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 30% of its assets in non-investment-grade obligations.


ALL DATA AS OF 9/30/2022
1 Month 3 Month YTD 1 Year Since Inception
Strategic Municipal Bond Fund -3.00 -2.67 -8.77 -8.28 0.70
Bloomberg 1-10 Year Municipal Blend Index -2.63 -2.30 -7.72 -7.55 -0.94
  • 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.

    Because the Fund may invest more than 25% of its total assets in municipal obligations issued by entities located in the same state or the interest on which is paid solely from revenues of similar projects, changes in economic, business or political conditions relating to a particular state or types of projects may have a disproportionate impact on the Fund. 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").

    Bloomberg 1-10 Year Municipal Blend Index measures the performance of tax-exempt muni bonds with more than one year and less than ten years remaining until maturity.

    Time periods greater than one year are annualized.


Time Period
Type Record Date Reinvest Date Payable Date Amount per Share ($) Reinvest Price ($)
Income 9/22/2022 9/23/2022 9/26/2022 0.02063390 9.75
Income 8/22/2022 8/23/2022 8/24/2022 0.01771638 10.06
Income 7/22/2022 7/25/2022 7/26/2022 0.01606613 10.12
Income 6/22/2022 6/23/2022 6/24/2022 0.01513048 9.95
Income 5/23/2022 5/24/2022 5/25/2022 0.01718695 9.99
Income 4/22/2022 4/25/2022 4/26/2022 0.01373608 10.05
Income 3/24/2022 3/25/2022 3/28/2022 0.01235609 10.26
Income 2/23/2022 2/24/2022 2/25/2022 0.01257334 10.53
Income 1/24/2022 1/25/2022 1/26/2022 0.00793673 10.64

Portfolio Characteristics

ALL DATA AS OF 6/30/2022
Quality Profile Fund Index
U.S. Treasury 0.0% 0.0%
U.S. Agency 0.0% 0.0%
AAA 6.6% 18.2%
AA 37.1% 53.9%
A 25.0% 21.3%
BBB 16.5% 6.6%
Below BBB 3.3% 0.0%
Not Rated 11.6% 0.0%
Net Derivatives Position 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.