BMQIX
Municipal Bond Fund
inception date
11/15/2019
cusip
057071482
total fund aum (millions)
$490.10
As of 6/30/2025
gross/net expense ratio %
0.30/0.30
morningstar category
Muni National Long
Overview
The Fund invests in a broadly diversified portfolio of federally tax-exempt municipal obligations. The Fund normally invests at least 80% of its net assets in municipal bonds and may invest in all types including pre-refunded bonds, general obligation bonds, revenue bonds, municipal lease participations and zero coupon bonds. Baird uses a value-oriented strategy and looks for undervalued municipal securities that offer above-average return characteristics. Market factors evaluated when selecting investments include:
- the nominal level and trend in interest rates
- the slope of the municipal yield curve
- income tax rates
- market sector valuations
- credit trends
- supply and demand flows
- regional economic strength
- legal and regulatory trends
The Fund invests primarily in investment-grade municipal obligations but may invest up to 15% of its assets in non-investment-grade obligations.
Performance
ALL DATA AS OF 6/30/2025
1 Month | 3 Month | YTD | 1 Year | 3 Years | 5 Years | Since Inception | |
---|---|---|---|---|---|---|---|
Municipal Bond Fund | 0.73 | 0.17 | 0.30 | 2.17 | 3.59 | 1.99 | 2.87 |
Bloomberg Municipal Index | 0.62 | -0.12 | -0.35 | 1.11 | 2.50 | 0.51 | 0.97 |
Morningstar Ratings
MORNINGSTAR RATINGS BASED ON RISK ADJUSTED RETURNS AS OF 6/30/2025
Category | Overall | 3 Year | 5 Year | |
---|---|---|---|---|
Municipal Bond Fund | Muni National Long |
(165 funds)
|
(165 funds)
|
(157 funds)
|
Distributions
Time Period
Type | Record Date | Reinvest Date | Payable Date | Amount per Share ($) | Reinvest Price ($) |
---|---|---|---|---|---|
Income | 6/23/2025 | 6/24/2025 | 6/25/2025 | 0.03083249 | 9.74 |
Income | 5/23/2025 | 5/27/2025 | 5/28/2025 | 0.02839991 | 9.73 |
Income | 4/24/2025 | 4/25/2025 | 4/28/2025 | 0.02656421 | 9.71 |
Income | 3/26/2025 | 3/27/2025 | 3/28/2025 | 0.02944032 | 9.78 |
Income | 2/25/2025 | 2/26/2025 | 2/27/2025 | 0.03530810 | 9.99 |
Income | 1/27/2025 | 1/28/2025 | 1/29/2025 | 0.02845890 | 9.92 |
Income | 12/26/2024 | 12/27/2024 | 12/30/2024 | 0.02868329 | 9.89 |
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 |
Portfolio Characteristics
ALL DATA AS OF 6/30/2025
Fund Information | Fund | Index |
---|---|---|
*30-Day SEC Yield (%) | 4.07 | N/A |
**Portfolio Avg. Yield to Worst (%) | 4.47 | 3.96 |
Effective Duration (Years) | 6.89 | 6.78 |
Effective Maturity (Years) | 7.61 | 9.03 |
Average Coupon (%) | 4.67 | 4.63 |
Annual Turnover Rate (%) | 30.65 | N/A |
Number of Holdings | 676 | 62,516 |
Average Portfolio Quality | A+ | AA |
ALL DATA AS OF 6/30/2025
Quality Profile | Fund | Index |
---|---|---|
U.S. Treasury | 0.0% | 0.0% |
U.S. Agency | 0.0% | 0.0% |
AAA | 11.1% | 16.5% |
AA | 57.0% | 55.8% |
A | 19.5% | 22.5% |
BBB | 6.5% | 5.2% |
Below BBB | 1.4% | 0.0% |
Not Rated | 4.5% | 0.0% |