BSNIX
Strategic Municipal Bond Fund
inception date
11/15/2019
cusip
057071516
total fund aum (millions)
$2,109.10
As of 5/31/2025
gross/net expense ratio %
0.30/0.30
morningstar category
Muni National Intermediate
Overview
The Fund invests in a broadly diversified portfolio of federally tax-exempt municipal obligations. The Fund normally invests at least 80% of its net assets in municipal bonds and may invest in all types including pre-refunded bonds, general obligation bonds, revenue bonds, municipal lease participations and zero coupon bonds. Baird uses a value-oriented strategy and looks for undervalued municipal securities that offer above-average return characteristics. Market factors evaluated when selecting investments include:
- the nominal level and trend in interest rates
- the slope of the municipal yield curve
- income tax rates
- market sector valuations
- credit trends
- supply and demand flows
- regional economic strength
- legal and regulatory trends
The Fund invests primarily in investment-grade municipal obligations but may invest up to 30% of its assets in non-investment-grade obligations.
Performance
ALL DATA AS OF 5/31/2025
1 Month | 3 Month | YTD | 1 Year | 3 Years | 5 Years | Since Inception | |
---|---|---|---|---|---|---|---|
Strategic Municipal Bond Fund | 0.29 | -0.78 | 0.59 | 4.10 | 3.40 | 2.37 | 2.92 |
Bloomberg 1-10 Year Municipal Blend Index | 0.77 | -0.69 | 0.91 | 3.78 | 2.22 | 0.88 | 1.21 |
Morningstar Ratings
MORNINGSTAR RATINGS BASED ON RISK ADJUSTED RETURNS AS OF 5/31/2025
Category | Overall | 3 Year | 5 Year | |
---|---|---|---|---|
Strategic Municipal Bond Fund | Muni National Intermediate |
(263 funds)
|
(263 funds)
|
(243 funds)
|
Distributions
Time Period
Type | Record Date | Reinvest Date | Payable Date | Amount per Share ($) | Reinvest Price ($) |
---|---|---|---|---|---|
Income | 5/23/2025 | 5/27/2025 | 5/28/2025 | 0.02969339 | 10.16 |
Income | 4/24/2025 | 4/25/2025 | 4/28/2025 | 0.02790548 | 10.12 |
Income | 3/26/2025 | 3/27/2025 | 3/28/2025 | 0.03110736 | 10.18 |
Income | 2/25/2025 | 2/26/2025 | 2/27/2025 | 0.03447088 | 10.32 |
Income | 1/27/2025 | 1/28/2025 | 1/29/2025 | 0.02707450 | 10.27 |
Income | 12/26/2024 | 12/27/2024 | 12/30/2024 | 0.02774496 | 10.23 |
Income | 11/26/2024 | 11/27/2024 | 11/29/2024 | 0.03260692 | 10.33 |
Income | 10/24/2024 | 10/25/2024 | 10/28/2024 | 0.03142123 | 10.27 |
Income | 9/23/2024 | 9/24/2024 | 9/25/2024 | 0.03024289 | 10.38 |
Income | 8/23/2024 | 8/26/2024 | 8/27/2024 | 0.02955297 | 10.35 |
Income | 7/24/2024 | 7/25/2024 | 7/26/2024 | 0.03008741 | 10.26 |
Income | 6/24/2024 | 6/25/2024 | 6/26/2024 | 0.03043138 | 10.22 |
Income | 5/24/2024 | 5/28/2024 | 5/29/2024 | 0.03086257 | 10.13 |
Income | 4/24/2024 | 4/25/2024 | 4/26/2024 | 0.02996851 | 10.14 |
Income | 3/25/2024 | 3/26/2024 | 3/27/2024 | 0.03164957 | 10.24 |
Income | 2/23/2024 | 2/26/2024 | 2/27/2024 | 0.03051226 | 10.25 |
Income | 1/25/2024 | 1/26/2024 | 1/29/2024 | 0.02485375 | 10.22 |
Portfolio Characteristics
ALL DATA AS OF 5/31/2025
Fund Information | Fund | Index |
---|---|---|
*30-Day SEC Yield (%) | 3.79 | N/A |
**Portfolio Avg. Yield to Worst (%) | 4.23 | 3.45 |
Effective Duration (Years) | 4.91 | 4.16 |
Effective Maturity (Years) | 4.80 | 4.63 |
Average Coupon (%) | 4.44 | 4.66 |
Annual Turnover Rate (%) | 32.50 | N/A |
Number of Holdings | 1,510 | 35,469 |
Average Portfolio Quality | A+ | AA |
ALL DATA AS OF 5/31/2025
Quality Profile | Fund | Index |
---|---|---|
U.S. Treasury | 0.0% | 0.0% |
U.S. Agency | 0.0% | 0.0% |
AAA | 11.5% | 16.8% |
AA | 53.0% | 56.5% |
A | 22.5% | 22.8% |
BBB | 7.6% | 3.9% |
Below BBB | 1.2% | 0.0% |
Not Rated | 4.2% | 0.0% |
Net Derivatives Position | 0.0% | 0.0% |