Baird Core Intermediate Municipal Bond Fund
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.
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").

Duane McAllister, CFA
Managing Director
Senior Portfolio Manager
Duane has over 30 years of investment experience managing fixed income portfolios, with a primary focus on the municipal market. His responsibilities include setting and implementing investment strategy, with a major portion of his time allocated to municipal portfolio management and credit research. Duane received his undergraduate degree from Northern Illinois University and was awarded the Chartered Financial Analyst designation in 1991. Duane is currently a member of the CFA Institute and is an active member of the CFA Society of Milwaukee. Prior to joining Baird Advisors, Duane was a managing director and senior portfolio manager at BMO Global Asset Management, where he was the lead portfolio manager for tax-free fixed income strategies.

Erik R. Schleicher
Vice President
Portfolio Manager
Erik has over 12 years of investment experience. His responsibilities include portfolio management, credit research and strategy development in the municipal sector. Erik received his undergraduate degree from the University of Wisconsin-Oshkosh and his MBA from the University of Wisconsin-Milwaukee. Prior to joining Baird Advisors, Erik was a portfolio manager with BMO Global Asset Management, where he was responsible for managing tax-free fixed income strategies and credit research.

Joseph J. Czechowicz
Vice President
Portfolio Manager
Joe has over 10 years of investment experience. His responsibilities include portfolio management, credit research and strategy development in the municipal sector. Joe received his undergraduate degree from the University of Wisconsin-Parkside and his MBA with a concentration in applied security analysis from the University of Wisconsin-Madison. Prior to joining Baird Advisors, Joe was a portfolio manager with BMO Global Asset Management, where he was responsible for managing tax-free fixed income strategies and credit research.