Lyle Fitterer CFA. and Duane McAllister, CFA, Senior Portfolio Managers with Baird Advisors, are featured in an April, 2020 CityWire Manager Profile. Fitterer and McAllister discussed their more than 30 years of experience in the municipal bond industry and provided a timely update about the impact of coronavirus on the municipal bond market.

Read the article.

The statements and opinions expressed here are current as of the date of the interview and are subject to change. The opinions of the author are not necessarily those of Baird. This is not a complete analysis of every material fact that should be considered when making an investment decision.

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.

Performance data represents past performance and does not guarantee future results.  The investment return and principal value of the investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance data may be lower or higher than the data quoted.  For performance data to the most recent month end, contact Baird directly or go to our website

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").

All investments carry some level of risk, including loss of principal and diversification does not ensure a profit or protect against loss. 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.  Municipal securities investments are not appropriate for all investors, especially those taxed at lower rates.

Ratings are measured on a scale that ranges from AAA or Aaa (highest) to D or C (lowest). Investment grade investments are those rated from highest down to BBB- or Baa3.

Total Fund AUM as of March 31, 2020, for both the Institutional and Investor share classes were $1.01B.

Baird Funds are offered through Robert W. Baird & Co. Incorporated, a registered broker/dealer, member NYSE and SIPC. Robert W. Baird & Co. also serves as investment advisor for the Fund and receives compensation for these services as disclosed in the current prospectus.