BMQIX
Municipal Bond Fund
inception date
11/15/2019
cusip
057071482
total fund aum (millions)
$279.50
As of 11/30/2024
gross/net expense ratio %
0.30/0.30
morningstar category
Muni National Long
Overview
The Fund invests in a broadly diversified portfolio of federally tax-exempt municipal obligations. The Fund normally invests at least 80% of its net assets in municipal bonds and may invest in all types including pre-refunded bonds, general obligation bonds, revenue bonds, municipal lease participations and zero coupon bonds. Baird uses a value-oriented strategy and looks for undervalued municipal securities that offer above-average return characteristics. Market factors evaluated when selecting investments include:
- the nominal level and trend in interest rates
- the slope of the municipal yield curve
- income tax rates
- market sector valuations
- credit trends
- supply and demand flows
- regional economic strength
- legal and regulatory trends
The Fund invests primarily in investment-grade municipal obligations but may invest up to 15% of its assets in non-investment-grade obligations.
Performance
ALL DATA AS OF 11/30/2024
1 Month | 3 Month | YTD | 1 Year | 3 Years | 5 Years | Since Inception | |
---|---|---|---|---|---|---|---|
Municipal Bond Fund | 1.54 | 1.26 | 3.98 | 6.68 | 0.99 | 3.34 | 3.40 |
Bloomberg Municipal Index | 1.73 | 1.23 | 2.55 | 4.93 | -0.01 | 1.35 | 1.44 |
Morningstar Ratings
MORNINGSTAR RATINGS BASED ON RISK ADJUSTED RETURNS AS OF 11/30/2024
Category | Overall | 3 Year | 5 Year | |
---|---|---|---|---|
Municipal Bond Fund | Muni National Long |
(162 funds)
|
(162 funds)
|
(156 funds)
|
Distributions
Time Period
Type | Record Date | Reinvest Date | Payable Date | Amount per Share ($) | Reinvest Price ($) |
---|---|---|---|---|---|
Income | 11/26/2024 | 11/27/2024 | 11/29/2024 | 0.03331148 | 10.04 |
Income | 10/24/2024 | 10/25/2024 | 10/28/2024 | 0.03185322 | 9.95 |
Income | 9/23/2024 | 9/24/2024 | 9/25/2024 | 0.03053085 | 10.08 |
Income | 8/23/2024 | 8/26/2024 | 8/27/2024 | 0.02988000 | 10.04 |
Income | 7/24/2024 | 7/25/2024 | 7/26/2024 | 0.03110397 | 9.95 |
Income | 6/24/2024 | 6/25/2024 | 6/26/2024 | 0.03113183 | 9.93 |
Income | 5/24/2024 | 5/28/2024 | 5/29/2024 | 0.03120359 | 9.81 |
Income | 4/24/2024 | 4/25/2024 | 4/26/2024 | 0.02952040 | 9.81 |
Income | 3/25/2024 | 3/26/2024 | 3/27/2024 | 0.03256010 | 9.94 |
Income | 2/23/2024 | 2/26/2024 | 2/27/2024 | 0.03229934 | 9.95 |
Income | 1/25/2024 | 1/26/2024 | 1/29/2024 | 0.02605315 | 9.91 |
Income | 12/27/2023 | 12/28/2023 | 12/29/2023 | 0.03433793 | 10.00 |
Income | 11/24/2023 | 11/27/2023 | 11/28/2023 | 0.03218924 | 9.68 |
Income | 10/23/2023 | 10/24/2023 | 10/25/2023 | 0.03211256 | 9.30 |
Income | 9/22/2023 | 9/25/2023 | 9/26/2023 | 0.02905085 | 9.48 |
Income | 8/23/2023 | 8/24/2023 | 8/25/2023 | 0.02833172 | 9.65 |
Income | 7/24/2023 | 7/25/2023 | 7/26/2023 | 0.03008059 | 9.85 |
Income | 6/23/2023 | 6/26/2023 | 6/27/2023 | 0.02750260 | 9.82 |
Income | 5/24/2023 | 5/25/2023 | 5/26/2023 | 0.02907317 | 9.69 |
Income | 4/24/2023 | 4/25/2023 | 4/26/2023 | 0.02827959 | 9.85 |
Income | 3/24/2023 | 3/27/2023 | 3/28/2023 | 0.02621665 | 9.85 |
Income | 2/23/2023 | 2/24/2023 | 2/27/2023 | 0.02718610 | 9.71 |
Income | 1/24/2023 | 1/25/2023 | 1/26/2023 | 0.02112392 | 9.95 |
Portfolio Characteristics
ALL DATA AS OF 10/31/2024
Fund Information | Fund | Index |
---|---|---|
*30-Day SEC Yield (%) | 3.66 | N/A |
**Portfolio Avg. Yield to Worst (%) | 4.17 | 3.66 |
Effective Duration (Years) | 6.22 | 6.23 |
Effective Maturity (Years) | 7.27 | 8.05 |
Average Coupon (%) | 4.41 | 4.58 |
Annual Turnover Rate (%) | 54.72 | N/A |
Number of Holdings | 491 | 60,006 |
Average Portfolio Quality | A | AA |
ALL DATA AS OF 10/31/2024
Quality Profile | Fund | Index |
---|---|---|
U.S. Treasury | 0.0% | 0.0% |
U.S. Agency | 0.0% | 0.0% |
AAA | 9.8% | 16.8% |
AA | 50.1% | 54.9% |
A | 20.4% | 22.5% |
BBB | 11.5% | 5.9% |
Below BBB | 1.9% | 0.0% |
Not Rated | 6.3% | 0.0% |
Named Portfolio Managers
Documents
Regulatory Documents
Full Prospectus
Summary Prospectus
Statement of Additional Information
Semiannual Tailored Shareholder Report Institutional Class
Semiannual Tailored Shareholder Report Investor Class
Bond Funds Semiannual Financial Statements and Other Information
Annual Report
Schedule of Investments 3/31
Schedule of Investments 9/30