Short-Term 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.

Baird Advisors' hard work, dedication to clients and commitment to delivering consistent competitive results recognized for third consecutive year.
Performance
1 Month | 3 Month | YTD | 1 Year | 3 Years | 5 Years | Since Inception | |
---|---|---|---|---|---|---|---|
Short-Term Municipal Bond Fund | -0.18 | 0.59 | 1.33 | 1.66 | -0.27 | 1.25 | 1.46 |
Bloomberg 1-5 Year Short Municipal Bond Index | -0.22 | 0.61 | 1.01 | 1.27 | -0.47 | 1.05 | 1.05 |
Morningstar Ratings
Category | Overall | 3 Year | 5 Year | |
---|---|---|---|---|
Short-Term Municipal Bond Fund | Muni National Short |
(206 funds)
|
(206 funds)
|
(189 funds)
|
Distributions
Type | Record Date | Reinvest Date | Payable Date | Amount per Share ($) | Reinvest Price ($) |
---|---|---|---|---|---|
Income | 8/23/2023 | 8/24/2023 | 8/25/2023 | 0.02242808 | 9.79 |
Income | 7/24/2023 | 7/25/2023 | 7/26/2023 | 0.02384183 | 9.88 |
Income | 6/23/2023 | 6/26/2023 | 6/27/2023 | 0.02168303 | 9.86 |
Income | 5/24/2023 | 5/25/2023 | 5/26/2023 | 0.02184859 | 9.79 |
Income | 4/24/2023 | 4/25/2023 | 4/26/2023 | 0.02129592 | 9.89 |
Income | 3/24/2023 | 3/27/2023 | 3/28/2023 | 0.02225914 | 9.92 |
Income | 2/23/2023 | 2/24/2023 | 2/27/2023 | 0.02112596 | 9.82 |
Income | 1/24/2023 | 1/25/2023 | 1/26/2023 | 0.01566238 | 9.97 |
Income | 12/27/2022 | 12/28/2022 | 12/29/2022 | 0.02179269 | 9.85 |
Income | 11/22/2022 | 11/23/2022 | 11/25/2022 | 0.01509282 | 9.81 |
Income | 10/24/2022 | 10/25/2022 | 10/26/2022 | 0.01906485 | 9.65 |
Income | 9/22/2022 | 9/23/2022 | 9/26/2022 | 0.01549072 | 9.74 |
Income | 8/22/2022 | 8/23/2022 | 8/24/2022 | 0.01490973 | 9.92 |
Income | 7/22/2022 | 7/25/2022 | 7/26/2022 | 0.01259490 | 9.99 |
Income | 6/22/2022 | 6/23/2022 | 6/24/2022 | 0.01133907 | 9.89 |
Income | 5/23/2022 | 5/24/2022 | 5/25/2022 | 0.01198304 | 9.88 |
Income | 4/22/2022 | 4/25/2022 | 4/26/2022 | 0.01038370 | 9.90 |
Income | 3/24/2022 | 3/25/2022 | 3/28/2022 | 0.00935485 | 10.03 |
Income | 2/23/2022 | 2/24/2022 | 2/25/2022 | 0.01008975 | 10.20 |
Income | 1/24/2022 | 1/25/2022 | 1/26/2022 | 0.00687291 | 10.30 |
Portfolio Characteristics
Fund Information | Fund | Index |
---|---|---|
*30-Day SEC Yield (%) | 3.45 | N/A |
**Portfolio Avg. Yield to Worst (%) | 4.54 | 3.37 |
Effective Duration (Years) | 2.28 | 2.37 |
Effective Maturity (Years) | 2.65 | 2.59 |
Average Coupon (%) | 3.97 | 4.60 |
Annual Turnover Rate (%) | 39.76 | N/A |
Number of Holdings | 1,139 | 13,604 |
Average Portfolio Quality | A | AA |
Quality Profile | Fund | Index |
---|---|---|
U.S. Treasury | 0.0% | 0.0% |
U.S. Agency | 0.0% | 0.0% |
AAA | 19.3% | 14.7% |
AA | 39.1% | 60.9% |
A | 21.8% | 21.7% |
BBB | 11.1% | 2.8% |
Below BBB | 1.3% | 0.0% |
Not Rated | 7.5% | 0.0% |