Baird Quality Intermediate Municipal Bond Fund - Investor Class
BMBSX
NASDAQ- -
USD
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Capital Structure
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management - Bonds
- Address
- 777 East Wisconsin Avenue Milwaukee WI United States of America 53202
- IPO Date
- Mar 30, 2001
- CIK
- 0001282693
- Website
- bairdassetmanagement.com
- Similar Companies
- Business
- Baird Quality Intermediate Municipal Bond Fund - Investor Class (BMBSX) is an open-end mutual fund managed by Baird Funds, Inc., that seeks current income substantially exempt from federal income tax through a diversified portfolio of investment-grade, intermediate-term municipal obligations. The Fund normally invests at least 80% of its net assets in federally tax-exempt municipal bonds, including pre-refunded bonds, general obligation bonds, revenue bonds, municipal lease participations, and zero coupon bonds, with a focus on securities generally rated AA- or better at purchase; it employs a value-oriented strategy targeting undervalued issues based on interest rate trends, yield curve slope, tax rates, credit trends, supply-demand dynamics, regional economics, and regulatory factors, while maintaining a duration aligned with the Bloomberg Quality Intermediate Municipal Index. The Fund offers Investor Class shares (ticker: BMBSX, CUSIP: 057071508) with a gross/net expense ratio of 0.55%/0.55%, alongside Institutional Class shares (BMBIX, CUSIP: 057071607, 0.30%/0.30%), monthly income distributions, no sales loads, and a minimum initial investment of $2,500 ($1,000 for IRAs); as of November 30, 2025, it holds 669 securities with total assets under management of $1,096.10 million, an effective duration of 4.38 years, average portfolio quality of AA+, and a 30-day SEC yield of 3.07%. Launched on March 30, 2001, the Fund is part of Baird Funds offered by Baird Asset Management, the asset management arm of Robert W. Baird & Co., a privately held, employee-owned financial services firm founded in 1919 and headquartered in Milwaukee, Wisconsin. The Fund targets high-net-worth individuals, financial advisors, and institutional investors seeking tax-efficient fixed income exposure in the national intermediate municipal bond segment, with operations focused on U.S. state and local government issuers across diversified sectors such as pre-refunded/escrowed-to-maturity (38.2%), general obligations (22.1%), and revenue bonds (35.8%). In recent developments, two Baird municipal bond funds, including siblings in the lineup, received Lipper Fund Awards in March 2025 for strong risk-adjusted performance, while Baird launched the complementary Baird Strategic Municipal Bond Fund (BSNIX/NSNSX) and Baird Municipal Bond Fund (BMQIX/BMQSX) in November 2019 under the same management team to expand offerings with varying high-yield capabilities (up to 30% and 15% below investment grade, respectively); the core team, led by Co-Lead Portfolio Managers Duane A. McAllister, CFA, and Lyle J. Fitterer, CFA, alongside Erik R. Schleicher, CFA, Joseph J. Czechowicz, CFA, and Gabe G. Diederich, CFA, continues to oversee the Fund with an annual turnover rate of 25.81% as of November 30, 2025.