Baird Short-Term Municipal Bond Fund - Investor Class
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- Baird Short-Term Municipal Bond Fund - Investor Class (BTMSX) is a mutual fund managed by Robert W. Baird & Co. Incorporated that seeks to provide current income that is exempt from federal income tax by investing primarily in a diversified portfolio of short-term municipal securities. The fund offers shares in its Investor Class under the ticker BTMSX, with core holdings including investment-grade municipal bonds, notes, and variable rate demand obligations maturing in general within five years or less; tax-exempt money market instruments; and up to 20% in lower-rated or unrated municipal securities for yield enhancement. It targets individual and institutional investors seeking tax-efficient, low-duration fixed income exposure with minimal interest rate risk and serves markets across the United States, focusing on obligations issued by states, territories, and local governments for public purposes such as infrastructure and education financing. Headquartered in Milwaukee, Wisconsin, the fund operates under Baird Funds, part of Baird's broader asset management platform established through Baird's founding in 1919. In recent developments, the fund maintained its strong performance amid 2024's interest rate environment, with portfolio manager Mary Klaehn leading adjustments to enhance yield while preserving its short-duration strategy; Baird also expanded its municipal bond offerings through strategic hires in fixed income research during 2024 to bolster credit analysis capabilities.