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        <AssetDesc>S/A BAIRD INVESTMENT STMT</AssetDesc>
        <AcquiredDt>2025-01</AcquiredDt>
        <HowAcquiredTxt>PURCHASE</HowAcquiredTxt>
        <SoldDt>2025-12</SoldDt>
        <GrossSalesPriceAmt>1583</GrossSalesPriceAmt>
        <BasisAmt>1623</BasisAmt>
        <TotalNetAmt>-40</TotalNetAmt>
      </GainLossSaleOtherAssetGrp>
      <GainLossSaleOtherAssetGrp>
        <AssetDesc>S/A BAIRD INVESTMENT STMT</AssetDesc>
        <AcquiredDt>2020-01</AcquiredDt>
        <HowAcquiredTxt>PURCHASE</HowAcquiredTxt>
        <SoldDt>2025-12</SoldDt>
        <GrossSalesPriceAmt>13694</GrossSalesPriceAmt>
        <BasisAmt>10006</BasisAmt>
        <TotalNetAmt>3688</TotalNetAmt>
      </GainLossSaleOtherAssetGrp>
    </GainLossSaleOtherAssetsSch>
    <InvestmentsCorpStockSchedule documentId="RetDoc5">
      <InvestmentsCorporateStockGrp>
        <StockNm>BAIRD INVESTMENTS</StockNm>
        <EOYBookValueAmt>206242</EOYBookValueAmt>
        <EOYFMVAmt>290315</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <InvestmentsLandSchedule2 documentId="RetDoc6">
      <InvestmentLandGrp>
        <CategoryOrItemTxt>LAND &amp; BUILDING</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>216125</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>193991</AccumulatedDepreciationAmt>
        <BookValueAmt>22134</BookValueAmt>
        <EOYFMVAmt>230000</EOYFMVAmt>
      </InvestmentLandGrp>
    </InvestmentsLandSchedule2>
    <LandEtcSchedule2 documentId="RetDoc7">
      <LandEtcGrp>
        <CategoryOrItemTxt>EQUIPMENT</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>8667</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>8667</AccumulatedDepreciationAmt>
        <EOYFMVAmt>4000</EOYFMVAmt>
      </LandEtcGrp>
    </LandEtcSchedule2>
    <OtherExpensesSchedule documentId="RetDoc8">
      <OtherExpensesScheduleGrp>
        <Desc>COMMERCIAL - FRANKFORT, KY</Desc>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>INVESTMENT DEPRECIATION</Desc>
        <RevenueAndExpensesPerBooksAmt>55</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>55</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>EXPENSES</Desc>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>BROKER FEE</Desc>
        <RevenueAndExpensesPerBooksAmt>4781</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>4781</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>REPAIRS &amp; MAINT.</Desc>
        <RevenueAndExpensesPerBooksAmt>3804</RevenueAndExpensesPerBooksAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>MEETING EXP.</Desc>
        <RevenueAndExpensesPerBooksAmt>3044</RevenueAndExpensesPerBooksAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>MISC. EXP.</Desc>
        <RevenueAndExpensesPerBooksAmt>50</RevenueAndExpensesPerBooksAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>MISC. INVESTMENT EXP.</Desc>
        <RevenueAndExpensesPerBooksAmt>5</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>5</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <TaxesSchedule documentId="RetDoc9">
      <TaxesDetail>
        <CategoryTxt>TAXES &amp; LICENSES</CategoryTxt>
        <Amt>193</Amt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>