BMBIX

Quality Intermediate Municipal Bond Fund

inception date 3/30/2001
cusip 057071607
total fund aum (millions) $1,600.60 As of 11/30/2021
net expense ratio 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 SheetFull HoldingsSummary ProspectusContact Us
Top

Performance

ALL DATA AS OF 11/30/2021
1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years Since Inception
Quality Intermediate Municipal Bond Fund 0.39 -0.34 0.20 0.43 3.73 3.03 2.43 3.81
Bloomberg Quality Intermediate Municipal Bond Index 0.36 -0.53 0.19 0.51 3.89 3.33 2.86 3.88
  • 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").

    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 Toggle
Type Record Date Reinvest Date Payable Date Amount per Share ($) Reinvest Price ($)
Income 11/23/2021 11/24/2021 11/26/2021 0.01594456 11.83
Income 10/25/2021 10/26/2021 10/27/2021 0.01736389 11.81
Income 9/23/2021 9/24/2021 9/27/2021 0.01632289 11.91
Income 8/24/2021 8/25/2021 8/26/2021 0.01567675 11.95
Income 7/26/2021 7/27/2021 7/28/2021 0.01768372 11.99
Income 6/24/2021 6/25/2021 6/28/2021 0.01790834 11.93
Income 5/24/2021 5/25/2021 5/26/2021 0.01818433 11.94
Income 4/23/2021 4/26/2021 4/27/2021 0.01772369 11.97
Income 3/24/2021 3/25/2021 3/26/2021 0.01679777 11.91
Income 2/24/2021 2/25/2021 2/26/2021 0.02436111 11.88
Income 1/25/2021 1/26/2021 1/27/2021 0.01547958 12.04

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 67.3% 18.5%
AA 30.2% 57.4%
A 2.5% 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.

Team

Photo of Duane McAllister
Duane A. McAllister, CFA Managing Director Co-Lead Municipal Sector / Senior Portfolio Manager
View Profile
Photo of Lyle Fitterer
Lyle J. Fitterer, CFA Managing Director Co-Lead Municipal Sector / Senior Portfolio Manager
View Profile
Photo of Erik Schleicher
Erik R. Schleicher, CFA Senior Vice President Portfolio Manager
View Profile
Photo of Joe Czechowicz
Joseph J. Czechowicz, CFA Senior Vice President Portfolio Manager
View Profile
Photo of Warren Pierson
Warren D. Pierson, CFA Managing Director Co-Chief Investment Officer
View Profile
Photo of Sharon deGuzman
M. Sharon deGuzman Managing Director Senior Portfolio Manager
View Profile

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