The investment seeks current income that is substantially exempt from federal income tax; total return with relatively low volatility of principal is a secondary objective. The fund invests in municipal securities issued by governmental authorities throughout the United States and its territories. It primarily purchases general obligation and pre-refunded bonds issued for any purpose, and revenue bonds funding education, housing, transportation and essential services including, without limitation, water, sewer and electricity. The fund normally invests at least 80% of its net assets in a diversified portfolio of bonds and debentures.
Fund filings (PDF) »

Asset managers:
Charles Groeschell (Started: Mar 30, 2001)
Mary Stanek (Started: Mar 30, 2001)
Daniel Tranchita (Started: Mar 30, 2001)
Gary Elfe (Started: Mar 30, 2001)
Warren Pierson (Started: Mar 30, 2001)
M. deGuzman (Started: Mar 30, 2001)

Advisor Company:
Robert W. Baird & Co. Incorporated
Fund family reports on Morningstar »

	1 year	3 years	5 years	10 years
Alpha*	-0.49	0.04	0.97	-0.01
Beta*	0.68	0.74	0.68	0.79
Mean annual return	0.25	0.38	0.43	0.36
R-squared*	96.84	87.17	70.95	80.42
Standard deviation	1.97	2.98	3.80	4.00
Sharpe ratio	1.49	1.50	1.27	0.65
* Against standard index

Risk measurement details »

Security	Net Assets
Houston Tex Wtr & Swr Sys Rev Ref R 5.5%	1.86%
Louisiana Pub Facs Auth 5.5%	1.68%
Massachusetts St Go Bds 4%	1.46%
Metropolitan Transn Auth 6%	1.43%
Westchester Tobacco Asset Secu Cap Appre	1.42%
Florida St Brd Ed Pub Ed Pub Ed Ca 5%	1.39%
Louisville & Jefferson Cnty Ky Re 6.125%	1.35%
San Marcos Calif Pub Facs Auth	1.32%
King Cnty Wash Go Ref Bd 5%	1.26%
Georgia St Go Ref Bd 5%	1.24%

Holdings Performance »