BMBIX

Quality Intermediate Municipal Bond Fund

inception date 3/30/2001
cusip 057071607
total fund aum (millions) $1,032.00 As of 5/31/2025
gross/net expense ratio % 0.30/0.30
morningstar category Muni National Intermediate

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 in investment grade debt securities, with a focus on those generally rated AA- or better, at the time of purchase.

Resources
Fact SheetBond Market CommentsFull HoldingsSummary ProspectusDistributions & Capital Gains ScheduleContact Us
View Prospectus and Other Regulatory Documents and Disclosures Top

Performance

ALL DATA AS OF 5/31/2025
1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years Since Inception
Quality Intermediate Municipal Bond Fund 0.25 -0.88 0.53 3.46 1.96 0.46 1.65 3.27
Bloomberg Quality Intermediate Municipal Index 0.80 -0.80 0.86 3.76 2.15 0.68 1.88 3.34
  • Disclosure

    The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns and principal value will fluctuate and shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the data quoted.

    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.

    Time periods greater than one year are annualized.

    Investor class expense ratios include a 0.25% 12b-1 fee.

    Investment results assume all distributions are reinvested and reflect applicable fees and expenses.

    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. 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. High yield securities may be subject to heightened market, interest rate or credit risk and should not be purchased solely because of the stated yield. Municipal securities may or may not be appropriate for all investors, especially for those in lower tax brackets. All investments carry risk, including loss of principal.

    The Bloomberg Quality Intermediate Municipal Bond Index tracks the performance of municipal bonds with remaining maturities between 2 and 12 years and a minimum credit rating of A3. Indices are unmanaged and are not available for direct investment.

Distributions

Time Period
Type Record Date Reinvest Date Payable Date Amount per Share ($) Reinvest Price ($)
Income 5/23/2025 5/27/2025 5/28/2025 0.02708673 10.90
Income 4/24/2025 4/25/2025 4/28/2025 0.02616621 10.86
Income 3/26/2025 3/27/2025 3/28/2025 0.02899979 10.90
Income 2/25/2025 2/26/2025 2/27/2025 0.03151364 11.08
Income 1/27/2025 1/28/2025 1/29/2025 0.02466450 11.01

Portfolio Characteristics

ALL DATA AS OF 5/31/2025
Fund Information Fund Index
*30-Day SEC Yield (%) 3.45 N/A
**Portfolio Avg. Yield to Worst (%) 3.75 3.46
Effective Duration (Years) 4.63 4.45
Effective Maturity (Years) 4.82 4.97
Average Coupon (%) 3.86 4.68
Annual Turnover Rate (%) 24.71 N/A
Number of Holdings 619 31,110
Average Portfolio Quality AA+ AA
ALL DATA AS OF 5/31/2025
Quality Profile Fund Index
U.S. Treasury 1.5% 0.0%
U.S. Agency 0.0% 0.0%
AAA 14.8% 17.6%
AA 83.4% 58.5%
A 0.3% 23.9%
BBB 0.0% 0.0%
Below BBB 0.0% 0.0%
Not Rated 0.0% 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). 

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

    **The yield-to-worst (YTW) is the lowest estimated yield that can be received on a callable bond at current market price absent a default. The YTW is calculated by using the lower of yield-to-maturity or yield-to-call (an earlier date that the issuer could redeem the bond). The weighted average YTW of a Fund does not include fund fees and expenses. 

    Average Effective Duration is a measure of a fund's interest-rate sensitivity—the longer a fund's duration, the more sensitive the fund is to shifts in interest rates. Duration is determined by a formula that includes coupon rates and bond maturities.

    Average Effective Maturity is a weighted average of all the maturities of the bonds in the portfolio, computed by weighing each maturity date (the date the security comes due) by the market value of the security.

    *The 30-Day SEC Yield reported above is as of the most recent month end and reflects the impact of any fee waivers (the subsidized yield).The SEC 30-Day Yield reflects the rate at which a fund is earning income on its current portfolio net of any expense waivers or reimbursements. The SEC 30 Day Unsubsidized Yield reflects the rate at which the fund is earning income on its current portfolio without adjusting for any fee waivers or reimbursements.

Named Portfolio Managers

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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Erik R. Schleicher, CFA Managing Director Portfolio Manager
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Photo of Joe Czechowicz
Joseph J. Czechowicz, CFA Managing Director Portfolio Manager
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Gabe G. Diederich, CFA Managing Director Portfolio Manager
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