Morningstar® Investment Profile™ | Disclosure Statement Morningstar - Free Trial   Baird Intermediate Muni Bd Inv  BMBSX   Snapshot Total Returns Rating & Risk Portfolio Nuts & Bolts Analyst Report Quote datadef_ratings Baird Intermediate Muni Bd Inv  BMBSX   Morningstar Report Overall Morningstar Rating™ What is this? As of 2009-10-31 Out of Muni National Interm Funds Rating derived from a weighted average of the fund's 3, 5, 10-year rating which are based on risk-adjusted performance. Morningstar® Style Box™ What is this?    Avg Duration    5.28 Yrs    Avg Credit Quality    AAA As of 2009-09-30 Day Change $ 0.01    NAV (2009-11-20) $ 11.64    YTD Return % (2009-11-20) 6.11%    Total Assets ($ mil) 696 View Data Definitions   Performance     Growth of $10,000 Fund: Baird Intermediate Muni Bd Inv (from 2001-03-30 to 2009-10-31) Category: Muni National Interm Index: BarCap Municipal TR USD Total Annualized Returns % 1yr, 3yr and 5yr Returns as of 2009-11-20 Inception date: 2001-03-30 10yr and Inception Returns as of 2009-10-31 YTD Returns as of 2009-11-20 YTD 1 Year 3 Year 5 Year 10 Year Since Inception Fund 6.11 8.06 5.60 4.39 --- 4.89 +/- Category -3.82 -3.02 2.18 1.25 --- --- +/- BarCap Municipal TR USD -6.03 -3.61 1.35 0.03 --- --- Standardized Annual Returns %   more on standardized returns Quarter-End (as of 2009-09-30) 6.35 11.85 5.88 4.45 --- 5.14 Month-End (as of 2009-10-31) 4.65 9.96 5.18 3.99 --- 4.89 After Tax Returns % (as of 2009-09-30 )   On Distribution --- 9.96 5.18 3.99 --- --- On Distribution & Sale of Shares --- 7.43 4.87 3.86 --- --- Morningstar Rating --- --- --- --- # of compared funds covered (3 yrs : out of 234 funds), (5 yrs : out of 209 funds), (10 yrs : out of funds). Ratings are based on risk-adjusted performance. The maximum initial sales fee is none, the maximum deferred sales fee is none, and the maximum redemption sales fee is none. The performance quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted herein.   Portfolio Profile     Sector Breakdown % General Obligations 9.62 Advance Refunded 35.93 State Appropriated Tobacco --- Non-state Appropriated Tobacco 9.87 Education 6.66 Health 12.75 Housing 2.34 Industrial 1.28 Transportation 7.50 Utilities 1.88 Water/Sewer 5.47 Misc. Revenue 6.70 Bond Quality % of Bonds AAA 86.5 AA 8.7 A 3.3 BBB 1.5 BB 0.0 B 0.0 Below B 0.0 Not Rated 0.0   Asset Allocation % of Net Assets Cash 5.6 Stocks 0.0 Bonds 94.4 Other 0.0 Foreign Stocks 0.0 (as a % of Assets) Data through 2009-09-30 Data through 2009-09-30 Holding Status Total Number of Stock Holdings Turnover % 1 Total Number of Bond Holdings 201 30 Day SEC Yield % 4.32 % of Assets in Top 10 Holdings 18.61 ending as of 2009-09-30 View Data Definitions Top 10 Holdings Maturity Date Amount $000 Value $000 % of Net Assets Fidelity Instl MM Fds Tax-Exempt I --- 34,106 34,106 5.16 Metropolitan Transn Auth 6% 2020-04-01 13,230 16,879 2.55 San Antonio Tex Elec & Gas Rev Rev 5.65% 2019-02-01 11,565 14,045 2.13 Golden St Tob Securitization C As 5.625% 2038-06-01 11,465 13,123 1.99 Montgomery Ala Bmc Spl Care Fa Rev Bd 5% 2021-11-15 11,385 13,001 1.97 HOUSTON TEX HEALTH FACS DEV CO REV BDS 2034-02-15 9,710 11,849 1.79 Colorado Springs Colo Utils Re Ut 5.875% 2017-11-15 9,830 11,349 1.72 Highlands Cnty Fla Health Facs Re 5.875% 2029-11-15 9,650 11,176 1.69 Omaha Pub Pwr Dist 6.2% 2017-02-01 9,150 11,018 1.67 Westchester Tobacco Asset Secu Cap 6.95% 2039-07-15 7,775 10,332 1.56 Data through 2009-09-30   Other Information Fund Inception: 2001-03-30 Portfolio Manager  (Start Date) Sharon deGuzman  (2001-03-30) deGuzman is a first vice president and portfolio manager with Robert W. Baird & Co, her employer since February 2000. Prior to joining Baird, she was an assistant vice president and portfolio manager with Firstar Investment Research & Management Company. She is a member of Chartered Financial Analyst Institute and the Milwaukee Investment Analysts Society. deGuzman holds the Chartered Financial Analyst designation. Gary A. Elfe  (2001-03-30) Elfe is a managing director and senior portfolio manager with Robert W. Baird & Co. Incorporated since 2000. As a member of the investment management team, he serves as director of Fixed Income Research and Trading. Prior to joining Baird, he was a senior vice president and senior portfolio manager at Firstar Investment Research & Management Company from 1978 to 2000. Elfe holds the Chartered Financial Analyst designation. Charles B. Groeschell  (2001-03-30) Groeschell is a managing director and senior portfolio manager with Robert W. Baird & Co. Incorporated. which he joined in February 2000. Prior to joining Baird, he was a senior vice president and senior portfolio manager of Firstar Investment Research & Management Company, where he played a lead role in the overall management of major fixed income client relationships. Warren D. Pierson  (2001-03-30) Pierson is a senior vice president and senior portfolio manager with Robert W. Baird & Co. Incorporated, his employer since February 2000. Prior to joining Baird, he was senior vice president and senior portfolio manager with Firstar Investment Research & Management Company. He is a member of Chartered Financial Analyst Institute and the Milwaukee Investment Analysts Society. Pierson holds the Chartered Financial Analyst designation Mary Ellen Stanek  (2001-03-30) Stanek is a managing director and chief investment officer with Robert W. Baird & Co Incorporated. Prior to joining Baird, she was president and chief executive officer of Firstar Investment Research & Management Company. Stanek holds the Chartered Financial Analyst designation. Daniel Tranchita  (2001-03-30) Tranchita is a senior vice president and senior portfolio manager with Robert W. Baird & Co. Incorporated, his employer since February 2000. Prior to joining the firm, he was a senior vice president and senior portfolio manager with Firstar Investment Research & Management Company. He is a member of Chartered Financial Analyst Institute and the Milwaukee Investment Analysts Society. Tranchita holds the Chartered Financial Analyst designation. Sales Charge % (taken from prospectus dated 2009-05-01) Front: None Deferred: None Expense Ratio % 0.55 based on net assets (taken from annual report dated 2008-12-31) Correspondence Information 777 East Wisconsin Avenue Milwaukee,  WI  53202 Telephone: 800-792-2473 Data on this page does not include the fund's short positions (if any). Show Data Definitions © Copyright 2009 Morningstar, Inc. All rights reserved. Morningstar, the Morningstar logo, Morningstar.com, Morningstar Tools are either trademark or service marks of Morningstar, Inc. Past performance is no guarantee of future results. Returns will vary and shares may be worth more or less than their original cost when sold.