Fund	9
Baird SmallCap Value Fund	13
Chautauqua International Growth Fund	17
Chautauqua Global Growth Fund	21
Additional Information on Fund Expenses	25
Statements of Assets and Liabilities	26
Statements of Operations	28
Statements of Changes in Net Assets	30
Financial Highlights	33
Notes to the Financial Statements	39
Statement Regarding Liquidity Risk Management Program	47
Additional Information	48

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

Baird MidCap Fund

June 30, 2021 (Unaudited)

Portfolio Characteristics

A June 30, 2021 summary of the Fund’s top 10 holdings and equity sector analysis compared to the Russell Midcap^® Growth Index is shown below.

Top 10 Holdings(1)			Equity Sector Analysis(2)
Generac Holdings, Inc.	2.9%
Pool Corp.	2.7%
Five Below, Inc.	2.6%
Keysight Technologies, Inc.	2.5%
IDEXX Laboratories, Inc.	2.4%
EPAM Systems, Inc.	2.3%
CDW Corp.	2.3%
Tractor Supply Co.	2.3%
Microchip Technology, Inc.	2.3%
DexCom, Inc.	2.2%
Net Assets:	$2,363,366,360
Portfolio Turnover Rate:	20%	(5)
Number of Equity Holdings:	56
Annualized Portfolio Expense Ratio(3):
Gross
Institutional Class:	0.82%
Investor Class:	1.07%(4)
Net
Institutional Class:	0.82%
Investor Class:	1.07%	(4)

(1)	The Fund’s portfolio composition is subject to change and there is no assurance that the Fund will continue to hold any particular security. Percentages shown relate to the Fund’s total net assets as of June 30, 2021.
(2)	Percentages shown in parentheses relate to the Fund’s total value of investments as of June 30, 2021, and may not add up to 100% due to rounding.
(3)	Reflects expense ratios as stated in the Fund’s current prospectus dated May 1, 2021.  The Advisor has contractually agreed to limit the Fund’s total annual fund operating expenses to 0.85% of average daily net assets for the Institutional Class shares and 1.10% of average daily net assets for the Investor Class shares, at least through April 30, 2022.
(4)	Includes 0.25% 12b-1 fee.
(5)	Not annualized.

Page 1

Baird MidCap Fund

June 30, 2021 (Unaudited)

Total Returns

			Average Annual
	Six	One	Five	Ten	Since
For the Periods Ended June 30, 2021	Months	Year	Years	Years	Inception(1)
Institutional Class Shares	9.30%	41.06%	20.83%	14.70%	9.64%
Investor Class Shares	9.19%	40.66%	20.51%	14.41%	9.38%
Russell Midcap® Growth Index(2)	10.44%	43.77%	20.52%	15.13%	9.22%

(1)	For the period from December 29, 2000 (inception date) through June 30, 2021.
(2)	The Russell Midcap® Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap® Index companies with higher price-to-book ratios and higher forecasted growth values. This index does not reflect any deduction for fees, expenses or taxes. A direct investment in the index is not possible.

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

The gross and net expense ratio for each Class, as reflected in the Fund’s current prospectus, is set forth under “Portfolio Characteristics”.

The Fund focuses on growth-style stocks and therefore the performance of the Fund will typically be more volatile than the performance of funds that focus on types of stocks that have a broader investment style.  The Fund may invest up to 15% of its total assets in equity securities (consisting of common stock, ordinary shares and ADRs) of foreign companies. Foreign investments involve additional risks such as currency rate fluctuations, political and economic instability, and different and sometimes less strict financial reporting standards and regulation.  The Fund invests a substantial portion of its assets in the stocks of mid-capitalization companies.  Mid-capitalization companies often are more volatile and face greater risks than larger, more established companies.  U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including the impact of the coronavirus (COVID-19) as a global pandemic and related public health issues, business interruptions, growth concerns in the U.S. and overseas, and changed travel and social behaviors. These and other geopolitical events may cause market disruptions and could have an adverse effect on the value of the Fund’s investments.

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

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

Page 2

Baird MidCap Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Common Stocks

					% of
	Shares		Value		Net Assets
Aerospace & Defense
HEICO Corp.		299,968	$	41,821,539		1.8	%
Banks
Pinnacle Financial Partners, Inc.		429,524		37,922,674		1.6	%
Building Products
Advanced Drainage Systems, Inc.		217,846		25,394,308		1.1	%
Trex Co., Inc.(1)		378,570		38,693,640		1.6	%
				64,087,948		2.7	%
Capital Markets
MSCI, Inc.		89,504		47,712,792		2.0	%
Commercial Services & Supplies
Copart, Inc.(1)		369,463		48,706,307		2.1	%
Distributors
Pool Corp.		137,106		62,885,038		2.7	%
Electrical Equipment
Generac Holdings, Inc.(1)		165,425		68,676,189		2.9	%
Rockwell Automation, Inc.		100,054		28,617,445		1.2	%
				97,293,634		4.1	%
Electronic Equipment,
Instruments & Components
CDW Corp.		315,257		55,059,635		2.3	%
Keysight Technologies, Inc.(1)		381,564		58,917,297		2.5	%
				113,976,932		4.8	%
Entertainment
Take-Two Interactive Software, Inc.(1)		95,532		16,911,075		0.7	%
Food Products
Lamb Weston Holdings, Inc.		593,420		47,865,257		2.0	%
Health Care Equipment & Supplies
Align Technology, Inc.(1)		38,131		23,298,041		1.0	%
Cooper Cos., Inc.		71,029		28,146,662		1.2	%
DexCom, Inc.(1)		123,868		52,891,636		2.2	%
IDEXX Laboratories, Inc.(1)		88,264		55,743,129		2.4	%
Insulet Corp.(1)		170,229		46,729,563		2.0	%
ResMed, Inc.		194,930		48,054,143		2.0	%
				254,863,174		10.8	%
Health Care Technology
Veeva Systems, Inc.(1)		169,792		52,796,822		2.2	%
Hotels, Restaurants & Leisure
Chipotle Mexican Grill, Inc.(1)		31,147		48,288,440		2.0	%
Household Durables
DR Horton, Inc.		362,165		32,728,851		1.4	%
Internet & Direct Marketing Retail
Etsy, Inc.(1)		156,705		32,256,157		1.4	%
IT Services
Broadridge Financial Solutions, Inc.		216,782		35,016,797		1.5	%
EPAM Systems, Inc.(1)		108,118		55,243,973		2.3	%
Euronet Worldwide, Inc.(1)		275,272		37,258,065		1.6	%
Globant SA(1)		103,448		22,673,733		1.0	%
VeriSign, Inc.(1)		166,825		37,984,384		1.6	%
				188,176,952		8.0	%
Life Sciences Tools & Services
ICON PLC(1)(2)		211,658		43,751,825		1.8	%
Repligen Corp.(1)		235,263		46,963,200		2.0	%
				90,715,025		3.8	%
Machinery
Graco, Inc.		487,481		36,902,312		1.6	%
IDEX Corp.		161,195		35,470,960		1.5	%
Ingersoll Rand, Inc.(1)		752,219		36,715,809		1.5	%
RBC Bearings, Inc.(1)		163,305		32,566,283		1.4	%
				141,655,364		6.0	%
Pharmaceuticals
Catalent, Inc.(1)		366,872		39,666,201		1.7	%
Jazz Pharmaceuticals PLC(1)		132,740		23,579,933		1.0	%
				63,246,134		2.7	%
Professional Services
CoStar Group, Inc.(1)		431,030		35,697,905		1.5	%
TransUnion		418,948		46,004,680		1.9	%
				81,702,585		3.4	%
Road & Rail
J.B. Hunt Transport Services, Inc.		187,258		30,513,691		1.3	%
Semiconductors &
Semiconductor Equipment
Lattice Semiconductor Corp.(1)		530,885		29,825,119		1.3	%
Microchip Technology, Inc.		355,553		53,240,506		2.3	%
Monolithic Power Systems, Inc.		135,523		50,611,065		2.1	%
				133,676,690		5.7	%
Software
ANSYS, Inc.(1)		126,377		43,860,401		1.9	%
Aspen Technology, Inc.(1)		246,516		33,905,811		1.4	%
Cadence Design System, Inc.(1)		175,900		24,066,638		1.0	%
Paycom Software, Inc.(1)		136,669		49,675,081		2.1	%
PTC, Inc.(1)		306,337		43,273,165		1.8	%
Synopsys, Inc.(1)		173,387		47,818,401		2.0	%
Tyler Technologies, Inc.(1)		107,227		48,506,278		2.1	%
				291,105,775		12.3	%
Specialty Retail
Five Below, Inc.(1)		324,364		62,689,830		2.6	%
Floor & Decor Holdings, Inc.(1)		362,237		38,288,451		1.6	%
Tractor Supply Co.		293,549		54,617,727		2.3	%
Williams-Sonoma, Inc.		187,036		29,860,298		1.3	%
				185,456,306		7.8	%
Technology Hardware,
Storage & Peripherals
NCR Corp.(1)		814,964		37,170,508		1.6	%
Textiles, Apparel & Luxury Goods
Deckers Outdoor Corp.(1)		66,150		25,406,231		1.1	%
Trading Companies & Distributors
Fastenal Co.		676,496		35,177,792		1.5	%
Total Common Stocks
(Cost $1,352,845,402)				2,304,119,693		97.5	%

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

Page 3

Baird MidCap Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Short-Term Investment

						% of
	Shares		Value			Net Assets
Money Market Mutual Fund
First American Government Obligations
Fund, Class U, 0.03%(3)		62,119,885	$	62,119,885			2.6	%
Total Short-Term Investment
(Cost $62,119,885)				62,119,885			2.6	%
Total Investments
(Cost $1,414,965,287)				2,366,239,578			100.1	%
Liabilities in Excess of Other Assets				(2,873,218	)		(0.1	)%
TOTAL NET ASSETS			$	2,363,366,360			100.0	%

Notes to Schedule of Investments

(1)	Non-Income Producing.
(2)	Foreign Security.
(3)	Seven-Day Yield.

Industry classifications shown in the Schedule of Investments are based off of the Global Industry Classification Standard (GICS^®).  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. Bancorp Fund Services, LLC.

Summary of Fair Value Exposure at June 30, 2021 (Unaudited)

The Fund has adopted authoritative fair valuation accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion on changes in valuation techniques and related inputs during the period. These standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The fair value hierarchy is organized into three levels based upon the assumptions (referred to as “inputs”) used in pricing the asset or liability. These standards state that “observable inputs” reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from independent sources and “unobservable inputs” reflect an entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. These inputs are summarized into three broad levels and described below:

Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3 – Unobservable inputs for the asset or liability.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2021:

	Level 1		Level 2		Level 3		Total
Equity
Common Stocks	$	2,304,119,693	$	—	$	—	$	2,304,119,693
Total Equity		2,304,119,693		—		—		2,304,119,693
Short-Term Investment
Money Market Mutual Fund		62,119,885		—		—		62,119,885
Total Short-Term Investment		62,119,885		—		—		62,119,885
Total Investments*	$	2,366,239,578	$	—	$	—	$	2,366,239,578

* Additional information regarding the industry classifications of these investments is disclosed in the Schedule of Investments.

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

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

Page 4

Baird Small/Mid Cap Growth Fund

June 30, 2021 (Unaudited)

Portfolio Characteristics

A June 30, 2021 summary of the Fund’s top 10 holdings and equity sector analysis compared to the Russell 2500^® Growth Index is shown below.

Top 10 Holdings(1)			Equity Sector Analysis(2)
Pool Corp.	2.9%
Five Below, Inc.	2.5%
MasTec, Inc.	2.3%
Monolithic Power Systems, Inc.	2.3%
Insulet Corp.	2.2%
Trex Co., Inc.	2.1%
PTC, Inc.	2.1%
SiteOne Landscape Supply, Inc.	2.0%
Repligen Corp.	2.1%
Floor & Decor Holdings, Inc.	2.0%
Net Assets:	$113,671,806
Portfolio Turnover Rate:	32%	(5)
Number of Equity Holdings:	65
Annualized Portfolio Expense Ratio(3):
Gross
Institutional Class:	1.43%
Investor Class:	1.68%	(4)
Net
Institutional Class:	0.85%
Investor Class:	1.10%	(4)

(1)	The Fund’s portfolio composition is subject to change and there is no assurance that the Fund will continue to hold any particular security.  Percentages shown relate to the Fund’s total net assets as of June 30, 2021.
(2)	Percentages shown in parentheses relate to the Fund’s total value of investments as of June 30, 2021, and may not add up to 100% due to rounding.
(3)	Reflects expense ratios as stated in the Fund’s current prospectus dated May 1, 2021.  The Advisor has contractually agreed to limit the Fund’s total annual fund operating expenses to 0.85% of average daily net assets for the Institutional Class shares and 1.10% of average daily net assets for the Investor Class shares, at least through April 30, 2022.
(4)	Includes 0.25% 12b-1 fee.
(5)	Not annualized.

Page 5

Baird Small/Mid Cap Growth Fund

June 30, 2021 (Unaudited)

Total Returns

			Average
			Annual
	Six	One	Since
For the Periods Ended June 30, 2021	Months	Year	Inception(1)
Institutional Class Shares	11.50%	48.25%	29.15%
Investor Class Shares	11.36%	47.56%	28.70%
Russell 2500® Growth Index(2)	8.67%	49.63%	25.71%

(1)	For the period from October 31, 2018 (inception date) through June 30, 2021.
(2)	The Russell 2500® Growth Index measures the performance of the Small-to-Mid Cap Growth segment of the U.S. equity universe. It includes those Russell 2500® Index companies with higher price-to-book ratios and higher forecasted growth values. This index does not reflect any deduction for fees, expenses or taxes. A direct investment in the index is not possible.

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

The gross and net expense ratio for each Class, as reflected in the Fund’s current prospectus, is set forth under “Portfolio Characteristics”.

The Fund focuses on growth-style stocks and therefore the performance of the Fund will typically be more volatile than the performance of funds that focus on types of stocks that have a broader investment style.  The Fund may invest up to 15% of its total assets in equity securities (consisting of common stock, ordinary shares and ADRs) of foreign companies. Foreign investments involve additional risks such as currency rate fluctuations, political and economic instability, and different and sometimes less strict financial reporting standards and regulation.  The Fund invests a substantial portion of its assets in the stocks of small- and mid-capitalization companies.  Small- and mid-capitalization companies often are more volatile and face greater risks than larger, more established companies.  U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including the impact of the coronavirus (COVID-19) as a global pandemic and related public health issues, business interruptions, growth concerns in the U.S. and overseas, and changed travel and social behaviors. These and other geopolitical events may cause market disruptions and could have an adverse effect on the value of the Fund’s investments.

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

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

Page 6

Baird Small/Mid Cap Growth Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Common Stocks

					% of
	Shares		Value		Net Assets
Banks
Western Alliance Bancorp		17,268	$	1,603,334		1.4	%
Biotechnology
Avid Bioservices, Inc.(1)		47,491		1,218,144		1.1	%
Halozyme Therapeutics, Inc.(1)		40,568		1,842,193		1.6	%
Heron Therapeutics, Inc.(1)		44,233		686,496		0.6	%
				3,746,833		3.3	%
Building Products
Advanced Drainage Systems, Inc.		12,647		1,474,261		1.3	%
Lennox International, Inc.		3,261		1,143,959		1.0	%
Trex Co., Inc.(1)		23,852		2,437,913		2.1	%
				5,056,133		4.4	%
Capital Markets
Focus Financial Partners, Inc.(1)		21,830		1,058,755		0.9	%
Commercial Services & Supplies
IAA, Inc.(1)		31,287		1,706,393		1.5	%
Construction & Engineering
MasTec, Inc.(1)		24,588		2,608,787		2.3	%
WillScot Mobile Mini Holdings Corp.(1)		62,847		1,751,546		1.5	%
				4,360,333		3.8	%
Distributors
Pool Corp.		7,194		3,299,600		2.9	%
Diversified Consumer Services
Terminix Global Holdings, Inc.(1)		23,955		1,142,893		1.0	%
Electronic Equipment,
Instruments & Components
Cognex Corp.		16,220		1,363,291		1.2	%
Littelfuse, Inc.		6,891		1,755,758		1.5	%
				3,119,049		2.7	%
Equity Real Estate
Investment Trusts (REITs)
National Storage Affiliates Trust		30,441		1,539,097		1.4	%
Food Products
Lamb Weston Holdings, Inc.		25,017		2,017,871		1.8	%
Health Care Equipment & Supplies
CONMED Corp.		11,454		1,574,123		1.4	%
Insulet Corp.(1)		9,030		2,478,826		2.2	%
Masimo Corp.(1)		5,872		1,423,666		1.3	%
Shockwave Medical, Inc.(1)		8,375		1,588,989		1.4	%
STAAR Surgical Co.(1)		10,142		1,546,655		1.4	%
				8,612,259		7.7	%
Health Care Providers & Services
Innovage Holding Corp.(1)		33,473		713,310		0.6	%
LHC Group, Inc.(1)		10,913		2,185,437		1.9	%
				2,898,747		2.5	%
Health Care Technology
Inspire Medical Systems, Inc.(1)		7,208		1,393,018		1.2	%
Phreesia, Inc.(1)		26,464		1,622,243		1.4	%
Vocera Communications, Inc.(1)		24,520		977,122		0.9	%
				3,992,383		3.5	%
Household Durables
LGI Homes, Inc.(1)		11,919		1,930,163		1.7	%
Insurance
Kinsale Capital Group, Inc.		5,259		866,525		0.8	%
IT Services
Endava PLC – ADR(1)(2)		16,754		1,899,569		1.7	%
Euronet Worldwide, Inc.(1)		16,069		2,174,938		1.9	%
Globant SA(1)		7,738		1,696,015		1.5	%
Shift4 Payments, Inc.(1)		10,229		958,662		0.8	%
WNS Holdings Ltd. – ADR(1)(2)		14,741		1,177,364		1.0	%
				7,906,548		6.9	%
Life Sciences Tools & Services
ICON PLC(1)(2)		9,439		1,951,136		1.7	%
Repligen Corp.(1)		11,647		2,324,974		2.1	%
				4,276,110		3.8	%
Machinery
Kadant, Inc.		6,122		1,078,023		0.9	%
Kornit Digital Ltd.(1)(2)		11,123		1,382,923		1.2	%
RBC Bearings, Inc.(1)		7,149		1,425,653		1.3	%
Toro Co.		16,444		1,806,866		1.6	%
				5,693,465		5.0	%
Pharmaceuticals
Catalent, Inc.(1)		18,631		2,014,384		1.8	%
Jazz Pharmaceuticals PLC(1)		8,158		1,449,187		1.3	%
Revance Therapeutics, Inc.(1)		36,420		1,079,489		0.9	%
				4,543,060		4.0	%
Semiconductors &
Semiconductor Equipment
Lattice Semiconductor Corp.(1)		27,772		1,560,231		1.4	%
Monolithic Power Systems, Inc.		6,850		2,558,132		2.3	%
				4,118,363		3.7	%
Software
Aspen Technology, Inc.(1)		13,797		1,897,639		1.7	%
Avalara, Inc.(1)		12,683		2,052,110		1.8	%
Descartes Systems Group, Inc.(1)(2)		25,950		1,794,702		1.6	%
Five9, Inc.(1)		9,229		1,692,506		1.5	%
Paylocity Holding Corp.(1)		10,435		1,990,999		1.8	%
PTC, Inc.(1)		17,098		2,415,264		2.1	%
Q2 Holdings, Inc.(1)		15,349		1,574,500		1.4	%
Qualtrics International, Inc.(1)		30,640		1,171,980		1.0	%
Smartsheet, Inc.(1)		19,423		1,404,671		1.2	%
Tyler Technologies, Inc.(1)		4,704		2,127,949		1.9	%
Upland Software, Inc.(1)		30,135		1,240,658		1.1	%
Zendesk, Inc.(1)		12,663		1,827,777		1.6	%
				21,190,755		18.7	%
Specialty Retail
Five Below, Inc.(1)		14,664		2,834,111		2.5	%
Floor & Decor Holdings, Inc.(1)		21,058		2,225,831		2.0	%
Leslie’s, Inc.(1)		40,800		1,121,592		1.0	%
Williams-Sonoma, Inc.		9,460		1,510,289		1.3	%
				7,691,823		6.8	%
Technology Hardware, Storage & Peripherals
NCR Corp.(1)		32,975		1,503,990		1.3	%
Textiles, Apparel & Luxury Goods
Crocs, Inc.(1)		11,726		1,366,314		1.2	%
Deckers Outdoor Corp.(1)		4,993		1,917,661		1.7	%
				3,283,975		2.9	%
Trading Companies & Distributors
SiteOne Landscape Supply, Inc.(1)		13,758		2,328,679		2.0	%
Total Common Stocks
(Cost $92,145,186)				109,487,136		96.4	%

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

Page 7

Baird Small/Mid Cap Growth Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Short-Term Investment

					% of
	Shares		Value		Net Assets
Money Market Mutual Fund
First American Government Obligations
Fund, Class U, 0.03%(3)		2,314,342	$	2,314,342		2.0	%
Total Short-Term Investment
(Cost $2,314,342)				2,314,342		2.0	%
Total Investments
(Cost $94,459,528)				111,801,478		98.4	%
Other Assets in Excess of Liabilities				1,870,328		1.6	%
TOTAL NET ASSETS			$	113,671,806		100.0	%

Notes to Schedule of Investments

(1)	Non-Income Producing.
(2)	Foreign Security.
(3)	Seven-Day Yield.

ADR – American Depository Receipt

Industry classifications shown in the Schedule of Investments are based off of the Global Industry Classification Standard (GICS^®).  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. Bancorp Fund Services, LLC.

Summary of Fair Value Exposure at June 30, 2021 (Unaudited)

The Fund has adopted authoritative fair valuation accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion on changes in valuation techniques and related inputs during the period. These standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The fair value hierarchy is organized into three levels based upon the assumptions (referred to as “inputs”) used in pricing the asset or liability. These standards state that “observable inputs” reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from independent sources and “unobservable inputs” reflect an entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. These inputs are summarized into three broad levels and described below:

Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3 – Unobservable inputs for the asset or liability.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2021:

	Level 1		Level 2		Level 3		Total
Equity
Common Stocks	$	109,487,136	$	—	$	—	$	109,487,136
Total Equity		109,487,136		—		—		109,487,136
Short-Term Investment
Money Market Mutual Fund		2,314,342		—		—		2,314,342
Total Short-Term Investment		2,314,342		—		—		2,314,342
Total Investments*	$	111,801,478	$	—	$	—	$	111,801,478

* Additional information regarding the industry classifications of these investments is disclosed in the Schedule of Investments.

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

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

Page 8

Baird Small/Mid Cap Value Fund

June 30, 2021 (Unaudited)

Portfolio Characteristics

A June 30, 2021 summary of the Fund’s top 10 holdings and equity sector analysis compared to the Russell 2500^® Value Index is shown below.

Top 10 Holdings(1)			Equity Sector Analysis(2)
Laboratory Corp. of America Holdings	3.1%
j2 Global, Inc.	2.9%
Shyft Group, Inc.	2.7%
Atlantica Yield PLC	2.6%
American Financial Group, Inc.	2.6%
Enterprise Financial Services Corp.	2.4%
Silicon Motion Technology Corp.	2.4%
Arko Corp.	2.4%
JOANN, Inc.	2.4%
Algonquin Power & Utilities Corp.	2.4%
Net Assets:	$31,411,887
Portfolio Turnover Rate:	22%	(5)
Number of Equity Holdings:	56
Annualized Portfolio Expense Ratio(3):
Gross
Institutional Class:	1.65%
Investor Class:	1.90%	(4)
Net
Institutional Class:	0.85%
Investor Class:	1.10%	(4)

(1)	The Fund’s portfolio composition is subject to change and there is no assurance that the Fund will continue to hold any particular security.  Percentages shown relate to the Fund’s total net assets as of June 30, 2021.
(2)	Percentages shown in parentheses relate to the Fund’s total value of investments as of June 30, 2021, and may not add up to 100% due to rounding.
(3)	Reflects expense ratios as stated in the Fund’s current prospectus dated May 1, 2021.  The Advisor has contractually agreed to limit the Fund’s total annual fund operating expenses to 0.85% of average daily net assets for the Institutional Class shares and 1.10% of average daily net assets for the Investor Class shares, at least through April 30, 2022.
(4)	Includes 0.25% 12b-1 fee.
(5)	Not annualized.

Page 9

Baird Small/Mid Cap Value Fund

June 30, 2021 (Unaudited)

Total Returns

			Average Annual
	Six	One	Three	Five	Since
For the Periods Ended June 30, 2021	Months	Year	Years	Years	Inception(1)
Institutional Class Shares	12.37%	38.41%	4.26%	7.57%	6.61%
Investor Class Shares	12.21%	37.89%	3.95%	7.26%	6.31%
Russell 2500® Value Index(2)	22.68%	63.23%	10.60%	12.29%	11.51%

(1)	For the period from November 30, 2015 (inception date) through June 30, 2021.
(2)	The Russell 2500® Value Index measures the performance of the small-cap value segment of the U.S. equity universe. It includes those Russell 2500® Index companies with lower price-to-book ratios and lower forecasted growth values. This index does not reflect any deduction for fees, expenses or taxes. A direct investment in the index is not possible.

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

The gross and net expense ratio for each Class, as reflected in the Fund’s current prospectus, is set forth under “Portfolio Characteristics”.

The Fund focuses on small to mid cap value style stocks and therefore the performance of the Fund may be more volatile than the performance of funds that focus on types of stocks that have a broader investment style.  The Fund may invest up to 15% of its total assets in equity securities (consisting of common stock, ordinary shares and ADRs) of foreign companies. Foreign investments involve additional risks such as currency rate fluctuations and the potential for political and economic instability, and different and sometimes less strict financial reporting standards and regulation. The Fund invests a substantial portion of its assets in the stocks of small- and mid-capitalization companies. Small- and mid-capitalization companies often are more volatile and face greater risks than larger, more established companies.  U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including the impact of the coronavirus (COVID-19) as a global pandemic and related public health issues, business interruptions, growth concerns in the U.S. and overseas, and changed travel and social behaviors. These and other geopolitical events may cause market disruptions and could have an adverse effect on the value of the Fund’s investments.

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

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

Page 10

Baird Small/Mid Cap Value Fund

June 30, 2021 (Unaudited)

Common Stocks

					% of
	Shares		Value		Net Assets
Air Freight & Logistics
Air Transport Services Group, Inc.(1)		23,646	$	549,297		1.8	%
Automobiles
Thor Industries, Inc.		3,987		450,531		1.4	%
Banks
Enterprise Financial Services Corp.		16,380		759,868		2.4	%
Huntington Bancshares, Inc.		31,595		450,861		1.5	%
Peoples Bancorp, Inc.		16,147		478,274		1.5	%
				1,689,003		5.4	%
Chemicals
Avient Corp.		11,750		577,630		1.8	%
Element Solutions, Inc.		20,959		490,021		1.6	%
Huntsman Corp.		11,990		317,975		1.0	%
				1,385,626		4.4	%
Commercial Services & Supplies
ACCO Brands Corp.		51,679		445,990		1.4	%
Communications Equipment
Ciena Corp.(1)		6,954		395,613		1.3	%
Electrical Equipment
nVent Electric PLC		17,219		537,922		1.7	%
Energy Equipment & Services
Select Energy Services, Inc.(1)		38,871		234,781		0.7	%
Solaris Oilfield Infrastructure, Inc. – Class A		25,021		243,704		0.8	%
				478,485		1.5	%
Equity Real Estate Investment Trusts (REITs)
Agree Realty Corp.		9,081		640,120		2.0	%
Alpine Income Property Trust, Inc.		25,907		492,751		1.6	%
Gaming and Leisure Properties, Inc.		12,473		577,874		1.8	%
Host Hotels & Resorts, Inc.(1)		26,833		458,576		1.5	%
National Retail Properties, Inc.		12,364		579,624		1.8	%
RLJ Lodging Trust		40,844		622,055		2.0	%
				3,371,000		10.7	%
Food Products
Nomad Foods Ltd.(1)(2)		21,426		605,713		1.9	%
Health Care Providers & Services
DaVita, Inc.(1)		4,491		540,851		1.7	%
Laboratory Corp. of America Holdings(1)		3,482		960,510		3.1	%
				1,501,361		4.8	%
Hotels, Restaurants & Leisure
Six Flags Entertainment Corp.(1)		10,449		452,233		1.4	%
Household Durables
Helen of Troy Ltd.(1)		1,279		291,765		0.9	%
Independent Power and
Renewable Electricity Producers
Atlantica Yield PLC(2)		22,316		830,601		2.6	%
Insurance
American Financial Group, Inc.		6,619		825,523		2.6	%
Argo Group International Holdings Ltd.		10,490		543,697		1.8	%
Fidelity National Financial, Inc.		14,590		634,081		2.0	%
Old Republic International Corp.		17,921		446,412		1.4	%
				2,449,713		7.8	%
Machinery
Shyft Group, Inc.		22,687		848,720		2.7	%
Mortgage Real Estate
Investment Trusts (REITs)
Blackstone Mortgage Trust, Inc.		14,612		465,977		1.5	%
Multi-Utilities
Algonquin Power & Utilities Corp.(2)		49,586		737,840		2.4	%
Oil, Gas & Consumable Fuels
Cabot Oil & Gas Corporation		29,796		520,238		1.7	%
Devon Energy Corp.		15,110		441,061		1.4	%
Diamondback Energy, Inc.		3,695		346,924		1.1	%
				1,308,223		4.2	%
Professional Services
Acacia Research Corp.(1)		36,409		246,125		0.8	%
CACI International, Inc.(1)		1,803		459,981		1.5	%
Leidos Holdings, Inc.		6,178		624,596		2.0	%
Science Applications International Corp.		6,519		571,912		1.8	%
				1,902,614		6.1	%
Road & Rail
Knight-Swift Transportation Holdings, Inc.		12,611		573,295		1.8	%
Semiconductors & Semiconductor Equipment
Silicon Motion Technology Corp. – ADR(2)		11,837		758,752		2.4	%
Software
Cerence, Inc.(1)		3,976		424,279		1.4	%
j2 Global, Inc.(1)		6,730		925,711		2.9	%
				1,349,990		4.3	%
Specialty Retail
Arko Corp.(1)		81,987		753,460		2.4	%
Haverty Furniture Companies, Inc.		6,747		288,502		0.9	%
JOANN, Inc.		47,721		751,606		2.4	%
Kirkland’s, Inc.(1)		16,581		379,373		1.2	%
OneWater Marine, Inc.		11,933		501,544		1.6	%
Tractor Supply Co.		3,721		692,329		2.2	%
Williams-Sonoma, Inc.		4,607		735,508		2.4	%
				4,102,322		13.1	%
Technology Hardware, Storage & Peripherals
Immersion Corp.(1)		72,087		632,203		2.0	%
NCR Corp.(1)		6,316		288,073		0.9	%
				920,276		2.9	%
Thrifts & Mortgage Finance
Axos Financial, Inc.(1)		15,858		735,652		2.3	%
Essent Group Ltd.		13,500		606,825		1.9	%
Merchants Bancorp		17,462		685,209		2.2	%
Meta Financial Group, Inc.		6,019		304,742		1.0	%
				2,332,428		7.4	%
Total Common Stocks
(Cost $25,033,302)				30,735,290		97.8	%

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

Page 11

Baird Small/Mid Cap Value Fund

June 30, 2021 (Unaudited)

Short-Term Investment

					% of
	Shares		Value		Net Assets
Money Market Mutual Fund
First American Government Obligations
Fund, Class U, 0.03%(3)		616,788	$	616,788		2.0	%
Total Short-Term Investment
(Cost $616,788)				616,788		2.0	%
Total Investments
(Cost $25,650,090)				31,352,078		99.8	%
Other Assets in Excess of Liabilities				59,809		0.2	%
TOTAL NET ASSETS			$	31,411,887		100.0	%

Notes to Schedule of Investments

(1)	Non-Income Producing.
(2)	Foreign Security.
(3)	Seven-Day Yield.

ADR – American Depository Receipt

Industry classifications shown in the Schedule of Investments are based off of the Global Industry Classification Standard (GICS^®).  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. Bancorp Fund Services, LLC.

Summary of Fair Value Exposure at June 30, 2021 (Unaudited)

The Fund has adopted authoritative fair valuation accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion on changes in valuation techniques and related inputs during the period. These standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The fair value hierarchy is organized into three levels based upon the assumptions (referred to as “inputs”) used in pricing the asset or liability. These standards state that “observable inputs” reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from independent sources and “unobservable inputs” reflect an entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. These inputs are summarized into three broad levels and described below:

Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3 – Unobservable inputs for the asset or liability.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2021:

	Level 1		Level 2		Level 3		Total
Equity
Common Stocks	$	30,735,290	$	—	$	—	$	30,735,290
Total Equity		30,735,290		—		—		30,735,290
Short-Term Investment
Money Market Mutual Fund		616,788		—		—		616,788
Total Short-Term Investment		616,788		—		—		616,788
Total Investments*	$	31,352,078	$	—	$	—	$	31,352,078

* Additional information regarding the industry classifications of these investments is disclosed in the Schedule of Investments.

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

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

Page 12

Baird SmallCap Value Fund

June 30, 2021 (Unaudited)

Portfolio Characteristics

A June 30, 2021 summary of the Fund’s top 10 holdings and equity sector analysis compared to the Russell 2000^® Value Index is shown below.

Top 10 Holdings(1)			Equity Sector Analysis(2)
j2 Global, Inc.	4.4%
Atlantica Yield PLC	3.9%
Merchants Bancorp	3.1%
Axos Financial, Inc.	2.7%
Immersion Corp.	2.5%
Preferred Bank	2.5%
Silicon Motion Technology Corp.	2.5%
Arko Corp.	2.5%
Cerence, Inc.	2.4%
Meta Financial Group, Inc.	2.4%
Net Assets:	$36,195,246
Portfolio Turnover Rate:	35%	(5)
Number of Equity Holdings:	53
Annualized Portfolio Expense Ratio(3):
Gross
Institutional Class:	1.64%
Investor Class:	1.89%	(4)
Net
Institutional Class:	0.95%
Investor Class:	1.20%	(4)

(1)	The Fund’s portfolio composition is subject to change and there is no assurance that the Fund will continue to hold any particular security.  Percentages shown relate to the Fund’s total net assets as of June 30, 2021.
(2)	Percentages shown in parentheses relate to the Fund’s total value of investments as of June 30, 2021, and may not add up to 100% due to rounding.
(3)	Reflects expense ratios as stated in the Fund’s current prospectus dated May 1, 2021.  The Advisor has contractually agreed to limit the Fund’s total annual fund operating expenses to 0.95% of average daily net assets for the Institutional Class shares and 1.20% of average daily net assets for the Investor Class shares, at least through April 30, 2022.
(4)	Includes 0.25% 12b-1 fee.
(5)	Not annualized.

Page 13

Baird SmallCap Value Fund

June 30, 2021 (Unaudited)

Total Returns

			Average Annual
	Six	One	Three	Five	Since
For the Periods Ended June 30, 2021	Months	Year	Years	Years	Inception(1)
Institutional Class Shares	12.34%	40.86%	4.07%	7.93%	8.67%
Investor Class Shares	12.18%	40.42%	3.78%	7.65%	8.39%
Russell 2000® Value Index(2)	26.69%	73.28%	10.27%	13.62%	11.87%

(1)	For the period from May 1, 2012 (inception date) through June 30, 2021.
(2)	The Russell 2000® Value Index measures the performance of the small-cap value segment of the U.S. equity universe. It includes those Russell 2000® Index companies with lower price-to-book ratios and lower forecasted growth values. This index does not reflect any deduction for fees, expenses or taxes. A direct investment in the index is not possible.

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

The gross and net expense ratio for each Class, as reflected in the Fund’s current prospectus, is set forth under “Portfolio Characteristics”.

The Fund focuses on small cap value style stocks and therefore the performance of the Fund may be more volatile than the performance of funds that focus on types of stocks that have a broader investment style.  The Fund may invest up to 15% of its total assets in equity securities (consisting of common stock, ordinary shares and ADRs) of foreign companies. Foreign investments involve additional risks such as currency rate fluctuations and the potential for political and economic instability, and different and sometimes less strict financial reporting standards and regulation. The Fund invests a substantial portion of its assets in the stocks of small-capitalization companies. Small-capitalization companies often are more volatile and face greater risks than larger, more established companies.  U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including the impact of the coronavirus (COVID-19) as a global pandemic and related public health issues, business interruptions, growth concerns in the U.S. and overseas, and changed travel and social behaviors. These and other geopolitical events may cause market disruptions and could have an adverse effect on the value of the Fund’s investments.

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

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

Page 14

Baird SmallCap Value Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Common Stocks

					% of
	Shares		Value		Net Assets
Air Freight & Logistics
Air Transport Services Group, Inc.(1)		26,666	$	619,451		1.7	%
Automobiles
Thor Industries, Inc.		5,064		572,232		1.6	%
Banks
Enterprise Financial Services Corp.		14,913		691,814		1.9	%
Peoples Bancorp, Inc.		10,651		315,483		0.9	%
Preferred Bank		14,323		906,216		2.5	%
				1,913,513		5.3	%
Chemicals
Avient Corp.		15,692		771,419		2.1	%
Element Solutions, Inc.		28,042		655,622		1.8	%
Huntsman Corp.		12,755		338,262		0.9	%
				1,765,303		4.8	%
Commercial Services & Supplies
ACCO Brands Corp.		81,289		701,524		1.9	%
Communications Equipment
Ciena Corp.(1)		12,999		739,513		2.0	%
Electrical Equipment
nVent Electric PLC		24,827		775,596		2.1	%
Electronic Equipment,
Instruments & Components
Knowles Corp.(1)		16,170		319,196		0.9	%
Energy Equipment & Services
Select Energy Services, Inc.(1)		52,342		316,146		0.9	%
Solaris Oilfield Infrastructure, Inc. – Class A		34,448		335,523		0.9	%
				651,669		1.8	%
Equity Real Estate Investment Trusts (REITs)
Agree Realty Corp.		9,578		675,153		1.9	%
Gaming and Leisure Properties, Inc.		13,421		621,795		1.7	%
NETSTREIT Corp.		17,495		403,435		1.1	%
RLJ Lodging Trust		49,076		747,427		2.1	%
				2,447,810		6.8	%
Food Products
Nomad Foods Ltd.(1)(2)		26,026		735,755		2.0	%
Simply Good Foods Co.(1)		21,553		786,900		2.2	%
				1,522,655		4.2	%
Hotels, Restaurants & Leisure
Six Flags Entertainment Corp.(1)		16,027		693,649		1.9	%
Household Durables
Helen of Troy Ltd.(1)		1,917		437,306		1.2	%
Independent Power and
Renewable Electricity Producers
Atlantica Yield PLC(2)		38,306		1,425,749		3.9	%
Insurance
Argo Group International Holdings Ltd.		6,714		347,986		1.0	%
Everest Re Group Ltd.		1,774		447,066		1.2	%
First American Financial Corp.		10,522		656,047		1.8	%
Old Republic International Corp.		27,921		695,512		1.9	%
				2,146,611		5.9	%
IT Services
Euronet Worldwide, Inc.(1)		2,172		293,980		0.8	%
Verra Mobility Corp.(1)		42,149		647,830		1.8	%
				941,810		2.6	%
Life Sciences Tools & Services
Syneos Health, Inc.(1)		3,164		283,146		0.8	%
Machinery
Shyft Group, Inc.		20,509		767,242		2.1	%
Mortgage Real Estate
Investment Trusts (REITs)
Blackstone Mortgage Trust, Inc.		17,926		571,660		1.6	%
Multi-Utilities
Algonquin Power & Utilities Corp.(2)		55,231		821,837		2.3	%
Oil, Gas & Consumable Fuels
Cabot Oil & Gas Corporation		20,108		351,086		1.0	%
Diamondback Energy, Inc.		5,753		540,149		1.5	%
				891,235		2.5	%
Professional Services
Acacia Research Corp.(1)		49,952		337,676		1.0	%
CACI International, Inc.(1)		2,862		730,153		2.0	%
				1,067,829		3.0	%
Road & Rail
Knight-Swift Transportation Holdings, Inc.		14,869		675,945		1.9	%
Semiconductors & Semiconductor Equipment
Silicon Motion Technology Corp. – ADR(2)		14,024		898,939		2.5	%
Software
Cerence, Inc.(1)		8,068		860,936		2.4	%
j2 Global, Inc.(1)		11,570		1,591,454		4.4	%
				2,452,390		6.8	%
Specialty Retail
Arko Corp.(1)		96,179		883,885		2.5	%
Haverty Furniture Companies, Inc.		13,778		589,147		1.6	%
JOANN, Inc.		46,437		731,383		2.0	%
Kirkland’s, Inc.(1)		13,066		298,950		0.8	%
OneWater Marine, Inc.		14,636		615,151		1.7	%
Williams-Sonoma, Inc.		2,729		435,685		1.2	%
				3,554,201		9.8	%
Technology Hardware, Storage & Peripherals
Immersion Corp.(1)		103,699		909,440		2.5	%
NCR Corp.(1)		7,458		340,160		1.0	%
				1,249,600		3.5	%
Thrifts & Mortgage Finance
Axos Financial, Inc.(1)		21,274		986,901		2.7	%
Essent Group Ltd.		13,953		627,187		1.7	%
Merchants Bancorp		28,977		1,137,058		3.1	%
Meta Financial Group, Inc.		16,783		849,723		2.4	%
				3,600,869		9.9	%
Total Common Stocks
(Cost $25,968,916)				34,508,480		95.3	%

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

Page 15

Baird SmallCap Value Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Short-Term Investment

					% of
	Shares		Value		Net Assets
Money Market Mutual Fund
First American Government Obligations
Fund, Class U, 0.03%(3)		1,647,398	$	1,647,398		4.6	%
Total Short-Term Investment
(Cost $1,647,398)				1,647,398		4.6	%
Total Investments
(Cost $27,616,314)				36,155,878		99.9	%
Other Assets in Excess of Liabilities				39,368		0.1	%
TOTAL NET ASSETS			$	36,195,246		100.0	%

Notes to Schedule of Investments

(1)	Non-Income Producing.
(2)	Foreign Security.
(3)	Seven-Day Yield.

ADR – American Depository Receipt

Industry classifications shown in the Schedule of Investments are based off of the Global Industry Classification Standard (GICS^®).  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. Bancorp Fund Services, LLC.

Summary of Fair Value Exposure at June 30, 2021 (Unaudited)

The Fund has adopted authoritative fair valuation accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion on changes in valuation techniques and related inputs during the period. These standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The fair value hierarchy is organized into three levels based upon the assumptions (referred to as “inputs”) used in pricing the asset or liability. These standards state that “observable inputs” reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from independent sources and “unobservable inputs” reflect an entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. These inputs are summarized into three broad levels and described below:

Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3 – Unobservable inputs for the asset or liability.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2021:

	Level 1		Level 2		Level 3		Total
Equity
Common Stocks	$	34,508,480	$	—	$	—	$	34,508,480
Total Equity		34,508,480		—		—		34,508,480
Short-Term Investment
Money Market Mutual Fund		1,647,398		—		—		1,647,398
Total Short-Term Investment		1,647,398		—		—		1,647,398
Total Investments*	$	36,155,878	$	—	$	—	$	36,155,878

* Additional information regarding the industry classifications of these investments is disclosed in the Schedule of Investments.

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

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

Page 16

Chautauqua International Growth Fund

June 30, 2021 (Unaudited)

Portfolio Characteristics

A June 30, 2021 summary of the Fund’s top 10 holdings and equity sector analysis compared to the MSCI ACWI ex USA Index is shown below.

Top 10 Holdings(1)
Wuxi Biologics Cayman, Inc.	5.4%	Net Assets:	$421,624,099
Genmab A/S	4.9%	Portfolio Turnover Rate:	9%	(5)
Constellation Software, Inc.	4.9%	Number of Equity Holdings:	28
Temenos Group AG	4.5%
Tata Consultancy Services Ltd.	4.5%	Annualized Portfolio Expense Ratio(3):
Novo Nordisk A/S	4.5%	Gross
ASML Holding NV	4.5%	Institutional Class:	0.90%
DBS Group Holdings Ltd.	4.3%	Investor Class:	1.15%	(4)
Waste Connections, Inc.	4.2%
Alibaba Group Holding Ltd.	4.1%	Net
		Institutional Class:	0.80%
		Investor Class:	1.05%	(4)
Equity Sector Analysis(2)		Country Allocation(2)

(1)	The Fund’s portfolio composition is subject to change and there is no assurance that the Fund will continue to hold any particular security.  Percentages shown relate to the Fund’s total net assets as of June 30, 2021.
(2)	Percentages shown in parentheses relate to the Fund’s total value of investments as of June 30, 2021, and may not add up to 100% due to rounding.
(3)	Reflects expense ratios as stated in the Fund’s current prospectus dated May 1, 2021.  The Advisor has contractually agreed to limit the Fund’s total annual fund operating expenses to 0.80% of average daily net assets for the Institutional Class shares and 1.05% of average daily net assets for the Investor Class shares, at least through April 30, 2022.
(4)	Includes 0.25% 12b-1 fee.
(5)	Not annualized.

Page 17

Chautauqua International Growth Fund

June 30, 2021 (Unaudited)

Total Returns

			Average Annual
	Six	One	Three	Five	Since
For the Periods Ended June 30, 2021	Months	Year	Years	Years	Inception(1)
Institutional Class Shares	6.73%	42.58%	15.94%	15.77%	14.74%
Investor Class Shares	6.57%	42.10%	15.60%	15.48%	14.44%
MSCI ACWI ex USA Index(2)	9.16%	35.72%	9.38%	11.08%	10.09%

(1)

For the period from April 15, 2016 (inception date) through June 30, 2021.

(2)

The MSCI ACWI ex USA Index is a market-capitalization-weighted index maintained by MSCI, Inc. and designed to provide a broad measure of stock performance throughout the world, with the exception of U.S.-based companies. The MSCI ACWI ex USA Index includes both developed and emerging markets.  This index does not reflect any deduction for fees, expenses or taxes. A direct investment in the index is not possible.

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

The gross and net expense ratio for each Class, as reflected in the Fund’s current prospectus, is set forth under “Portfolio Characteristics”.

The Fund focuses primarily on non-U.S. stocks with medium to large market capitalizations and therefore the performance of the Fund may be more volatile than the performance of funds that focus on types of stocks that have a broader investment style.  Under normal market conditions, the Fund will invest at least 65% of its total assets at the time of purchase in non-U.S. companies. Foreign investments involve additional risks such as currency rate fluctuations and the potential for political and economic instability, and different and sometimes less strict financial reporting standards and regulation.  U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including the impact of the coronavirus (COVID-19) as a global pandemic and related public health issues, business interruptions, growth concerns in the U.S. and overseas, and changed travel and social behaviors. In addition, the United Kingdom withdrew from the European Union on January 31, 2020 following a June 2016 referendum referred to as “Brexit.”  Although the EU and UK agreed to a provisional trade deal in December 2020 that was later ratified by the EU Parliament and entered into force on May 1, 2021, there is significant market uncertainty regarding Brexit’s ramifications, and the range of possible political, regulatory, economic, and market outcomes are difficult to predict. These and other geopolitical events may cause market disruptions and could have an adverse effect on the value of the Fund’s investments.

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

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

Page 18

Chautauqua International Growth Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Common Stocks

					% of
	Shares		Value		Net Assets
Application Software
Atlassian Corp. PLC (Australia)(1)		42,499	$	10,916,293		2.6	%
Temenos Group AG (Switzerland)(2)		119,128		19,152,762		4.5	%
				30,069,055		7.1	%
Asset Management & Custody Banks
Julius Baer Group Ltd. (Switzerland)(2)		151,629		9,903,380		2.3	%
Automobiles
Suzuki Motor Corp. (Japan)(2)		142,717		6,048,289		1.4	%
Biotechnology
BeiGene Ltd. – ADR (China)(1)		40,053		13,745,789		3.3	%
Genmab A/S (Denmark)(1)(2)		50,568		20,719,876		4.9	%
				34,465,665		8.2	%
Capital Markets
Hong Kong Exchanges &
Clearing Ltd. (Hong Kong)(2)		120,959		7,200,663		1.7	%
Diversified Banks
Bank Rakyat Indonesia
Persero Tbk PT (Indonesia)(2)		51,460,895		13,991,967		3.3	%
DBS Group Holdings Ltd. (Singapore)(2)		805,081		17,910,886		4.3	%
				31,902,853		7.6	%
Diversified Support Services
Recruit Holdings Co. Ltd. (Japan)(2)		254,022		12,456,933		3.0	%
Electronic Equipment & Instruments
Keyence Corp. (Japan)(2)		26,362		13,276,521		3.1	%
Environmental & Facilities Services
Waste Connections, Inc. (Canada)		149,388		17,841,409		4.2	%
Healthcare Distributors
Sinopharm Group Co. Ltd. (China)(2)		3,784,168		11,226,637		2.7	%
Industrial Machinery
FANUC Corp. (Japan)(2)		58,023		13,913,789		3.3	%
Information Technology
Constellation Software, Inc. (Canada)		13,586		20,576,390		4.9	%
Internet & Direct Marketing Retail
Prosus NV (Netherlands)(2)		147,863		14,485,750		3.4	%
Internet Retail
Alibaba Group Holding
Ltd. – ADR (China)(1)		77,118		17,488,820		4.1	%
IT Services
Adyen NV (Netherlands)(1)(2)		6,438		15,788,072		3.8	%
Tata Consultancy Services Ltd. (India)(2)		423,505		19,085,497		4.5	%
				34,873,569		8.3	%
Life Sciences Tools & Services
Wuxi Biologics Cayman, Inc. (China)(1)(2)		1,231,514		22,549,382		5.4	%
Multi-Line Insurance
Fairfax Financial Holdings Ltd. (Canada)		39,551		17,344,243		4.1	%
Pharmaceuticals
Novo Nordisk A/S – ADR (Denmark)		225,496		18,889,800		4.5	%
Regional Banks
HDFC Bank Ltd. – ADR (India)(1)		206,990		15,135,109		3.6	%
Renewable Electricity
Brookfield Renewable Corp. (Canada)		204,428		8,573,710		2.0	%
Semiconductor Equipment
ASML Holding NV (Netherlands)		27,218		18,803,284		4.5	%
Semiconductors
AMS AG (Austria)(2)		307,937		6,186,240		1.5	%
Taiwan Semiconductor Manufacturing
Co. Ltd. – ADR (Taiwan)		134,124		16,116,340		3.8	%
				22,302,580		5.3	%
Semiconductors &
Semiconductor Equipment
SolarEdge Technologies, Inc. (Israel)(1)		27,184		7,512,842		1.8	%
Total Common Stocks
(Cost $282,894,923)				406,840,673		96.5	%
Short-Term Investment
Money Market Mutual Fund
First American Government Obligations
Fund, Class U, 0.03%(3)		12,302,080		12,302,080		2.9	%
Total Short-Term Investment
(Cost $12,302,080)				12,302,080		2.9	%
Total Investments
(Cost $295,197,003)				419,142,753		99.4	%
Other Assets in Excess of Liabilities				2,481,346		0.6	%
TOTAL NET ASSETS			$	421,624,099		100.0	%

Notes to Schedule of Investments

(1)	Non-Income Producing.
(2)	Level 2 Security – See Note 2a to the financial statements.
(3)	Seven-Day Yield.

ADR – American Depository Receipt

Industry classifications shown in the Schedule of Investments are based off of the Global Industry Classification Standard (GICS^®).  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. Bancorp Fund Services, LLC.

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

Page 19

Chautauqua International Growth Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Summary of Fair Value Exposure at June 30, 2021 (Unaudited)

The Fund has adopted authoritative fair valuation accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion on changes in valuation techniques and related inputs during the period. These standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The fair value hierarchy is organized into three levels based upon the assumptions (referred to as “inputs”) used in pricing the asset or liability. These standards state that “observable inputs” reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from independent sources and “unobservable inputs” reflect an entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. These inputs are summarized into three broad levels and described below:

Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3 – Unobservable inputs for the asset or liability.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2021:

	Level 1		Level 2		Level 3		Total
Equity
Common Stocks	$	182,944,029	$	223,896,644	$	—	$	406,840,673
Total Equity		182,944,029		223,896,644		—		406,840,673
Short-Term Investment
Money Market Mutual Fund		12,302,080		—		—		12,302,080
Total Short-Term Investment		12,302,080		—		—		12,302,080
Total Investments*	$	195,246,109	$	223,896,644	$	—	$	419,142,753

* Additional information regarding the industry classifications of these investments is disclosed in the Schedule of Investments.

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

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

Page 20

Chautauqua Global Growth Fund

June 30, 2021 (Unaudited)

Portfolio Characteristics

A June 30, 2021 summary of the Fund’s top 10 holdings and equity sector analysis compared to the MSCI ACWI Index is shown below.

Top 10 Holdings(1)
Genmab A/S	3.8%	Net Assets:	$247,510,977
MasterCard, Inc. – Class A	3.6%	Portfolio Turnover Rate:	8%	(5)
Constellation Software, Inc.	3.5%	Number of Equity Holdings:	43
Wuxi Biologics Cayman, Inc.	3.4%
Alphabet, Inc. – Class A	3.4%	Annualized Portfolio Expense Ratio(3):
Charles Schwab Corp.	3.2%	Gross
Novo Nordisk A/S	3.2%	Institutional Class:	1.04%
Tata Consultancy Services Ltd.	3.1%	Investor Class:	1.29%	(4)
DBS Group Holdings Ltd.	3.1%
Fairfax Financial Holdings Ltd.	3.1%	Net
		Institutional Class:	0.80%
		Investor Class:	1.05%	(4)
Equity Sector Analysis(2)		Country Allocation(2)

(1)	The Fund’s portfolio composition is subject to change and there is no assurance that the Fund will continue to hold any particular security.  Percentages shown relate to the Fund’s total net assets as of June 30, 2021.
(2)	Percentages shown in parentheses relate to the Fund’s total value of investments as of June 30, 2021, and may not add up to 100% due to rounding.
(3)	Reflects expense ratios as stated in the Fund’s current prospectus dated May 1, 2021.  The Advisor has contractually agreed to limit the Fund’s total annual fund operating expenses to 0.80% of average daily net assets for the Institutional Class shares and 1.05% of average daily net assets for the Investor Class shares, at least through April 30, 2022.
(4)	Includes 0.25% 12b-1 fee.
(5)	Not annualized.

Page 21

Chautauqua Global Growth Fund

June 30, 2021 (Unaudited)

Total Returns

			Average Annual
	Six	One	Three	Five	Since
For the Periods Ended June 30, 2021	Months	Year	Years	Years	Inception(1)
Institutional Class Shares	9.71%	42.33%	18.60%	19.04%	17.69%
Investor Class Shares	9.56%	41.85%	18.39%	18.81%	17.44%
MSCI ACWI Index(2)	12.30%	39.27%	14.57%	14.61%	13.89%

(1)	For the period from April 15, 2016 (inception date) through June 30, 2021.
(2)	The MSCI ACWI Index is a market-capitalization-weighted index maintained by MSCI, Inc. and designed to provide a broad measure of stock performance throughout the world. The MSCI ACWI Index includes both developed and emerging markets.  This index does not reflect any deduction for fees, expenses or taxes. A direct investment in the index is not possible.

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

The gross and net expense ratio for each Class, as reflected in the Fund’s current prospectus, is set forth under “Portfolio Characteristics”.

The Fund focuses on both U.S. and non-U.S. stocks with medium to large market capitalizations and therefore the performance of the Fund may be more volatile than the performance of funds that focus on types of stocks that have a broader investment style.  Under normal market conditions, the Fund will invest at least 40% of its total assets at the time of purchase in non-U.S. companies. Foreign investments involve additional risks such as currency rate fluctuations and the potential for political and economic instability, and different and sometimes less strict financial reporting standards and regulation.  U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including the impact of the coronavirus (COVID-19) as a global pandemic and related public health issues, business interruptions, growth concerns in the U.S. and overseas, and changed travel and social behaviors. In addition, the United Kingdom withdrew from the European Union on January 31, 2020 following a June 2016 referendum referred to as “Brexit.”  Although the EU and UK agreed to a provisional trade deal in December 2020 that was later ratified by the EU Parliament and entered into force on May 1, 2021,  there is significant market uncertainty regarding Brexit’s ramifications, and the range of possible political, regulatory, economic, and market outcomes are difficult to predict. These and other geopolitical events may cause market disruptions and could have an adverse effect on the value of the Fund’s investments.

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

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

Page 22

Chautauqua Global Growth Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Common Stocks

					% of
	Shares		Value		Net Assets
Apparel Retail
TJX Companies, Inc. (United States)		101,430	$	6,838,411		2.8	%
Application Software
Atlassian Corp. PLC (Australia)(1)		15,006		3,854,441		1.6	%
Temenos Group AG (Switzerland)(2)		33,967		5,461,033		2.2	%
				9,315,474		3.8	%
Asset Management & Custody Banks
Julius Baer Group Ltd. (Switzerland)(2)		34,964		2,283,612		0.9	%
Automobiles
Suzuki Motor Corp. (Japan)(2)		54,190		2,296,550		0.9	%
Biotechnology
BeiGene Ltd. – ADR (China)(1)		14,060		4,825,251		1.9	%
Genmab A/S (Denmark)(1)(2)		23,258		9,529,800		3.8	%
Incyte Corp. (United States)(1)		72,688		6,115,241		2.5	%
Regeneron Pharmaceuticals, Inc.
(United States)(1)		7,864		4,392,359		1.8	%
				24,862,651		10.0	%
Capital Markets
Hong Kong Exchanges &
Clearing Ltd. (Hong Kong)(2)		37,501		2,232,426		0.9	%
Data Processing & Outsourced Services
MasterCard, Inc. – Class A (United States)		24,561		8,966,975		3.6	%
Diversified Banks
Bank Rakyat Indonesia Persero
Tbk PT (Indonesia)(2)		20,895,992		5,681,519		2.3	%
DBS Group Holdings Ltd. (Singapore)(2)		343,852		7,649,782		3.1	%
				13,331,301		5.4	%
Diversified Support Services
Recruit Holdings Co. Ltd. (Japan)(2)		114,469		5,613,422		2.3	%
Electronic Equipment & Instruments
Keyence Corp. (Japan)(2)		7,657		3,856,244		1.6	%
Universal Display Corp. (United States)		17,121		3,806,512		1.5	%
				7,662,756		3.1	%
Environmental & Facilities Services
Waste Connections, Inc. (Canada)		50,566		6,039,098		2.4	%
Equity Real Estate
Investment Trusts (REITs)
Alexandria Real Estate Equities, Inc.
(United States)		14,732		2,680,340		1.1	%
Healthcare Distributors
Sinopharm Group Co. Ltd. (China)(2)		1,710,925		5,075,867		2.1	%
Industrial Machinery
FANUC Corp. (Japan)(2)		18,087		4,337,223		1.8	%
Information Technology
Constellation Software, Inc. (Canada)		5,774		8,744,890		3.5	%
Interactive Media & Services
Alphabet, Inc. – Class A (United States)(1)		3,409		8,324,062		3.4	%
Internet & Direct Marketing Retail
Prosus NV (Netherlands)(2)		61,962		6,070,255		2.5	%
Internet Retail
Alibaba Group Holding
Ltd. – ADR (China)(1)		26,005		5,897,414		2.4	%
Amazon.com, Inc. (United States)(1)		2,041		7,021,366		2.8	%
				12,918,780		5.2	%
IT Services
Adyen NV (Netherlands)(1)(2)		2,340		5,738,442		2.3	%
EPAM Systems, Inc. (United States)(1)		7,688		3,928,260		1.6	%
Tata Consultancy Services Ltd. (India)(2)		170,263		7,673,002		3.1	%
				17,339,704		7.0	%
Life Sciences Tools & Services
Illumina, Inc. (United States)(1)		8,784		4,156,677		1.7	%
Wuxi Biologics Cayman, Inc. (China)(1)(2)		465,584		8,524,979		3.4	%
				12,681,656		5.1	%
Multi-Line Insurance
Fairfax Financial Holdings Ltd. (Canada)		17,321		7,595,753		3.1	%
Other Diversified Financial Services
Charles Schwab Corp. (United States)		110,140		8,019,293		3.2	%
Pharmaceuticals
Bristol-Myers Squibb Company
(United States)		24,785		1,656,134		0.6	%
Novo Nordisk A/S – ADR (Denmark)		93,591		7,840,118		3.2	%
				9,496,252		3.8	%
Regional Banks
HDFC Bank Ltd. – ADR (India)(1)		87,446		6,394,052		2.6	%
SVB Financial Group (United States)(1)		11,913		6,628,750		2.7	%
				13,022,802		5.3	%
Renewable Electricity
Brookfield Renewable Corp. (Canada)		115,863		4,859,294		2.0	%
Semiconductor Equipment
ASML Holding NV (Netherlands)		9,306		6,428,957		2.6	%
Semiconductors
AMS AG (Austria)(2)		102,196		2,053,046		0.8	%
Nvidia Corp. (United States)		6,644		5,315,864		2.1	%
Taiwan Semiconductor Manufacturing
Co. Ltd. – ADR (Taiwan)		55,709		6,693,994		2.7	%
				14,062,904		5.6	%
Semiconductors &
Semiconductor Equipment
SolarEdge Technologies, Inc. (Israel)(1)		9,506		2,627,173		1.1	%
Software
Alteryx, Inc. (United States)(1)		15,105		1,299,332		0.5	%
Total Common Stocks
(Cost $179,358,445)				235,027,213		95.0	%
Short-Term Investment
Money Market Mutual Fund
First American Government Obligations
Fund, Class U, 0.03%(3)		11,643,687		11,643,687		4.7	%
Total Short-Term Investment
(Cost $11,643,687)				11,643,687		4.7	%
Total Investments
(Cost $191,002,132)				246,670,900		99.7	%
Other Assets in Excess of Liabilities				840,077		0.3	%
TOTAL NET ASSETS			$	247,510,977		100.0	%

Notes to Schedule of Investments

(1)	Non-Income Producing.
(2)	Level 2 Security – See Note 2a to the financial statements.
(3)	Seven-Day Yield.

ADR – American Depository Receipt

Industry classifications shown in the Schedule of Investments are based off of the Global Industry Classification Standard (GICS^®).  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. Bancorp Fund Services, LLC.

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

Page 23

Chautauqua Global Growth Fund

Schedule of Investments, June 30, 2021 (Unaudited)

Summary of Fair Value Exposure at June 30, 2021 (Unaudited)

The Fund has adopted authoritative fair valuation accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion on changes in valuation techniques and related inputs during the period. These standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The fair value hierarchy is organized into three levels based upon the assumptions (referred to as “inputs”) used in pricing the asset or liability. These standards state that “observable inputs” reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from independent sources and “unobservable inputs” reflect an entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. These inputs are summarized into three broad levels and described below:

Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3 – Unobservable inputs for the asset or liability.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund’s investments as of June 30, 2021:

	Level 1		Level 2		Level 3		Total
Equity
Common Stocks	$	150,950,011	$	84,077,202	$	—	$	235,027,213
Total Equity		150,950,011		84,077,202		—		235,027,213
Short-Term Investment
Money Market Mutual Fund		11,643,687		—		—		11,643,687
Total Short-Term Investment		11,643,687		—		—		11,643,687
Total Investments*	$	162,593,698	$	84,077,202	$	—	$	246,670,900

* Additional information regarding the industry classifications of these investments is disclosed in the Schedule of Investments.

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

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

Page 24

Additional Information on Fund Expenses

June 30, 2021 (Unaudited)

Example

As a shareholder of a mutual fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, such as management fees; distribution and/or service (12b-1) fees; and other fund expenses. With the exception of the Chautauqua International Growth and Chautauqua Global Growth Funds, which charge redemption fees, the Funds do not charge any sales loads, redemption fees or other transaction fees; however, you will be assessed fees for outgoing wire transfers, returned checks and stop payment orders at prevailing rates charged by U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services, the Funds’ transfer agent. If you request that a redemption be made by wire transfer, currently the Funds’ transfer agent charges a $15.00 fee.

This Example is intended to help you understand your ongoing costs (in dollars) of investing in each Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (1/1/21 – 6/30/21).

Actual Expenses

The third and fourth columns of the following table provide information about account values based on actual returns and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the fourth column entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The fifth and sixth columns of the following table provide information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the sixth column of the table (entitled “Expenses Paid During Period”) is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different mutual funds. In addition, if these transactional costs were included, your costs could have been higher.

Actual vs. Hypothetical Returns

					Hypothetical (5% return before expenses)
			Actual
		Beginning	Ending		Ending
	Fund’s Annualized	Account Value	Account Value	Expenses Paid	Account Value	Expenses Paid
	Expense Ratio(1)	1/1/21	6/30/21	During Period(1)	6/30/21	During Period(1)
Baird MidCap Fund
Institutional Class	0.81%	$1,000.00	$1,093.00	$4.20	$1,020.78	$4.06
Investor Class	1.06%	$1,000.00	$1,091.90	$5.50	$1,019.54	$5.31
Baird Small/Mid Cap Growth Fund
Institutional Class	0.85%	$1,000.00	$1,115.00	$4.46	$1,020.58	$4.26
Investor Class	1.10%	$1,000.00	$1,113.60	$5.76	$1,019.34	$5.51
Baird Small/Mid Cap Value Fund
Institutional Class	0.85%	$1,000.00	$1,123.70	$4.48	$1,020.58	$4.26
Investor Class	1.10%	$1,000.00	$1,122.10	$5.79	$1,019.34	$5.51
Baird SmallCap Value Fund
Institutional Class	0.95%	$1,000.00	$1,123.40	$5.00	$1,020.08	$4.76
Investor Class	1.20%	$1,000.00	$1,121.80	$6.31	$1,018.84	$6.01
Chautauqua International Growth Fund
Institutional Class	0.80%	$1,000.00	$1,067.30	$4.10	$1,020.83	$4.01
Investor Class	1.05%	$1,000.00	$1,065.70	$5.38	$1,019.59	$5.26
Chautauqua Global Growth Fund
Institutional Class	0.80%	$1,000.00	$1,097.10	$4.16	$1,020.83	$4.01
Investor Class	1.05%	$1,000.00	$1,095.60	$5.46	$1,019.59	$5.26

⁽¹⁾ Expenses are equal to the Fund’s annualized net expense ratio multiplied by the average account value over the period, 181 days and divided by 365 to reflect the one-half year period.

Page 25

Statements of Assets and Liabilities

June 30, 2021 (Unaudited)

	Baird		Baird Small/Mid		Baird Small/Mid		Baird SmallCap
	MidCap Fund		Cap Growth Fund		Cap Value Fund		Value Fund
ASSETS:
Investments, at value (cost $1,414,965,287, $94,459,528,
$25,650,090 and $27,616,314 respectively)	$	2,366,239,578	$	111,801,478	$	31,352,078	$	36,155,878
Dividends receivable		213,971		13,458		49,217		54,819
Interest receivable		1,301		111		29		31
Receivable for investments sold		4,249,849		2,889,423		—		—
Receivable for Fund shares sold		1,772,848		135,445		13,288		25
Prepaid expenses and other assets		79,887		72,168		43,037		40,685
Total assets		2,372,557,434		114,912,083		31,457,649		36,251,438
LIABILITIES:
Payable for securities purchased		6,280,279		1,136,904		—		—
Payable for Fund shares redeemed		1,216,643		8,935		6,000		6,642
Payable to Advisor, net (Note 5)		1,421,889		53,797		5,728		12,186
Payable to directors		14,527		14,527		14,527		14,527
Accrued fund accounting and administration fees		31,405		10,075		7,140		7,777
Accrued shareholder servicing fees		128,067		1,856		2,843		5,294
Accrued professional fees		9,789		9,975		8,640		8,640
Accrued Rule 12b-1 fees (Note 7)		78,251		449		78		542
Accrued expenses and other liabilities		10,224		3,759		806		584
Total liabilities		9,191,074		1,240,277		45,762		56,192
NET ASSETS	$	2,363,366,360	$	113,671,806	$	31,411,887	$	36,195,246
NET ASSETS CONSIST OF:
Paid-in capital	$	1,103,191,166	$	90,372,034	$	25,276,938	$	25,665,292
Total distributable earnings		1,260,175,194		23,299,772		6,134,949		10,529,954
NET ASSETS	$	2,363,366,360	$	113,671,806	$	31,411,887	$	36,195,246
INSTITUTIONAL CLASS SHARES
Net Assets	$	2,153,797,877	$	112,887,149	$	31,131,353	$	35,866,657
Shares outstanding ($0.01 par value, unlimited shares authorized)		69,960,066		5,824,043		2,253,835		2,052,300
Net asset value, offering and redemption price per share	$	30.79	$	19.38	$	13.81	$	17.48
INVESTOR CLASS SHARES
Net Assets	$	209,568,483	$	784,657	$	280,534	$	328,589
Shares outstanding ($0.01 par value, unlimited shares authorized)		7,320,736		40,853		20,357		18,869
Net asset value, offering and redemption price per share	$	28.63	$	19.21	$	13.78	$	17.41

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

Page 26

Statements of Assets and Liabilities

June 30, 2021 (Unaudited)

	Chautauqua		Chautauqua
	International		Global
	Growth Fund		Growth Fund
ASSETS:
Investments, at value (cost $295,197,003 and $191,002,132, respectively)	$	419,142,753	$	246,670,900
Foreign currency, at value (cost $1,209,979 and $303,535, respectively)		1,195,274		302,545
Dividends receivable		606,277		245,421
Interest receivable		306		241
Receivable for Fund shares sold		1,775,705		655,598
Prepaid expenses and other assets		74,589		109,696
Total assets		422,794,904		247,984,401
LIABILITIES:
Payable for Fund shares redeemed		79,671		21,096
Due to custodian		8,857		4,822
Payable to Advisor, net (Note 5)		238,949		126,087
Payable to directors		14,527		14,527
Accrued fund accounting and administration fees		11,390		13,134
Accrued shareholder servicing fees		10,618		8,170
Accrued professional fees		9,670		9,670
Accrued Rule 12b-1 fees (Note 7)		307		589
Deferred tax		784,819		268,500
Accrued expenses and other liabilities		11,997		6,829
Total liabilities		1,170,805		473,424
NET ASSETS	$	421,624,099	$	247,510,977
NET ASSETS CONSIST OF:
Paid-in capital	$	297,109,554	$	190,854,334
Total distributable earnings		124,514,545		56,656,643
NET ASSETS	$	421,624,099	$	247,510,977
INSTITUTIONAL CLASS SHARES
Net Assets	$	420,799,673	$	245,570,038
Shares outstanding ($0.01 par value, unlimited shares authorized)		22,492,366		11,264,248
Net asset value, offering and redemption price per share	$	18.71	$	21.80
INVESTOR CLASS SHARES
Net Assets	$	824,426	$	1,940,939
Shares outstanding ($0.01 par value, unlimited shares authorized)		44,183		89,645
Net asset value, offering and redemption price per share	$	18.66	$	21.65

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

Page 27

Statements of Operations

Six Months Ended June 30, 2021 (Unaudited)

	Baird			Baird Small/Mid			Baird Small/Mid			Baird SmallCap
	MidCap Fund			Cap Growth Fund			Cap Value Fund			Value Fund
INVESTMENT INCOME:
Dividends (net of issuance fees and/or foreign taxes
withheld of $0, $244, $2,303 and $2,728, respectively)	$	3,435,348		$	75,617		$	342,682		$	299,990
Interest		10,507			541			206			164
Total investment income		3,445,855			76,158			342,888			300,154
EXPENSES:
Investment advisory fees (Note 5)		8,440,564			284,740			103,725			144,094
Shareholder servicing fees		412,452			9,558			9,342			12,193
Fund accounting and administration fees		89,992			22,826			18,317			18,548
Federal and state registration		43,049			24,708			21,143			28,612
Directors fees		29,805			29,805			29,805			29,805
Reports to shareholders		24,262			811			834			879
Custody fees		15,203			3,780			548			701
Professional fees		14,676			14,862			14,676			14,676
Interest expense (Note 6)		52			—			—			—
Miscellaneous expenses		1,298			56			50			51
Rule 12b-1 fees – Investor Class Shares (Note 7)		249,566			882			193			412
Total expenses		9,320,919			392,028			198,633			249,971
Fee waiver by Advisor (Note 5)		—			(68,441	)		(80,885	)		(88,512	)
Net expenses		9,320,919			323,587			117,748			161,459
NET INVESTMENT INCOME (LOSS)		(5,875,064	)		(247,429	)		225,140			138,695
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments		268,678,488			5,194,570			1,504,070			3,977,820
Net change in unrealized appreciation (depreciation) on investments		(60,015,458	)		3,242,829			1,190,346			(360,507	)
Net realized and unrealized gain on investments		208,663,030			8,437,399			2,694,416			3,617,313
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	202,787,966		$	8,189,970		$	2,919,556		$	3,756,008

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

Page 28

Statements of Operations

Six Months Ended June 30, 2021 (Unaudited)

	Chautauqua			Chautauqua
	International			Global
	Growth Fund			Growth Fund
INVESTMENT INCOME:
Dividends (net of issuance fees and/or foreign taxes withheld of $296,566 and $102,954, respectively)	$	2,841,606		$	1,099,835
Interest		2,754			1,609
Total investment income		2,844,360			1,101,444
EXPENSES:
Investment advisory fees (Note 5)		1,405,298			698,516
Shareholder servicing fees		38,091			24,498
Federal and state registration		37,893			37,576
Custody fees		33,771			21,002
Fund accounting and administration fees		32,508			29,541
Directors fees		29,805			29,805
Professional fees		17,225			17,225
Reports to shareholders		2,272			1,248
Miscellaneous expenses		1,333			1,309
Rule 12b-1 fees – Investor Class Shares (Note 7)		1,076			2,345
Total expenses		1,599,272			863,065
Fee waiver by Advisor (Note 5)		(99,211	)		(115,637	)
Net expenses		1,500,061			747,428
NET INVESTMENT INCOME		1,344,299			354,016
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS AND FOREIGN CURRENCY TRANSLATION:
Net realized gain on:
Investments (net of foreign taxes withheld of $751 and $0, respectively)		5,380,049			2,464,100
Foreign currency translation		111,387			28,329
Net change in unrealized appreciation (depreciation) on:
Investments		16,576,271			14,052,041
Foreign currency translation		(22,343	)		(4,719	)
Net realized and unrealized gain on investments and foreign currency translation		22,045,364			16,539,751
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	23,389,663		$	16,893,767

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

Page 29

Statements of Changes in Net Assets

	Baird MidCap Fund						Baird Small/Mid Cap Growth Fund
	Six Months Ended						Six Months Ended
	June 30, 2021			Year Ended			June 30, 2021			Year Ended
	(Unaudited)			December 31, 2020			(Unaudited)			December 31, 2020
OPERATIONS:
Net investment loss	$	(5,875,064	)	$	(7,128,037	)	$	(247,429	)	$	(122,929	)
Net realized gain on investments		268,678,488			291,556,478			5,194,570			2,179,765
Net change in unrealized appreciation (depreciation) on investments		(60,015,458	)		318,460,636			3,242,829			11,277,721
Net increase in net assets resulting from operations		202,787,966			602,889,077			8,189,970			13,334,557
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		171,244,339			462,769,490			60,047,472			24,212,271
Shares issued to holders in reinvestment of distributions		—			163,266,379			—			916,495
Cost of shares redeemed		(276,491,623	)		(736,918,649	)		(6,380,307	)		(4,275,076	)
Net increase (decrease) in net assets resulting from capital share transactions		(105,247,284	)		(110,882,780	)		53,667,165			20,853,690
DISTRIBUTIONS TO SHAREHOLDERS:
Net distributions to shareholders:
Institutional Class		—			(181,775,657	)		—			(934,480	)
Investor Class		—			(18,567,375	)		—			(11,948	)
Total net distributions to shareholders		—			(200,343,032	)		—			(946,428	)
TOTAL INCREASE IN NET ASSETS		97,540,682			291,663,265			61,857,135			33,241,819
NET ASSETS:
Beginning of period		2,265,825,678			1,974,162,413			51,814,671			18,572,852
End of period	$	2,363,366,360		$	2,265,825,678		$	113,671,806		$	51,814,671

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

Page 30

Statements of Changes in Net Assets

	Baird Small/Mid Cap Value Fund						Baird SmallCap Value Fund
	Six Months Ended						Six Months Ended
	June 30, 2021			Year Ended			June 30, 2021			Year Ended
	(Unaudited)			December 31, 2020			(Unaudited)			December 31, 2020
OPERATIONS:
Net investment income	$	225,140		$	165,188		$	138,695		$	53,704
Net realized gain (loss) on investments		1,504,070			(860,611	)		3,977,820			(2,166,119	)
Net change in unrealized appreciation (depreciation) on investments		1,190,346			878,323			(360,507	)		2,348,969
Net increase in net assets resulting from operations		2,919,556			182,900			3,756,008			236,554
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		7,152,613			7,507,607			4,751,221			4,992,494
Shares issued to holders in reinvestment of distributions		—			137,203			—			1,383,444
Cost of shares redeemed		(1,769,548	)		(9,442,201	)		(3,036,038	)		(8,125,553	)
Net increase (decrease) in net assets resulting from capital share transactions		5,383,065			(1,797,391	)		1,715,183			(1,749,615	)
DISTRIBUTIONS TO SHAREHOLDERS:
Net distributions to shareholders:
Institutional Class		—			(163,070	)		—			(1,581,926	)
Investor Class		—			(50	)		—			(14,822	)
Total net distributions to shareholders		—			(163,120	)		—			(1,596,748	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		8,302,621			(1,777,611	)		5,471,191			(3,109,809	)
NET ASSETS:
Beginning of period		23,109,266			24,886,877			30,724,055			33,833,864
End of period	$	31,411,887		$	23,109,266		$	36,195,246		$	30,724,055

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

Page 31

Statements of Changes in Net Assets

	Chautauqua International Growth Fund						Chautauqua Global Growth Fund
	Six Months Ended						Six Months Ended
	June 30, 2021			Year Ended			June 30, 2021			Year Ended
	(Unaudited)			December 31, 2020			(Unaudited)			December 31, 2020
OPERATIONS:
Net investment income (loss)	$	1,344,299		$	157,785		$	354,016		$	(147,307	)
Net realized gain (loss) on investments and foreign currency translation		5,491,436			3,842,040			2,492,429			(638,444	)
Net change in unrealized appreciation on
investments and foreign currency translation		16,553,928			81,510,970			14,047,322			34,016,984
Net increase in net assets resulting from operations		23,389,663			85,510,795			16,893,767			33,231,233
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		96,329,452			91,388,589			105,909,413			62,986,909
Shares issued to holders in reinvestment of distributions		—			1,730,938			—			554,641
Cost of shares redeemed		(20,596,355	)		(28,256,851	)		(14,320,898	)		(14,586,110	)
Redemption fees		30,231			35,222			9,745			33,841
Net increase in net assets resulting from capital share transactions		75,763,328			64,897,898			91,598,260			48,989,281
DISTRIBUTIONS TO SHAREHOLDERS:
Net distributions to shareholders:
Institutional Class		—			(2,104,798	)		—			(635,729	)
Investor Class		—			(1,953	)		—			(4,036	)
Total net distributions to shareholders		—			(2,106,751	)		—			(639,765	)
TOTAL INCREASE IN NET ASSETS		99,152,991			148,301,942			108,492,027			81,580,749
NET ASSETS:
Beginning of period		322,471,108			174,169,166			139,018,950			57,438,201
End of period	$	421,624,099		$	322,471,108		$	247,510,977		$	139,018,950

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

Page 32

Financial Highlights

Baird MidCap Fund – Institutional Class

	Six Months Ended
	June 30, 2021			Year Ended December 31,
	(Unaudited)			2020			2019			2018			2017			2016
Per Share Data:
Net asset value, beginning of period	$	28.17		$	22.90		$	17.72		$	19.16		$	15.80		$	14.99
Income from investment operations:
Net investment loss(1)		(0.07	)		(0.08	)		(0.02	)		(0.03	)		(0.03	)		(0.02	)
Net realized and unrealized   gains (losses) on investments		2.69			7.99			6.44			(0.30	)		4.28			0.83
Total from investment operations		2.62			7.91			6.42			(0.33	)		4.25			0.81
Less distributions:
Distributions from net realized gains		—			(2.64	)		(1.24	)		(1.11	)		(0.89	)		—
Total distributions		—			(2.64	)		(1.24	)		(1.11	)		(0.89	)		—
Net asset value, end of period	$	30.79		$	28.17		$	22.90		$	17.72		$	19.16		$	15.80
Total return		9.30	%(2)		34.81	%		36.31	%		(1.61	)%		26.88	%		5.40	%
Supplemental data and ratios:
Net assets, end of period (millions)	$	2,153.8		$	2,065.5		$	1,825.8		$	1,337.4		$	1,279.6		$	1,105.1
Ratio of expenses to average net assets		0.81	%(3)		0.82	%		0.82	%		0.81	%		0.83	%		0.82	%
Ratio of net investment loss to average net assets		(0.50	)%(3)		(0.35	)%		(0.07	)%		(0.15	)%		(0.17	)%		(0.14	)%
Portfolio turnover rate(4)		20	%(2)		47	%		43	%		38	%		45	%		57	%

Baird MidCap Fund – Investor Class

	Six Months Ended
	June 30, 2021			Year Ended December 31,
	(Unaudited)			2020			2019			2018			2017			2016
Per Share Data:
Net asset value, beginning of period	$	26.22		$	21.53		$	16.76		$	18.23		$	15.10		$	14.36
Income from investment operations:
Net investment loss(1)		(0.10	)		(0.14	)		(0.07	)		(0.08	)		(0.07	)		(0.06	)
Net realized and unrealized   gains (losses) on investments		2.51			7.47			6.08			(0.28	)		4.09			0.80
Total from investment operations		2.41			7.33			6.01			(0.36	)		4.02			0.74
Less distributions:
Distributions from net realized gains		—			(2.64	)		(1.24	)		(1.11	)		(0.89	)		—
Total distributions		—			(2.64	)		(1.24	)		(1.11	)		(0.89	)		—
Net asset value, end of period	$	28.63		$	26.22		$	21.53		$	16.76		$	18.23		$	15.10
Total return		9.19	%(2)		34.32	%		35.94	%		(1.86	)%		26.61	%		5.08	%
Supplemental data and ratios:
Net assets, end of period (millions)	$	209.6		$	200.3		$	148.3		$	95.5		$	111.4		$	137.2
Ratio of expenses to average net assets		1.06	%(3)		1.07	%		1.07	%		1.06	%		1.08	%		1.07	%
Ratio of net investment loss to average net assets		(0.75	)%(3)		(0.60	)%		(0.32	)%		(0.40	)%		(0.42	)%		(0.39	)%
Portfolio turnover rate(4)		20	%(2)		47	%		43	%		38	%		45	%		57	%

(1)	Calculated using average shares outstanding during the period.
(2)	Not annualized.
(3)	Annualized.
(4)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued and excludes in-kind transactions, where applicable.

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

Page 33

Financial Highlights

Baird Small/Mid Cap Growth Fund – Institutional Class

	Six Months Ended									Period Ended
	June 30, 2021			Year Ended December 31,						December 31,
	(Unaudited)			2020			2019			2018(1)
Per Share Data:
Net asset value, beginning of period	$	17.39		$	12.26		$	8.95		$	10.00
Income from investment operations:
Net investment loss(2)		(0.06	)		(0.06	)		(0.03	)		(0.00	)(3)
Net realized and unrealized gains (losses) on investments		2.05			5.52			3.34			(1.05	)
Total from investment operations		1.99			5.46			3.31			(1.05	)
Less distributions:
Distributions from net realized gains		—			(0.33	)		—			—
Total distributions		—			(0.33	)		—			—
Net asset value, end of period	$	19.38		$	17.39		$	12.26		$	8.95
Total return		11.50	%(4)		44.57	%		36.98	%		(10.50	)%(4)
Supplemental data and ratios:
Net assets, end of period (millions)	$	112.9		$	51.2		$	18.3		$	7.3
Ratio of expenses to average net assets		0.85	%(5)		0.85	%		0.85	%		0.85	%(5)
Ratio of expenses to average net assets (before waivers)		1.03	%(5)		1.43	%		2.10	%		3.88	%(5)
Ratio of net investment loss to average net assets		(0.65	)%(5)		(0.41	)%		(0.25	)%		(0.03	)%(5)
Ratio of net investment loss to average net assets (before waivers)		(0.83	)%(5)		(0.99	)%		(1.50	)%		(3.06	)%(5)
Portfolio turnover rate(6)		32	%(4)		65	%		60	%		9	%(4)

Baird Small/Mid Cap Growth Fund – Investor Class

	Six Months Ended									Period Ended
	June 30, 2021			Year Ended December 31,						December 31,
	(Unaudited)			2020			2019			2018(1)
Per Share Data:
Net asset value, beginning of period	$	17.25		$	12.21		$	8.94		$	10.00
Income from investment operations:
Net investment loss(2)		(0.08	)		(0.09	)		(0.06	)		(0.00	)(3)
Net realized and unrealized gains (losses) on investments		2.04			5.46			3.33			(1.06	)
Total from investment operations		1.96			5.37			3.27			(1.06	)
Less distributions:
Distributions from net realized gains		—			(0.33	)		—			—
Total distributions		—			(0.33	)		—			—
Net asset value, end of period	$	19.21		$	17.25		$	12.21		$	8.94
Total return		11.36	%(4)		43.89	%		36.69	%		(10.60	)%(4)
Supplemental data and ratios:
Net assets, end of period (thousands)	$	784.7		$	661.0		$	287.3		$	8.9
Ratio of expenses to average net assets		1.10	%(5)		1.10	%		1.10	%		1.10	%(5)
Ratio of expenses to average net assets (before waivers)		1.28	%(5)		1.68	%		2.35	%		4.13	%(5)
Ratio of net investment loss to average net assets		(0.90	)%(5)		(0.66	)%		(0.50	)%		(0.28	)%(5)
Ratio of net investment loss to average net assets (before waivers)		(1.08	)%(5)		(1.24	)%		(1.75	)%		(3.31	)%(5)
Portfolio turnover rate(6)		32	%(4)		65	%		60	%		9	%(4)

(1)	Inception was close of business on October 31, 2018.
(2)	Calculated using average shares outstanding during the period.
(3)	Amount is less than $0.005.
(4)	Not annualized.
(5)	Annualized.
(6)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued and excludes in-kind transactions, where applicable.

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

Page 34

Financial Highlights

Baird Small/Mid Cap Value Fund – Institutional Class

	Six Months Ended
	June 30, 2021			Year Ended December 31,
	(Unaudited)			2020			2019			2018			2017			2016
Per Share Data:
Net asset value, beginning of period	$	12.29		$	12.32		$	10.51		$	12.43		$	10.29		$	9.52
Income from investment operations:
Net investment income(1)		0.11			0.08			0.12			0.04			0.07			0.13
Net realized and unrealized   gains (losses) on investments		1.41			(0.02	)(2)		1.80			(1.92	)		2.14			0.72
Total from investment operations		1.52			0.06			1.92			(1.88	)		2.21			0.85
Less distributions:
Distributions from net investment income		—			(0.09	)		(0.11	)		(0.04	)		(0.07	)		(0.08	)
Distributions from net realized gains		—			—			—			(0.00	)(3)		(0.00	)(3)		—
Total distributions		—			(0.09	)		(0.11	)		(0.04	)		(0.07	)		(0.08	)
Net asset value, end of period	$	13.81		$	12.29		$	12.32		$	10.51		$	12.43		$	10.29
Total return		12.37	%(4)		0.48	%		18.23	%		(15.11	)%		21.48	%		8.91	%
Supplemental data and ratios:
Net assets, end of period (millions)	$	31.1		$	23.0		$	24.3		$	17.1		$	16.9		$	11.9
Ratio of expenses to average net assets		0.85	%(5)		0.85	%		0.85	%		0.94	%(6)		0.95	%		0.95	%
Ratio of expenses to average net assets (before waivers)		1.44	%(5)		1.65	%		1.59	%		1.75	%		1.91	%		2.86	%
Ratio of net investment income to average net assets		1.63	%(5)		0.78	%		1.04	%		0.34	%		0.62	%		1.35	%
Ratio of net investment income (loss)   to average net assets (before waivers)		1.04	%(5)		(0.02	)%		0.30	%		(0.47	)%		(0.34	)%		(0.56	)%
Portfolio turnover rate(8)		22	%(4)		84	%		37	%		34	%		60	%		38	%

Baird Small/Mid Cap Value Fund – Investor Class

	Six Months Ended
	June 30, 2021			Year Ended December 31,
	(Unaudited)			2020			2019			2018			2017			2016
Per Share Data:
Net asset value, beginning of period	$	12.28		$	12.27		$	10.48		$	12.40		$	10.28		$	9.52
Income from investment operations:
Net investment income(1)		0.09			0.06			0.09			0.01			0.04			0.11
Net realized and unrealized   gains (losses) on investments		1.41			(0.04	)(2)		1.78			(1.90	)		2.13			0.71
Total from investment operations		1.50			0.02			1.87			(1.89	)		2.17			0.82
Less distributions:
Distributions from net investment income		—			(0.01	)		(0.08	)		(0.03	)		(0.05	)		(0.06	)
Distributions from net realized gains		—			—			—			(0.00	)(3)		(0.00	)(3)		—
Total distributions		—			(0.01	)		(0.08	)		(0.03	)		(0.05	)		(0.06	)
Net asset value, end of period	$	13.78		$	12.28		$	12.27		$	10.48		$	12.40		$	10.28
Total return		12.21	%(4)		0.15	%		17.86	%		(15.25	)%		21.08	%		8.64	%
Supplemental data and ratios:
Net assets, end of period (thousands)	$	280.5		$	79.1		$	560.4		$	341.5		$	86.1		$	53.2
Ratio of expenses to average net assets		1.10	%(5)		1.10	%		1.10	%		1.19	%(7)		1.20	%		1.20	%
Ratio of expenses to average net assets (before waivers)		1.69	%(5)		1.90	%		1.84	%		2.00	%		2.16	%		3.11	%
Ratio of net investment income to average net assets		1.38	%(5)		0.53	%		0.79	%		0.09	%		0.37	%		1.10	%
Ratio of net investment income (loss)   to average net assets (before waivers)		0.79	%(5)		(0.27	)%		0.05	%		(0.72	)%		(0.59	)%		(0.81	)%
Portfolio turnover rate(8)		22	%(4)		84	%		37	%		34	%		60	%		38	%

(1)	Calculated using average shares outstanding during the period.
(2)	Due to timing of capital share transactions, the per share amount of net realized and realized gain (loss) on investments varies from the amounts shown in the statement of operations.
(3)	Amount is less than $0.005.
(4)	Not annualized.
(5)	Annualized.
(6)	Blended rate.  Pursuant to the Expense Cap/Reimbursement Agreement effective December 1, 2018, the expense cap decreased to 0.85%.  Prior to December 1, 2018, the expense cap was 0.95%.
(7)	Blended rate.  Pursuant to the Expense Cap/Reimbursement Agreement effective December 1, 2018, the expense cap decreased to 1.10%.  Prior to December 1, 2018, the expense cap was 1.20%.
(8)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued and excludes in-kind transactions, where applicable.

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

Page 35

Financial Highlights

Baird SmallCap Value Fund – Institutional Class

	Six Months Ended
	June 30, 2021			Year Ended December 31,
	(Unaudited)			2020			2019			2018			2017			2016
Per Share Data:
Net asset value, beginning of period	$	15.56		$	15.96		$	13.58		$	16.99		$	14.83		$	13.03
Income from investment operations:
Net investment income(1)		0.07			0.03			0.13			0.05			0.09			0.21
Net realized and unrealized   gains (losses) on investments		1.85			0.43	(2)		2.36			(2.85	)		2.59			1.76
Total from investment operations		1.92			0.46			2.49			(2.80	)		2.68			1.97
Less distributions:
Distributions from net investment income		—			(0.03	)		(0.11	)		(0.06	)		(0.09	)		(0.17	)
Distributions from net realized gains		—			(0.83	)		—			(0.55	)		(0.43	)		—
Total distributions		—			(0.86	)		(0.11	)		(0.61	)		(0.52	)		(0.17	)
Net asset value, end of period	$	17.48		$	15.56		$	15.96		$	13.58		$	16.99		$	14.83
Total return		12.34	%(3)		2.85	%		18.40	%		(16.45	)%		18.05	%		15.11	%
Supplemental data and ratios:
Net assets, end of period (millions)	$	35.9		$	30.4		$	33.0		$	28.8		$	33.6		$	28.2
Ratio of expenses to average net assets		0.95	%(4)		0.95	%		0.95	%		1.00	%(5)		1.00	%		1.00	%
Ratio of expenses to average net assets (before waivers)		1.47	%(4)		1.64	%		1.44	%		1.38	%		1.35	%		1.43	%
Ratio of net investment income to average net assets		0.82	%(4)		0.21	%		0.87	%		0.29	%		0.61	%		1.58	%
Ratio of net investment income (loss)   to average net assets (before waivers)		0.30	%(4)		(0.48	)%		0.38	%		(0.09	)%		0.26	%		1.15	%
Portfolio turnover rate(7)		35	%(3)		61	%		55	%		36	%		30	%		49	%

Baird SmallCap Value Fund – Investor Class

	Six Months Ended
	June 30, 2021			Year Ended December 31,
	(Unaudited)			2020			2019			2018			2017			2016
Per Share Data:
Net asset value, beginning of period	$	15.52		$	15.97		$	13.58		$	16.97		$	14.81		$	12.99
Income from investment operations:
Net investment income (loss)(1)		0.05			(0.01	)		0.09			0.01			0.06			0.18
Net realized and unrealized   gains (losses) on investments		1.84			0.42	(2)		2.37			(2.85	)		2.58			1.75
Total from investment operations		1.89			0.41			2.46			(2.84	)		2.64			1.93
Less distributions:
Distributions from net investment income		—			(0.03	)		(0.07	)		—			(0.05	)		(0.11	)
Distributions from net realized gains		—			(0.83	)		—			(0.55	)		(0.43	)		—
Total distributions		—			(0.86	)		(0.07	)		(0.55	)		(0.48	)		(0.11	)
Net asset value, end of period	$	17.41		$	15.52		$	15.97		$	13.58		$	16.97		$	14.81
Total return		12.18	%(3)		2.54	%		18.19	%		(16.71	)%		17.78	%		14.84	%
Supplemental data and ratios:
Net assets, end of period (millions)	$	0.3		$	0.3		$	0.9		$	0.8		$	2.6		$	2.6
Ratio of expenses to average net assets		1.20	%(4)		1.20	%		1.20	%		1.25	%(6)		1.25	%		1.25	%
Ratio of expenses to average net assets (before waivers)		1.72	%(4)		1.89	%		1.69	%		1.63	%		1.60	%		1.68	%
Ratio of net investment income (loss)   to average net assets		0.57	%(4)		(0.04	)%		0.62	%		0.04	%		0.36	%		1.33	%
Ratio of net investment income (loss)   to average net assets (before waivers)		0.05	%(4)		(0.73	)%		0.13	%		(0.34	)%		0.01	%		0.90	%
Portfolio turnover rate(7)		35	%(3)		61	%		55	%		36	%		30	%		49	%

(1)	Calculated using average shares outstanding during the period.
(2)	Due to timing of capital share transactions, the per share amount of net realized and realized gain (loss) on investments varies from the amounts shown in the statement of operations.
(3)	Not annualized.
(4)	Annualized.
(5)	Blended rate.  Pursuant to the Expense Cap/Reimbursement Agreement effective December 1, 2018, the expense cap decreased to 0.95%.  Prior to December 1, 2018, the expense cap was 1.00%.
(6)	Blended rate.  Pursuant to the Expense Cap/Reimbursement Agreement effective December 1, 2018, the expense cap decreased to 1.20%.  Prior to December 1, 2018, the expense cap was 1.25%.
(7)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued and excludes in-kind transactions, where applicable.

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

Page 36

Financial Highlights

Chautauqua International Growth Fund – Institutional Class

	Six Months Ended															Period Ended
	June 30, 2021			Year Ended December 31,												December 31,
	(Unaudited)			2020			2019			2018			2017			2016(1)
Per Share Data:
Net asset value, beginning of period	$	17.51		$	12.62		$	10.17		$	12.59		$	9.57		$	10.00
Income from investment operations:
Net investment income(2)		0.07			0.01			0.30			0.06			0.04			0.00	(3)
Net realized and unrealized gains (losses)
on investments and foreign currency translation		1.13			5.00			2.42			(2.19	)		3.41			(0.43	)
Total from investment operations		1.20			5.01			2.72			(2.13	)		3.45			(0.43	)
Less distributions:
Distributions from net investment income		—			(0.12	)		(0.27	)		(0.06	)		(0.02	)		—
Distributions from net realized gains		—			—			—			(0.23	)		(0.41	)		—
Total distributions		—			(0.12	)		(0.27	)		(0.29	)		(0.43	)		—
Paid in capital from redemption fees		0.00	(3)		0.00	(3)		0.00	(3)		0.00	(3)		0.00	(3)		—
Net asset value, end of period	$	18.71		$	17.51		$	12.62		$	10.17		$	12.59		$	9.57
Total return		6.73	%(4)		39.84	%		26.72	%		(16.94	)%		36.11	%		(4.30	)%(4)
Supplemental data and ratios:
Net assets, end of period (millions)	$	420.8		$	321.8		$	172.7		$	85.4		$	74.2		$	14.8
Ratio of expenses to average net assets		0.80	%(5)		0.80	%		0.80	%		0.94	%(6)		0.95	%		0.95	%(5)
Ratio of expenses to average net assets (before waivers)		0.85	%(5)		0.90	%		0.96	%		1.07	%		1.20	%		2.32	%(5)
Ratio of net investment income to average net assets		0.72	%(5)		0.07	%		2.56	%		0.51	%		0.30	%		0.06	%(5)
Ratio of net investment income (loss)   to average net assets (before waivers)		0.67	%(5)		(0.03	)%		2.40	%		0.38	%		0.05	%		(1.31	)%(5)
Portfolio turnover rate(8)		9	%(4)		31	%		31	%		42	%		71	%		73	%(4)

Chautauqua International Growth Fund – Investor Class

	Six Months Ended															Period Ended
	June 30, 2021			Year Ended December 31,												December 31,
	(Unaudited)			2020			2019			2018			2017			2016(1)
Per Share Data:
Net asset value, beginning of period	$	17.48		$	12.60		$	10.15		$	12.57		$	9.56		$	10.00
Income from investment operations:
Net investment income (loss)(2)		0.04			(0.02	)		0.27			0.03			0.01			(0.01	)
Net realized and unrealized gains (losses)
on investments and foreign currency translation		1.14			4.95	(9)		2.41			(2.19	)		3.41			(0.44	)
Total from investment operations		1.18			4.93			2.68			(2.16	)		3.42			(0.45	)
Less distributions:
Distributions from net investment income		—			(0.05	)		(0.23	)		(0.03	)		(0.00	)(3)		—
Distributions from net realized gains		—			—			—			(0.23	)		(0.41	)		—
Total distributions		—			(0.05	)		(0.23	)		(0.26	)		(0.41	)		—
Paid in capital from redemption fees		0.00	(3)		0.00	(3)		0.00	(3)		0.00	(3)		0.00	(3)		0.01
Net asset value, end of period	$	18.66		$	17.48		$	12.60		$	10.15		$	12.57		$	9.56
Total return		6.57	%(4)		39.37	%		26.42	%		(17.21	)%		35.86	%		(4.40	)%(4)
Supplemental data and ratios:
Net assets, end of period (millions)	$	0.8		$	0.7		$	1.5		$	2.1		$	1.6		$	0.3
Ratio of expenses to average net assets		1.05	%(5)		1.05	%		1.05	%		1.19	%(7)		1.20	%		1.20	%(5)
Ratio of expenses to average net assets (before waivers)		1.10	%(5)		1.15	%		1.21	%		1.32	%		1.45	%		2.58	%(5)
Ratio of net investment income (loss)   to average net assets		0.47	%(5)		(0.18	)%		2.31	%		0.26	%		0.05	%		(0.19	)%(5)
Ratio of net investment income (loss)   to average net assets (before waivers)		0.42	%(5)		(0.28	)%		2.15	%		0.13	%		(0.20	)%		(1.57	)%(5)
Portfolio turnover rate(8)		9	%(4)		31	%		31	%		42	%		71	%		73	%(4)

(1)	Inception was close of business on April 15, 2016.
(2)	Calculated using average shares outstanding during the period.
(3)	Amount is less than $0.005.
(4)	Not annualized.
(5)	Annualized.
(6)	Blended rate. Pursuant to the Expense Cap/Reimbursement Agreement effective December 1, 2018, the expense cap decreased to 0.80%. Prior to December 1, 2018, the expense cap was 0.95%.
(7)	Blended rate. Pursuant to the Expense Cap/Reimbursement Agreement effective December 1, 2018, the expense cap decreased to 1.05%. Prior to December 1, 2018, the expense cap was 1.20%.
(8)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued and excludes in-kind transactions, where applicable.
(9)	Due to timing of capital share transactions, the per share amount of net realized and unrealized gain (loss) on investments varies from the amounts shown in the statement of operations.

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

Page 37

Financial Highlights

Chautauqua Global Growth Fund – Institutional Class

	Six Months Ended															Period Ended
	June 30, 2021			Year Ended December 31,												December 31,
	(Unaudited)			2020			2019			2018			2017			2016(1)
Per Share Data:
Net asset value, beginning of period	$	19.85		$	14.47		$	11.29		$	13.43		$	10.09		$	10.00
Income from investment operations:
Net investment income (loss)(2)		0.04			(0.03	)		0.22			0.00	(3)		(0.04	)		(0.01	)
Net realized and unrealized gains (losses)
on investments and foreign currency translation		1.91			5.49			3.18			(1.98	)		3.85			0.10
Total from investment operations		1.95			5.46			3.40			(1.98	)		3.81			0.09
Less distributions:
Distributions from net investment income		—			(0.09	)		(0.16	)		(0.00	)(3)		—			—
Distributions from net realized gains		—			—			(0.06	)		(0.16	)		(0.47	)		—
Total distributions		—			(0.09	)		(0.22	)		(0.16	)		(0.47	)		—
Paid in capital from redemption fees		0.00	(3)		0.01			0.00	(3)		0.00	(3)		0.00	(3)		—
Net asset value, end of period	$	21.80		$	19.85		$	14.47		$	11.29		$	13.43		$	10.09
Total return		9.71	%(4)		37.97	%		30.14	%		(14.70	)%		37.75	%		0.90	%(4)
Supplemental data and ratios:
Net assets, end of period (millions)	$	245.6		$	137.3		$	55.8		$	36.8		$	23.2		$	7.6
Ratio of expenses to average net assets		0.80	%(5)		0.80	%		0.80	%		0.94	%(6)		0.95	%		0.95	%(5)
Ratio of expenses to average net assets (before waivers)		0.92	%(5)		1.04	%		1.23	%		1.34	%		2.26	%		3.65	%(5)
Ratio of net investment income (loss)   to average net assets		0.38	%(5)		(0.17	)%		1.64	%		0.01	%		(0.30	)%		(0.16	)%(5)
Ratio of net investment income (loss)   to average net assets (before waivers)		0.26	%(5)		(0.41	)%		1.21	%		(0.39	)%		(1.61	)%		(2.86	)%(5)
Portfolio turnover rate(8)		8	%(4)		24	%		26	%		38	%		61	%		69	%(4)

Chautauqua Global Growth Fund – Investor Class

	Six Months Ended															Period Ended
	June 30, 2021			Year Ended December 31,												December 31,
	(Unaudited)			2020			2019			2018			2017			2016(1)
Per Share Data:
Net asset value, beginning of period	$	19.74		$	14.36		$	11.22		$	13.37		$	10.08		$	10.00
Income from investment operations:
Net investment income (loss)(2)		0.01			(0.06	)		0.19			(0.03	)		(0.07	)		(0.03	)
Net realized and unrealized gains (losses)
on investments and foreign currency translation		1.90			5.44			3.15			(1.96	)		3.83			0.11
Total from investment operations		1.91			5.38			3.34			(1.99	)		3.76			0.08
Less distributions:
Distributions from net investment income		—			(0.05	)		(0.14	)		—			—			—
Distributions from net realized gains		—			—			(0.06	)		(0.16	)		(0.47	)		—
Total distributions		—			(0.05	)		(0.20	)		(0.16	)		(0.47	)		—
Paid in capital from redemption fees		0.00	(3)		0.05			0.00	(3)		0.00	(3)		0.00	(3)		0.00	(3)
Net asset value, end of period	$	21.65		$	19.74		$	14.36		$	11.22		$	13.37		$	10.08
Total return		9.56	%(4)		37.94	%		29.73	%		(14.86	)%		37.29	%		0.80	%(4)
Supplemental data and ratios:
Net assets, end of period (millions)	$	1.9		$	1.7		$	1.6		$	0.7		$	0.7		$	0.2
Ratio of expenses to average net assets		1.05	%(5)		1.05	%		1.05	%		1.19	%(7)		1.20	%		1.20	%(5)
Ratio of expenses to average net assets (before waivers)		1.17	%(5)		1.29	%		1.48	%		1.59	%		2.51	%		3.90	%(5)
Ratio of net investment income (loss)   to average net assets		0.13	%(5)		(0.42	)%		1.39	%		(0.24	)%		(0.55	)%		(0.41	)%(5)
Ratio of net investment income (loss)   to average net assets (before waivers)		0.01	%(5)		(0.66	)%		0.96	%		(0.64	)%		(1.86	)%		(3.11	)%(5)
Portfolio turnover rate(8)		8	%(4)		24	%		26	%		38	%		61	%		69	%(4)

(1)	Inception was close of business on April 15, 2016.
(2)	Calculated using average shares outstanding during the period.
(3)	Amount is less than $0.005.
(4)	Not annualized.
(5)	Annualized.
(6)	Blended rate. Pursuant to the Expense Cap/Reimbursement Agreement effective December 1, 2018, the expense cap decreased to 0.80%. Prior to December 1, 2018, the expense cap was 0.95%.
(7)	Blended rate. Pursuant to the Expense Cap/Reimbursement Agreement effective December 1, 2018, the expense cap decreased to 1.05%. Prior to December 1, 2018, the expense cap was 1.20%.
(8)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued and excludes in-kind transactions, where applicable.

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

Page 38

Notes to the Financial Statements

June 30, 2021 (Unaudited)

1. Organization

Baird Funds, Inc. (the “Company”) was incorporated on June 9, 2000, as a Wisconsin corporation and is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”).  The accompanying financial statements include the Baird MidCap Fund, the Baird Small/Mid Cap Growth Fund, the Baird Small/Mid Cap Value Fund, the Baird SmallCap Value Fund, the Chautauqua International Growth Fund and the Chautauqua Global Growth Fund (each a “Fund” and collectively the “Funds”), six of the sixteen active funds in the series comprising the Company. Pursuant to the 1940 Act, the Funds are “diversified” series of the Company. The investment advisor to the Funds is Robert W. Baird & Co. Incorporated (“Baird” or the “Advisor”).  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.

The following table presents the class-specific inception dates for each of the Funds:

	Inception Date
Fund	Institutional Class	Investor Class
Baird MidCap Fund	December 29, 2000	December 29, 2000
Baird Small/Mid Cap Growth Fund	October 31, 2018	October 31, 2018
Baird Small/Mid Cap Value Fund	November 30, 2015	November 30, 2015
Baird SmallCap Value Fund	May 1, 2012	May 1, 2012
Chautauqua International Growth Fund	April 15, 2016	April 15, 2016
Chautauqua Global Growth Fund	April 15, 2016	April 15, 2016

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 MidCap Fund seeks long-term growth of capital through investments in equity securities of mid-capitalization companies.

The Baird Small/Mid Cap Growth Fund seeks long-term growth of capital through investments in equity securities of small- and mid-capitalization companies.

The Baird Small/Mid Cap Value Fund seeks long-term capital appreciation through investments in a diversified portfolio of common stocks of companies with small-to-medium market capitalizations.

The Baird SmallCap Value Fund seeks long-term capital appreciation through investments in a diversified portfolio of common stocks of companies with small market capitalizations.

The Chautauqua International Growth Fund seeks to provide long-term capital appreciation. The Fund invests primarily in equity securities of non-U.S. companies with medium to large market capitalizations.

The Chautauqua Global Growth Fund seeks to provide long-term capital appreciation. The Fund invests primarily in equity securities of both U.S. and non-U.S. companies with medium to large market capitalizations.

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. On June 30, 2021, entities affiliated with the Advisor held 30% of the Baird Small/Mid Cap Growth Fund, 62% of the Baird Small/Mid Cap Value Fund, and 62% of the Baird SmallCap Value Fund. These shareholders included the Baird Foundation.

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”).

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, to value their portfolio securities using market quotations when they are “readily available.” When market quotations are not readily available (e.g., because there is no regular market quotation for such securities, the market for such security is limited, the validity of quotations is questionable or, for debt securities, the Funds’ independent pricing service does not provide a price), the Board of Directors (the “Board”) of the Company is responsible for ensuring the securities are valued at “fair value determined in good faith.” The Board has delegated such responsibility to the Advisor pursuant to pricing policies and procedures that the Board has adopted and regularly reviews. In general, 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 net asset value per share as of the close of regular trading of the New York Stock Exchange (4:00 p.m. ET).
	Consistent with Section 2(a)(41) of the 1940 Act, the Funds price their securities as follows: common stocks that are listed on a securities exchange (other than NASDAQ) are valued at the last quoted sale 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 using valuation methods that are designed to represent fair value, such as matrix pricing and other analytical pricing models, market transactions and dealer quotations.  Debt securities purchased with maturities of 60 days or less are valued as described above unless an evaluated price is not available, in which case such security is valued at acquisition cost, plus or minus any amortized discount or premium (“amortized cost”), or, if the Advisor does not believe amortized cost is reflective of the fair value of the security, the security is priced at fair value as described below.  Investments in mutual funds, including money market funds, are valued at their stated net asset value (“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 procedures approved by the Company’s Board.  In accordance with such procedures, the Advisor may, under certain circumstances, use alternative valuation methodologies, or it may use broker quotes or prices obtained from alternative independent pricing services or, if broker quotes or prices from alternative pricing services are unavailable or deemed to be unreliable, fair value will be determined by a valuation committee of the Advisor.  In determining fair value, the valuation committee takes into account factors deemed relevant by the valuation committee and available information. Consequently, the price of the security used by a Fund to calculate its NAV may differ from quoted or published prices for the same security.  Fair value pricing involves subjective judgments and there is no single standard for determining a security’s fair value.  As a result, different mutual funds could reasonably arrive at a different fair value for the same security. It is possible that the fair value determined for a security is materially different from the value that could be realized upon the sale of that security or from the values that other mutual funds may determine. The prices determined for any individual security on any given day may vary significantly from the amount that can be obtained in an actual sale of that security, and the Funds’ NAV may fluctuate significantly from day to day or from period to period.

Page 39

Notes to the Financial Statements

June 30, 2021 (Unaudited)

2.	Significant Accounting Policies (cont.)
	The Chautauqua International Growth and Chautauqua Global Growth Funds have retained an independent fair value pricing service to assist in valuing foreign securities in order to adjust for possible changes in value that may occur between the close of the foreign exchange and the time at which the Funds calculate their NAVs. The fair value pricing service uses statistical data based on historical performance of securities and markets, and other data in developing factors used to estimate fair value for that day.
b)	Foreign Securities – Investing in securities of foreign companies and foreign governments involves special risks and considerations not typically associated with investing in U.S. companies and the U.S. government.  These risks include foreign currency fluctuations and adverse political and economic developments. Moreover, securities of many foreign companies and foreign governments and their markets may be less liquid and their prices more volatile than those of securities of comparable U.S. companies and the U.S. government.  Occasionally, events that affect these values and exchange rates may occur after the close of the exchange on which such securities are traded.  If such events materially affect the value of a Fund’s securities, these securities may be valued at their fair value pursuant to procedures adopted by the Board.
c)	Foreign Currency Translation – Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. When a Fund purchases or sells a foreign security, it will customarily enter into a foreign exchange contract to minimize foreign exchange risk from the trade date to the settlement date of such transaction. The Funds do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held nor currency gains or losses realized between the trade and settlement dates on securities transactions. Such fluctuations are included with the net realized and unrealized gain or loss from investments. Net realized gain (loss) on foreign currency translations include those gains and losses arising from the sale of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign currency transactions, the differences between the amounts of dividends, and foreign withholding taxes recorded on a Fund’s books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized appreciation (depreciation) on investments includes changes in the value of investments resulting from exchange rates.
d)	Income Tax Status – The Funds intend to continue to qualify as regulated investment companies as provided in Subchapter M of the Internal Revenue Code and to distribute substantially all of their taxable income to their shareholders in a manner which results in no tax expense to the Funds.  Therefore, no federal income or excise tax provision is recorded.
	There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the year ended December 31, 2020, or for any other tax years which are open for exam.  As of December 31, 2020, open tax years include the tax years ended December 31, 2017 through 2020.  The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next 12 months.  The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as interest expense and other expense, respectively, in the Statement of Operations.  During the period, the Funds did not incur any interest or penalties.
e)	Shareholder Transactions and Distributions – Shareholder transactions are recorded on trade date. Dividends from net investment income, if any, are declared and paid annually.  Distributions of net realized capital gains, if any, are declared and paid at least annually.  All distributions to shareholders are recorded on the ex-dividend date.  The book basis character of distributions may differ from their ultimate characterization for Federal income tax purposes.  GAAP requires that permanent financial reporting and tax differences be reclassified in the capital accounts.
f)	Allocation of Income and Expenses – Each Fund is charged for those expenses directly attributable to it. Expenses directly attributable to a class of shares, such as Rule 12b-1 distribution fees, are charged to that class of shares.  Income, expenses and realized and unrealized gains and losses are allocated to the classes based on their respective net assets.  Expenses that are not directly attributable to a Fund are allocated among the Funds in the series in proportion to their respective assets or are divided equally amongst the Funds.
g)	Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period.  Actual results could differ from those estimates.
h)	Securities Transactions and Investment Income – Investment transactions are recorded on trade date. The Funds determine the gain or loss realized from investment transactions using the identified cost basis.  For financial reporting purposes, investment transactions are recorded on the trade date.  When a capital gain tax is determined to apply, the Fund 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.
i)	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 remote.
j)	New Regulatory and Accounting Pronouncements – In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices (“Rule 2a-5”). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements and is rescinding previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments. The Funds will be required to comply with the rules by September 8, 2022. Management is currently assessing the potential impact of the new rules on the Funds’ financial statements.
k)	Other Matters – The global outbreak of COVID-19 (commonly referred to as “coronavirus”) has disrupted economic markets and the prolonged economic impact is uncertain. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers, are not known. The operational and financial performance of the issuers of securities in which the Funds invest depends on future developments, including the duration of the outbreak, and such uncertainty may in turn adversely affect the value and liquidity of the Funds’ investments, impair the Funds’ ability to satisfy redemption requests, and negatively impact the Funds’ performance.

Page 40

Notes to the Financial Statements

June 30, 2021 (Unaudited)

3. Capital Share Transactions

The following table summarizes the capital share transactions of each Fund for the past two fiscal periods:

Baird MidCap Fund
	Six Months Ended						Year Ended
	June 30, 2021						December 31, 2020
Institutional Class Shares	Shares			Amount			Shares			Amount
Shares sold		5,280,390		$	153,077,909			17,318,781		$	405,389,307
Shares issued to shareholders in reinvestment of distributions		—			—			5,260,655			145,088,864
Shares redeemed		(8,655,609	)		(249,804,742	)		(28,981,798	)		(679,611,746	)
Net decrease		(3,375,219	)	$	(96,726,833	)		(6,402,362	)	$	(129,133,575	)
Shares Outstanding:
Beginning of period		73,335,285						79,737,647
End of period		69,960,066						73,335,285
	Six Months Ended						Year Ended
	June 30, 2021						December 31, 2020
Investor Class Shares	Shares			Amount			Shares			Amount
Shares sold		674,246		$	18,166,430			2,665,048		$	57,380,183
Shares issued to shareholders in reinvestment of distributions		—			—			707,847			18,177,515
Shares redeemed		(992,245	)		(26,686,881	)		(2,623,729	)		(57,306,903	)
Net increase (decrease)		(317,999	)	$	(8,520,451	)		749,166		$	18,250,795
Shares Outstanding:
Beginning of period		7,638,735						6,889,569
End of period		7,320,736						7,638,735
Total net decrease				$	(105,247,284	)				$	(110,882,780	)
Baird Small/Mid Cap Growth Fund
	Six Months Ended						Year Ended
	June 30, 2021						December 31, 2020
Institutional Class Shares	Shares			Amount			Shares			Amount
Shares sold		3,232,552		$	59,996,016			1,684,734		$	23,519,261
Shares issued to shareholders in reinvestment of distributions		—			—			52,529			904,547
Shares redeemed		(350,432	)		(6,377,044	)		(287,296	)		(3,832,151	)
Net increase		2,882,120		$	53,618,972			1,449,967		$	20,591,657
Shares Outstanding:
Beginning of period		2,941,923						1,491,956
End of period		5,824,043						2,941,923
	Six Months Ended						Year Ended
	June 30, 2021						December 31, 2020
Investor Class Shares	Shares			Amount			Shares			Amount
Shares sold		2,709		$	51,456			45,645		$	693,010
Shares issued to shareholders in reinvestment of distributions		—			—			699			11,948
Shares redeemed		(173	)		(3,263	)		(31,548	)		(442,925	)
Net increase		2,536		$	48,193			14,796		$	262,033
Shares Outstanding:
Beginning of period		38,317						23,521
End of period		40,853						38,317
Total net increase				$	53,667,165					$	20,853,690
Baird Small/Mid Cap Value Fund
	Six Months Ended						Year Ended
	June 30, 2021						December 31, 2020
Institutional Class Shares	Shares			Amount			Shares			Amount
Shares sold		513,414		$	6,951,216			689,239		$	7,452,148
Shares issued to shareholders in reinvestment of distributions		—			—			11,214			137,153
Shares redeemed		(133,004	)		(1,762,649	)		(801,809	)		(8,974,059	)
Net increase (decrease)		380,410		$	5,188,567			(101,356	)	$	(1,384,758	)
Shares Outstanding:
Beginning of period		1,873,425						1,974,781
End of period		2,253,835						1,873,425

Page 41

Notes to the Financial Statements

June 30, 2021 (Unaudited)

3. Capital Share Transactions (cont.)

Baird Small/Mid Cap Value Fund (cont.)
	Six Months Ended						Year Ended
	June 30, 2021						December 31, 2020
Investor Class Shares	Shares			Amount			Shares			Amount
Shares sold		14,410		$	201,397			5,288		$	55,459
Shares issued to shareholders in reinvestment of distributions		—			—			4			50
Shares redeemed		(493	)		(6,899	)		(44,509	)		(468,142	)
Net increase (decrease)		13,917		$	194,498			(39,217	)	$	(412,633	)
Shares Outstanding:
Beginning of period		6,440						45,657
End of period		20,357						6,440
Total net increase (decrease)				$	5,383,065					$	(1,797,391	)
Baird SmallCap Value Fund
	Six Months Ended						Year Ended
	June 30, 2021						December 31, 2020
Institutional Class Shares	Shares			Amount			Shares			Amount
Shares sold		276,297		$	4,723,246			345,450		$	4,859,915
Shares issued to shareholders in reinvestment of distributions		—			—			89,539			1,374,807
Shares redeemed		(179,514	)		(3,004,078	)		(543,876	)		(7,510,893	)
Net increase (decrease)		96,783		$	1,719,168			(108,887	)	$	(1,276,171	)
Shares Outstanding:
Beginning of period		1,955,517						2,064,404
End of period		2,052,300						1,955,517
	Six Months Ended						Year Ended
	June 30, 2021						December 31, 2020
Investor Class Shares	Shares			Amount			Shares			Amount
Shares sold		1,687		$	27,975			8,461		$	132,579
Shares issued to shareholders in reinvestment of distributions		—			—			564			8,637
Shares redeemed		(1,865	)		(31,960	)		(45,333	)		(614,660	)
Net decrease		(178	)	$	(3,985	)		(36,308	)	$	(473,444	)
Shares Outstanding:
Beginning of period		19,047						55,355
End of period		18,869						19,047
Total net increase (decrease)				$	1,715,183					$	(1,749,615	)
Chautauqua International Growth Fund
	Six Months Ended						Year Ended
	June 30, 2021						December 31, 2020
Institutional Class Shares	Shares			Amount			Shares			Amount
Shares sold		5,228,693		$	95,971,277			6,655,236		$	90,770,906
Shares issued to shareholders in reinvestment of distributions		—			—			100,236			1,729,079
Shares redeemed		(1,117,758	)		(20,305,624	)		(2,058,055	)		(26,613,627	)
Redemption fees		—			30,164			—			34,899
Net increase		4,110,935		$	75,695,817			4,697,417		$	65,921,257
Shares Outstanding:
Beginning of period		18,381,431						13,684,014
End of period		22,492,366						18,381,431
	Six Months Ended						Year Ended
	June 30, 2021						December 31, 2020
Investor Class Shares	Shares			Amount			Shares			Amount
Shares sold		19,927		$	358,175			40,351		$	617,683
Shares issued to shareholders in reinvestment of distributions		—			—			108			1,859
Shares redeemed		(15,639	)		(290,731	)		(119,218	)		(1,643,224	)
Redemption fees		—			67			—			323
Net increase (decrease)		4,288		$	67,511			(78,759	)	$	(1,023,359	)
Shares Outstanding:
Beginning of period		39,895						118,654
End of period		44,183						39,895
Total net increase				$	75,763,328					$	64,897,898

Page 42

Notes to the Financial Statements

June 30, 2021 (Unaudited)

3. Capital Share Transactions (cont.)

Chautauqua Global Growth Fund
	Six Months Ended						Year Ended
	June 30, 2021						December 31, 2020
Institutional Class Shares	Shares			Amount			Shares			Amount
Shares sold		5,023,574		$	105,549,959			3,815,907		$	60,626,046
Shares issued to shareholders in reinvestment of distributions		—			—			28,094			550,653
Shares redeemed		(679,655	)		(14,064,240	)		(782,203	)		(11,881,788	)
Redemption fees		—			9,649			—			28,770
Net increase		4,343,919		$	91,495,368			3,061,798		$	49,323,681
Shares Outstanding:
Beginning of period		6,920,329						3,858,531
End of period		11,264,248						6,920,329
	Six Months Ended						Year Ended
	June 30, 2021						December 31, 2020
Investor Class Shares	Shares			Amount			Shares			Amount
Shares sold		17,029		$	359,454			146,201		$	2,360,863
Shares issued to shareholders in reinvestment of distributions		—			—			204			3,988
Shares redeemed		(12,345	)		(256,658	)		(173,322	)		(2,704,322	)
Redemption fees		—			96			—			5,071
Net increase (decrease)		4,684		$	102,892			(26,917	)	$	(334,400	)
Shares Outstanding:
Beginning of period		84,961						111,878
End of period		89,645						84,961
Total net increase				$	91,598,260					$	48,989,281

4. Investment Transactions and Income Tax Information

During the six months ended June 30, 2021, purchases and sales of investment securities (excluding short-term investments) were as follows:

									Chautauqua		Chautauqua
	Baird		Baird Small/Mid		Baird Small/Mid		Baird SmallCap		International		Global
	MidCap Fund		Cap Growth Fund		Cap Value Fund		Value Fund		Growth Fund		Growth Fund
Purchases:	$	436,527,757	$	73,802,128	$	11,425,579	$	12,081,448	$	108,003,272	$	100,750,860
Sales:		602,567,765		23,495,409		5,834,804		11,456,578		31,228,227		14,664,237

The Funds did not purchase or sell U.S. Government securities during the six months ended June 30, 2021.

As of December 31, 2020, the components of distributable earnings (accumulated losses) for income tax purposes were as follows:

	Baird			Baird Small/Mid			Baird Small/Mid
	MidCap Fund			Cap Growth Fund			Cap Value Fund
Cost of investments	$	1,265,427,882		$	38,962,168		$	18,977,800
Gross unrealized appreciation	$	1,016,850,168		$	14,315,009		$	4,964,360
Gross unrealized depreciation		(10,317,436	)		(336,500	)		(526,689	)
Net unrealized appreciation		1,006,532,732			13,978,509			4,437,671
Undistributed ordinary income		5,402,485			265,469			2,986
Undistributed long-term capital gains		45,452,011			865,824			—
Distributable earnings		50,854,496			1,131,293			2,986
Other accumulated losses		—			—			(1,225,264	)
Total distributable earnings	$	1,057,387,228		$	15,109,802		$	3,215,393

Page 43

Notes to the Financial Statements

June 30, 2021 (Unaudited)

4. Investment Transactions and Income Tax Information (cont.)

				Chautauqua			Chautauqua
	Baird SmallCap			International			Global
	Value Fund			Growth Fund			Growth Fund
Cost of investments	$	21,803,136		$	219,008,242		$	97,665,668
Gross unrealized appreciation	$	9,247,876		$	112,064,762		$	44,208,922
Gross unrealized depreciation		(396,150	)		(9,972,087	)		(4,601,316	)
Net unrealized appreciation		8,851,726			102,092,675			39,607,606
Undistributed ordinary income		35,329			2,203,513			1,103,536
Distributable earnings		35,329			2,203,513			1,103,536
Other accumulated losses		(2,113,109	)		(3,171,306	)		(948,266	)
Total distributable earnings	$	6,773,946		$	101,124,882		$	39,762,876

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, U.S. 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.  These reclassifications have no effect on net assets or net asset value per share.

Distributions to Shareholders

Each Fund generally pays dividends from net investment income and distributes net realized capital gains, if any, at least annually. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. Certain Funds also utilize earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction.

During the six months ended June 30, 2021, the Funds did not pay any distributions. During the year ended December 31, 2020, the tax components of distributions paid were as follows:

	Year Ended December 31, 2020
	Ordinary		Long-Term
Fund	Income		Capital Gains		Total
Baird MidCap Fund	$	33,330,403	$	167,012,629	$	200,343,032
Baird Small/Mid Cap Growth Fund		503,155		443,273		946,428
Baird Small/Mid Cap Value Fund		163,120		—		163,120
Baird SmallCap Value Fund		49,386		1,547,362		1,596,748
Chautauqua International Growth Fund		2,106,751		—		2,106,751
Chautauqua Global Growth Fund		639,765		—		639,765

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, 2020.

At December 31, 2020, accumulated net realized capital loss carryovers without expiration were:

	Capital Loss Carryover				Year of Expiration
Fund	Short-term		Long-term		Short-term	Long-term
Baird Small/Mid Cap Value Fund	$	1,112,826	$	112,438	Indefinitely	Indefinitely
Baird SmallCap Value Fund		1,713,951		399,158	Indefinitely	Indefinitely
Chautauqua International Growth Fund		—		3,112,101	N/A	Indefinitely
Chautauqua Global Growth Fund		—		931,566	N/A	Indefinitely

During the year ended December 31, 2020, the Chautauqua International Growth Fund utilized $3,529,037 of long-term capital loss carryover.

5. Investment Advisory and Other Agreements

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 rates as follows:

Fund	Investment Advisory Fees
Baird MidCap Fund	0.75%
Baird Small/Mid Cap Growth Fund	0.75%
Baird Small/Mid Cap Value Fund	0.75%
Baird SmallCap Value Fund	0.85%
Chautauqua International Growth Fund	0.75%
Chautauqua Global Growth Fund	0.75%

Page 44

Notes to the Financial Statements

June 30, 2021 (Unaudited)

5. Investment Advisory and Other Agreements (cont.)

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 MidCap Fund	0.85%	1.10%
Baird Small/Mid Cap Growth Fund	0.85%	1.10%
Baird Small/Mid Cap Value Fund	0.85%	1.10%
Baird SmallCap Value Fund	0.95%	1.20%
Chautauqua International Growth Fund	0.80%	1.05%
Chautauqua Global Growth Fund	0.80%	1.05%

The Expense Cap/Reimbursement Agreement is in effect through at least April 30, 2022.

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.  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.

	Six Months
	Ended
	June 30,		Fiscal Year Ended December 31,
Recoverable amounts reimbursed during:	2021		2020		2019		2018
Subject to recovery on or before:	2024		2023		2022		2021
Fund:
Baird Small/Mid Cap Growth Fund	$	68,441	$	174,285	$	160,643	$	32,277	(a)
Baird Small/Mid Cap Value Fund		80,885		170,040		164,099		73,155
Baird SmallCap Value Fund		88,512		182,269		160,963		68,970
Chautauqua International Growth Fund		99,211		213,896		230,596		63,380
Chautauqua Global Growth Fund		115,637		209,929		206,779		79,275

(a) For the period from close of business on October 31, 2018 (inception date) through December 31, 2018.

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services, serves as transfer agent, administrator, and accounting services agent for the Funds. U.S. Bank, N.A. (“U.S. Bank”) serves as custodian for the Funds.

Robert W. Baird & Co. Incorporated (the “Distributor”) is the sole distributor of the Funds pursuant to a distribution agreement.

No commissions were earned by the Distributor for services rendered as a registered broker-dealer in securities transactions for the six months ended June 30, 2021 for the Funds.

Certain officers and employees of the Advisor are also officers of the Funds.

6. Line of Credit

The Company maintains an uncommitted line of credit (“LOC”) with U.S. Bank to provide the sixteen Funds comprising the Company a temporary liquidity source to meet unanticipated redemptions. The LOC is unsecured at all times and is subject to certain restrictions and covenants. Under the terms of the LOC, borrowings for each Fund are limited to one third of the total eligible net assets (including the amount borrowed) of the respective Fund, or $850,000,000 of total borrowings for the Funds comprising the Company, whichever is less. U.S. Bank charges annualized interest at the greater of zero percent and the Prime Rate minus 2.00%. As of June 30, 2021, the Prime Rate was 3.25%. The LOC matures on May 23, 2022, unless renewed. The Company has authorized U.S. Bank to charge any of the accounts of the borrowing Fund subject to the agreement for any missed payments.

During the six months ended June 30, 2021, the Funds borrowed from the LOC as follows:

	Amount	Interest Charges	Borrowing
Fund	Borrowed	Accrued	Rate
Baird MidCap Fund	$1,489,000	$52	1.25%

No other borrowings occurred during the six months ended June 30, 2021 nor were any other borrowings outstanding under the LOC as of June 30, 2021.

Page 45

Notes to the Financial Statements

June 30, 2021 (Unaudited)

7. Distribution and Shareholder Service Plan

The Funds have adopted a distribution and shareholder service plan (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act. The Plan allows the Funds to compensate the Distributor for the costs incurred in distributing the Funds’ Investor Class Shares, including amounts paid to brokers or dealers, at an annual rate of 0.25% of the average daily net assets of the Funds’ Investor Class Shares.

For the six months ended June 30, 2021, the Funds incurred fees pursuant to the Plan as follows:

Fund
Baird MidCap Fund	$249,566
Baird Small/Mid Cap Growth Fund	882
Baird Small/Mid Cap Value Fund	193
Baird SmallCap Value Fund	412
Chautauqua International Growth Fund	1,076
Chautauqua Global Growth Fund	2,345

8. Redemption Fees

A redemption fee of 2.00% will be assessed on Institutional and Investor Class shares of the Chautauqua International Growth Fund and Chautauqua Global Growth Fund if redeemed (including in connection with an exchange) 90 days or less from their date of purchase, determined on a first-in, first-out (“FIFO”) basis.  The redemption fee is paid directly to the Funds and is designed to offset brokerage commissions, market impact and other costs associated with fluctuations in Fund asset levels and cash flow caused by short-term shareholder trading.

For the six months ended June 30, 2021, the Funds charged redemption fees as follows:

Fund
Chautauqua International Growth Fund	$30,231
Chautauqua Global Growth Fund	9,745

The Baird MidCap Fund, Baird Small/Mid Cap Growth Fund, Baird Small/Mid Cap Value Fund and Baird SmallCap Value Fund do not charge redemption fees.

9. Subsequent Events

In preparing these financial statements, management has evaluated events after June 30, 2021.  There were no subsequent events since June 30, 2021, through the date the financial statements were issued that would warrant adjustment to or additional disclosure in these financial statements.

Page 46

Statement Regarding Liquidity Risk Management Program

June 30, 2021 (Unaudited)

In accordance with Rule 22e-4 under the Investment Company Act of 1940 (the “Rule”), Baird Funds, Inc. (the “Company”) has adopted and implemented a liquidity risk management program (the “Program”). The Program seeks to promote effective liquidity risk management for each series of the Company (each a “Fund” and collectively, the “Funds”) and to protect Fund shareholders from dilution of their interests. The Board of Directors (the “Board”) of the Company has appointed Robert W. Baird & Co. Incorporated (“Baird”), the Funds’ investment adviser, as the administrator of the Program. Baird has further delegated administration of the Program to its Liquidity Risk Management Committee (the “Committee”), consisting of officers of the Funds, senior portfolio managers of the Funds and the chief risk officer of Baird. The Program requires the Committee to provide an annual written report to the Board regarding the adequacy and effectiveness of the Program, including the operation of each Fund’s highly liquid investment minimum (“HLIM”), if applicable, and any material changes to the Program during the review period.

On February 24, 2021, the Board reviewed the Committee’s annual written report (the “Report”) for the period January 1, 2020 to December 31, 2020 (the “review period”). The Report provided a summary of the Committee’s assessment of each Fund’s liquidity risk, which is the risk that a Fund could not meet requests to redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. The Committee’s assessment considered each Fund’s liquidity risk under both normal and reasonably foreseeable stressed market conditions using certain factors required by the Rule and the Program, to the extent deemed appropriate by the Committee.

The Funds have retained ICE Data Services (“ICE”), a third-party vendor, to provide a liquidity risk classification specified by the Rule (highly liquid, moderately liquid, less liquid or illiquid) for each portfolio investment held by the Funds, except with respect to any investments that are unclassified by ICE or that are classified by ICE but challenged by Baird, for which classifications are provided by the Committee.  The Report noted that each Fund primarily held investments that were classified as highly liquid during the review period and that each Fund’s portfolio is expected to continue to primarily hold highly liquid investments. Thus, the Committee concluded in the Report that each Fund is considered a “primarily highly liquid fund” (as defined in the Rule and Program) and each Fund can therefore rely on the exclusion in the Rule from the requirements to establish an HLIM and to adopt policies and procedures for responding to a HLIM shortfall.  The Report further noted that none of the Funds exceeded the 15% limitation on illiquid investments during the review period and the Company has established procedures to file the Funds’ Forms N-PORT on a timely basis. The Report stated that no material changes had been made to the Program since the Board’s last approval of the Program.

The Report noted no significant liquidity events impacting any of the Funds during the review period. The Committee concluded in the Report that the Program is adequately designed, has been effectively implemented, and is operating as intended to manage the liquidity risk of each Fund.

Page 47

Additional Information (Unaudited)

Proxy Voting

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling toll free, 1-866-442-2473, by accessing the Funds’ website at www.bairdfunds.com or by accessing the SEC’s website at www.sec.gov.

Each Fund’s proxy voting record for the most recent 12-month period ended June 30 is available without charge, upon request, by calling toll free, 1-866-442-2473, by accessing the Funds’ website at www.bairdfunds.com or by accessing the SEC’s website at www.sec.gov.

Portfolio Holdings Disclosure

The Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Part F of Form N-PORT.  The Funds’ filings on Part F of Form N-PORT are available on the SEC’s website at www.sec.gov. The Funds’ Form N-PORT reports may also be obtained by calling toll-free 1-866-442-2473.

Page 48

(This Page Intentionally Left Blank.)

Baird Funds, Inc.

c/o U.S. Bancorp Fund Services, LLC

P.O. Box 701

Milwaukee, WI 53201-0701

1-866-442-2473

Board of Directors

John W. Feldt

Darren R. Jackson

Cory L. Nettles

Marlyn J. Spear (Chair)

Frederick P. Stratton, Jr.

Investment Advisor and Distributor

Robert W. Baird & Co. Incorporated

777 East Wisconsin Avenue

Milwaukee, WI 53202

Administrator and Transfer Agent

U.S. Bancorp Fund Services, LLC

P.O. Box 701

615 East Michigan Street

Milwaukee, WI 53202

Custodian

U.S. Bank, N.A.

1555 N. RiverCenter Drive, Suite 302

Milwaukee, WI 53212

Legal Counsel

Godfrey & Kahn, S.C.

833 East Michigan Street, Suite 1800

Milwaukee, WI 53202

Independent Registered Public

Accounting Firm

Cohen & Company, Ltd.

342 North Water Street, Suite 830

Milwaukee, WI 53202

(b) Not applicable.

Item 2. Code of Ethics.

Not applicable – only required for annual reports on Form N-CSR.

Item 3. Audit Committee Financial Expert.

Not applicable – only required for annual reports on Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Not applicable – only required for annual reports on Form N-CSR.

Item 5. Audit Committee of Listed Registrants.

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

Item 6. Investments.

(a) The complete Schedules of Investments in securities of unaffiliated issuers as of the close of the reporting period for the Baird MidCap Fund, Baird Small/Mid Cap Growth Fund, Baird Small/Mid Cap Value Fund, Baird SmallCap Value Fund, Chautauqua International Growth Fund, Chautauqua Global Growth Fund, Baird Ultra Short Bond Fund, Baird Short-Term Bond Fund, Baird Intermediate Bond Fund, Baird Aggregate Bond Fund, Baird Core Plus Bond Fund, Baird Short-Term Municipal Bond Fund, Baird Strategic Municipal Bond Fund, Baird Quality Intermediate Municipal Bond Fund, Baird Core Intermediate Municipal Bond Fund, and Baird Municipal Bond Fund are included as part of the report to shareholders filed under Item 1.

(b) Not Applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable because the Registrant is not a closed-end management investment company.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable because the Registrant is not a closed-end management investment company.

Item 9. Purchases of Equity Securities by Closed‑End Management Investment Company and Affiliated Purchasers.

Not applicable because the Registrant is not a closed-end management investment company.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s board of directors.

Item 11. Controls and Procedures.

(a) The Registrant’s management, with the participation of its principal executive and principal financial officers, has evaluated the effectiveness of the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)), as of a date within 90 days prior to the filing date of this Form N-CSR, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934.  Based on such evaluation, the Registrant's principal executive and principal financial officers have concluded that the design and operation of the Registrant's disclosure controls and procedures are effective in providing reasonable assurance that the information required to be disclosed on Form N-CSR is recorded, processed, summarized and reported within the applicable time periods.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable because the Registrant is not a closed-end management investment company.

Item 13. Exhibits.

(a) (1) Code of ethics
Incorporated by reference to the Registrant’s Form N-CSR filed on March 9, 2018.

(2) A separate certification for each principal executive and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
Filed herewith.

(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons. Not applicable because the Registrant is not a closed-end management investment company.

(4) Changes in the Registrant’s independent public accountant.

There was no change in the Registrant’s independent public accountant for the period covered by the report.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
Furnished herewith.

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, President (Principal Executive Officer)

Date    September 3, 2021

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, President (Principal Executive Officer)

Date    September 3, 2021

By (Signature and Title)      /s/ Dustin J. Hutter

Dustin J. Hutter, Treasurer (Principal Financial Officer)

Date    September 3, 2021

EX-99.CERT

CERTIFICATIONS

I, Mary Ellen Stanek, certify that:

  1.   I have reviewed this report on Form N-CSR of Baird Funds, Inc.;

  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;

  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;

  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:

  (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;

  (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;

  (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

  (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

  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):

  (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

  (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:    September 3, 2021	/s/ Mary Ellen Stanek
	Mary Ellen Stanek
	President

CERTIFICATIONS

I, Dustin J. Hutter, certify that:

  1.   I have reviewed this report on Form N-CSR of Baird Funds, Inc.;

  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;

  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;

  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:

  (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;

  (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;

  (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

  (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

  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):

  (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

  (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:   September 3, 2021	/s/ Dustin J. Hutter
	Dustin J. Hutter
	Treasurer

EX-99.906 CERT

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Baird Funds, Inc., does hereby certify, to such officer’s knowledge, that the report on Form N-CSR of the Baird Funds, Inc. for the period ended June 30, 2021 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 the Baird Funds, Inc. for the stated period.

/s/ Mary Ellen Stanek Mary Ellen Stanek President, Baird Funds, Inc.	/s/ Dustin J. Hutter Dustin J. Hutter Treasurer, Baird Funds, Inc.
Dated:  September 3, 2021	Dated:  September 3, 2021

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.