Baird’s Award-Winning Municipal Bond Fund Team Marks Five-Year Anniversary With Strong Results for Clients

Achieving the core objectives of municipal investors – safety of principal and tax-free income – has never been more challenging than in the current environment. Factors including the recent economic impact of COVID-19 and an unprecedented period of low interest rates continue to test the resiliency of investors and strategies.

Since joining the team five years ago - and amidst this uncertainty - Duane McAllister, CFA, Erik Schleicher, CFA, and Joseph Czechowicz, CFA, have remained focused on and committed to delivering strong results for the clients who rely on them.

"Duane and his team brought an investment process consistent with our risk-controlled approach and integrated seamlessly with our team," said Mary Ellen Stanek, CFA, Managing Director, Chief Investment Officer and President of Baird Funds. "We’ve since added two other funds and additional municipal portfolio management talent and continue to grow and strengthen our offering. We are all better together."

 Annualized Returns as of 8/31/2020 MTD 1-Year  5-Years Since Inception Since Inception Lipper Rank & Percentile
Baird Short-Term Municipal Bond Fund (BTMIX)  0.04% 2.59%  2.51%  2.51%  1 of 101
1%
Bloomberg Barclays 1-5 Year
Short Term Municipal Bond Index
-0.01% 2.72%  1.97% 1.97%  
Overall Morningstar Rating
Out of 193 Muni National Short Funds
Four Stars
Baird Core Intermediate Municipal Bond Fund (BMNIX)  -0.19%  3.58%  3.98% 3.98% 5 of 155
4%
Bloomberg Barclays 1-15 Year
Municipal Bond Index
-0.33% 3.26% 3.48% 3.48%  
Overall Morningstar Rating
Out of 240 Muni National Short-Intermediate Funds 
Four Stars

The Baird Core Intermediate and Short-Term Municipal Bond Fund Since Inception net return is based on performance from August 31, 2015, through August 31, 2020.

Baird Advisors' Advantage

For more than 35 years, Baird Advisors core leadership team has worked together, placing them in a distinctive position within the industry to help clients meet their objectives. Their philosophy is built on timeless principles:

  • Competitive, risk-controlled returns
  • Skilled investment team comprising complementary skills and diverse perspectives
  • High-quality, attractively priced products
  • An unwavering focus on investors’ needs
 Average Annualized Total Returns as of 6/30/2020 1-Year 3-Years  5-Years Since Inception Since Inception Lipper Rank & Percentile
Baird Short-Term Municipal Bond Fund (BTMIX) 2.94% 2.69%  N/A 2.44% 1 of 101
1% 
Bloomberg Barclays 1-5 Year
Short Term Municipal Bond Index
2.96% 2.34% N/A  1.91%  
Baird Core Intermediate Municipal Bond Fund (BMNIX) 4.63% 4.08% N/A 3.87% 4 of 151
3%
Bloomberg Barclays 1-15
Year Municipal Bond Index
4.18% 3.75% N/A  3.37%  

The Baird Core Intermediate and Short-Term Municipal Bond Fund Since Inception net return is based on performance from August 31, 2015, through June 30, 2020.


Investors should consider the investment objectives, risks, charges and expenses of each fund carefully before investing. This and other information is found in the prospectus and summary prospectus. For a prospectus or summary prospectus, contact Baird directly at 866-442-2473. Please read the prospectus or summary prospectus carefully before investing.

Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The funds' current performance may be lower or higher than the performance data quoted.

The gross and net expense ratios for the Baird Short-Term Municipal Bond Fund and Baird Core Intermediate Municipal Bond Fund are 0.30%/0.30%, respectively.

The Fund may also invest in mortgage and asset-backed securities which include interest rate and prepayment risks more pronounced than those of other fixed income securities.

Fixed income is generally considered to be a more conservative investment than stocks, but bonds and other fixed income investments still carry a variety of risk such as interest rate risk, regulatory risk, credit risk, inflation risk, call risk, default risk, political risk, tax policy risk and liquidity risk. In a rising interest rate environment, the value of fixed-income securities generally decline and conversely, in a falling interest rate environment, the value of fixed income securities generally increase. Municipal securities investments are not appropriate for all investors, especially those taxed at lower rates. Ratings are measured on a scale that ranges from AAA or Aaa (highest) to D or C (lowest). Investment grade investments are those rated from highest down to BBB- or Baa3.

The quality profile is calculated on a market value-weighted basis using the highest credit quality rating given by S&P, Moody's or Fitch for each security in the fund. Per the Baird Funds prospectus, each security in the bond fund is assigned the highest credit quality rating provided by a nationally recognized statistical rating organization (e.g. S&P, Moody’s, Fitch). Per the Bloomberg Barclays index controlling rating methodology, each security in the index is assigned a rating using S&P, Moody’s, and Fitch (middle of three ratings, lower of two ratings, or singular rating if rated by one rating agency).

The Refinitiv Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. The reporting period for the awards is the period ending November 30, 2019. The Baird Municipal Short-Term Bond Fund was awarded best fund for the past 3 years in the short municipal debt funds category which, consisted of 39 funds.

Lipper rankings are based on average annual total returns for the 1-, 3-, 5-, 10-year/life periods for each respective Lipper category. Baird Core Intermediate Municipal Bond Funds are ranked among the Intermediate Municipal Debt Funds and Baird Short-Term Municipal Bond Fund is ranked among the Short Municipal Debt Funds. Each fund is ranked based on average annual total returns assuming reinvestment of dividends and capital gains, distributions, at net asset value and the deduction of all fund expenses. 

The Morningstar Rating™ for funds, or "star rating", is calculated for managed products with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent 3-year period actually has the greatest impact because it is included in all three rating periods.

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