Baird Ultra Short Bond Fund Schedule of Investments, March 31, 2021 (Unaudited) Principal % of Amount Value Net Assets LONG-TERM INVESTMENTS U.S. Treasury Securities U.S. Treasury Bonds: 2.625%, 05/15/2021 $ 169,000,000 $ 169,524,647 2.125%, 08/15/2021 230,900,000 232,703,906 2.000%, 11/15/2021 248,400,000 251,407,970 2.500%, 01/15/2022 62,200,000 63,395,406 2.500%, 02/15/2022 120,000,000 122,540,626 1.750%, 03/31/2022 265,000,000 269,409,764 Total U.S. Treasury Securities (Cost $1,108,720,685) 1,108,982,319 21.5% Other Government Related Security Industrial Bank of Korea, 0.802%, 08/02/2021 (3 Month LIBOR USD + 0.600%) (1)(2)(3) 4,250,000 4,254,547 Total Other Government Related Security (Cost $4,250,217) 4,254,547 0.1% Corporate Bonds Industrials 7-Eleven, Inc., 0.645%, 08/10/2022 (3 Month LIBOR USD + 0.450%) (2)(3) 7,000,000 7,007,181 AbbVie, Inc.: 0.532%, 05/21/2021 (3 Month LIBOR USD + 0.350%) (3) 6,850,000 6,852,269 2.150%, 11/19/2021 7,195,000 7,276,010 5.000%, 12/15/2021 20,828,000 21,243,310 3.450%, 03/15/2022 4,385,000 4,486,053 Alimentation Couche-Tard, Inc., 2.700%, 07/26/2022 (1)(2) 22,964,000 23,568,855 America Movil SAB de CV, 3.125%, 07/16/2022 (1) 14,425,000 14,902,867 American Tower Corp., 2.250%, 01/15/2022 6,715,000 6,808,765 Amgen, Inc., 3.625%, 05/15/2022 5,000,000 5,120,967 Analog Devices, Inc., 2.500%, 12/05/2021 2,000,000 2,025,491 Anglo American Capital PLC, 4.125%, 04/15/2021 (1)(2) 5,579,000 5,583,598 ANR Pipeline Co., 9.625%, 11/01/2021 8,905,000 9,356,154 AT&T, Inc.: 1.134%, 07/15/2021 (3 Month LIBOR USD + 0.950%) (3) 3,000,000 3,007,780 3.000%, 06/30/2022 3,200,000 3,289,020 Avnet, Inc., 3.750%, 12/01/2021 7,850,000 7,987,351 BAE Systems PLC, 4.750%, 10/11/2021 (1)(2) 27,745,000 28,347,837 Bayer US Finance II LLC: 0.831%, 06/25/2021 (3 Month LIBOR USD + 0.630%) (2)(3) 10,000,000 10,007,499 3.500%, 06/25/2021 (2) 7,110,000 7,141,290 2.750%, 07/15/2021 (2) 1,184,000 1,190,675 2.200%, 07/15/2022 (2) 2,000,000 2,030,856 Bayer US Finance LLC, 3.000%, 10/08/2021 (2) 3,000,000 3,039,330 Becton Dickinson and Co., 2.894%, 06/06/2022 8,765,000 8,992,161 BG Energy Capital PLC, 4.000%, 10/15/2021 (1)(2) 2,940,000 2,995,557 BMW US Capital LLC, 3.100%, 04/12/2021 (2) 2,671,000 2,672,500 Boeing Co., 1.167%, 02/04/2023 20,000,000 20,268,162 Boston Scientific Corp., 3.375%, 05/15/2022 3,269,000 3,374,396 Broadcom, Inc., 3.000%, 01/15/2022 4,111,000 4,184,301 Canadian Natural Resources Ltd., 3.450%, 11/15/2021 (1) 12,821,000 12,958,298 Baird Ultra Short Bond Fund Schedule of Investments, March 31, 2021 (Unaudited) Principal % of Amount Value Net Assets Celanese US Holdings LLC, 5.875%, 06/15/2021 3,491,000 3,525,909 Charter Communications Operating LLC, 4.464%, 07/23/2022 2,000,000 2,085,909 CNH Industrial Capital LLC: 4.875%, 04/01/2021 9,234,000 9,234,000 3.875%, 10/15/2021 18,495,000 18,808,258 4.375%, 04/05/2022 9,347,000 9,691,581 Constellation Brands, Inc., 2.700%, 05/09/2022 7,600,000 7,765,143 CVS Health Corp., 3.500%, 07/20/2022 13,300,000 13,769,688 Daimler Finance North America LLC: 3.350%, 05/04/2021 (2) 4,605,000 4,616,129 2.000%, 07/06/2021 (2) 5,000,000 5,020,654 2.200%, 10/30/2021 (2) 3,015,000 3,046,757 3.750%, 11/05/2021 (2) 6,629,000 6,759,348 2.850%, 01/06/2022 (2) 9,556,000 9,724,962 1.094%, 02/15/2022 (3 Month LIBOR USD + 0.900%) (2)(3) 3,500,000 3,523,447 1.062%, 02/22/2022 (3 Month LIBOR USD + 0.880%) (2)(3) 3,500,000 3,521,260 Danone SA: 2.077%, 11/02/2021 (1)(2) 4,184,000 4,220,957 3.000%, 06/15/2022 (1)(2) 15,500,000 15,966,771 DCP Midstream LLC, 4.750%, 09/30/2021 (2) 7,389,000 7,435,181 Dentsply Sirona, 4.125%, 08/15/2021 2,000,000 2,008,681 Eastman Chemical Co., 3.500%, 12/01/2021 10,945,000 11,167,737 eBay, Inc., 3.800%, 03/09/2022 6,851,000 7,050,039 EMD Finance LLC, 2.950%, 03/19/2022 (2) 8,850,000 9,028,844 Enbridge Energy Partners LP, 4.200%, 09/15/2021 7,559,000 7,614,062 Encana Corp., 3.900%, 11/15/2021 11,769,000 11,897,538 Energy Transfer Partners LP, 5.200%, 02/01/2022 3,500,000 3,590,805 Enterprise Products Operating LLC, 3.500%, 02/01/2022 37,850,000 38,817,211 Equifax, Inc.: 1.064%, 08/15/2021 (3 Month LIBOR USD + 0.870%) (3) 6,420,000 6,434,702 3.600%, 08/15/2021 2,859,000 2,891,990 ERAC USA Finance LLC, 2.600%, 12/01/2021 (2) 9,325,000 9,442,716 FedEx Corp., 3.400%, 01/14/2022 12,500,000 12,791,176 Ford Motor Credit Co. LLC, 3.339%, 03/28/2022 750,000 760,320 Fresenius Medical Care US Finance II, Inc., 5.875%, 01/31/2022 (2) 4,324,000 4,499,162 General Mills, Inc., 0.763%, 04/16/2021 (3 Month LIBOR USD + 0.540%) (3) 3,500,000 3,500,511 General Motors Co., 1.083%, 09/10/2021 (3 Month LIBOR USD + 0.900%) (3) 1,500,000 1,504,059 General Motors Financial Co., Inc.: 3.550%, 04/09/2021 4,155,000 4,156,459 3.200%, 07/06/2021 11,581,000 11,631,283 4.375%, 09/25/2021 2,808,000 2,859,991 4.200%, 11/06/2021 8,096,000 8,270,792 3.450%, 01/14/2022 4,100,000 4,182,302 3.150%, 06/30/2022 6,950,000 7,145,607 Genpact Luxembourg Sarl, 3.700%, 04/01/2022 (1) 1,300,000 1,332,445 Georgia-Pacific LLC, 3.163%, 11/15/2021 (2) 3,670,000 3,716,059 Baird Ultra Short Bond Fund Schedule of Investments, March 31, 2021 (Unaudited) Principal % of Amount Value Net Assets Glencore Finance (Canada) Ltd., 4.950%, 11/15/2021 (1)(2) 23,734,000 24,396,685 Grupo Bimbo SAB de CV, 4.500%, 01/25/2022 (1)(2) 14,459,000 14,889,889 Halliburton Co., 3.250%, 11/15/2021 2,121,000 2,142,857 Hewlett Packard Enterprise Co., 3.500%, 10/05/2021 13,665,000 13,844,978 Hyundai Capital America: 2.450%, 06/15/2021 (2) 3,200,000 3,212,426 3.750%, 07/08/2021 (2) 17,885,000 18,031,986 3.950%, 02/01/2022 (2) 12,191,000 12,514,800 Hyundai Capital America, Inc., 1.137%, 07/08/2021 (3 Month LIBOR USD + 0.940%) (2)(3) 2,000,000 2,002,178 IDEX Corp., 4.200%, 12/15/2021 7,888,000 8,014,588 International Business Machines Corp., 0.594%, 05/13/2021 (3 Month LIBOR USD + 0.400%) (3) 6,725,000 6,727,942 JD.com, Inc., 3.125%, 04/29/2021 (1) 10,645,000 10,662,058 Keurig Dr Pepper, Inc., 3.551%, 05/25/2021 3,624,000 3,640,380 Kinder Morgan Energy Partners LP: 5.000%, 10/01/2021 18,391,000 18,588,080 4.150%, 03/01/2022 4,546,000 4,699,019 Kinross Gold Corp., 5.125%, 09/01/2021 (1) 23,144,000 23,310,919 Kraft Heinz Foods Co., 3.500%, 06/06/2022 5,000,000 5,168,805 Kroger Co., 3.400%, 04/15/2022 4,800,000 4,913,838 Lennar Corp., 6.250%, 12/15/2021 28,821,000 29,094,800 Marriott International, Inc., 2.300%, 01/15/2022 5,837,000 5,897,834 Microchip Technology, Inc., 3.922%, 06/01/2021 33,363,000 33,555,827 Molson Coors Beverage Co.: 2.100%, 07/15/2021 18,135,000 18,191,810 3.500%, 05/01/2022 3,225,000 3,327,602 Mosaic Co., 3.750%, 11/15/2021 7,810,000 7,901,812 Mylan NV, 3.150%, 06/15/2021 (1) 23,508,000 23,582,219 Newfield Exploration Co., 5.750%, 01/30/2022 11,550,000 11,928,502 Nissan Motor Acceptance Corp.: 1.900%, 09/14/2021 (2) 1,250,000 1,255,588 0.817%, 09/21/2021 (3 Month LIBOR USD + 0.630%) (2)(3) 5,000,000 5,000,695 3.650%, 09/21/2021 (2) 3,773,000 3,822,515 2.800%, 01/13/2022 (2) 9,859,000 10,008,244 2.650%, 07/13/2022 1,070,000 1,093,231 Occidental Petroleum Corp., 1.644%, 08/15/2022 (3 Month LIBOR USD + 1.450%) (3) 8,250,000 8,162,978 ONEOK, Inc., 4.250%, 02/01/2022 19,187,000 19,590,396 Orlando Health Obligated Group, 3.205%, 10/01/2021 1,000,000 1,011,826 Penske Truck Leasing Co.: 3.650%, 07/29/2021 (2) 6,885,000 6,937,316 3.375%, 02/01/2022 (2) 11,050,000 11,253,963 Phillips 66, 4.300%, 04/01/2022 31,976,000 33,183,308 POSCO, 5.250%, 04/14/2021 (1)(2) 13,291,000 13,305,886 Raytheon Technologies Corp., 3.100%, 11/15/2021 6,554,000 6,618,783 Baird Ultra Short Bond Fund Schedule of Investments, March 31, 2021 (Unaudited) Principal % of Amount Value Net Assets Regency Energy Partners LP / Regency Energy Finance Corp., 5.875%, 03/01/2022 26,881,000 27,788,951 Reliance Industries Ltd., 5.400%, 02/14/2022 (1)(2) 24,401,000 25,348,223 Rogers Communications, Inc., 0.787%, 03/22/2022 (3 Month LIBOR USD + 0.600%) (1)(3) 9,275,000 9,308,835 Roper Technologies, Inc., 2.800%, 12/15/2021 2,851,000 2,893,801 Sabine Pass Liquefaction LLC, 6.250%, 03/15/2022 35,976,000 37,363,098 Seven & i Holdings Co., Ltd., 3.350%, 09/17/2021 (1)(2) 1,608,000 1,628,302 Shell International Finance BV, 1.875%, 05/10/2021 (1) 10,200,000 10,215,909 Smithfield Foods, Inc., 2.650%, 10/03/2021 (2) 13,305,000 13,404,919 Sonoco Products Co., 4.375%, 11/01/2021 2,000,000 2,024,646 Southern Natural Gas Co.