BMBIX

Quality Intermediate Municipal Bond Fund

inception date 3/30/2001
cusip 057071607
total fund aum (millions) $1,069.00 As of 3/31/2024
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.

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Fact SheetFull HoldingsSummary ProspectusDistributions & Capital Gains ScheduleContact Us
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Performance

ALL DATA AS OF 3/31/2024
1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years Since Inception
Quality Intermediate Municipal Bond Fund -0.11 -0.22 -0.22 2.15 -0.38 1.19 1.71 3.34
Bloomberg Quality Intermediate Municipal Index -0.15 -0.46 -0.46 2.05 -0.14 1.41 2.04 3.43
  • 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.

    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.

    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").

    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.

    Time periods greater than one year are annualized.

Distributions

Time Period
Type Record Date Reinvest Date Payable Date Amount per Share ($) Reinvest Price ($)
Income 3/25/2024 3/26/2024 3/27/2024 0.02771478 11.03
Income 2/23/2024 2/26/2024 2/27/2024 0.02659041 11.06
Income 1/25/2024 1/26/2024 1/29/2024 0.02122099 11.04

Portfolio Characteristics

ALL DATA AS OF 3/31/2024
Fund Information Fund Index
*30-Day SEC Yield (%) 3.18 N/A
**Portfolio Avg. Yield to Worst (%) 3.64 3.04
Effective Duration (Years) 4.04 4.08
Effective Maturity (Years) 4.38 4.56
Average Coupon (%) 3.85 4.65
Annual Turnover Rate (%) 29.06 N/A
Number of Holdings 602 29,213
Average Portfolio Quality AA+ AA
ALL DATA AS OF 3/31/2024
Quality Profile Fund Index
U.S. Treasury 0.3% 0.0%
U.S. Agency 0.0% 0.0%
AAA 67.8% 17.3%
AA 30.9% 58.7%
A 1.0% 24.1%
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).

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

    *The 30-Day SEC Yield reported above is as of the most recent month end.

    **​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.

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 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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Gabe G. Diederich, CFA Senior Vice President Portfolio Manager
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Documents

Fund Literature
Fact Sheet Full Holdings March 2024 Municipal Market Comments 2024 Dividend Schedule
Regulatory Documents
Full Prospectus Summary Prospectus Statement of Additional Information Semi Annual Report Annual Report Schedule of Investments 3/31 Schedule of Investments 9/30
Disclosures
Code of Ethics Holdings Disclosure Policy IRA Disclosure Privacy Policy (Funds) Proxy Voting Policy and Voting Record