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 15% of its assets in non-investment-grade obligations.
Performance
1 Month | 3 Month | YTD | 1 Year | 3 Years | Since Inception | |
---|---|---|---|---|---|---|
Municipal Bond Fund | -2.04 | 0.92 | 0.91 | -4.34 | 0.73 | 2.13 |
Bloomberg Municipal Bond Index | -2.26 | 0.83 | 0.55 | -5.10 | -1.60 | -0.29 |
Morningstar Ratings
Category | Overall | 3 Year | |
---|---|---|---|
Municipal Bond Fund | Muni National Long |
(155 funds)
|
(155 funds)
|
Distributions
Type | Record Date | Reinvest Date | Payable Date | Amount per Share ($) | Reinvest Price ($) |
---|---|---|---|---|---|
Income | 3/24/2023 | 3/27/2023 | 3/27/2023 | 0.02621665 | 9.85 |
Income | 2/23/2023 | 2/24/2023 | 2/27/2023 | 0.02718610 | 9.71 |
Income | 1/24/2023 | 1/25/2023 | 1/26/2023 | 0.02112392 | 9.95 |
Income | 12/27/2022 | 12/28/2022 | 12/29/2022 | 0.03087221 | 9.68 |
Income | 11/22/2022 | 11/23/2022 | 11/25/2022 | 0.02426921 | 9.63 |
Income | 10/24/2022 | 10/25/2022 | 10/26/2022 | 0.02447280 | 9.21 |
Income | 9/22/2022 | 9/23/2022 | 9/26/2022 | 0.02294483 | 9.45 |
Income | 8/22/2022 | 8/23/2022 | 8/24/2022 | 0.02190885 | 9.86 |
Income | 7/22/2022 | 7/25/2022 | 7/26/2022 | 0.02125010 | 9.91 |
Income | 6/22/2022 | 6/23/2022 | 6/24/2022 | 0.01781003 | 9.70 |
Income | 5/23/2022 | 5/24/2022 | 5/25/2022 | 0.01837530 | 9.76 |
Income | 4/22/2022 | 4/25/2022 | 4/26/2022 | 0.01717867 | 9.85 |
Income | 3/24/2022 | 3/25/2022 | 3/28/2022 | 0.01570348 | 10.12 |
Income | 2/23/2022 | 2/24/2022 | 2/25/2022 | 0.02009764 | 10.44 |
Income | 1/24/2022 | 1/25/2022 | 1/26/2022 | 0.01330337 | 10.59 |
Portfolio Characteristics
Fund Information | Fund | Index |
---|---|---|
*30-Day SEC Yield (%) | 3.73 | N/A |
Yield to Worst (Gross) (%) | 4.54 | 3.62 |
Effective Duration (Years) | 5.99 | 6.15 |
Effective Maturity (Years) | 7.47 | 8.21 |
Average Coupon (%) | 4.13 | 4.49 |
Annual Turnover Rate (%) | 70.89 | N/A |
Number of Holdings | 287 | 55,737 |
Average Portfolio Quality | A- | AA- |
Quality Profile | Fund | Index |
---|---|---|
U.S. Treasury | 0.0% | 0.0% |
U.S. Agency | 0.0% | 0.0% |
AAA | 9.9% | 16.3% |
AA | 34.0% | 53.4% |
A | 21.8% | 23.7% |
BBB | 22.7% | 6.5% |
Below BBB | 2.8% | 0.0% |
Not Rated | 8.9% | 0.0% |