Core Intermediate Municipal Bond Fund
Overview
The Fund invests in a broadly diversified portfolio of federally tax-exempt municipal obligations. The Fund normally invests at least 80% of its net assets in municipal bonds and may invest in all types including pre-refunded bonds, general obligation bonds, revenue bonds, municipal lease participations and zero coupon bonds. Baird uses a value-oriented strategy and looks for undervalued municipal securities that offer above-average return characteristics. Market factors evaluated when selecting investments include:
- the nominal level and trend in interest rates
- the slope of the municipal yield curve
- income tax rates
- market sector valuations
- credit trends
- supply and demand flows
- regional economic strength
- legal and regulatory trends
The Fund invests primarily in investment-grade municipal obligations but may invest up to 10% of its assets in non-investment-grade obligations.
Awards
Morningstar Medalist RatingTM
Analyst-Driven %: 100%
Data Coverage %: 100%
The Baird Core Intermediate Municipal Bond Fund (Institutional Class) received a Silver Morningstar Medalist Rating.™ The Fund’s Investor Share Class received a Neutral Morningstar Medalist Rating.™
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Performance
1 Month | 3 Month | YTD | 1 Year | 3 Years | 5 Years | Since Inception | |
---|---|---|---|---|---|---|---|
Core Intermediate Municipal Bond Fund | 1.28 | 1.08 | 3.33 | 5.37 | 0.85 | 1.92 | 2.76 |
Bloomberg 1-15 Year Municipal Index | 1.23 | 0.76 | 1.90 | 3.83 | 0.34 | 1.34 | 2.21 |
Morningstar Ratings
Category | Overall | 3 Year | 5 Year | |
---|---|---|---|---|
Core Intermediate Municipal Bond Fund | Muni National Intermediate |
(255 funds)
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(255 funds)
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(240 funds)
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Distributions
Type | Record Date | Reinvest Date | Payable Date | Amount per Share ($) | Reinvest Price ($) |
---|---|---|---|---|---|
Income | 11/26/2024 | 11/27/2024 | 11/29/2024 | 0.03139727 | 10.34 |
Income | 10/24/2024 | 10/25/2024 | 10/28/2024 | 0.03043827 | 10.27 |
Income | 9/23/2024 | 9/24/2024 | 9/25/2024 | 0.02947780 | 10.39 |
Income | 8/23/2024 | 8/26/2024 | 8/27/2024 | 0.02836328 | 10.35 |
Income | 7/24/2024 | 7/25/2024 | 7/26/2024 | 0.02906247 | 10.27 |
Income | 6/24/2024 | 6/25/2024 | 6/26/2024 | 0.02897588 | 10.24 |
Income | 5/24/2024 | 5/28/2024 | 5/29/2024 | 0.02897781 | 10.15 |
Income | 4/24/2024 | 4/25/2024 | 4/26/2024 | 0.02791972 | 10.16 |
Income | 3/25/2024 | 3/26/2024 | 3/27/2024 | 0.03063465 | 10.27 |
Income | 2/23/2024 | 2/26/2024 | 2/27/2024 | 0.02863644 | 10.28 |
Income | 1/25/2024 | 1/26/2024 | 1/29/2024 | 0.02345662 | 10.25 |
Income | 12/27/2023 | 12/28/2023 | 12/29/2023 | 0.03086165 | 10.33 |
Income | 11/24/2023 | 11/27/2023 | 11/28/2023 | 0.02835216 | 10.08 |
Income | 10/23/2023 | 10/24/2023 | 10/25/2023 | 0.02849423 | 9.77 |
Income | 9/22/2023 | 9/25/2023 | 9/26/2023 | 0.02550092 | 9.90 |
Income | 8/23/2023 | 8/24/2023 | 8/25/2023 | 0.02513055 | 10.04 |
Income | 7/24/2023 | 7/25/2023 | 7/26/2023 | 0.02652424 | 10.19 |
Income | 6/23/2023 | 6/26/2023 | 6/27/2023 | 0.02439913 | 10.17 |
Income | 5/24/2023 | 5/25/2023 | 5/26/2023 | 0.02509484 | 10.06 |
Income | 4/24/2023 | 4/25/2023 | 4/26/2023 | 0.02463024 | 10.20 |
Income | 3/24/2023 | 3/27/2023 | 3/28/2023 | 0.02571029 | 10.22 |
Income | 2/23/2023 | 2/24/2023 | 2/27/2023 | 0.02485630 | 10.08 |
Income | 1/24/2023 | 1/25/2023 | 1/26/2023 | 0.01857020 | 10.29 |
Portfolio Characteristics
Fund Information | Fund | Index |
---|---|---|
*30-Day SEC Yield (%) | 3.47 | N/A |
**Portfolio Avg. Yield to Worst (%) | 3.93 | 3.37 |
Effective Duration (Years) | 4.79 | 4.78 |
Effective Maturity (Years) | 4.96 | 5.35 |
Average Coupon (%) | 4.39 | 4.60 |
Annual Turnover Rate (%) | 29.61 | N/A |
Number of Holdings | 2,680 | 46,343 |
Average Portfolio Quality | AA- | AA |
Quality Profile | Fund | Index |
---|---|---|
U.S. Treasury | 0.8% | 0.0% |
U.S. Agency | 0.0% | 0.0% |
AAA | 13.6% | 17.6% |
AA | 54.1% | 56.5% |
A | 18.4% | 21.5% |
BBB | 9.3% | 4.5% |
Below BBB | 0.6% | 0.0% |
Not Rated | 3.2% | 0.0% |