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 | Since Inception | |
---|---|---|---|---|---|
Municipal Bond Fund | -2.70 | -5.89 | -8.05 | -6.15 | 2.34 |
Bloomberg Municipal Bond Index | -2.77 | -6.26 | -8.82 | -7.88 | -0.74 |
Distributions
Type | Record Date | Reinvest Date | Payable Date | Amount per Share ($) | Reinvest Price ($) |
---|---|---|---|---|---|
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 |
Income | 12/27/2021 | 12/28/2021 | 12/29/2021 | 0.01840332 | 10.76 |
Short Term Capital Gain | 12/15/2021 | 12/16/2021 | 12/17/2021 | 0.08202000 | 10.77 |
Income | 11/23/2021 | 11/24/2021 | 11/26/2021 | 0.01536822 | 10.80 |
Income | 10/25/2021 | 10/26/2021 | 10/27/2021 | 0.01714465 | 10.73 |
Income | 9/23/2021 | 9/24/2021 | 9/27/2021 | 0.01569032 | 10.83 |
Income | 8/24/2021 | 8/25/2021 | 8/26/2021 | 0.01531647 | 10.86 |
Income | 7/26/2021 | 7/27/2021 | 7/28/2021 | 0.01614247 | 10.90 |
Income | 6/24/2021 | 6/25/2021 | 6/28/2021 | 0.01528663 | 10.81 |
Income | 5/24/2021 | 5/25/2021 | 5/26/2021 | 0.01627592 | 10.77 |
Income | 4/23/2021 | 4/26/2021 | 4/27/2021 | 0.01656886 | 10.76 |
Income | 3/24/2021 | 3/25/2021 | 3/26/2021 | 0.01459811 | 10.65 |
Income | 2/24/2021 | 2/25/2021 | 2/26/2021 | 0.02024542 | 10.59 |
Income | 1/25/2021 | 1/26/2021 | 1/27/2021 | 0.01350309 | 10.72 |
Portfolio Characteristics
Quality Profile | Fund | Index |
---|---|---|
U.S. Treasury | 0.0% | 0.0% |
U.S. Agency | 0.0% | 0.0% |
AAA | 7.0% | 15.7% |
AA | 37.4% | 51.9% |
A | 25.3% | 24.3% |
BBB | 18.8% | 8.2% |
Below BBB | 2.6% | 0.0% |
Not Rated | 9.1% | 0.0% |