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.
Performance
1 Month | 3 Month | YTD | 1 Year | 3 Years | 5 Years | Since Inception | |
---|---|---|---|---|---|---|---|
Core Intermediate Municipal Bond Fund | -0.05 | -0.24 | 1.92 | 2.51 | 1.15 | 2.31 | 2.43 |
Bloomberg 1-15 Year Municipal Bond Index | -0.28 | -0.26 | 1.99 | 3.50 | 0.85 | 2.08 | 2.00 |
Morningstar Ratings
Category | Overall | 3 Year | 5 Year | |
---|---|---|---|---|
Core Intermediate Municipal Bond Fund | Muni National Intermediate |
(270 funds)
|
(270 funds)
|
(234 funds)
|
Distributions
Type | Record Date | Reinvest Date | Payable Date | Amount per Share ($) | Reinvest Price ($) |
---|---|---|---|---|---|
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 |
Income | 12/27/2022 | 12/28/2022 | 12/29/2022 | 0.02451536 | 10.10 |
Short Term Capital Gain | 12/14/2022 | 12/15/2022 | 12/16/2022 | 0.00004000 | 10.18 |
Income | 11/22/2022 | 11/23/2022 | 11/25/2022 | 0.01938817 | 10.04 |
Income | 10/24/2022 | 10/25/2022 | 10/26/2022 | 0.02161881 | 9.74 |
Income | 9/22/2022 | 9/23/2022 | 9/26/2022 | 0.01902559 | 9.90 |
Income | 8/22/2022 | 8/23/2022 | 8/24/2022 | 0.01779870 | 10.19 |
Income | 7/22/2022 | 7/25/2022 | 7/26/2022 | 0.01643254 | 10.25 |
Income | 6/22/2022 | 6/23/2022 | 6/24/2022 | 0.01483712 | 10.09 |
Income | 5/23/2022 | 5/24/2022 | 5/25/2022 | 0.01361204 | 10.14 |
Income | 4/22/2022 | 4/25/2022 | 4/26/2022 | 0.01320166 | 10.21 |
Income | 3/24/2022 | 3/25/2022 | 3/28/2022 | 0.01218707 | 10.43 |
Income | 2/23/2022 | 2/24/2022 | 2/25/2022 | 0.01260905 | 10.70 |
Income | 1/24/2022 | 1/25/2022 | 1/26/2022 | 0.00878986 | 10.83 |
Portfolio Characteristics
Fund Information | Fund | Index |
---|---|---|
*30-Day SEC Yield (%) | 3.27 | N/A |
**Portfolio Avg. Yield to Worst (%) | 4.00 | 3.04 |
Effective Duration (Years) | 4.55 | 4.49 |
Effective Maturity (Years) | 4.82 | 4.83 |
Average Coupon (%) | 4.07 | 4.54 |
Annual Turnover Rate (%) | 37.87 | N/A |
Number of Holdings | 1,949 | 44,244 |
Average Portfolio Quality | A+ | AA |
Quality Profile | Fund | Index |
---|---|---|
U.S. Treasury | 1.6% | 0.0% |
U.S. Agency | 0.0% | 0.0% |
AAA | 13.1% | 21.6% |
AA | 47.0% | 51.7% |
A | 20.6% | 22.6% |
BBB | 11.4% | 4.1% |
Below BBB | 1.0% | 0.0% |
Not Rated | 5.4% | 0.0% |