The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F COVER PAGE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
Report for the Calendar Year or Quarter Ended: 09-30-2023
Check here if Amendment    Amendment Number:
This Amendment (Check only one.):    is a restatement.
   adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: Baird Financial Group, Inc.
Address: 777 E. WISCONSIN AVENUE
MILWAUKEE, WI  53202
Form 13F File Number: 028-16981
CRD Number (if applicable):
SEC File Number (if applicable):

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

Person Signing this Report on Behalf of Reporting Manager:
Name: Paul Schultz
Title: Secretary
Phone: 414-298-2655
Signature, Place, and Date of Signing:
Paul Schultz Milwaukee,  WI 11-13-2023
[Signature] [City, State] [Date]
Baird Financial Group, Inc. ("BFG") is making this 13F filing as the parent holding company of Robert W. Baird & Co. Incorporated, Strategas Asset Management, LLC, Baird Trust Company, Baird Financial Corporation, and Gamma Investing LLC. The characterization of shared investment discretion with parent holding companies is made solely as a consequence of SEC interpretations regarding control through share ownership. BFG is also including in this 13F filing a notice report for RiverFront Investment Group, LLC and Greenhouse Funds LLLP, affiliated institutional investment management firms. BFG expressly disclaims investment discretion and beneficial ownership of all reported securities.
Report Type (Check only one.):
   13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.)
   13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).)
X 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)
List of Other Managers Reporting for this Manager:
[If there are no entries in this list, omit this section.]
Name Form 13F File No. CRD No. (if applicable) SEC File No. (if applicable) CIK
RiverFront Investment Group, LLC 028-13577 000146221 801-68810 0001469751
Greenhouse Funds LLLP 028-17931 000169840 801-80782 0001626220
Form 13F Summary Page
Report Summary:
Number of Other Included Managers: 6
Form 13F Information Table Entry Total: 3,844
Form 13F Information Table Value Total: 36,662,155,228
(round to nearest dollar)
List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.
[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]
No. Name Form 13F File No. CRD No. (if applicable) SEC File No. (if applicable) CIK
1 BAIRD ROBERT W & CO INC /WI/ 028-01911 000008158 801-7571 0000810972
2 Baird Financial Corporation        
3 Strategas Asset Management, LLC   000172000 801-113292 0001728280
4 BAIRD TRUST Co 028-13162     0001442181
5 Gamma Investing LLC   000312573 801-120504  
6 Vident Investment Advisory, LLC 028-16741 000171004 801-80534 0001634047