Sec Form 13G Filing - BAIRD ROBERT W & CO INC filing for NSTAR ELECTRIC 4.25% PFD (NSARP) - 2024-02-12

SCHEDULE 13G/A

NSTAR Electric Company

CUSIP No. 67021C206

	1.	Names of Reporting Persons
		Robert W. Baird & Co. Incorporated
	2.	Check the Appropriate Box if a Member of a Group (See Instructions)
		(a) [ ]
		(b) [ ]
	3.	SEC Use Only
	4.	Citizenship or Place of Organization
		Wisconsin

	Number of Shares Beneficially Owned by Each Reporting Person With:	5.	Sole Voting Power	0
		6.	Shared Voting Power	9,603*
		7.	Sole Dispositive Power	0
		8.	Shared Dispositive Power	9,603*

	9.	Aggregate Amount Beneficially Owned by Each Reporting Person	9,603*
	10.	Check if the Aggregate Amount in Row (9) Excludes Certain Shares
		(See Instructions)   [ ]
	11.	Percent of Class Represented by Amount in Row (9)	5.3%*
	12.	Type of Reporting Person (See Instructions)	IA, CO

SCHEDULE 13G/A

NSTAR Electric Company

CUSIP No. 67021C206

	1.	Names of Reporting Persons
		Baird Financial Corporation
	2.	Check the Appropriate Box if a Member of a Group (See Instructions)
		(a) [ ]
		(b) [ ]
	3.	SEC Use Only
	4.	Citizenship or Place of Organization
		Wisconsin

	Number of Shares Beneficially Owned by Each Reporting Person With:	5.	Sole Voting Power	0
		6.	Shared Voting Power	9,603*
			& #xA0;
		7.	Sole Dispositive Power	0
		8.	Shared Dispositive Power	9,603*

	9.	Aggregate Amount Beneficially Owned by Each Reporting Person	9,603*
	10.	Check if the Aggregate Amount in Row (9) Excludes Certain Shares
		(See Instructions)   [ ]
	11.	Percent of Class Represented by Amount in Row (9)	5.3%*
	12.	Type of Reporting Person (See Instructions)	HC, CO

SCHEDULE 13G/A

NSTAR Electric Company

CUSIP No. 67021C206

	1.	Names of Reporting Persons
		Baird Financial Group, Inc.
	2.	Check the Appropriate Box if a Member of a Group (See Instructions)
		(a) [ ]
		(b) [ ]
	3.	SEC Use Only
	4.	Citizenship or Place of Organization
		Wisconsin

	Number of Shares Beneficially Owned by Each Reporting Person With:	5.	Sole Voting Power	0
		6.	Shared Voting Power	9,603*
		7.	Sole Dispositive Power	0
		8.	Shared Dispositive Power	9,603*

	9.	Aggregate Amount Beneficially Owned by Each Reporting Person	9,603*
	10.	Check if the Aggregate Amount in Row (9) Excludes Certain Shares
		(See Instructions)   [ ]
	11.	Percent of Class Represented by Amount in Row (9)	5.3%*
	12.	Type of Reporting Person (See Instructions)	HC, CO

SCHEDULE 13G/A

NSTAR Electric Company

CUSIP No. 67021C206

Item 1.
	(a)	Name of Issuer:
		NSTAR Electric Company
	(b)	Address of Issuer’s Principal Executive Offices:
		800 Boylston Street
		Boston, Massachusetts 02199
Item 2.*
	(a)	Name of Person Filing:
		(1)     Robert W. Baird & Co. Incorporated (“RWB”)
		(2)     Baird Financial Corporation (“BFC”)
		(3)     Baird Financial Group, Inc. (“BFG”)
	(b)	Address of Principal Business Office or, if none, Residence:
		The address of the principal business office of each of RWB, BFC and BFG is:
		777 East Wisconsin Avenue
		Milwaukee, Wisconsin 53202
	(c)	Citizenship:
		RWB, BFC and BFG are Wisconsin corporations.
	(d)	Title of Class of Securities:
		4.25% Preferred Stock (“Shares”)
	(e)	CUSIP Number:
		67021C206

SCHEDULE 13G/A

NSTAR Electric Company

CUSIP No. 67021C206

Item 3.

If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:

	(a)	[ ]	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).
	(b)	[ ]	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).
	(c)	[ ]	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).
	(d)	[ ]	Investment company registered under section 8 of the Investment Company Act (15 U.S.C. 80a-8).
	(e)	[X]	An investment adviser in accordance with §240.13d-1(b)(1)(ii)(E).
	(f)	[ ]	An employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F).
	(g)	[X]	A parent holding company or control plan, in accordance with §240.13d-1(b)(1)(ii)(G).  (Note:  See Item 7).
	(h)	[ ]	A savings association as defined in section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813).
	(i)	[ ]	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3).
	(j)	[ ]	A non-U.S. institution in accordance with § 240.13d–1(b)(1)(ii)(J).
	(k)	[ ]	Group, in accordance with §240.13d-1(b)(1)(ii)(J).
		(1)	Robert W. Baird & Co. Incorporated – IA
		(2)	Baird Financial Corporation – HC
		(3)	Baird Financial Group, Inc. – HC

Item 4.

Ownership.*

	(a)	Amount Beneficially Owned:
		See the responses to Item (9) on the foregoing cover pages.
	(b)	Percent of Class:
		See the responses to Item (11) on the foregoing cover pages.  The percentage was calculated based upon 180,000 Shares of 4.25% Preferred Stock outstanding at December 31, 2022 as reported by the Issuer in its Annual Report on Form 10-K for the year ended December 31, 2022.

SCHEDULE 13G/A

NSTAR Electric Company

CUSIP No. 67021C206

	(c)	Number of shares as to which such person has:
		(i)	Sole power to vote or to direct the vote
			See the responses to Item (5) on the foregoing cover pages.
		(ii)	Shared power to vote or to direct the vote
			See the responses to Item (6) on the foregoing cover pages.
		(iii)	Sole power to dispose or to direct the disposition of
			See the responses to Item (7) on the foregoing cover pages.
		(iv)	Shared power to dispose or to direct the disposition of
			See the responses to Item (8) on the foregoing cover pages.

Item 5.	Ownership of Five Percent or Less of a Class.
	If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following:  [ ]
Item 6.	Ownership of More than Five Percent on Behalf of Another Person.
	Clients of the Reporting Persons or their affiliates have or may have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Shares held in such clients’ accounts that are reported on this Schedule.  To the knowledge of the Reporting Persons, no single such client account holds more than 5% of the outstanding Shares reported on this Schedule.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Control Person.
	See the response to Item 3 above. RWB is owned directly by BFC. BFC is, in turn, owned by BFG, which is the ultimate parent company of RWB.
Item 8.	Identification and Classification of Members of the Group.
	Not applicable.
Item 9.	Notice of Dissolution of Group.
	Not applicable.
Item 10.	Certification.
	By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing

SCHEDULE 13G/A

NSTAR Electric Company

CUSIP No. 67021C206

or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a–11.

SCHEDULE 13G/A

NSTAR Electric Company

CUSIP No. 67021C206

Dated:	February 12, 2024
	ROBERT W. BAIRD & CO. INCORPORATED
	BAIRD FINANCIAL CORPORATION
	BAIRD FINANCIAL GROUP, INC.
	/s/Paul L. Schultz
	Signature
	Paul L. Schultz, Secretary & General Counsel of Robert W. Baird & Co. Incorporated, Secretary of Baird Financial Corporation, and Secretary of Baird Financial Group, Inc.

SCHEDULE 13G/A

NSTAR Electric Company

CUSIP No. 67021C206