The Fund is managed through a duration-neutral, risk-controlled approach with a strong emphasis on the long-term perspective. The investment objective of the Fund is to seek an annual rate of total return, before fund expenses, greater than the annual rate of total return of the Bloomberg Intermediate U.S. Government/Credit Bond Index. The Fund normally invests at least 80% of its net assets in the following types of U.S. dollar-denominated debt securities: 

  • U.S. government and other public sector entities
  • Asset-backed and mortgage-backed obligations of U.S. and foreign issuers
  • Corporate debt of U.S. and foreign issuers

The Fund only invests in debt securities rated investment-grade at the time of purchase.


ALL DATA AS OF 6/30/2024
1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years Since Inception
Intermediate Bond Fund 0.83 0.67 0.85 4.83 -1.05 0.99 1.79 3.98
Bloomberg Intermediate U.S. Government/Credit Index 0.80 0.64 0.49 4.19 -1.18 0.71 1.55 3.58
  • Disclosure

    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.

    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.

    The Fund may invest in mortgage- and asset-backed securities which may be subject to prepayment risk and thus may be more sensitive to interest rate changes than other types of debt securities. The Fund may also invest in U.S. dollar-denominated securities issued by foreign issuers which involve additional risks including political and economic instability, differences in financial reporting standards and less regulated securities markets. While the U.S. government has historically provided financial support to various U.S. government-sponsored agencies, no assurance can be given that it will do so in the future if it is not obligated by law. A bond's market value may be affected significantly by changes in interest rates – generally, when interest rates rise, the bond's market value declines and when interest rates decline, its market value rises ("interest rate risk").

    The Bloomberg Intermediate Government/Credit Index is a combination of the Government Index, which measures government-bond general and Treasury funds, and the Credit Bond Index, which is a market value-weighted index that tracks the returns of all publicly issued, fixed-rate, nonconvertible, dollar-denominated, SEC-registered, investment-grade Corporate Debt with maturities between one and ten years. Indices are unmanaged and are not available for direct investment.

    Time periods greater than one year are annualized.

Morningstar Ratings

Category Overall 3 Year 5 Year 10 Year
Intermediate Bond Fund Intermediate Core Bond
(418 funds)
(418 funds)
(374 funds)
(265 funds)
  • Disclosure

    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.

    © 2024 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.


Time Period
Type Record Date Reinvest Date Payable Date Amount per Share ($) Reinvest Price ($)
Income 6/24/2024 6/25/2024 6/26/2024 0.03421151 10.25
Income 5/24/2024 5/28/2024 5/29/2024 0.03308918 10.14
Income 4/24/2024 4/25/2024 4/26/2024 0.03091414 10.07
Income 3/25/2024 3/26/2024 3/27/2024 0.03355492 10.23
Income 2/23/2024 2/26/2024 2/27/2024 0.02891472 10.19
Income 1/25/2024 1/26/2024 1/29/2024 0.02535663 10.26

Portfolio Characteristics

ALL DATA AS OF 6/30/2024
Fund Information Fund Index
*30-Day SEC Yield (%) 4.59 N/A
**Portfolio Avg. Yield to Worst (%) 5.07 4.82
Effective Duration (Years) 3.76 3.76
Effective Maturity (Years) 4.36 4.28
Average Coupon (%) 3.87 3.18
Annual Turnover Rate (%) 47.08 N/A
Number of Holdings 745 6,070
Average Portfolio Quality AA- AA-
ALL DATA AS OF 6/30/2024
Quality Profile Fund Index
U.S. Treasury 47.5% 63.2%
U.S. Agency 0.2% 1.5%
AAA 12.5% 3.2%
AA 4.5% 2.7%
A 13.0% 14.3%
BBB 22.3% 15.0%
Below BBB 0.1% 0.0%
Not Rated 0.0% 0.0%
  • Disclosure

    The quality profile is calculated on a market value-weighted basis. Per the Baird Funds prospectus, each security in the Fund is assigned the highest credit quality rating provided by a nationally recognized statistical rating organization (e.g. S&P, Moody’s, Fitch). For pre-refunded securities, the reported credit quality reflects the highest reported rating from S&P, Moody’s or Fitch for the underlying collateral. Per the Bloomberg 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). Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest).

    Totals sum based on unrounded data. Breakouts are shown rounded to the nearest tenth and may not visually sum.

    *The 30-Day SEC Yield reported above is as of the most recent month end.

    **‚ÄčThe yield-to-worst (YTW) is the lowest estimated yield that can be received on a callable bond at current market price absent a default. The YTW is calculated by using the lower of yield-to-maturity or yield-to-call (an earlier date that the issuer could redeem the bond). The weighted average YTW of a Fund does not include fund fees and expenses.