Barron's: The New Allure of Muni Bonds. Two Pros Point the Way.

Baird Advisors’ municipal bond team is earning national recognition for their disciplined approach and strong performance in a challenging fixed-income environment. In a recent feature by Barron’s, co-leads of the municipal team, Duane McAllister and Lyle Fitterer, shared their insights on the current municipal bond landscape, highlighting how elevated supply and policy uncertainty have created compelling opportunities for investors—particularly those in higher tax brackets. With tax-equivalent yields approaching 8% on high-quality, long-dated munis, the team is helping investors capture attractive income while maintaining a focus on credit quality and portfolio diversification.

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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 performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns and principal value will fluctuate and shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the data quoted.

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Fixed income is generally considered to be a more conservative investment than stocks, but bonds and other fixed income investments still carry a variety of risk such as interest rate risk, regulatory risk, credit risk, inflation risk, call risk, default risk, political risk, tax policy risk and liquidity risk. In a rising interest rate environment, the value of fixed-income securities generally decline and conversely, in a falling interest rate environment, the value of fixed income securities generally increase.

The commentary provided does not provide a complete analysis of every material fact regarding any market, industry, security or portfolio. Information in this document regarding market or economic trends, or the factors influencing historical or future performance, reflects the opinions of management as of the date of this document. These statements should not be relied upon for any other purpose.