BMQIX

Municipal Bond Fund

inception date 11/15/2019
cusip 057071482
total fund aum (millions) $36.40 As of 11/30/2021
net expense ratio 0.30%
morningstar category Muni National Long

Overview

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 15% of its assets in non-investment-grade obligations.

Resources
Fact SheetFull HoldingsSummary ProspectusContact Us
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Performance

ALL DATA AS OF 11/30/2021
1 Month 3 Month YTD 1 Year Since Inception
Municipal Bond Fund 0.98 0.26 3.27 4.42 7.04
Bloomberg Municipal Bond Index 0.85 -0.17 1.35 1.97 3.62
  • Disclosure

    Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The funds' current performance may be lower or higher than the performance data quoted.

    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").

    Bloomberg Municipal Bond Index is a broad market performance benchmark for the tax-exempt bond market, the bonds included in this index must have a minimum credit rating of at least Baa.

    Time periods greater than one year are annualized.

Distributions

Time Period Toggle
Type Record Date Reinvest Date Payable Date Amount per Share ($) Reinvest Price ($)
Income 11/23/2021 11/24/2021 11/26/2021 0.01536822 10.80
Income 10/25/2021 10/26/2021 10/27/2021 0.01714465 10.73
Income 9/23/2021 9/24/2021 9/27/2021 0.01569032 10.83
Income 8/24/2021 8/25/2021 8/26/2021 0.01531647 10.86
Income 7/26/2021 7/27/2021 7/28/2021 0.01614247 10.90
Income 6/24/2021 6/25/2021 6/28/2021 0.01528663 10.81
Income 5/24/2021 5/25/2021 5/26/2021 0.01627592 10.77
Income 4/23/2021 4/26/2021 4/27/2021 0.01656886 10.76
Income 3/24/2021 3/25/2021 3/26/2021 0.01459811 10.65
Income 2/24/2021 2/25/2021 2/26/2021 0.02024542 10.59
Income 1/25/2021 1/26/2021 1/27/2021 0.01350309 10.72

Portfolio Characteristics

ALL DATA AS OF 9/30/2021
Quality Profile Fund Index
U.S. Treasury 0.0% 0.0%
U.S. Agency 0.0% 0.0%
AAA 7.7% 15.3%
AA 36.7% 51.5%
A 20.3% 24.6%
BBB 19.2% 8.6%
Below BBB 3.4% 0.0%
Not Rated 12.7% 0.0%
  • Disclosure

    The quality profile is calculated on a market value-weighted basis. Per the Baird Funds prospectus, each security in the Fund is assigned the highest credit quality rating provided by a nationally recognized statistical rating organization (e.g. S&P, Moody’s, Fitch). For pre-refunded securities, the reported credit quality reflects the highest reported rating from S&P, Moody’s or Fitch for the underlying collateral. Per the Bloomberg index controlling rating methodology, each security in the index is assigned a rating using S&P, Moody’s, and Fitch (middle of three ratings, lower of two ratings, or singular rating if rated by one rating agency). Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest).

    Totals sum based on unrounded data. Breakouts are shown rounded to the nearest tenth and may not visually sum.

Team

Photo of Duane McAllister
Duane A. McAllister, CFA Managing Director Co-Lead Municipal Sector / Senior Portfolio Manager
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Photo of Lyle Fitterer
Lyle J. Fitterer, CFA Managing Director Co-Lead Municipal Sector / Senior Portfolio Manager
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Photo of Erik Schleicher
Erik R. Schleicher, CFA Senior Vice President Portfolio Manager
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Photo of Joe Czechowicz
Joseph J. Czechowicz, CFA Senior Vice President Portfolio Manager
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Documents

Fund Literature
Fact Sheet Full Holdings October 2021 Municipal Market Comments 2021 Distribution Schedule
Regulatory Documents
Full Prospectus Summary Prospectus Statement of Additional Information Schedule of Investments 3/31 Schedule of Investments 6/30 Schedule of Investments 9/30
Disclosures
Code of Ethics Holdings Disclosure Policy IRA Disclosure Privacy Policy (Funds) Proxy Voting Policy and Voting Record