Baird Ultra Short Bond Fund Schedule of Investments, December 31, 2019 Principal % of Amount Value Net Assets LONG-TERM INVESTMENTS U.S. Treasury Securities U.S. Treasury Bonds: 1.500%, 06/15/2020 $ 78,000,000 $ 77,972,578 1.500%, 08/15/2020 58,400,000 58,354,375 1.375%, 09/15/2020 106,000,000 105,805,390 1.625%, 10/15/2020 85,000,000 84,990,039 2.625%, 11/15/2020 20,000,000 20,167,969 1.875%, 12/15/2020 132,000,000 132,288,750 2.000%, 01/15/2021 65,000,000 65,247,585 Total U.S. Treasury Securities (Cost $544,326,230) 544,826,686 31.4% Other Government Related Securities Industrial Bank of Korea, 2.502%, 08/02/2021 (3 Month LIBOR USD + 0.600%) (1)(2)(3) 4,000,000 4,013,040 Motiva Enterprises LLC, 5.750%, 01/15/2020 (2) 6,849,000 6,855,941 Petroleos Mexicanos, 6.000%, 03/05/2020 (1) 2,000,000 2,013,720 Sinopec Group Overseas Development [2017] Ltd., 2.375%, 04/12/2020 (1)(2) 5,000,000 5,001,350 Syngenta Finance NV, 3.698%, 04/24/2020 (1)(2) 7,500,000 7,523,598 Total Other Government Related Securities (Cost $25,369,817) 25,407,649 1.5% Corporate Bonds Industrials AbbVie, Inc., 2.500%, 05/14/2020 6,196,000 6,205,309 Actavis Funding SCS: 3.000%, 03/12/2020 (1) 6,500,000 6,504,759 3.142%, 03/12/2020 (3 Month LIBOR USD + 1.255%) (1)(3) 1,500,000 1,502,817 America Movil SAB de CV, 5.000%, 03/30/2020 (1) 2,500,000 2,515,350 AT&T, Inc.: 2.951%, 07/15/2021 (3 Month LIBOR USD + 0.950%) (3) 3,000,000 3,028,555 3.067%, 06/12/2024 (3 Month LIBOR USD + 1.180%) (3) 6,000,000 6,104,110 AutoNation, Inc., 3.350%, 01/15/2021 378,000 381,941 Bayer US Finance II LLC, 2.577%, 06/25/2021 (3 Month LIBOR USD + 0.630%) (2)(3) 3,000,000 3,009,466 Becton Dickinson and Co.: 2.404%, 06/05/2020 725,000 725,771 3.250%, 11/12/2020 3,653,000 3,687,226 2.836%, 12/29/2020 (3 Month LIBOR USD + 0.875%) (3) 2,250,000 2,251,105 Broadcom, Inc., 2.375%, 01/15/2020 10,500,000 10,500,469 Bunge Limited Finance Corp., 3.500%, 11/24/2020 9,298,000 9,413,987 Campbell Soup Co.: 2.394%, 03/16/2020 (3 Month LIBOR USD + 0.500%) (3) 2,480,000 2,480,737 2.524%, 03/15/2021 (3 Month LIBOR USD + 0.630%) (3) 4,275,000 4,283,982 Charter Communications Operating LLC, 3.579%, 07/23/2020 1,425,000 1,434,082 Chevron Phillips Chemical Co. LLC / Chevron Phillips Chemical Co. LP, 2.659%, 05/01/2020 (3 Month LIBOR USD + 0.750%) (2)(3) 1,500,000 1,502,828 Cigna Corp., 2.550%, 09/17/2021 (3 Month LIBOR USD + 0.650%) (3) 2,000,000 2,000,112 CK Hutchison International Ltd., 2.250%, 09/29/2020 (1)(2) 2,400,000 2,398,896 CNH Industrial Capital LLC, 4.375%, 11/06/2020 11,550,000 11,737,688 Columbia Pipeline Group, Inc., 3.300%, 06/01/2020 11,585,000 11,624,430 Conagra Brands, Inc.: 2.512%, 10/09/2020 (3 Month LIBOR USD + 0.500%) (3) 1,855,000 1,857,767 2.703%, 10/22/2020 (3 Month LIBOR USD + 0.750%) (3) 3,000,000 3,000,272 Principal % of Amount Value Net Assets CRH America, Inc., 5.750%, 01/15/2021 1,000,000 1,034,944 CVS Health Corp., 2.605%, 03/09/2021 (3 Month LIBOR USD + 0.720%) (3) 7,485,000 7,530,896 Daimler Finance North America LLC: 3.100%, 05/04/2020 (2) 2,000,000 2,006,586 2.200%, 05/05/2020 (2) 1,243,000 1,243,625 2.349%, 02/22/2021 (3 Month LIBOR USD + 0.450%) (2)(3) 3,500,000 3,501,356 3.000%, 02/22/2021 (2) 2,800,000 2,827,543 2.779%, 02/22/2022 (3 Month LIBOR USD + 0.880%) (2)(3) 3,150,000 3,173,632 Deutsche Telekom International Finance BV, 2.582%, 01/17/2020 (3 Month LIBOR USD + 0.580%) (1)(2)(3) 2,000,000 2,000,499 Dollar Tree, Inc., 2.702%, 04/17/2020 (3 Month LIBOR USD + 0.700%) (3) 11,231,000 11,233,085 DR Horton, Inc., 2.550%, 12/01/2020 1,775,000 1,782,824 DuPont de Nemours, Inc., 2.620%, 11/15/2020 (3 Month LIBOR USD + 0.710%) (3) 5,222,000 5,244,418 EMD Finance LLC, 2.400%, 03/19/2020 (2) 11,200,000 11,203,432 Enable Oklahoma Intrastate Transmission LLC, 6.250%, 03/15/2020 (2) 1,700,000 1,712,281 Energy Transfer Partners LP, 4.150%, 10/01/2020 12,435,000 12,567,575 Family Dollar Stores, Inc., 5.000%, 02/01/2021 905,000 932,358 Florida Gas Transmission Co. LLC, 5.450%, 07/15/2020 (2) 4,210,000 4,280,778 Ford Motor Credit Co. LLC: 3.012%, 01/09/2020 (3 Month LIBOR USD + 1.000%) (3) 1,125,000 1,125,158 2.459%, 03/27/2020 3,200,000 3,200,984 2.425%, 06/12/2020 675,000 674,587 2.677%, 06/12/2020 (3 Month LIBOR USD + 0.790%) (3) 2,000,000 2,001,164 5.085%, 01/07/2021 350,000 358,371 5.750%, 02/01/2021 5,200,000 5,367,895 General Electric Co.: 5.500%, 01/08/2020 6,082,000 6,084,198 4.375%, 09/16/2020 360,000 365,580 4.625%, 01/07/2021 1,700,000 1,738,635 General Mills, Inc., 2.541%, 04/16/2021 (3 Month LIBOR USD + 0.540%) (3) 3,500,000 3,511,299 General Motors Co., 2.791%, 09/10/2021 (3 Month LIBOR USD + 0.900%) (3) 1,500,000 1,500,438 General Motors Financial Co., Inc.: 2.650%, 04/13/2020 3,052,000 3,055,789 2.916%, 04/13/2020 (3 Month LIBOR USD + 0.930%) (3) 2,700,000 2,704,229 2.450%, 11/06/2020 3,000,000 3,007,236 4.200%, 03/01/2021 1,815,000 1,854,242 Grupo Bimbo SAB de CV, 4.875%, 06/30/2020 (1)(2) 2,668,000 2,697,935 Hewlett Packard Enterprise Co., 2.567%, 03/12/2021 (3 Month LIBOR USD + 0.680%) (3) 5,000,000 5,018,600 Hillshire Brands Co., 4.100%, 09/15/2020 2,525,000 2,553,512 Hyundai Capital America, Inc.: 2.708%, 04/03/2020 (3 Month LIBOR USD + 0.800%) (2)(3) 3,000,000 3,003,484 3.000%, 10/30/2020 (2) 630,000 633,917 3.450%, 03/12/2021 (2) 1,905,000 1,928,434 2.812%, 07/08/2021 (3 Month LIBOR USD + 0.940%) (2)(3) 1,825,000 1,829,622 Ingredion, Inc., 4.625%, 11/01/2020 4,000,000 4,082,232 International Business Machines Corp., 2.305%, 05/13/2021 (3 Month LIBOR USD + 0.400%) (3) 6,400,000 6,424,474 International Flavors & Fragrances, Inc., 3.400%, 09/25/2020 5,150,000 5,194,090 Kinder Morgan Energy Partners LP: 6.850%, 02/15/2020 2,000,000 2,010,092 6.500%, 04/01/2020 3,983,000 4,024,963 Kinder Morgan, Inc., 5.000%, 02/15/2021 (2) 1,615,000 1,660,816 Principal % of Amount Value Net Assets Kraft Heinz Foods Co., 2.800%, 07/02/2020 757,000 758,210 L3Harris Technologies, Inc., 2.416%, 04/30/2020 (3 Month LIBOR USD + 0.480%) (3) 2,050,000 2,051,122 Lennar Corp., 2.950%, 11/29/2020 3,000,000 3,007,500 Marriott International, Inc.: 2.507%, 12/01/2020 (3 Month LIBOR USD + 0.600%) (3) 4,775,000 4,790,262 2.535%, 03/08/2021 (3 Month LIBOR USD + 0.650%) (3) 1,500,000 1,505,528 Martin Marietta Materials, Inc., 2.549%, 05/22/2020 (3 Month LIBOR USD + 0.650%) (3) 2,305,000 2,307,667 Molex Electronic Technologies LLC, 2.878%, 04/15/2020 (2) 12,804,000 12,821,124 Molson Coors Brewing Co., 2.250%, 03/15/2020 5,000,000 4,997,867 MPLX LP, 2.785%, 09/09/2021 (3 Month LIBOR USD + 0.900%) (3) 6,800,000 6,820,814 Nissan Motor Acceptance Corp.: 2.250%, 01/13/2020 (2) 1,060,000 1,059,966 2.150%, 07/13/2020 (2) 5,150,000 5,147,816 2.558%, 09/21/2021 (3 Month LIBOR USD + 0.630%) (2)(3) 4,800,000 4,803,316 Occidental Petroleum Corp., 3.360%, 08/15/2022 (3 Month LIBOR USD + 1.450%) (3) 8,000,000 8,042,751 Penske Truck Leasing Co.: 3.050%, 01/09/2020 (2) 5,185,000 5,185,683 3.200%, 07/15/2020 (2) 5,695,000 5,719,431 Phillips 66, 2.751%, 04/15/2020 (3 Month LIBOR USD + 0.750%) (2)(3) 3,000,000 3,001,239 Qualcomm, Inc., 2.449%, 05/20/2020 (3 Month LIBOR USD + 0.550%) (3) 1,500,000 1,502,126 Rockies Express Pipeline LLC, 5.625%, 04/15/2020 (2) 7,000,000 7,074,184 Rolls-Royce PLC, 2.375%, 10/14/2020 (1)(2) 2,300,000 2,308,791 Royal Caribbean Cruises Ltd., 2.650%, 11/28/2020 (1) 1,780,000 1,789,117 Sabine Pass Liquefaction LLC, 5.625%, 02/01/2021 12,300,000 12,643,083 Spirit AeroSystems, Inc., 2.694%, 06/15/2021 (3 Month LIBOR USD + 0.800%) (3) 4,000,000 3,990,173 Telefonica Emisiones SA, 5.134%, 04/27/2020 (1) 3,000,000 3,028,402 Tencent Holdings Ltd., 2.875%, 02/11/2020 (1)(2) 1,970,000 1,971,359 Time Warner Cable LLC, 5.000%, 02/01/2020 10,252,000 10,271,199 Tyco Electronics Group SA, 2.342%, 06/05/2020 (3 Month LIBOR USD + 0.450%) (1)(3) 5,000,000 5,005,981 Tyson Foods, Inc., 2.457%, 06/02/2020 (3 Month LIBOR USD + 0.550%) (3) 1,945,000 1,947,582 United Technologies Corp., 2.554%, 08/16/2021 (3 Month LIBOR USD + 0.650%) (3) 4,000,000 4,000,514 Verizon Communications, Inc., 3.010%, 05/15/2025 (3 Month LIBOR USD + 1.100%) (3) 4,000,000 4,091,671 Viterra, Inc., 5.950%, 08/01/2020 (1)(2) 11,650,000 11,893,050 Volkswagen Group of America Finance LLC: 2.400%, 05/22/2020 (2) 2,225,000 2,227,947 2.841%, 11/12/2021 (3 Month LIBOR USD + 0.940%) (2)(3) 6,000,000 6,052,253 Vulcan Materials Co., 2.557%, 03/01/2021 (3 Month LIBOR USD + 0.650%) (3) 9,236,000 9,253,694 Wabtec Corp., 3.194%, 09/15/2021 (3 Month LIBOR USD + 1.300%) (3) 3,800,000 3,800,575 Williams Companies, Inc.: 5.250%, 03/15/2020 9,976,000 10,034,579 4.125%, 11/15/2020 2,700,000 2,732,135 Zimmer Holdings, Inc., 2.700%, 04/01/2020 11,200,000 11,207,279 Total Industrials (Cost $435,996,478) 436,885,457 25.2% Principal % of Amount Value Net Assets Utilities EDP Finance BV, 4.125%, 01/15/2020 (1)(2) 10,925,000 10,913,157 Exelon Generation Co.